HIGHLIGHTS
- What: The authors examine the investment strategies and consumption patterns during the defined contribution fund accumulation period ending with life annuity purchase at retirement to finance post-retirement consumption. The authors evaluate optimal investment, consumption trajectories, and retirement outcomes for utility-driven workers within a life cycle model. Rather than explicitly modeling the detailed knowledge and expertise of the fund managers, the authors aim to proxy the superior investment expertise of managers through the outcomes of different investment delegations, such as better risk-adjusted returns for active management and broader allocation constraints for passive management. Following the . . .
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