LEADER 05528nam 2200697Ia 450 001 9910139466503321 005 20230725044907.0 010 $a1-282-49090-7 010 $a9786612490903 010 $a1-118-26638-2 010 $a0-470-58566-8 035 $a(CKB)2550000000007131 035 $a(EBL)484830 035 $a(OCoLC)593240080 035 $a(SSID)ssj0000341129 035 $a(PQKBManifestationID)11266040 035 $a(PQKBTitleCode)TC0000341129 035 $a(PQKBWorkID)10389891 035 $a(PQKB)10653405 035 $a(MiAaPQ)EBC484830 035 $a(EXLCZ)992550000000007131 100 $a20090806d2010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aOptimizing the aging, retirement, and pensions dilemma$b[electronic resource] /$fMarida Bertocchi, Sandra L. Schwartz, William T. Ziemba 210 $aHoboken, NJ $cJohn Wiley & Sons$dc2010 215 $a1 online resource (432 p.) 225 1 $aWiley finance series 300 $aDescription based upon print version of record. 311 $a0-470-37734-8 320 $aIncludes bibliographical references and index. 327 $aOptimizing the Aging, Retirement, and Pensions Dilemma; Contents; Acknowledgments; Preface; Part I: The Aging Population: Issues for Retirement; Chapter 1: Issues in Retirement; 1.1 LONGEVITY AND CHANGING DEMOGRAPHICS ACROSS THE WORLD; 1.2 THE EVOLUTION OF RETIREMENT; 1.3 PROVISION FOR RETIREMENT; Chapter 2: The Various Costs of Pensions: Macro and Micro; 2.1 GOVERNMENTAL COST OF RETIREMENT; 2.2 PENSIONS AND CAPITAL FORMATION; 2.3 REGULATING CORPORATE PENSIONS; 2.4 DC VS. DB: SHIFTING THE RISKS; 2.5 FREEZING PENSION PLANS; 2.6 WHERE DO WE GO FROM HERE? 327 $aChapter 3: The Various Pillars of Retirement: Social Security, Company Pensions, Supplementary Pensions, and Private Savings3.1 PILLARS OF RETIREMENT; 3.2 REFORMING OECD PENSIONS; 3.3 CHANGING ROLE OF PRIVATE PENSIONS; 3.4 PLANS FOR REFORMING SOCIAL PENSIONS; 3.5 RETHINKING PENSION PROMISES: BREAKING THE FIXED LINK TO A MONETARY VALUE; 3.6 INTERGENERATIONAL RISK-SHARING; Chapter 4: Asset Classes: Historical Performance and Risk; 4.1 EQUITIES; 4.2 ETFS: EXCHANGE-TRADED FUNDS; 4.3 BONDS AND FIXED INCOME; 4.4 THE BOND-STOCK MEASURE FOR MEDIUM-TERM LARGE CRASH PREDICTION; 4.5 HEDGE FUNDS 327 $a4.6 REAL ASSETS4.7 HOUSING AS AN ASSET CLASS; 4.8 GOLD AND OTHER COMMODITIES; 4.9 PRIVATE EQUITY AND RELATED ASSETS; 4.10 CURRENCIES; 4.11 EVALUATION OF GREAT INVESTORS; 4.12 FUNDAMENTAL AND SEASONAL ANOMALIES OF ASSET RETURNS; Chapter 5: The Current Economic Crisis and Its Impact on Retirement Decisions; 5.1 HOUSEHOLD AND GOVERNMENT DEBT; 5.2 WERE THE CRASH MODELS HELPFUL INSIGNALING THE US AND WORLDWIDE 2007-2009 CRASH?; 5.3 THE SUBPRIME CRISIS AND HOW IT EVOLVED; 5.4 IMPACT ON RETIREMENT EXPECTATIONS; 5.5 PENSIONS IN TROUBLE; 5.6 STATE PENSIONS; 5.7 FUTURE ERP 327 $a5.8 FUTURE INFLATION AND PENSIONSPart II: Special Issues and Models; Chapter 6: The Impact of Population Aging on Household Portfolios and Asset Returns; 6.1 INTRODUCTION; 6.2 THE EMPIRICAL EVIDENCE; 6.3 MODELS FOR PORTFOLIO CHOICES AND LIFE-CYCLE ASSET ALLOCATIONS; 6.4 CONCLUSIONS; Chapter 7: A Continuous Time Approach to Asset-Liability Surplus Management; 7.1 THE RUDOLF-ZIEMBA (2004) INTERGENERATIONAL SURPLUS MANAGEMENT MODEL; 7.2 A CASE STUDY APPLICATION OF THE RUDOLF-ZIEMBA MODEL; Chapter 8: Should Defined Benefit Pension Schemes Be Career Average or Final Salary?; 8.1 INTRODUCTION 327 $a8.2 CAREER AVERAGE DEFINED BENEFIT SCHEMES8.3 COST NEUTRALITY; 8.4 CHOOSING THE REVALUATION RATE; 8.5 THE ADOPTION OF CAREER AVERAGE PENSION SCHEMES; 8.6 ADVANTAGES OF A SWITCH TO A CAREER AVERAGE SCHEME; 8.7 DISADVANTAGES OF A SWITCH TO A CAREER AVERAGE SCHEME; 8.8 REDISTRIBUTION EFFECTS OF A SWITCH TO CAREER AVERAGE PENSIONS; 8.9 CONCLUSIONS; Chapter 9: Applying Stochastic Programming to the US Defined Benefit Pension System; 9.1 INTRODUCTION; 9.2 INTEGRATED CORPORATE/PENSION PLANNING MODEL; 9.3 ASSISTING THE DEFINED BENEFIT PENSION SYSTEM; 9.4 CONCLUSIONS 327 $aChapter 10: Mortality-Linked Securities and Derivatives 330 $a A straightforward guide focused on life cycle investing-namely aging, retirement, and pensions Life cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining. This reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement 410 0$aWiley finance series. 606 $aRetirement$xEconomic aspects 606 $aRetirement income$xPlanning 606 $aPensions 615 0$aRetirement$xEconomic aspects. 615 0$aRetirement income$xPlanning. 615 0$aPensions. 676 $a331.252 676 $a332.024 676 $a332.024/014 700 $aBertocchi$b Marida$0102549 701 $aSchwartz$b S. L$g(Sandra L.),$f1943-$0507568 701 $aZiemba$b W. T$0122735 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910139466503321 996 $aOptimizing the aging, retirement, and pensions dilemma$9779341 997 $aUNINA