Life-Cycle Finance in Theory and in Practice

Zvi Bodie


This paper draws upon the modern science of finance to address several
important practical issues in personal finance. Chief among these is how to
save for retirement and how to invest in those savings. The paper suggests
ways that advances in the theory of finance combined with innovations in
financial contracting technology might be used to improve social welfare by
designing and producing a new generation of user-friendly life-cycle products
for consumers.

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