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New Directions: Beyond Permanent Income

Angus Deaton

in Understanding Consumption

Published in print:
1992
Published Online:
November 2003
ISBN:
9780198288244
eISBN:
9780191596131
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198288247.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

Explores two important issues in contemporary consumption theory: the precautionary motive for savings and liquidity constraints. The author shows how to solve simple models with precautionary ... More


Human Wealth and Financial Wealth

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0006
Subject:
Economics and Finance, Financial Economics

This chapter explores financial asset allocation strategies when human wealth, the expected present discounted value of future labour earnings, is not tradable. Investors should adjust explicit asset ... More


Investing Over the Life Cycle

John Y. Campbell and Luis M. Viceira

in Strategic Asset Allocation: Portfolio Choice for Long-Term Investors

Published in print:
2002
Published Online:
November 2003
ISBN:
9780198296942
eISBN:
9780191596049
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198296940.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter uses a life‐cycle model calibrated to microeconomic US data to examine financial asset allocation strategies of working households saving for retirement. For typical US households with ... More


Optimizing the Equity-Bond-Annuity Portfolio in Retirement: The Impact of Uncertain Health Expenses

Gaobo Pang

in Retirement Income: Risks and Strategies

Published in print:
2011
Published Online:
August 2013
ISBN:
9780262016933
eISBN:
9780262301596
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262016933.003.0006
Subject:
Economics and Finance, Public and Welfare

This chapter offers a comprehensive stochastic life-cycle framework to address the major risks and choices for households in the retirement phase. It assumeds, for purposes of discussion, that ... More


The Role of Nonprofit Endowments

Raymond Fisman and R. Glenn Hubbard (eds)

in The Governance of Not-for-Profit Organizations

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226297859
eISBN:
9780226297866
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226297866.003.0008
Subject:
Economics and Finance, Financial Economics

This chapter takes a preliminary step in analyzing empirically the role of the endowment in nonprofit organizations. It is organized as follows. Section 7.1 describes the process of endowment ... More


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