id	sid	tid	token	lemma	pos
fsr-3335	1	1	how	how	SCONJ
fsr-3335	1	2	risky	risky	ADJ
fsr-3335	1	3	is	be	AUX
fsr-3335	1	4	your	your	PRON
fsr-3335	1	5	retirement	retirement	NOUN
fsr-3335	1	6	income	income	NOUN
fsr-3335	1	7	risk	risk	NOUN
fsr-3335	1	8	model	model	NOUN
fsr-3335	1	9	?	?	PUNCT
fsr-3335	2	1	patrick	patrick	PROPN
fsr-3335	2	2	j.	j.	PROPN
fsr-3335	2	3	collins	collins	PROPN
fsr-3335	2	4	,	,	PUNCT
fsr-3335	2	5	ph.d	ph.d	PROPN
fsr-3335	2	6	.	.	PROPN
fsr-3335	2	7	,	,	PUNCT
fsr-3335	2	8	clu	clu	PROPN
fsr-3335	2	9	,	,	PUNCT
fsr-3335	2	10	cfaa	cfaa	PROPN
fsr-3335	2	11	,	,	PUNCT
fsr-3335	2	12	huy	huy	PROPN
fsr-3335	2	13	lam	lam	PROPN
fsr-3335	2	14	,	,	PUNCT
fsr-3335	2	15	cfab	cfab	PROPN
fsr-3335	2	16	,	,	PUNCT
fsr-3335	2	17	*	*	PROPN
fsr-3335	2	18	,	,	PUNCT
fsr-3335	2	19	josh	josh	PROPN
fsr-3335	2	20	stampfli	stampfli	PROPN
fsr-3335	2	21	,	,	PUNCT
fsr-3335	2	22	ma	ma	PROPN
fsr-3335	2	23	,	,	PUNCT
fsr-3335	2	24	eesorc	eesorc	PROPN
fsr-3335	2	25	aschool	aschool	NOUN
fsr-3335	2	26	of	of	ADP
fsr-3335	2	27	management	management	NOUN
fsr-3335	2	28	,	,	PUNCT
fsr-3335	2	29	university	university	NOUN
fsr-3335	2	30	of	of	ADP
fsr-3335	2	31	san	san	PROPN
fsr-3335	2	32	francisco	francisco	PROPN
fsr-3335	2	33	,	,	PUNCT
fsr-3335	2	34	2130	2130	NUM
fsr-3335	2	35	fulton	fulton	PROPN
fsr-3335	2	36	street	street	PROPN
fsr-3335	2	37	,	,	PUNCT
fsr-3335	2	38	san	san	PROPN
fsr-3335	2	39	francisco	francisco	PROPN
fsr-3335	2	40	,	,	PUNCT
fsr-3335	2	41	ca	ca	NOUN
fsr-3335	2	42	94117	94117	NUM
fsr-3335	2	43	,	,	PUNCT
fsr-3335	2	44	usa	usa	PROPN
fsr-3335	2	45	bschultz	bschultz	PROPN
fsr-3335	2	46	collins	collins	PROPN
fsr-3335	2	47	,	,	PUNCT
fsr-3335	2	48	inc	inc	PROPN
fsr-3335	2	49	.	.	PROPN
fsr-3335	2	50	,	,	PUNCT
fsr-3335	2	51	455	455	NUM
fsr-3335	2	52	market	market	NOUN
fsr-3335	2	53	street	street	NOUN
fsr-3335	2	54	,	,	PUNCT
fsr-3335	2	55	#	#	SYM
fsr-3335	2	56	1250	1250	NUM
fsr-3335	2	57	,	,	PUNCT
fsr-3335	2	58	san	san	PROPN
fsr-3335	2	59	francisco	francisco	PROPN
fsr-3335	2	60	,	,	PUNCT
fsr-3335	2	61	ca	ca	PROPN
fsr-3335	2	62	94105	94105	NUM
fsr-3335	2	63	,	,	PUNCT
fsr-3335	2	64	usa	usa	PROPN
fsr-3335	2	65	c151	c151	PROPN
fsr-3335	2	66	rock	rock	NOUN
fsr-3335	2	67	creek	creek	PROPN
fsr-3335	2	68	lane	lane	PROPN
fsr-3335	2	69	,	,	PUNCT
fsr-3335	2	70	scarsdale	scarsdale	PROPN
fsr-3335	2	71	,	,	PUNCT
fsr-3335	2	72	ny	ny	PROPN
fsr-3335	2	73	10583	10583	NUM
fsr-3335	2	74	,	,	PUNCT
fsr-3335	2	75	usa	usa	PROPN
fsr-3335	2	76	abstract	abstract	PROPN
fsr-3335	2	77	adequately	adequately	ADV
fsr-3335	2	78	sustaining	sustain	VERB
fsr-3335	2	79	lifetime	lifetime	NOUN
fsr-3335	2	80	income	income	NOUN
fsr-3335	2	81	is	be	AUX
fsr-3335	2	82	a	a	DET
fsr-3335	2	83	critical	critical	ADJ
