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Stochastic lifestyling: optimal dynamic asset allocation for defined contribution pension plans

Cairns, Andrew J. G.; Blake, David; Dowd, Kevin - London School of Economics (LSE) - 2004

This paper considers the asset-allocation strategies open to members of defined- contribution pension plans. We investigate a model that incorporates three sources of risk: asset risk and salary (or labour-income) risk in the accumulation phase; and interest-rate risk at the point of retirement....

Persistent link: https://www.econbiz.de/10010746138

The impact of wealth on consumption and retirement behaviour in the UK

Blake, David - London School of Economics (LSE) - 2002

Housing and pension wealth are shown to be important determinants of personal sector consumption and retirement … behaviour in the UK. Housing and state pension wealth have a positive effect on consumption, while private pension wealth … than other models that disregard housing and pension wealth. A particularly important cause of the boom was the huge …

Persistent link: https://www.econbiz.de/10011071212

James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326