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Research Paper: Asset Allocation and Location Over the Life Cycle with Survival-Contingent Payouts
Singapore Management University / The Wharton School of The University of Pennsylvania 
May 20, 2008
Excerpt: Our model generates optimal asset location patterns indicating how much to hold in liquid versus illiquid survival-contingent payouts over the lifetime, and also asset allocation paths, showing how to invest in stocks versus bonds. We confirm that the investor will gradually move money out of her liquid saving into survival-contingent assets to retirement and beyond, thereby enhancing her welfare by as much as 50 percent.
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