id	author	title	date	pages	extension	mime	words	sentence	flesch	summary	cache	txt
fsr-3244	Haensly, Paul; Pai, K. Prakash	A new strategy to guarantee retirement income using TIPS and longevity insurance: A second look	2015	28	.pdf	application/pdf	14751	610	58	We calculate the realized utility for a given simulated investor as U�C���, B���; �, D� � �1 � D� � t�1 T��� 1 tU�Ct���; �, �C� D T���U�B���; �, �B�, (6) 364 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359–386 where D is the strength of the bequest motive, 0 � D � 1; � is the one-month time discount factor for utility; T(�) is time of death in months after retirement for simulated life �; Ct(�) is the consumption in month t after retirement, expressed in dollars at retirement (and C(�) is a vector of these values); and B(�) is the bequest at time T(�) in retirement year dollars. That is, the utility function for consumption in period t is U�C; �, �� � � exp��1 � ��ln� C �C �� � 1 1 � � , C � �C exp� �1 � ��ln��C �C �� � 1 1 � � , C �C (C1) when risk aversion � � 1, and 384 P.J. Haensly, K.P. Pai / Financial Services Review 24 (2015) 359–386 U�C; �, �� � � ln� C �C � , C � �C ln��C �C � , C � �C (C2) when � � 1.	cache/fsr-3244.pdf	txt/fsr-3244.txt