fsr-3335	2	84	portfolio	portfolio	NOUN
fsr-3335	2	85	objective	objective	NOUN
fsr-3335	2	86	for	for	ADP
fsr-3335	2	87	retired	retired	ADJ
fsr-3335	2	88	investors	investor	NOUN
fsr-3335	2	89	.	.	PUNCT
fsr-3335	3	1	this	this	DET
fsr-3335	3	2	article	article	NOUN
fsr-3335	3	3	provides	provide	VERB
fsr-3335	3	4	a	a	DET
fsr-3335	3	5	brief	brief	ADJ
fsr-3335	3	6	review	review	NOUN
fsr-3335	3	7	of	of	ADP
fsr-3335	3	8	various	various	ADJ
fsr-3335	3	9	retirement	retirement	NOUN
fsr-3335	3	10	income	income	NOUN
fsr-3335	3	11	modeling	modeling	NOUN
fsr-3335	3	12	approaches	approach	NOUN
fsr-3335	3	13	including	include	VERB
fsr-3335	3	14	historical	historical	ADJ
fsr-3335	3	15	back	back	NOUN
fsr-3335	3	16	testing	testing	NOUN
fsr-3335	3	17	,	,	PUNCT
fsr-3335	3	18	monte	monte	PROPN
fsr-3335	3	19	carlo	carlo	PROPN
fsr-3335	3	20	simulations	simulation	NOUN
fsr-3335	3	21	,	,	PUNCT
fsr-3335	3	22	and	and	CCONJ
fsr-3335	3	23	other	other	ADJ
fsr-3335	3	24	more	more	ADV
fsr-3335	3	25	advanced	advanced	ADJ
fsr-3335	3	26	risk	risk	NOUN
fsr-3335	3	27	modeling	model	VERB
fsr-3335	3	28	techniques	technique	NOUN
fsr-3335	3	29	.	.	PUNCT
fsr-3335	4	1	implausible	implausible	ADJ
fsr-3335	4	2	assumptions	assumption	NOUN
fsr-3335	4	3	underlying	underlie	VERB
fsr-3335	4	4	common	common	ADJ
fsr-3335	4	5	risk	risk	NOUN
fsr-3335	4	6	models	model	NOUN
fsr-3335	4	7	may	may	AUX
fsr-3335	4	8	mislead	mislead	VERB
fsr-3335	4	9	investors	investor	NOUN
fsr-3335	4	10	concerning	concern	VERB
fsr-3335	4	11	the	the	DET
fsr-3335	4	12	risk	risk	NOUN
fsr-3335	4	13	and	and	CCONJ
fsr-3335	4	14	return	return	VERB
fsr-3335	4	15	expectations	expectation	NOUN
fsr-3335	4	16	of	of	ADP
fsr-3335	4	17	their	their	PRON
fsr-3335	4	18	retirement	retirement	NOUN
fsr-3335	4	19	investment	investment	NOUN
fsr-3335	4	20	strategies	strategy	NOUN
fsr-3335	4	21	.	.	PUNCT
fsr-3335	5	1	we	we	PRON
fsr-3335	5	2	compare	compare	VERB
fsr-3335	5	3	risk	risk	NOUN
fsr-3335	5	4	models	model	NOUN
fsr-3335	5	5	,	,	PUNCT
fsr-3335	5	6	evaluate	evaluate	VERB
fsr-3335	5	7	their	their	PRON
fsr-3335	5	8	credibility	credibility	NOUN
fsr-3335	5	9	,	,	PUNCT
fsr-3335	5	10	and	and	CCONJ
fsr-3335	5	11	demonstrate	demonstrate	VERB
fsr-3335	5	12	how	how	SCONJ
fsr-3335	5	13	an	an	DET
fsr-3335	5	14	oversimplified	oversimplified	ADJ
fsr-3335	5	15	model	model	NOUN
fsr-3335	5	16	may	may	AUX
fsr-3335	5	17	distort	distort	VERB
fsr-3335	5	18	the	the	DET
fsr-3335	5	19	risks	risk	NOUN
fsr-3335	5	20	retired	retire	VERB
fsr-3335	5	21	investors	investor	NOUN
fsr-3335	5	22	face	face	VERB
fsr-3335	5	23	.	.	PUNCT
fsr-3335	6	1	differences	difference	NOUN
fsr-3335	6	2	in	in	ADP
fsr-3335	6	3	sustainability	sustainability	NOUN
fsr-3335	6	4	rates	rate	NOUN
