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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It's called Chapter 2, Holistic Investor Profiling.
And sample questions.
Imagine that you expect to retire in 20 years, that you'll live for 20 years after retirement.
Your total budget in real today's dollars, including labor income generated by your human capital and investment income generated by your financial capital is $100,000 per year for 40 years.
That is $4 million.
As shown in the following table, with option A, you can choose to spend the same real amount before retirement and after retirement.
With option B, you spend less prior to retirement and more after retirement.
And option C, you spend more before retirement and less after retirement.
So the idea is that people that would check option A, they want their consumption to be the same both before and after retirement.
That's absolutely smooth consumption.
But the other option is maybe they prefer to have more consumption now, or maybe they prefer to have more consumption later.
But that's the idea.
This was kind of our attempt, just one of a number of different questions that we have in the book, to try to illustrate how to do this.
I wouldn't regard this as a finished product.
We would hope that people that have more expertise in investor profiling than we do would basically develop these things more thoroughly.
Technically, it's the utility of consumption over your entire life.
The idea is that you want consumption in and every period
but you're facing what's called an inter-temple budget constraint.
If I take my financial wealth and I take my human capital and I subtract my liabilities, this is how much debt worth I have.
So I could use my net worth in infinitely number of different ways over the course of my lifetime.
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