Optimizing the Aging, Retirement, and Pensions Dilemma (eBook)

Marida Bertocchi, Sandra L. Schwartz, William T. Ziemba (Autoren)

eBook Download: EPUB | PDF

2010
John Wiley & Sons (Verlag)
978-0-470-58566-5 (ISBN)

Infos

A straightforward guide focused on life cycle investing-namely aging, retirement, and pensions

Life cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining.

This reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement and the associated health care funding of the aged as well as social security and the asset classes that are considered asset-liability choices over time.

• The probability of achieving adequate return patterns from various investment strategies and asset classes is reviewed
• Shares rich insights on the aging, retirement, and pensions dilemma
• An assessment of the resources the real economy will be able to commit to non-workers is provided

The three pillars of retirement are social security, company pensions, and private savings. Each of these pillars is confronted with a variety of asset-liability problems, and this book will addresses them.

Autor

MARIDA BERTOCCHI is Professor of Portfolio Theory, University of Bergamo. She taught numerous courses at the Universities of Bergamo, Urbino and Milan, including basic and advanced calculus, mathematical finance, advanced mathematical finance, stochastic optimization, and parallel processing. Bertocchi has been Dean of the Faculty of Economics and Business Administration and is the Director of the Department of Mathematics, Statistics, Computer Science and Applications, University of Bergamo. She is the author of numerous publications on bond portfolio management, asset allocation, quantitative finance, and economic and financial applications. SANDRA L. SCHWARTZ received her interdisciplinary PhD from the University of British Columbia in commerce, economics, and ecology. She has taught business policy, business and society, and topics in research and development and applied economics at Berkeley, UCLA, Tsukuba, UBC, and Simon Fraser. Schwartz designed programs and courses for the Open University of BC. She is the author of a number of books on energy policy, Japanese management and economy, and other topics, as well as numerous articles. WILLIAM T. ZIEMBA is the Alumni Professor of Financial Modeling and Stochastic Optimization (Emeritus), University of British Columbia. He is a well-known academic with books, research articles, and talks on various investment topics and a columnist for Wilmott magazine. Ziemba has visited and lectured at MIT, University of Chicago, Berkeley, UCLA, Cambridge, LSE, Oxford, and the ICMA Centre. He trades through William T. Ziemba Investment Management Inc. He has consulted for various financial institutions including hedge funds, pension, and other investment institutions.

Inhalt

Acknowledgements.

Preface.

Part I: The ageing population: Issues for Retirement.

1 Issues in retirement.

2 The various costs of pensions: macro and micro.

3 The various pillars of retirement.

4 Asset classes: historical performance and risk.

5 The current economic crisis and its impact on retirement decisions.

Part II: Special Issues and Models.

6 The impact of population ageing on household portfolios and asset

Returns.

7 A continuous time approach to asset liability surplus management.

8 Should Defined Benefit Pension Schemes be Career Average or Final

Salary?

9 Applying Stochastic Programming to the U.S. Defined Benefit Pension System.

10 Mortality linked securities and derivatives.

11 Asset allocation and governance issues of government owned Pensions.

12 Retirement ALM.

Part III: Modeling the issues.

13 Learning from other models.

14 The Innovest Austrian Pension Fund Financial Planning Model.

15 An Individual ALM Model for Lifetime Asset Liability Management.

16 Implementation and Numerical Results of Individual ALM Model for Lifetime Asset Liability Management.

17 Conclusions.

Rezensionen

"The economic and financial challenges faced by most countries in
relation of their aging population are enormous. This book provides
a lot of interesting insights on the retirement problem, and
provides fuel to think about solutions to it in the most
intelligent way. Many things can go really bad if things are not
managed efficiently on this matter. By reading the articles
gathered by Ziemba in this book, some of these horrible prospects
could be escaped."

Christian Gollier, Director of the Toulouse School of
Economics, Researcher at LERNA/TSE (Research Center in
Environmental Economics)

Produkt-Details

• Erscheint lt. Verlag: 21.1.2010
• Reihe/Serie: Wiley Finance
• Reihe/Serie: Wiley Finance Editions
• Reihe/Serie: Wiley Finance Editions
• Zusatzinfo: Charts: 92 B&W, 0 Color; Tables: 94 B&W, 0 Color
• Sprache: englisch
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Schlagworte: Finance & Investments • Finanz- u. Anlagewesen • Investments & Securities • Kapitalanlage • Kapitalanlagen u. Wertpapiere • life cycle investment optimization, life cycle investing, economics of an aging population, optimizing the aging dilemma, optimizing the retirement dilemma, optimizing the pension dilemma, pensions dilemma, pension dilemma, company pensions, pensions, retirement plans, William Ziemba, retirement, life-cycle investing, social security, company pensions, pensions, defined benefit, defined contribution, 401k, 401(k)
• ISBN-10: 0-470-58566-8 / 0470585668
• ISBN-13: 978-0-470-58566-5 / 9780470585665