Design of comprehensive income products for retirement using utility functions

Geoffrey J Warren

Australian Journal of Management, 2022, vol. 47, issue 1, 105-134

Abstract: An approach for designing a menu of comprehensive income products for retirement (CIPRs) is proposed and demonstrated. The approach entails four steps: defining and characterising member types based on selected attributes; specifying a utility function to capture the objectives and preferences for each member type; conducting analysis of candidate investment and drawdown strategies, and hence select a product design; and communication to members. The last step uses attributes to describe the type of investor for which a product is designed, as well as setting out the key product features and the outcomes it may deliver. JEL Classification: D14, D15, E21, G11, G23

Keywords: CIPRs; drawdown strategies; portfolio choice; product design; retirement savings; utility (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:47:y:2022:i:1:p:105-134

DOI: 10.1177/0312896220985327

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