The effect of objective formulation on retirement decision making

@inproceedings{Butt2015TheEO,
  title={The effect of objective formulation on retirement decision making},
  author={Adam Elliott Butt and Gaurav Khemka},
  year={2015}
}
For a retiree who must maintain both investment and longevity risks, we consider the impact on decision making of focusing on an objective relating to the terminal wealth at retirement, instead of a more correct objective relating to a retirement income. Both a shortfall and a utility objective are considered; we argue that shortfall objectives may be inappropriate due to distortion in results with non-monotonically correlated economic factors. The modelling undertaken uses a dynamic… CONTINUE READING
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