The widely recognized failure of corporate governance in the late twentieth century and early twenty-first century parallels the severe limitations of mainstream theoretical models of corporate governance. The dominant shareholder perspective and the competing stakeholder perspective presuppose...

Households managing wealth decumulation in retirement must trade off the risk of outliving their wealth against the cost of unnecessarily restricting their consumption. Devising an optimal decumulation plan, reflecting uncertain mortality and asset returns, is well beyond the abilities of most...