fsr-3335	6	5	are	be	AUX
fsr-3335	6	6	stark	stark	ADJ
fsr-3335	6	7	:	:	PUNCT
fsr-3335	6	8	4	4	NUM
fsr-3335	6	9	%	%	NOUN
fsr-3335	6	10	failure	failure	NOUN
fsr-3335	6	11	at	at	ADP
fsr-3335	6	12	the	the	DET
fsr-3335	6	13	low	low	ADJ
fsr-3335	6	14	end	end	NOUN
fsr-3335	6	15	versus	versus	ADP
fsr-3335	6	16	49	49	NUM
fsr-3335	6	17	%	%	NOUN
fsr-3335	6	18	failure	failure	NOUN
fsr-3335	6	19	at	at	ADP
fsr-3335	6	20	the	the	DET
fsr-3335	6	21	high	high	ADJ
fsr-3335	6	22	end	end	NOUN
fsr-3335	6	23	.	.	PUNCT
fsr-3335	7	1	the	the	DET
fsr-3335	7	2	article	article	NOUN
fsr-3335	7	3	ends	end	VERB
fsr-3335	7	4	with	with	ADP
fsr-3335	7	5	general	general	ADJ
fsr-3335	7	6	comments	comment	NOUN
fsr-3335	7	7	regarding	regard	VERB
fsr-3335	7	8	model	model	NOUN
fsr-3335	7	9	risk	risk	NOUN
fsr-3335	7	10	and	and	CCONJ
fsr-3335	7	11	practitioner	practitioner	NOUN
fsr-3335	7	12	investment	investment	NOUN
fsr-3335	7	13	advice	advice	NOUN
fsr-3335	7	14	.	.	PUNCT
fsr-3335	8	1	©	©	PROPN
fsr-3335	8	2	2015	2015	NUM
fsr-3335	8	3	academy	academy	NOUN
fsr-3335	8	4	of	of	ADP
fsr-3335	8	5	financial	financial	ADJ
fsr-3335	8	6	services	service	NOUN
fsr-3335	8	7	.	.	PUNCT
fsr-3335	9	1	all	all	DET
fsr-3335	9	2	rights	right	NOUN
fsr-3335	9	3	reserved	reserve	VERB
fsr-3335	9	4	.	.	PUNCT
fsr-3335	10	1	keywords	keyword	NOUN
fsr-3335	10	2	:	:	PUNCT
fsr-3335	10	3	the	the	DET
fsr-3335	10	4	4	4	NUM
fsr-3335	10	5	%	%	NOUN
fsr-3335	10	6	rule	rule	NOUN
fsr-3335	10	7	;	;	PUNCT
fsr-3335	10	8	monte	monte	PROPN
fsr-3335	10	9	carlo	carlo	PROPN
fsr-3335	10	10	simulation	simulation	PROPN
fsr-3335	10	11	;	;	PUNCT
fsr-3335	10	12	portfolio	portfolio	NOUN
fsr-3335	10	13	sustainability	sustainability	NOUN
fsr-3335	10	14	;	;	PUNCT
fsr-3335	10	15	retirement	retirement	NOUN
fsr-3335	10	16	income	income	NOUN
fsr-3335	10	17	;	;	PUNCT
fsr-3335	10	18	risk	risk	NOUN
fsr-3335	10	19	modeling	model	VERB
fsr-3335	10	20	1	1	NUM
fsr-3335	10	21	.	.	PUNCT
fsr-3335	11	1	introduction	introduction	NOUN
fsr-3335	11	2	sustainability	sustainability	NOUN
fsr-3335	11	3	of	of	ADP
fsr-3335	11	4	adequate	adequate	ADJ
fsr-3335	11	5	lifetime	lifetime	NOUN
fsr-3335	11	6	income	income	NOUN
fsr-3335	11	7	is	be	AUX
fsr-3335	11	8	a	a	DET
fsr-3335	11	9	critical	critical	ADJ
fsr-3335	11	10	portfolio	portfolio	NOUN
fsr-3335	11	11	objective	objective	NOUN
fsr-3335	11	12	for	for	ADP
fsr-3335	11	13	retired	retired	ADJ
fsr-3335	11	14	investors	investor	NOUN
fsr-3335	11	15	.	.	PUNCT
fsr-3335	12	1	commentators	commentator	NOUN
fsr-3335	12	2	often	often	ADV
fsr-3335	12	3	define	define	VERB
fsr-3335	12	4	sustainability	sustainability	NOUN
fsr-3335	12	5	in	in	ADP
fsr-3335	12	6	terms	term	NOUN
fsr-3335	12	7	of	of	ADP
fsr-3335	12	8	(	(	PUNCT
fsr-3335	12	9	1	1	X
