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Author : David Schiess
Publisher :
ISBN 13 :
Total Pages : 225 pages
Book Rating : 4.:/5 (428 download)
Download or read book Consumption and Portfolio Optimisation at the End of the Life-cycle written by David Schiess and published by . This book was released on 2007 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Schiess
Publisher : Sudwestdeutscher Verlag Fur Hochschulschriften AG
ISBN 13 : 9783838104812
Total Pages : 248 pages
Book Rating : 4.1/5 (48 download)
Download or read book Consumption and Portfolio Optimisation at the End of the Life-Cycle written by David Schiess and published by Sudwestdeutscher Verlag Fur Hochschulschriften AG. This book was released on 2009 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: The thesis' focus is on the consumption/portfolio optimisation and the optimal annuitisation decision of a pensioner in a continuous time setting. Technically, this involves solving a combined optimal stopping and optimal control problem (COSOCP). The retiree faces the crucial question of how much to consume and how much to invest in the risky asset (financial market risk). This creates the optimal control aspect of the COSOCP. The second source of uncertainty is the pensioner's longevity risk, which is why we include an annuity market. The pensioner has to find the optimal time to annuitise his wealth. This constitutes the optimal stopping aspect of the COSOCP. The task of finding the pensioner's optimal consumption, asset allocation and annuity decision rule leads to the interesting interplay of optimal control theory, optimal stopping theory and finally, mortality and bequest issues.
Author : Ian Ayres
Publisher : ReadHowYouWant.com
ISBN 13 : 1458758427
Total Pages : 358 pages
Book Rating : 4.4/5 (587 download)
Download or read book Lifecycle Investing written by Ian Ayres and published by ReadHowYouWant.com. This book was released on 2010-05 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds. What if we were all missing out on another free lunch that’s right under our noses? InLifecycle Investing, Barry Nalebuff and Ian Ayres-two of the most innovative thinkers in business, law, and economics-have developed tools that will allow nearly any investor to diversify their portfolios over time. By using leveraging when young-a controversial idea that sparked hate mail when the authors first floated it in the pages ofForbes-investors of all stripes, from those just starting to plan to those getting ready to retire, can substantially reduce overall risk while improving their returns. InLifecycle Investing, readers will learn How to figure out the level of exposure and leverage that’s right foryou How the Lifecycle Investing strategy would have performed in the historical market Why it will work even if everyone does it Whennotto adopt the Lifecycle Investing strategy Clearly written and backed by rigorous research,Lifecycle Investingpresents a simple but radical idea that will shake up how we think about retirement investing even as it provides a healthier nest egg in a nicely feathered nest.
Author : o F. Cocco
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Consumption and Portfolio Choice Over the Life Cycle written by o F. Cocco and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This article solves a realistically calibrated life cycle model of consumption and portfolio choice with non-tradable labor income and borrowing constraints. Since labor income substitutes for riskless asset holdings, the optimal share invested in equities is roughly decreasing over life. We compute a measure of the importance of human capital for investment behavior. We find that ignoring labor income generates large utility costs, while the cost of ignoring only its risk is an order of magnitude smaller, except when we allow for a disastrous labor income shock. Moreover, we study the implications of introducing endogenous borrowing constraints in this incomplete-markets setting.
Author : Pierre-Olivier Gourinchas
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.:/5 (318 download)
Download or read book Consumption Over the Life Cycle written by Pierre-Olivier Gourinchas and published by . This book was released on 1999 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs a synthetic cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal life-cycle consumption expenditures in the presence of realistic labor income uncertainty. The model fits the profiles quite well. In addition to providing tight estimates of the discount rate and risk aversion, we find that consumer behavior changes strikingly over the life-cycle. Young consumers behave as buffer-stock agents. Around age 40, the typical household starts accumulating liquid assets for retirement, and its behavior mimics more closely that of a certainty equivalent consumer. This change in behavior is mostly driven by the life-cycle profile of expected income. Our methodology provides a natural decomposition of saving into its precautionary and retirement components.
