Using data for the United Kingdom, the author shows that investors in six different wealth ranges hold mean-variance efficient portfolios of financial assets. This result permits him to estimate coefficients of relative risk aversion for investors in each wealth range. The author finds that...

As a result of population ageing and declining fertility, the UK state pension system is unlikely to continue to be able to deliver the current level of pensions without some combination of a higher state pension age and a steady inflow of young immigrant workers from abroad. However, with...