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Toward determining the optimal investment strategy for retirement

Recurso electrónico / Electronic resource
Registro MARC
Tag12Valor
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001  MAP20190010498
003  MAP
005  20190410165426.0
008  190410e20190103usa|||| ||| ||eng d
040  ‎$a‎MAP‎$b‎spa‎$d‎MAP
084  ‎$a‎345
1001 ‎$0‎MAPA20190004312‎$a‎Estrada, Javier
24510‎$a‎Toward determining the optimal investment strategy for retirement‎$c‎Javier Estrada, Mark Kritzman
260  ‎$a‎New York‎$b‎SSRN‎$c‎2019
300  ‎$a‎11 p.
520  ‎$a‎Investors who are about to retire are first and foremost concerned with supporting their spending needs throughout retirement. But they also derive satisfaction from growing their wealth beyond what is needed to support consumption in order to leave a bequest to their heirs or chosen charities. The predominant metric for evaluating retirement investment strategies is the failure rate. However, it fails to distinguish between strategies that fail early in retirement from those that fail near the end of retirement. Moreover, it fails to account for potential bequests. To overcome these shortcomings we propose a new metric, the coverage ratio, which is more comprehensive and informative than the failure rate. In addition, we propose a utility function to evaluate the coverage ratio, which penalizes shortfalls more than it rewards surpluses. Finally, we use the framework we propose to determine the optimal allocation to stocks and bonds using both historical and simulated returns
650 4‎$0‎MAPA20080558970‎$a‎Inversiones
650 4‎$0‎MAPA20080554927‎$a‎Jubilación
650 4‎$0‎MAPA20080540104‎$a‎Ahorro
650 4‎$0‎MAPA20080592011‎$a‎Modelos actuariales
650 4‎$0‎MAPA20080603182‎$a‎Productos financieros
650 4‎$0‎MAPA20080616984‎$a‎Estudios de investigación
651 1‎$0‎MAPA20080638337‎$a‎Estados Unidos
7001 ‎$0‎MAPA20190004329‎$a‎Kritzman, Mark
7102 ‎$0‎MAPA20190004336‎$a‎SSRN