Abstract

http://ssrn.com/abstract=1599378
 
 

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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)

December 2009

Annual Review of Financial Economics, Vol. 1, pp. 249-286, 2009

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.

Accepted Paper Series


Not Available For Download

Date posted: June 4, 2010  

Suggested Citation

Bodie, Zvi and Detemple, Jerome, Life-Cycle Finance and the Design of Pension Plans (December 2009). Annual Review of Financial Economics, Vol. 1, pp. 249-286, 2009. Available at SSRN: http://ssrn.com/abstract=1599378 or http://dx.doi.org/10.1146/annurev.financial.050708.144317

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
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