All individuals need to decide how much to save during their working years, how much to spend during retirement, and the asset allocation of their portfolio in both periods. A portfolio's exposure to stocks and bonds affects key variables, such as the probability of portfolio failure, the degree...

This paper is about public sector pensions, an issue that has become increasingly contentious in a number of countries in recent years, including in the United Kingdom. In the UK the public debate has focussed on the perceived generosity of these pensions, which, it is often claimed, contrasts...