{"product_id":"optimizing-the-aging-retirement-and-pensions-dilemma-isbn-9780470377345","title":"Optimizing the Aging, Retirement, and Pensions Dilemma","description":"\u003cp\u003eA straightforward guide focused on life cycle investing-namely aging, retirement, and pensions\u003c\/p\u003e \u003cp\u003eLife cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining.\u003c\/p\u003e \u003cp\u003eThis reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement and the associated health care funding of the aged as well as social security and the asset classes that are considered asset-liability choices over time.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eThe probability of achieving adequate return patterns from various investment strategies and asset classes is reviewed\u003c\/li\u003e \u003cli\u003eShares rich insights on the aging, retirement, and pensions dilemma\u003c\/li\u003e \u003cli\u003eAn assessment of the resources the real economy will be able to commit to non-workers is provided\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe three pillars of retirement are social security, company pensions, and private savings. Each of these pillars is confronted with a variety of asset-liability problems, and this book will addresses them.\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One The Aging Population: Issues for Retirement 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Issues in Retirement 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e1.1 Longevity and Changing Demographics across the World 4\u003c\/p\u003e \u003cp\u003e1.2 The Evolution of Retirement 8\u003c\/p\u003e \u003cp\u003e1.2.1 Older Workers as a Growing Share of the Work Force 11\u003c\/p\u003e \u003cp\u003e1.3 Provision for Retirement 11\u003c\/p\u003e \u003cp\u003e1.3.1 The Earliest Pensions 11\u003c\/p\u003e \u003cp\u003e1.3.2 Early Corporate Pensions 12\u003c\/p\u003e \u003cp\u003e1.3.3 Total Assets on Retirement 15\u003c\/p\u003e \u003cp\u003e1.3.4 The Contribution of Various Assets at Retirement 15\u003c\/p\u003e \u003cp\u003eReferences 19\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Various Costs of Pensions: Macro and Micro 21\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e2.1 Governmental Cost of Retirement 21\u003c\/p\u003e \u003cp\u003e2.2 Pensions and Capital Formation 22\u003c\/p\u003e \u003cp\u003e2.3 Regulating Corporate Pensions 24\u003c\/p\u003e \u003cp\u003e2.3.1 US Regulations 24\u003c\/p\u003e \u003cp\u003e2.3.2 Corporate Bankruptcies Leave a Trail of Broken Promises 30\u003c\/p\u003e \u003cp\u003e2.3.3 Comparing Regulation of Occupational Pension Schemes in the EU and the United States 31\u003c\/p\u003e \u003cp\u003e2.4 DC vs. DB: Shifting the Risks 33\u003c\/p\u003e \u003cp\u003e2.4.1 Pensions, Corporate Earnings, and Tax Deferral 37\u003c\/p\u003e \u003cp\u003e2.5 Freezing Pension Plans 39\u003c\/p\u003e \u003cp\u003e2.6 Where Do We Go from Here? 40\u003c\/p\u003e \u003cp\u003eReferences 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Various Pillars of Retirement: Social Security, Company Pensions, Supplementary Pensions, and Private Savings 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e3.1 Pillars of Retirement 43\u003c\/p\u003e \u003cp\u003e3.2 Reforming OECD Pensions 51\u003c\/p\u003e \u003cp\u003e3.3 Changing Role of Private Pensions 51\u003c\/p\u003e \u003cp\u003e3.3.1 Summarizing Pension Reforms in the OECD 55\u003c\/p\u003e \u003cp\u003e3.4 Plans for Reforming Social Pensions 56\u003c\/p\u003e \u003cp\u003e3.4.1 Increase Contributions, Cut Benefits, Extend Working Life 56\u003c\/p\u003e \u003cp\u003e3.4.2 Use the Contributions to Buy Stocks instead of Government Bonds 58\u003c\/p\u003e \u003cp\u003e3.5 Rethinking Pension Promises: Breaking the Fixed Link to a Monetary Value 61\u003c\/p\u003e \u003cp\u003e3.5.1 Feldstein’s PRA with Guarantees 61\u003c\/p\u003e \u003cp\u003e3.5.2 NDC: Notational or Nonfinancial Defined Contributions 62\u003c\/p\u003e \u003cp\u003e3.5.3 The PAAW (Personal Annuitized Average Wage Security), a Variant of the NDC 66\u003c\/p\u003e \u003cp\u003e3.6 Intergenerational Risk-Sharing 67\u003c\/p\u003e \u003cp\u003e3.7 Conclusions 69\u003c\/p\u003e \u003cp\u003e3.8 Case Study: Public Sector vs. Private Pensions 70\u003c\/p\u003e \u003cp\u003e3.8.1 Government Plans Are Different: US 70\u003c\/p\u003e \u003cp\u003e3.8.2 Government Plans Are Different: Canada 72\u003c\/p\u003e \u003cp\u003e3.8.3 What Do We Learn from These Comparisons? 