fsr-3335	12	10	)	)	PUNCT
fsr-3335	12	11	a	a	DET
fsr-3335	12	12	portfolio	portfolio	NOUN
fsr-3335	12	13	’s	’s	PART
fsr-3335	12	14	ability	ability	NOUN
fsr-3335	12	15	to	to	PART
fsr-3335	12	16	continue	continue	VERB
fsr-3335	12	17	to	to	PART
fsr-3335	12	18	make	make	VERB
fsr-3335	12	19	withdrawals	withdrawal	NOUN
fsr-3335	12	20	throughout	throughout	ADP
fsr-3335	12	21	the	the	DET
fsr-3335	12	22	applicable	applicable	ADJ
fsr-3335	12	23	planning	planning	NOUN
fsr-3335	12	24	horizon	horizon	NOUN
fsr-3335	12	25	,	,	PUNCT
fsr-3335	12	26	or	or	CCONJ
fsr-3335	12	27	(	(	PUNCT
fsr-3335	12	28	2	2	X
fsr-3335	12	29	)	)	PUNCT
fsr-3335	12	30	a	a	DET
fsr-3335	12	31	portfolio	portfolio	NOUN
fsr-3335	12	32	’s	’s	PART
fsr-3335	12	33	ability	ability	NOUN
fsr-3335	12	34	to	to	PART
fsr-3335	12	35	fund	fund	VERB
fsr-3335	12	36	a	a	DET
fsr-3335	12	37	minimum	minimum	ADJ
fsr-3335	12	38	level	level	NOUN
fsr-3335	12	39	of	of	ADP
fsr-3335	12	40	target	target	NOUN
fsr-3335	12	41	income	income	NOUN
fsr-3335	12	42	at	at	ADP
fsr-3335	12	43	every	every	DET
fsr-3335	12	44	interval	interval	NOUN
fsr-3335	12	45	during	during	ADP
fsr-3335	12	46	the	the	DET
fsr-3335	12	47	planning	planning	NOUN
fsr-3335	12	48	horizon	horizon	NOUN
fsr-3335	12	49	.	.	PUNCT
fsr-3335	13	1	the	the	DET
fsr-3335	13	2	first	first	ADJ
fsr-3335	13	3	approach	approach	NOUN
fsr-3335	13	4	focuses	focus	VERB
fsr-3335	13	5	on	on	ADP
fsr-3335	13	6	the	the	DET
fsr-3335	13	7	likelihood	likelihood	NOUN
fsr-3335	13	8	of	of	ADP
fsr-3335	13	9	ending	end	VERB
fsr-3335	13	10	with	with	ADP
fsr-3335	13	11	positive	positive	ADJ
fsr-3335	13	12	wealth	wealth	NOUN
fsr-3335	13	13	,	,	PUNCT
fsr-3335	13	14	or	or	CCONJ
fsr-3335	13	15	,	,	PUNCT
fsr-3335	13	16	if	if	SCONJ
fsr-3335	13	17	wealth	wealth	NOUN
fsr-3335	13	18	is	be	AUX
fsr-3335	13	19	depleted	deplete	VERB
fsr-3335	13	20	before	before	ADP
fsr-3335	13	21	the	the	DET
fsr-3335	13	22	end	end	NOUN
fsr-3335	13	23	of	of	ADP
fsr-3335	13	24	the	the	DET
fsr-3335	13	25	planning	planning	NOUN
fsr-3335	13	26	horizon	horizon	NOUN
fsr-3335	13	27	,	,	PUNCT
fsr-3335	13	28	on	on	ADP
fsr-3335	13	29	the	the	DET
fsr-3335	13	30	magnitude	magnitude	NOUN
fsr-3335	13	31	and	and	CCONJ
fsr-3335	13	32	duration	duration	NOUN
fsr-3335	13	33	of	of	ADP
fsr-3335	13	34	*	*	PUNCT
fsr-3335	13	35	corresponding	correspond	VERB
fsr-3335	13	36	author	author	NOUN
fsr-3335	13	37	.	.	PUNCT
fsr-3335	14	1	tel	tel	PROPN
fsr-3335	14	2	.	.	PUNCT
fsr-3335	14	3	:	:	PUNCT
fsr-3335	15	1	�	�	PROPN
fsr-3335	15	2	1	1	NUM
fsr-3335	15	3	-	-	SYM
fsr-3335	15	4	415	415	NUM
fsr-3335	15	5	-	-	PUNCT
fsr-3335	15	6	354	354	NUM
fsr-3335	15	7	-	-	SYM
fsr-3335	15	8	3704	3704	NUM
fsr-3335	15	9	;	;	PUNCT
fsr-3335	15	10	fax	fax	NOUN
