Abstract

http://ssrn.com/abstract=1396835
 
 

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Life Cycle Finance and the Design of Pension Plans


Zvi Bodie


Boston University - Department of Finance & Economics

Jerome Detemple


Boston University - Department of Finance & Economics; Center for Interuniversity Research and Analysis on Organization (CIRANO)

Marcel Rindisbacher


Center for Interuniversity Research and Analysis on Organization (CIRANO); Boston University School of Management - Finance and Economics Department

June 11, 2009

Annual Review of Financial Economics, Forthcoming
Boston U. School of Management Research Paper Series No. 2009-5

Abstract:     
This article reviews recent scientific literature on consumer financial decisions over the life cycle outlining its implications for the design of pension plans. It begins with a review of advances in the theory of rational financial planning and wealth management. It then summarizes the recent empirical literature on the actual behavior of households regarding saving, investing, and insuring their consumption in old age. Finally, it briefly comments on the practical implications of the theory for the design of pension systems and outlines areas of future research.

Number of Pages in PDF File: 54

Keywords: Life cycle finance, portfolio choice, pension, consumption, leisure

JEL Classification: G11

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Date posted: April 30, 2009 ; Last revised: April 6, 2010

Suggested Citation

Bodie, Zvi and Detemple, Jerome and Rindisbacher, Marcel, Life Cycle Finance and the Design of Pension Plans (June 11, 2009). Annual Review of Financial Economics, Forthcoming; Boston U. School of Management Research Paper Series No. 2009-5. Available at SSRN: http://ssrn.com/abstract=1396835

Contact Information

Zvi Bodie (Contact Author)
Boston University - Department of Finance & Economics ( email )
595 Commonwealth Avenue
Boston, MA 02215
United States
617-353-4160 (Phone)
617-353 6667 (Fax)
HOME PAGE: http://smgnet.bu.edu/mgmt/profiles/BodieZvi.html
Jerome Detemple
Boston University - Department of Finance & Economics ( email )
595 Commonwealth Avenue
Boston, MA 02215
United States
(617) 353-4297 (Phone)
(617) 353 6667 (Fax)
Center for Interuniversity Research and Analysis on Organization (CIRANO)
2020 rue University, 25th Floor
Montreal, Quebec H3C 3J7
Canada
Marcel Rindisbacher
Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )
2020 rue University, 25th Floor
Montreal, Quebec H3C 3J7
Canada
Boston University School of Management - Finance and Economics Department ( email )
595 Commonwealth Avenue
Boston, MA MA 02215
United States
617 353 4152 (Phone)
617 353 999 (Fax)
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