73\u003c\/p\u003e \u003cp\u003eReferences 73\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Asset Classes: Historical Performance and Risk 77\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e4.1 Equities 77\u003c\/p\u003e \u003cp\u003e4.2 ETFs: Exchange-Traded Funds 89\u003c\/p\u003e \u003cp\u003e4.2.1 Levered ETFs 93\u003c\/p\u003e \u003cp\u003e4.3 Bonds and Fixed Income 93\u003c\/p\u003e \u003cp\u003e4.3.1 TIPS 95\u003c\/p\u003e \u003cp\u003e4.4 The Bond-Stock Measure for Medium-Term Large Crash Prediction 95\u003c\/p\u003e \u003cp\u003e4.4.1 The 2000–2003 Crash in the S\u0026amp;P 500 103\u003c\/p\u003e \u003cp\u003e4.5 Hedge Funds 112\u003c\/p\u003e \u003cp\u003e4.6 Real Assets 121\u003c\/p\u003e \u003cp\u003e4.6.1 REITs 121\u003c\/p\u003e \u003cp\u003e4.7 Housing as an Asset Class 121\u003c\/p\u003e \u003cp\u003e4.8 Gold and Other Commodities 125\u003c\/p\u003e \u003cp\u003e4.9 Private Equity and Related Assets 126\u003c\/p\u003e \u003cp\u003e4.10 Currencies 126\u003c\/p\u003e \u003cp\u003e4.11 Evaluation of Great Investors 129\u003c\/p\u003e \u003cp\u003e4.12 Fundamental and Seasonal Anomalies of Asset Returns 135\u003c\/p\u003e \u003cp\u003eReferences 141\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 The Current Economic Crisis and Its Impact on Retirement Decisions 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e5.1 Household and Government Debt 145\u003c\/p\u003e \u003cp\u003e5.2 Were the Crash Models Helpful in Signaling the US and Worldwide 2007–2009 Crash? 146\u003c\/p\u003e \u003cp\u003e5.3 The Subprime Crisis and How It Evolved 148\u003c\/p\u003e \u003cp\u003e5.3.1 Favoring the Financial Sector: Evaluating the Policy Responses 150\u003c\/p\u003e \u003cp\u003e5.4 Impact on Retirement Expectations 153\u003c\/p\u003e \u003cp\u003e5.4.1 Plan Sponsors in Trouble 156\u003c\/p\u003e \u003cp\u003e5.5 Pensions in Trouble 160\u003c\/p\u003e \u003cp\u003e5.6 State Pensions 161\u003c\/p\u003e \u003cp\u003e5.7 Future ERP 162\u003c\/p\u003e \u003cp\u003e5.7.1 Companies Freezing Pension Plans 165\u003c\/p\u003e \u003cp\u003e5.7.2 The Ultimate Strategy: Bankruptcy 165\u003c\/p\u003e \u003cp\u003e5.8 Future Inflation and Pensions 165\u003c\/p\u003e \u003cp\u003eReferences 166\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Special Issues and Models 169\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 The Impact of Population Aging on Household Portfolios and Asset Returns 171\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e6.1 Introduction 171\u003c\/p\u003e \u003cp\u003e6.2 The Empirical Evidence 172\u003c\/p\u003e \u003cp\u003e6.2.1 The Empirical Evidence in a Micro-Perspective 173\u003c\/p\u003e \u003cp\u003e6.2.2 The Empirical Evidence in a Macro-Perspective 181\u003c\/p\u003e \u003cp\u003e6.3 Models for Portfolio Choices and Life-Cycle Asset Allocations 193\u003c\/p\u003e \u003cp\u003e6.3.1 The Seminal Models 194\u003c\/p\u003e \u003cp\u003e6.3.2 More Realistic Portfolio Models 196\u003c\/p\u003e \u003cp\u003e6.3.3 Life-Cycle Asset Allocation Models with Uninsurable Labor Risk 198\u003c\/p\u003e \u003cp\u003e6.3.4 Life-Cycle Asset Allocation Models in the Presence of Annuities 204\u003c\/p\u003e \u003cp\u003e6.4 Conclusions 207\u003c\/p\u003e \u003cp\u003eReferences 210\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 A Continuous Time Approach to Asset-Liability Surplus Management 217\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e7.1 The Rudolf-Ziemba (2004) Intergenerational Surplus Management Model 218\u003c\/p\u003e \u003cp\u003e7.2 A Case Study Application of the Rudolf-Ziemba Model 222\u003c\/p\u003e \u003cp\u003eReferences 226\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Should Defined Benefit Pension Schemes Be Career Average or Final Salary? 