fsr-3335	15	11	:	:	PUNCT
fsr-3335	15	12	�	�	PROPN
fsr-3335	15	13	1	1	NUM
fsr-3335	15	14	-	-	SYM
fsr-3335	15	15	415	415	NUM
fsr-3335	15	16	-	-	PUNCT
fsr-3335	15	17	291	291	NUM
fsr-3335	15	18	-	-	PUNCT
fsr-3335	15	19	3015	3015	NUM
fsr-3335	15	20	.	.	PUNCT
fsr-3335	16	1	e	e	X
fsr-3335	16	2	-	-	NOUN
fsr-3335	16	3	mail	mail	NOUN
fsr-3335	16	4	address	address	NOUN
fsr-3335	16	5	:	:	PUNCT
fsr-3335	16	6	huy@schultzcollins.com	huy@schultzcollins.com	X
fsr-3335	16	7	(	(	PUNCT
fsr-3335	16	8	h.	h.	PROPN
fsr-3335	16	9	lam	lam	PROPN
fsr-3335	16	10	)	)	PUNCT
fsr-3335	16	11	financial	financial	ADJ
fsr-3335	16	12	services	service	NOUN
fsr-3335	16	13	review	review	VERB
fsr-3335	16	14	24	24	NUM
fsr-3335	16	15	(	(	PUNCT
fsr-3335	16	16	2015	2015	NUM
fsr-3335	16	17	)	)	PUNCT
fsr-3335	16	18	193–216	193–216	NUM
fsr-3335	16	19	1057	1057	NUM
fsr-3335	16	20	-	-	SYM
fsr-3335	16	21	0810/15/$	0810/15/$	NUM
fsr-3335	16	22	–	–	PUNCT
fsr-3335	16	23	see	see	VERB
fsr-3335	16	24	front	front	ADJ
fsr-3335	16	25	matter	matter	NOUN
fsr-3335	16	26	©	©	PROPN
fsr-3335	16	27	2015	2015	NUM
fsr-3335	16	28	academy	academy	NOUN
fsr-3335	16	29	of	of	ADP
fsr-3335	16	30	financial	financial	ADJ
fsr-3335	16	31	services	service	NOUN
fsr-3335	16	32	.	.	PUNCT
fsr-3335	17	1	all	all	DET
fsr-3335	17	2	rights	right	NOUN
fsr-3335	17	3	reserved	reserve	VERB
fsr-3335	17	4	.	.	PUNCT
fsr-3335	18	1	the	the	DET
fsr-3335	18	2	shortfall	shortfall	NOUN
fsr-3335	18	3	;	;	PUNCT
fsr-3335	18	4	the	the	DET
fsr-3335	18	5	second	second	NOUN
fsr-3335	18	6	focuses	focus	VERB
fsr-3335	18	7	on	on	ADP
fsr-3335	18	8	the	the	DET
fsr-3335	18	9	likelihood	likelihood	NOUN
fsr-3335	18	10	of	of	ADP
fsr-3335	18	11	consistently	consistently	ADV
fsr-3335	18	12	meeting	meet	VERB
fsr-3335	18	13	all	all	DET
fsr-3335	18	14	period	period	NOUN
fsr-3335	18	15	-	-	PUNCT
fsr-3335	18	16	byperiod	byperiod	NOUN
fsr-3335	18	17	minimum	minimum	ADJ
fsr-3335	18	18	cash	cash	NOUN
fsr-3335	18	19	flow	flow	NOUN
fsr-3335	18	20	requirements	requirement	NOUN
fsr-3335	18	21	.	.	PUNCT
fsr-3335	19	1	risk	risk	NOUN
fsr-3335	19	2	models	model	NOUN
fsr-3335	19	3	help	help	VERB
fsr-3335	19	4	advisors	advisor	NOUN
fsr-3335	19	5	assess	assess	VERB
fsr-3335	19	6	a	a	DET
fsr-3335	19	7	portfolio	portfolio	NOUN
fsr-3335	19	8	’s	’s	PART
fsr-3335	19	9	ability	ability	NOUN
fsr-3335	19	10	to	to	PART
fsr-3335	19	11	provide	provide	VERB
fsr-3335	19	12	adequate	adequate	ADJ
fsr-3335	19	13	cash	cash	NOUN
fsr-3335	19	14	flow	flow	NOUN
fsr-3335	19	15	throughout	throughout	ADP
fsr-3335	19	16	retirement	retirement	NOUN
fsr-3335	19	17	.	.	PUNCT
fsr-3335	20	1	conclusions	conclusion	NOUN
fsr-3335	20	2	about	about	ADP
fsr-3335	20	3	cash	cash	NOUN
fsr-3335	20	4	flow	flow	NOUN
