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Life-Cycle Finance and the Design of Pension Plans

Author Info

Listed author(s):
  • Zvi Bodie
  • Jérôme Detemple
  • Marcel Rindisbacher

    ()

    (School of Management, Boston University, Boston, Massachusetts 02215)

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.

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File URL: http://www.annualreviews.org/doi/abs/10.1146/annurev.financial.050708.144317
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Article provided by Annual Reviews in its journal Annual Review of Financial Economics.

Volume (Year): 1 (2009)
Issue (Month): 1 (November)
Pages: 249-286

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Handle: RePEc:anr:refeco:v:1:y:2009:p:249-286
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Keywords: consumption; savings; labor; investments; retirement planning;

Find related papers by JEL classification:

  • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
  • D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving
  • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
  • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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Cited by:

  1. Ganguli, Jayant & Condie, Scott & Illeditsch, Philipp Karl, 2012. "Information Inertia," Economics Discussion Papers 5628, University of Essex, Department of Economics.
  2. Roine Vestman & Ofer Setty & Magnus Dahlquist, 2017. "On the Asset Allocation of a Default Pension Fund," 2017 Meeting Papers 255, Society for Economic Dynamics.
  3. repec:esx:essedp:719 is not listed on IDEAS
  4. Richard Hinz & Heinz P. Rudolph & Pablo Antolin & Juan Yermo, 2010. "Evaluating the Financial Performance of Pension Funds," World Bank Publications, The World Bank, number 2405, July.
  5. Dahlquist, Magnus & Setty, Ofer & Vestman, Roine, 2016. "On the Asset Allocation of a Default Pension Fund," CEPR Discussion Papers 11052, C.E.P.R. Discussion Papers.
  6. repec:dau:papers:123456789/7874 is not listed on IDEAS
  7. Michael P. Keane & Susan Thorp, 2016. "Complex Decision Making: The Roles of Cognitive Limitations, Cognitive Decline and Ageing," Economics Papers 2016-W10, Economics Group, Nuffield College, University of Oxford.
  8. Yaniv Azoulay & Andrey Kudryavtsev & Shosh Shahrabani, 2016. "Accumulating approach to the life-cycle pension model: practical advantages," Financial Theory and Practice, Institute of Public Finance, vol. 40(4), pages 413-436.
  9. Andrey Kudryavtsev & Shosh Shahrabani & Yaniv Azoulay, 2017. "Frequency of Adjusting Asset Allocations in the Life-Cycle Pension Model: When Doing More Is Not Necessarily Better," Bulletin of Applied Economics, Risk Market Journals, vol. 4(1), pages 13-33.
  10. Wei-Ting Pan, 2016. "The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 32, June.
  11. Shin S. Ikeda, 2013. "A Contingent Claim Analysis of Suicide," GRIPS Discussion Papers 13-05, National Graduate Institute for Policy Studies.

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