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e8.1 Introduction 227\u003c\/p\u003e \u003cp\u003e8.2 Career Average Defined Benefit Schemes 228\u003c\/p\u003e \u003cp\u003e8.3 Cost Neutrality 229\u003c\/p\u003e \u003cp\u003e8.4 Choosing the Revaluation Rate 230\u003c\/p\u003e \u003cp\u003e8.5 The Adoption of Career Average Pension Schemes 232\u003c\/p\u003e \u003cp\u003e8.6 Advantages of a Switch to a Career Average Scheme 236\u003c\/p\u003e \u003cp\u003e8.6.1 Employer 236\u003c\/p\u003e \u003cp\u003e8.6.2 Members 240\u003c\/p\u003e \u003cp\u003e8.7 Disadvantages of a Switch to a Career Average Scheme 241\u003c\/p\u003e \u003cp\u003e8.7.1 Employer 241\u003c\/p\u003e \u003cp\u003e8.7.2 Members 245\u003c\/p\u003e \u003cp\u003e8.8 Redistribution Effects of a Switch to Career Average Pensions 245\u003c\/p\u003e \u003cp\u003e8.8.1 Compensatory Salary Changes, Pension Contributions, NIC, and Income Tax 247\u003c\/p\u003e \u003cp\u003e8.8.2 Model of the Redistributive Effects of a Switch to Career Average 248\u003c\/p\u003e \u003cp\u003e8.8.3 Numerical Example of the Redistributive Effects of a Switch to Career Average 250\u003c\/p\u003e \u003cp\u003e8.9 Conclusions 253\u003c\/p\u003e \u003cp\u003eReferences 254\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Applying Stochastic Programming to the US Defined Benefit Pension System 259\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e9.1 Introduction 260\u003c\/p\u003e \u003cp\u003e9.2 Integrated Corporate\/Pension Planning Model 261\u003c\/p\u003e \u003cp\u003e9.2.1 Multiperiod Stochastic Programming Model 262\u003c\/p\u003e \u003cp\u003e9.2.2 Alternative Goals 264\u003c\/p\u003e \u003cp\u003e9.3 Assisting the Defined Benefit Pension System 265\u003c\/p\u003e \u003cp\u003e9.3.1 Industry Projections 265\u003c\/p\u003e \u003cp\u003e9.3.2 Applying Stochastic Programs to Industries in Trouble 270\u003c\/p\u003e \u003cp\u003e9.4 Conclusions 273\u003c\/p\u003e \u003cp\u003eReferences 274\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Mortality-Linked Securities and Derivatives 275\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e10.1 Introduction 275\u003c\/p\u003e \u003cp\u003e10.2 Longevity Risk Transfers 278\u003c\/p\u003e \u003cp\u003e10.2.1 Pension Buy-Outs 279\u003c\/p\u003e \u003cp\u003e10.2.2 Securitization of Life Insurance Assets and Liabilities 281\u003c\/p\u003e \u003cp\u003e10.3 Capital Market Solutions and the Development of Mortality-Linked Securities and Derivatives 282\u003c\/p\u003e \u003cp\u003e10.3.1 The EIB Longevity Bond 283\u003c\/p\u003e \u003cp\u003e10.3.2 Mortality Catastrophe Bonds 284\u003c\/p\u003e \u003cp\u003e10.4 Recent Trends in Mortality-Linked Securities 286\u003c\/p\u003e \u003cp\u003e10.4.1 Mortality Indexes 286\u003c\/p\u003e \u003cp\u003e10.4.2 Mortality Swaps and Forwards 287\u003c\/p\u003e \u003cp\u003e10.4.3 Mortality\/Longevity Futures and Options 289\u003c\/p\u003e \u003cp\u003e10.5 Hedging Pension Liabilities with Mortality-Linked Securities and Derivatives 290\u003c\/p\u003e \u003cp\u003e10.5.1 Cash Flow Hedge Paradigm 290\u003c\/p\u003e \u003cp\u003e10.5.2 Value Hedge Paradigm 291\u003c\/p\u003e \u003cp\u003e10.5.3 Longevity Risk Pricing and Optimal Security Design 292\u003c\/p\u003e \u003cp\u003e10.6 Conclusion 296\u003c\/p\u003e \u003cp\u003eReferences 296\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Asset Allocation and Governance Issues of Government-Owned Pensions 299\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e11.1 Introduction 299\u003c\/p\u003e \u003cp\u003e11.2 Types of Sovereign Funds 301\u003c\/p\u003e \u003cp\u003e11.3 Is There a Common Asset Allocation for Pension Funds? 303\u003c\/p\u003e \u003cp\u003e11.4 Sovereign Pension Funds and International Capital Markets 305\u003c\/p\u003e \u003cp\u003e11.5 Governance Issues of Public Pension Funds 306\u003c\/p\u003e \u003cp\u003e11.5.1 Intergenerational Borrowing 306\u003c\/p\u003e \u003cp\u003e11.6 Regional Trends 309\u003c\/p\u003e \u003cp\u003e11.7 Conclusion 313\u003c\/p\u003e \u003cp\u003eReferences 314\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Issues in Individual Asset-Liability Management for Retirement 315\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e12.1 Own Company Stock 315\u003c\/p\u003e \u003cp\u003e12.2 The Role of Annuities 319\u003c\/p\u003e \u003cp\u003e12.3 The Role of Insurance 321\u003c\/p\u003e \u003cp\u003e12.4 The Role of Managed Withdrawal Plans 322\u003c\/p\u003e \u003cp\u003e12.4.1 Mandatory Withdrawals 322\u003c\/p\u003e \u003cp\u003e12.5 Where and How to Retire? 