fsr-3335	20	5	sustainability	sustainability	NOUN
fsr-3335	20	6	are	be	AUX
fsr-3335	20	7	usually	usually	ADV
fsr-3335	20	8	reached	reach	VERB
fsr-3335	20	9	by	by	ADP
fsr-3335	20	10	determining	determine	VERB
fsr-3335	20	11	the	the	DET
fsr-3335	20	12	likelihood	likelihood	NOUN
fsr-3335	20	13	that	that	SCONJ
fsr-3335	20	14	withdrawals	withdrawal	NOUN
fsr-3335	20	15	(	(	PUNCT
fsr-3335	20	16	fixed	fix	VERB
fsr-3335	20	17	amounts	amount	NOUN
fsr-3335	20	18	,	,	PUNCT
fsr-3335	20	19	percentage	percentage	NOUN
fsr-3335	20	20	of	of	ADP
fsr-3335	20	21	corpus	corpus	NOUN
fsr-3335	20	22	,	,	PUNCT
fsr-3335	20	23	or	or	CCONJ
fsr-3335	20	24	“	"	PUNCT
fsr-3335	20	25	dynamic	dynamic	ADJ
fsr-3335	20	26	”	"	PUNCT
fsr-3335	20	27	)	)	PUNCT
fsr-3335	20	28	can	can	AUX
fsr-3335	20	29	be	be	AUX
fsr-3335	20	30	maintained	maintain	VERB
fsr-3335	20	31	for	for	ADP
fsr-3335	20	32	either	either	CCONJ
fsr-3335	20	33	deterministic	deterministic	ADJ
fsr-3335	20	34	or	or	CCONJ
fsr-3335	20	35	stochastic	stochastic	ADJ
fsr-3335	20	36	time	time	NOUN
fsr-3335	20	37	periods	period	NOUN
fsr-3335	20	38	under	under	ADP
fsr-3335	20	39	various	various	ADJ
fsr-3335	20	40	asset	asset	NOUN
fsr-3335	20	41	allocations	allocation	NOUN
fsr-3335	20	42	and	and	CCONJ
fsr-3335	20	43	longevity	longevity	NOUN
fsr-3335	20	44	assumptions	assumption	NOUN
fsr-3335	20	45	.	.	PUNCT
fsr-3335	21	1	expressed	express	VERB
fsr-3335	21	2	in	in	ADP
fsr-3335	21	3	terms	term	NOUN
fsr-3335	21	4	of	of	ADP
fsr-3335	21	5	a	a	DET
fsr-3335	21	6	venn	venn	PROPN
fsr-3335	21	7	diagram	diagram	PROPN
fsr-3335	21	8	,	,	PUNCT
fsr-3335	21	9	portfolio	portfolio	NOUN
fsr-3335	21	10	success	success	NOUN
fsr-3335	21	11	lies	lie	VERB
fsr-3335	21	12	at	at	ADP
fsr-3335	21	13	the	the	DET
fsr-3335	21	14	intersection	intersection	NOUN
fsr-3335	21	15	of	of	ADP
fsr-3335	21	16	the	the	DET
fsr-3335	21	17	three	three	NUM
fsr-3335	21	18	elements	element	NOUN
fsr-3335	21	19	in	in	ADP
fsr-3335	21	20	fig	fig	NOUN
fsr-3335	21	21	.	.	PUNCT
fsr-3335	22	1	1	1	NUM
fsr-3335	22	2	:	:	PUNCT
fsr-3335	22	3	“	"	PUNCT
fsr-3335	22	4	sustainability	sustainability	NOUN
fsr-3335	22	5	”	"	PUNCT
fsr-3335	22	6	differs	differ	VERB
fsr-3335	22	7	from	from	ADP
fsr-3335	22	8	the	the	DET
fsr-3335	22	9	concept	concept	NOUN
fsr-3335	22	10	of	of	ADP
fsr-3335	22	11	“	"	PUNCT
fsr-3335	22	12	feasibility	feasibility	NOUN
fsr-3335	22	13	.	.	PUNCT
fsr-3335	22	14	”	"	PUNCT
fsr-3335	23	1	feasibility	feasibility	NOUN
fsr-3335	23	2	depends	depend	VERB
fsr-3335	23	3	on	on	ADP
fsr-3335	23	4	an	an	DET
fsr-3335	23	5	actuarial	actuarial	ADJ
fsr-3335	23	6	calculation	calculation	NOUN
fsr-3335	23	7	to	to	PART
fsr-3335	23	8	determine	determine	VERB
fsr-3335	23	9	if	if	SCONJ
fsr-3335	23	10	a	a	DET
