We examine household saving in the context of a prescriptive model. Using Survey of Consumer Finances data sets in the 1995-2004 period, 57% of households reported spending less than income. Many effects in the multivariate analysis are consistent with a prescriptive model. We discuss other...

This study examines annuity planning using an optimization framework. An optimization problem is formulated with the objective of maximizing the lifetime utility of consumption and bequestable wealth, and benchmark cases for Korean households are applied. We extend the optimization model...

The racial/ethnic disparities of risky asset ownership were investigated. In the 2004 and 2007 Survey of Consumer Finances datasets, 30% of Hispanic, 36% of Black, and 65% of White households had high return investments such as stocks, investment real estate, or private business assets. Logistic...