322\u003c\/p\u003e \u003cp\u003e12.5.1 New Type Retirement Communities 323\u003c\/p\u003e \u003cp\u003e12.5.2 Assisted Living 323\u003c\/p\u003e \u003cp\u003e12.5.3 Reverse Mortgages 323\u003c\/p\u003e \u003cp\u003e12.5.4 Does It Pay to Have Multiple Residences? 324\u003c\/p\u003e \u003cp\u003e12.5.5 Interest-Free Loan 326\u003c\/p\u003e \u003cp\u003eReferences 326\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Modeling the Issues 329\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Learning from Other Models 331\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e13.1 Preserving Endowment Spending 331\u003c\/p\u003e \u003cp\u003e13.1.1 Cloning the Yale Approach 335\u003c\/p\u003e \u003cp\u003e13.1.2 Dealing with Liquidity the Yale Way 336\u003c\/p\u003e \u003cp\u003e13.1.3 Swensen’s Rule and Others 336\u003c\/p\u003e \u003cp\u003e13.2 Devising a Rule So That Spending Never Falls 337\u003c\/p\u003e \u003cp\u003e13.2.1 A Protective Spending Model 341\u003c\/p\u003e \u003cp\u003eReferences 343\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14 The Innovest Austrian Pension Fund Financial Planning Model 345\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e14.1 How Should Companies Fund Their Liabilities and Determine Allocations among Asset Classes and Hedging Instruments? 345\u003c\/p\u003e \u003cp\u003e14.2 Formulating InnoALM as a Multistage Stochastic Linear Programming Model 349\u003c\/p\u003e \u003cp\u003e14.3 Some Typical Applications 352\u003c\/p\u003e \u003cp\u003e14.4 Some Test Results 356\u003c\/p\u003e \u003cp\u003e14.5 Model Tests 359\u003c\/p\u003e \u003cp\u003e14.5.1 Final Comments 362\u003c\/p\u003e \u003cp\u003eReferences 364\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15 An Individual ALM Model for Lifetime Asset-Liability Management 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReferences 371\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16 Implementation and Numerical Results of Individual ALM Model for Lifetime Asset-Liability Management 375\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReferences 392\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17 Conclusions 393\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndex 397\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eMARIDA BERTOCCHI\u003c\/b\u003e is Professor of Portfolio Theory, University of Bergamo. She taught numerous courses at the Universities of Bergamo, Urbino and Milan, including basic and advanced calculus, mathematical finance, advanced mathematical finance, stochastic optimization, and parallel processing. Bertocchi has been Dean of the Faculty of Economics and Business Administration and is the Director of the Department of Mathematics, Statistics, Computer Science and Applications, University of Bergamo. She is the author of numerous publications on bond portfolio management, asset allocation, quantitative finance, and economic and financial applications.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eSANDRA L. SCHWARTZ\u003c\/b\u003e received her interdisciplinary PhD from the University of British Columbia in commerce, economics, and ecology. She has taught business policy, business and society, and topics in research and development and applied economics at Berkeley, UCLA, Tsukuba, UBC, and Simon Fraser. Schwartz designed programs and courses for the Open University of BC. She is the author of a number of books on energy policy, Japanese management and economy, and other topics, as well as numerous articles.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eWILLIAM T. ZIEMBA\u003c\/b\u003e is the Alumni Professor of Financial Modeling and Stochastic Optimization (Emeritus), University of British Columbia. He is a well-known academic with books, research articles, and talks on various investment topics and a columnist for \u003ci\u003eWilmott\u003c\/i\u003e magazine. Ziemba has visited and lectured at MIT, University of Chicago, Berkeley, UCLA, Cambridge, LSE, Oxford, and the ICMA Centre. He trades through William T. Ziemba Investment Management Inc. He has consulted for various financial institutions including hedge funds, pension, and other investment institutions.   \u003c\/p\u003e\u003cp\u003ePlanning for retirement is one of those issues that can be summarized in the observation that there is both good news and bad news: the good news is that we are living longer, the bad news is that we have to pay for it. As we recover from the worst economic crisis since the 1930s—with large losses in pensions, incomes, and savings—we find that old adages like \"stocks for the long run\" and the safety of index and exchange traded funds have not worked to protect asset values.\u003c\/p\u003e \u003cp\u003eEnsuring sufficient resources for retirement encompasses a complex set of decisions involving tax issues, assumptions on future salaries and potential loss with change of jobs, asset allocation for defined contribution pension plans, longevity, interest rates, inflation, and, on retirement, whether to buy an annuity—all in the face of changing demographics and social factors. Each of these issues requires careful individual decision making in the face of increasing risk.\u003c\/p\u003e \u003cp\u003eWritten in a straightforward and accessible style, this book offers valuable advice on today's toughest retirement issues, and shows how government and corporate entities can help while assessing the risks to their own balance sheets. It also addresses some of the macroeconomic issues, asking whether an economy can effectively save without investing in productive assets.\u003c\/p\u003e \u003cp\u003eThe authors begin by exploring the key issues in retirement, including changing demographics and the shift from defined benefit to defined contribution plans. They discuss various asset classes and how they might be used for saving for retirement. The authors analyze the 2007–2009 economic crisis and its impact on retirement assets and future retirement practice. In Part II, they offer more in-depth analyses of key issues, such as asset allocation in government-owned pensions, individual asset-liability management and the role of annuities, insurance, and managed withdrawal plans, and more. Finally, in Part III, they bring the various issues together to present an all-encompassing modeling framework. While complex to implement, such models provide a good way to plan and take various future scenarios into account in these uncertain, ever-changing times.\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePraise for Optimizing the Aging, Retirement, and Pensions Dilemma\u003c\/b\u003e  \u003c\/p\u003e\u003cp\u003e\"Aging populations in developed nations raise many challenges, and capital markets will play a critical role in addressing them. This volume offers a coherent and concise introduction to the financial economic framework that will be vital for analyzing and ultimately resolving these challenges.\"\u003cbr\u003e \u003cb\u003e—James Poterba,\u003c\/b\u003e Mitsui Professor of Economics, MIT, and President, National Bureau of Economic Research \u003c\/p\u003e\u003cp\u003e\"An impressive collection of ideas and information. This will be a valuable reference and resource for investors, advisors, and fiduciaries.\"\u003cbr\u003e \u003cb\u003e—Edward O. Thorp,\u003c\/b\u003e Edward O. Thorp \u0026amp; Associates, author of \u003ci\u003eBeat the Dealer and Beat the Market\u003c\/i\u003e     \"The economic and financial challenges faced by most countries in relation of their aging population are enormous. This book provides a lot of interesting insights on the retirement problem, and provides fuel to think about solutions to it in the most intelligent way. Many things can go really bad if things are not managed efficiently on this matter. By reading the articles gathered by Ziemba in this book, some of these horrible prospects could be escaped.\"\u003cbr\u003e \u003ci\u003eChristian Gollier\u003c\/i\u003e, Director of the Toulouse School of Economics, Researcher at LERNA\/TSE (Research Center in Environmental Economics)\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989723693285,"sku":"NP9780470377345","price":80.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470377345.jpg?v=1761785254","url":"https:\/\/k12savings.com\/products\/optimizing-the-aging-retirement-and-pensions-dilemma-isbn-9780470377345","provider":"K12savings","version":"1.0","type":"link"}