fsr-3335	23	11	retirement	retirement	NOUN
fsr-3335	23	12	income	income	NOUN
fsr-3335	23	13	portfolio	portfolio	NOUN
fsr-3335	23	14	is	be	AUX
fsr-3335	23	15	technically	technically	ADV
fsr-3335	23	16	solvent	solvent	ADJ
fsr-3335	23	17	—	—	PUNCT
fsr-3335	23	18	current	current	ADJ
fsr-3335	23	19	market	market	NOUN
fsr-3335	23	20	value	value	NOUN
fsr-3335	23	21	of	of	ADP
fsr-3335	23	22	assets	asset	NOUN
fsr-3335	23	23	equals	equal	VERB
fsr-3335	23	24	or	or	CCONJ
fsr-3335	23	25	exceeds	exceed	VERB
fsr-3335	23	26	the	the	DET
fsr-3335	23	27	stochastic	stochastic	ADJ
fsr-3335	23	28	present	present	ADJ
fsr-3335	23	29	value	value	NOUN
fsr-3335	23	30	of	of	ADP
fsr-3335	23	31	the	the	DET
fsr-3335	23	32	cash	cash	NOUN
fsr-3335	23	33	-	-	PUNCT
fsr-3335	23	34	flow	flow	NOUN
fsr-3335	23	35	liabilities	liability	NOUN
fsr-3335	23	36	.	.	PUNCT
fsr-3335	24	1	if	if	SCONJ
fsr-3335	24	2	the	the	DET
fsr-3335	24	3	current	current	ADJ
fsr-3335	24	4	market	market	NOUN
fsr-3335	24	5	value	value	NOUN
fsr-3335	24	6	of	of	ADP
fsr-3335	24	7	assets	asset	NOUN
fsr-3335	24	8	is	be	AUX
fsr-3335	24	9	less	less	ADJ
fsr-3335	24	10	than	than	ADP
fsr-3335	24	11	the	the	DET
fsr-3335	24	12	cost	cost	NOUN
fsr-3335	24	13	of	of	ADP
fsr-3335	24	14	a	a	DET
fsr-3335	24	15	lifetime	lifetime	NOUN
fsr-3335	24	16	annuity	annuity	NOUN
fsr-3335	24	17	,	,	PUNCT
fsr-3335	24	18	the	the	DET
fsr-3335	24	19	targeted	target	VERB
fsr-3335	24	20	periodic	periodic	ADJ
fsr-3335	24	21	withdrawals	withdrawal	NOUN
fsr-3335	24	22	exceed	exceed	VERB
fsr-3335	24	23	the	the	DET
fsr-3335	24	24	resources	resource	NOUN
fsr-3335	24	25	available	available	ADJ
fsr-3335	24	26	to	to	PART
fsr-3335	24	27	fund	fund	VERB
fsr-3335	24	28	them	they	PRON
fsr-3335	24	29	.	.	PUNCT
fsr-3335	25	1	in	in	ADP
fsr-3335	25	2	short	short	ADJ
fsr-3335	25	3	,	,	PUNCT
fsr-3335	25	4	the	the	DET
fsr-3335	25	5	portfolio	portfolio	NOUN
fsr-3335	25	6	violates	violate	VERB
fsr-3335	25	7	the	the	DET
fsr-3335	25	8	feasibility	feasibility	NOUN
fsr-3335	25	9	condition	condition	NOUN
fsr-3335	25	10	.	.	PUNCT
fsr-3335	26	1	determination	determination	NOUN
fsr-3335	26	2	of	of	ADP
fsr-3335	26	3	the	the	DET
fsr-3335	26	4	feasibility	feasibility	NOUN
fsr-3335	26	5	of	of	ADP
fsr-3335	26	6	retirement	retirement	NOUN
fsr-3335	26	7	income	income	NOUN
fsr-3335	26	8	objectives	objective	NOUN
fsr-3335	26	9	is	be	AUX
fsr-3335	26	10	not	not	PART
fsr-3335	26	11	subject	subject	ADJ
fsr-3335	26	12	to	to	ADP
fsr-3335	26	13	model	model	NOUN
fsr-3335	26	14	risk	risk	NOUN
fsr-3335	26	15	because	because	SCONJ
fsr-3335	26	16	the	the	DET
fsr-3335	26	17	determination	determination	NOUN
fsr-3335	26	18	rests	rest	VERB
fsr-3335	26	19	on	on	ADP
fsr-3335	26	20	current	current	ADJ
