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Life Cycle Finance and the Design of Pension PlansZvi BodieBoston University - Department of Finance & Economics Jerome DetempleBoston University - Department of Finance & Economics; Center for Interuniversity Research and Analysis on Organization (CIRANO) Marcel RindisbacherBoston University School of Management - Finance and Economics Department; Center for Interuniversity Research and Analysis on Organization (CIRANO) 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 Accepted Paper SeriesDate posted: April 30, 2009 ; Last revised: April 6, 2010Suggested CitationContact Information
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