H. Bateman, S. Thorp, J. Louviere, T. Islam, S. Satchell
{"title":"An Experimental Survey of Investment Decisions for Retirement Savings","authors":"H. Bateman, S. Thorp, J. Louviere, T. Islam, S. Satchell","doi":"10.2139/ssrn.1665943","DOIUrl":"https://doi.org/10.2139/ssrn.1665943","url":null,"abstract":"We implement a choice experiment to investigate the extent to which retirement savers follow standard mean-variance analysis when choosing from a menu of investment options. We conduct this survey once during a period of …nancial tranquility (March 2007) and once during …nancial crisis (October 2008). We model choices using the scale-adjusted version of a latent class choice (…nite mixture) model. We identify income and age as important determinants of the preference classes, and underlying risk tolerance and age as key determi- nants of variability (scale). Estimated marginal eects of variations in net expected returns and risk on choice of investment option show classes populated by young and low income individuals as more likely to respond consistently with standard mean-variance analysis. However classes populated by older and higher income individuals react positively to both higher returns (lower fees) and increasing risk in returns where risk is presented as a widen- ing range of possible investment outcomes. Crisis-period results con…rm these conclusions, although we see some moderating of overall risk exposures compared with tranquil-period results.","PeriodicalId":120143,"journal":{"name":"UNSW: Actuarial Studies (Topic)","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123919991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Annuities Under Changes in Life Tables and Changes in the Interest III or, Premium Increases When Interest Decreases","authors":"Abraham Zaks","doi":"10.2139/ssrn.1369157","DOIUrl":"https://doi.org/10.2139/ssrn.1369157","url":null,"abstract":"In a previous paper [Z1] we suggested to unify the study of changes in life annuities due to changes in the force of mortality and the force of interest, and we proposed estimates for the change in annuities , liabilities of life assurance, premiums and reserves under a change in the force of interest and the force of mortality. Dynamical life tables (DLT) use force of mortality that varies with time. Life insurance plans and pension schemes are recently considering DLT and variable rate of interest. Evaluation of annuities subject to DLT is quite complex. We suggested in [Z2] some approximations based on the estimates that we achieved in [Z1]. Annuities may serve to evaluate the values of assurances, premiums, provisions and reserves. We will investigate the changes in premiums to show that premiums increase when interest decreases. Since the marginal change in the premium equals the difference between the volatility of the annuities and the volatility of the liabilities one may derive that the volatility of the liabilities is greater than the volatility of the annuities. This observation may serve to an immunization policy that arises when considering the cash flow of income and liabilities.","PeriodicalId":120143,"journal":{"name":"UNSW: Actuarial Studies (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133526332","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Institute of Actuaries of Australia Part II Course: Some Observations","authors":"John R. Evans","doi":"10.2139/SSRN.2337835","DOIUrl":"https://doi.org/10.2139/SSRN.2337835","url":null,"abstract":"This paper details the experience at UNSW of teaching the IAA Part 11 course since 2001, and outlines the course structure and teaching and learning approaches adopted. Suggestions of improvements to the course are also made.","PeriodicalId":120143,"journal":{"name":"UNSW: Actuarial Studies (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133423808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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