Dr. Paul Kaplan
speaker
479 appearances
1 recordings
1 series
first heard Jul 2026
last heard 9 Jul
Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
In the asset allocation, of course, the expected returns, the risks, and the correlations are all going to go into the asset allocation model.
They will affect it that way.
Because it is a lifetime plan.
And so if you're planning for your entire life, it's crucial to have some indication of what's the probability of surviving out to each age.
That kind of becomes a really important component of this.
In the book, we talk about this.
If you don't have annuities, if you're just, let's say, investing in conventional financial assets, then your optimal consumption plan is no longer going to just be sort of a smooth curve.
What's the probability of me living to age 110, let's say?
It's pretty small.
I don't want to hold on to my assets just because I might live to 110.
We call this a rescheduling factor.
If you start with, let's say, a smooth consumption curve,
We're going to take consumption at the end, extremely high ages, which are very unlikely that you're going to live to.
And we're going to spend more when you're younger, when it's more likely you'll be alive to enjoy that consumption.
If you do want to take the annuity route, then what is the fair price of an annuity?
Well, to know that, you have to have a model of survival probabilities.
In a lot of the lifecycle finance literature,
They have some really complicated ways of doing that.
Something called dynamic programming.
And anyway, so they don't have like a formula for it.
Showing 201–220 of 479 · page 11 of 24
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