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.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
This is a central feature of any lifecycle model.
The other is called the elasticity of intertemporal substitution, which is how flexible the investor is between consuming between one period and another period.
Those preferences are typically not accounted for.
There's a similar set of preferences which we have developed for the bequest motive as well.
One is just how strong is the bequest motive?
I like to use a phrase that I heard from Professor Moshe Malevsky at York University, who is one of the most renowned experts in this field.
He referred to it as me versus the kids.
How much consumption do I want for myself versus how much larger requests?
Do I want to leave for my beneficiaries?
So that's part of it.
And then there's also a similar idea.
There's an intergenerational elasticity, which is how flexible you are between consumption for yourself versus the bequest.
These are important preferences, which should be accounted for in forming a financial plan, but they're typically not considered.
It really comes out of the model, and you see it most clearly in the net worth optimization.
I'm going to quote Professor Malefsky on this.
He published a book some years ago called Are You a Stock or Are You a Bond?
And what he's talking about in the title is human capital.
So if you are a tenured university professor, your human capital is very, very bond-like because the university...
is going to keep paying you year in and year out, you're never going to be fired.
So it's like owning a bond for your life.
Showing 61–80 of 479 · page 4 of 24
← Previous
Next →