Author : Victor Duarte
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Simple Allocation Rules and Optimal Portfolio Choice Over the Lifecycle written by Victor Duarte and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop a machine-learning solution algorithm to solve for optimal portfolio choice in a detailed and quantitatively-accurate lifecycle model that includes many features of reality modelled only separately in previous work. We use the quantitative model to evaluate the consumption-equivalent welfare losses from using simple rules for portfolio allocation across stocks, bonds, and liquid accounts instead of the optimal portfolio choices. We find that the consumption-equivalent losses from using an age-dependent rule as embedded in current target-date/lifecycle funds (TDFs) are substantial, around 2 to 3 percent of consumption, despite the fact that TDF rules mimic average optimal behavior by age closely until shortly before retirement. Our model recommends higher average equity shares in the second half of life than the portfolio of the typical TDF, so that the typical TDF portfolio does not improve on investing an age-independent 2/3 share in equity. Finally, optimal equity shares have substantial heterogeneity, particularly by wealth level, state of the business cycle, and dividend-price ratio, implying substantial gains to further customization of advice or TDFs in these dimensions.
Author : Joseph P. Lupton
Publisher :
ISBN 13 :
Total Pages : 394 pages
Book Rating : 4.3/5 (91 download)
Download or read book Time Non-separable Utility in Life-cycle Consumption and Portfolio Choice written by Joseph P. Lupton and published by . This book was released on 2002 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Gordon Palumbo
Publisher :
ISBN 13 :
Total Pages : 424 pages
Book Rating : 4.:/5 (28 download)
Download or read book Health Uncertainty and Optimal Consumption Near the End of the Life Cycle written by Michael Gordon Palumbo and published by . This book was released on 1992 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yuxin Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Life-Cycle Consumption and Portfolio Choice with an Imperfect Predictor written by Yuxin Zhang and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I study the effect of observable predictors that imperfectly predict conditional expected stock returns on optimal life-cycle consumption and portfolio choice in the presence of undiversifiable labor income risk. Investors filter the unobservable expected stock returns from realized predictive variables and stock returns. Young stockholders hold more conservative portfolios, better matching empirical observations, than models assuming a predictor perfectly delivering the conditional expected stock return or models assuming i.i.d. stock returns. Welfare losses from ignoring imperfect predictability can be substantial.
Author : Wei-Ting Pan
Publisher :
ISBN 13 :
Total Pages : 296 pages
Book Rating : 4.:/5 (965 download)
Download or read book The Impact of Mandatory Savings on Life Cycle Consumption and Portfolio Choice written by Wei-Ting Pan and published by . This book was released on 2016 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Abdelaziz Bouras
Publisher : Springer
ISBN 13 : 3319331116
Total Pages : 870 pages
Book Rating : 4.3/5 (193 download)
Download or read book Product Lifecycle Management in the Era of Internet of Things written by Abdelaziz Bouras and published by Springer. This book was released on 2016-04-20 with total page 870 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the refereed proceedings of the 12th IFIP WG 5.1 International Conference on Product Lifecycle Management, PLM 2015, held in Doha, Qatar, in October 2015. The 79 revised full papers were carefully reviewed and selected from 130 submissions. The papers are organized in the following topical sections: smart products, assessment approaches, PLM maturity, building information modeling (BIM), languages and ontologies, product service systems, future factory, knowledge creation and management, simulation and virtual environments, sustainability and systems improvement, configuration and engineering change, education studies, cyber-physical and smart systems, design and integration issues, and PLM processes and applications.
Author : Guido Sonnemann
Publisher : Springer
ISBN 13 : 9401772215
Total Pages : 352 pages
Book Rating : 4.4/5 (17 download)
Download or read book Life Cycle Management written by Guido Sonnemann and published by Springer. This book was released on 2015-07-16 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides insight into the Life Cycle Management (LCM) concept and the progress in its implementation. LCM is a management concept applied in industrial and service sectors to improve products and services, while enhancing the overall sustainability performance of business and its value chains. In this regard, LCM is an opportunity to differentiate through sustainability performance on the market place, working with all departments of a company such as research and development, procurement and marketing, and to enhance the collaboration with stakeholders along a company’s value chain. LCM is used beyond short-term business success and aims at long-term achievements by minimizing environmental and socio-economic burden, while maximizing economic and social value.
