Using an optimising financial planning model in the tradition of Merton (1969, 1971), and Richard (1975) we explore how individuals should determine their life insurance and annuity choices, given uncertainty about investment returns and mortality. Both consumption and bequests appear as...

Using an optimizing financial planning model in the tradition of Merton and Richard we explore how individuals should determine their life insurance and annuity choices, given uncertainty about investment returns and mortality. Both consumption and bequests appear as arguments in the...

Notional defined contribution (NDC) accounts represent a new model for social security reform that so far has been adopted in seven countries. While NDC schemes remain public, they call for the individual accounts favored by neoliberal policy analysts. NDC schemes would address many of the...

Most public old-age pension schemes around the world are based at least in part on the pay-as-you-go defined benefit (PAYGO DB) model. As these schemes have matured and the limitations of this approach have become more salient, pension experts have begun considering alternative models. The...