This paper uses a model of the valuation of bonds bearing call options, together with observed market yields on callable bonds, to infer information about the uncertainty associated with interest rate expectations. A dynamic programming solution of the model simultaneously determines both the...

The Foundations of Pension Finance presents in two authoritative volumes a selection of the most important published articles on systems of retirement income provision – an area that is of vital importance for the future of the economy in general and the financial system in particular.