Author : Jonathan Treussard
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Life-Cycle Consumption Plans and Portfolio Policies in a Heath-Jarrow-Morton Economy written by Jonathan Treussard and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the methods of Detemple, Garcia, and Rindisbacher (2003, 2005) and derives explicit optimal lifetime consumption-portfolio plans in an economy whose fixed-income sector is characterized by an N-factor Heath-Jarrow-Morton (1992) model that is Markovian in 3N state variables.
Author : Lorenz S. Schendel
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (881 download)
Download or read book Essays on Consumption, Insurance, and Portfolio Choice Over the Life Cycle written by Lorenz S. Schendel and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Bruce Michelson
Publisher : Pearson Education
ISBN 13 : 013270210X
Total Pages : 949 pages
Book Rating : 4.1/5 (327 download)
Download or read book Closed Loop Lifecycle Planning written by Bruce Michelson and published by Pearson Education. This book was released on 2007-06-27 with total page 949 pages. Available in PDF, EPUB and Kindle. Book excerpt: BETTER SUPPORT, LOWER COSTS: OPTIMIZE YOUR PC HARDWARE LIFECYCLE, FROM ACQUISITION TO DISPOSAL It typically costs four times as much to support a PC as it does to purchase it--often, even more. The solution: Closed Loop Lifecycle Planning®, Bruce Michelson’s comprehensive, proven, best-practice methodology for managing client hardware. Drawing on decades of experience working with Hewlett-Packard’s largest and most complex clients, Michelson shows how to monitor and manage lifecycle tasks systematically and coherently—improving efficiency and driving out cost at every phase of your hardware lifecycle, no matter what that hardware is. Michelson shows IT managers how to segment users to provide the right equipment and support at the lowest cost and offers in-depth guidance on controlling the cost of change. His pragmatic approach fully reflects IT’s business context and addresses crucial related issues, ranging from service delivery to security and risk management. Coverage includes: The core concepts of closed loop lifecycle planning and transitioning to lifecycle management for the first time Effectively managing all three client lifecycle management “suites”: commodity, value, and economic Addressing the business and political challenges associated with PC lifecycle management Optimizing upfront tasks: hardware/software acquisition, interoperability, prototyping, staging, integration, image management, and installation Managing deployed PCs: moves, adds, changes; warranty/maintenance; asset management; help desks; networking; and program management Refreshing technology and securely disposing of hardware at end-of-life Minimizing user downtime and ensuring business continuity Reducing existing costs, avoiding new costs, and learning the broader lessons of closed loop lifecycle planning
Author : Michael J Zwecher
Publisher : Wiley + ORM
ISBN 13 : 0470585625
Total Pages : 246 pages
Book Rating : 4.4/5 (75 download)
Download or read book Retirement Portfolios written by Michael J Zwecher and published by Wiley + ORM. This book was released on 2010-01-21 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt: A “very practical” guide for finance professionals on creating and managing retirement portfolios (Journal of Pensions, Economics and Finance). Retirement is one of the most important parts of the financial planning process, yet only two percent of financial advisors describe themselves as competent at it. But the demand is only growing as baby boomers move toward this new phase of life. It is imperative that financial advisors be equipped and ready. That's why Michael Zwecher—a leading expert on retirement income—has created Retirement Portfolios, which: Examines how portfolios should be prepped in advance so that the transition from “working” portfolio to retirement portfolio is smooth and seamless Outlines how to create a portfolio that will provide income, continue to generate growth, and protect assets from disaster Details the differences in managing a retirement portfolio versus managing portfolios during asset accumulation years The ability to create appropriate retirement portfolios and manage their risks are skills you must possess to be an effective financial advisor. Retirement Portfolios will help you develop these essential skills and gain a better understanding of the entire process.
Author : Margaret Hyland
Publisher : John Wiley & Sons
ISBN 13 : 1119093449
Total Pages : 1303 pages
Book Rating : 4.1/5 (19 download)
Download or read book Light Metals 2015 written by Margaret Hyland and published by John Wiley & Sons. This book was released on 2015-02-18 with total page 1303 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2015 collection will include papers from the following symposia: Alumina and Bauxite Aluminum Alloys: Fabrication, Characterization and Applications Aluminum Processing Aluminum Reduction Technology Cast Shop for Aluminum Production Electrode Technology for Aluminum Production Strip Casting of Light Metals
