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首页> 外文期刊>International Review of Financial Analysis >How sub-optimal are age-based life-cycle investment products?
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How sub-optimal are age-based life-cycle investment products?

机译：子最优是基于年龄的生命周期投资产品的方式？

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摘要

We investigate the conditions under which life-cycle investment strategies based on age may be 'near enough' to optimal, focusing on the treatment of the pension account balance and assumptions about risk aversion. We show that dynamically adjusting the strategy in response to fluctuations in balance as well as age can lead to moderate improvements over product designs currently seen in the market; although most of the potential gains might be captured by specifying the glide path with reference to measures reflecting the projected balance over time. The risk aversion assumption emerges as a far more important consideration, with much greater reductions in expected utility arising from mismatches between the risk aversion of the investor and that underpinning the glide path design. Our analysis suggests possibilities for improving life-cycle or target date funds, and highlights the benefit of offering a suite of such funds that cater for members with differing risk aversion.
机译：我们调查基于年龄的生命周期投资策略的条件可能是“靠近足够的”，以最佳，重点关注养老金账户余额和风险厌恶假设的待遇。我们展示了动态调整战略以应对余额的波动以及年龄可以导致对当前在市场上看到的产品设计中的适度改进;尽管大多数潜在的潜在增益，可以通过参考反映预计平衡的措施来指定滑行路径来捕获。风险厌恶假设作为更重要的考虑因素，在投资者风险厌恶之间的不匹配和支撑滑动路径设计之间产生的预期效用具有更大的效用。我们的分析表明，改善生命周期或目标日期基金的可能性，并突出了提供套件的利益，这些资金旨在满足具有不同风险厌恶的成员。

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