Pension plan participants' characteristic lack of financial sophistication and widespread failure to monitor investments frequently prompts expressions of concern about the potentially large welfare losses such individuals could suffer. I explore this issue by studying the performance of an...

This paper investigates the optimal investment strategy for a defined contribution (DC) pension plan during the decumulation phase which is risk-averse and pays close attention to inflation risk. The plan aims to maximize the expected constant relative risk aversion (CRRA) utility from the...