fsr-3335	26	21	observables	observable	NOUN
fsr-3335	26	22	—	—	PUNCT
fsr-3335	26	23	annuity	annuity	NOUN
fsr-3335	26	24	cost	cost	NOUN
fsr-3335	26	25	versus	versus	ADP
fsr-3335	26	26	asset	asset	NOUN
fsr-3335	26	27	value	value	NOUN
fsr-3335	26	28	—	—	PUNCT
fsr-3335	26	29	rather	rather	ADV
fsr-3335	26	30	than	than	ADP
fsr-3335	26	31	on	on	ADP
fsr-3335	26	32	projections	projection	NOUN
fsr-3335	26	33	of	of	ADP
fsr-3335	26	34	financial	financial	ADJ
fsr-3335	26	35	asset	asset	NOUN
fsr-3335	26	36	evolutions	evolution	NOUN
fsr-3335	26	37	and	and	CCONJ
fsr-3335	26	38	the	the	DET
fsr-3335	26	39	distribution	distribution	NOUN
fsr-3335	26	40	of	of	ADP
fsr-3335	26	41	longevity	longevity	NOUN
fsr-3335	26	42	.	.	PUNCT
fsr-3335	27	1	although	although	SCONJ
fsr-3335	27	2	it	it	PRON
fsr-3335	27	3	is	be	AUX
fsr-3335	27	4	important	important	ADJ
fsr-3335	27	5	to	to	PART
fsr-3335	27	6	track	track	VERB
fsr-3335	27	7	both	both	DET
fsr-3335	27	8	risk	risk	NOUN
fsr-3335	27	9	metrics	metric	NOUN
fsr-3335	27	10	—	—	PUNCT
fsr-3335	27	11	sustainability	sustainability	NOUN
fsr-3335	27	12	and	and	CCONJ
fsr-3335	27	13	feasibility	feasibility	NOUN
fsr-3335	27	14	—	—	PUNCT
fsr-3335	27	15	as	as	ADP
fsr-3335	27	16	part	part	NOUN
fsr-3335	27	17	of	of	ADP
fsr-3335	27	18	prudent	prudent	ADJ
fsr-3335	27	19	portfolio	portfolio	NOUN
fsr-3335	27	20	surveillance	surveillance	NOUN
fsr-3335	27	21	and	and	CCONJ
fsr-3335	27	22	monitoring	monitoring	NOUN
fsr-3335	27	23	,	,	PUNCT
fsr-3335	27	24	the	the	DET
fsr-3335	27	25	remainder	remainder	NOUN
fsr-3335	27	26	of	of	ADP
fsr-3335	27	27	this	this	DET
fsr-3335	27	28	article	article	NOUN
fsr-3335	27	29	focuses	focus	VERB
fsr-3335	27	30	on	on	ADP
fsr-3335	27	31	the	the	DET
fsr-3335	27	32	sustainability	sustainability	NOUN
fsr-3335	27	33	or	or	CCONJ
fsr-3335	27	34	shortfall	shortfall	NOUN
fsr-3335	27	35	probability	probability	NOUN
fsr-3335	27	36	risk	risk	NOUN
fsr-3335	27	37	metric	metric	ADJ
fsr-3335	27	38	.	.	PUNCT
fsr-3335	28	1	fig	fig	NOUN
fsr-3335	28	2	.	.	PUNCT
fsr-3335	29	1	1	1	NUM
fsr-3335	29	2	.	.	X
fsr-3335	29	3	194	194	NUM
fsr-3335	29	4	p.j	p.j	PROPN
fsr-3335	29	5	.	.	PROPN
fsr-3335	29	6	collins	collins	PROPN
fsr-3335	29	7	et	et	PROPN
fsr-3335	29	8	al	al	PROPN
fsr-3335	29	9	.	.	PUNCT
fsr-3335	29	10	/	/	SYM
fsr-3335	29	11	financial	financial	ADJ
fsr-3335	29	12	services	service	NOUN
fsr-3335	29	13	review	review	VERB
fsr-3335	29	14	24	24	NUM
fsr-3335	29	15	(	(	PUNCT
fsr-3335	29	16	2015	2015	NUM
fsr-3335	29	17	)	)	PUNCT
fsr-3335	29	18	193–216	193–216	NUM
fsr-3335	29	19	2	2	NUM
fsr-3335	29	20	.	.	PUNCT
fsr-3335	30	1	sources	source	NOUN
fsr-3335	30	2	of	of	ADP
fsr-3335	30	3	retirement	retirement	NOUN
fsr-3335	30	4	income	income	NOUN
fsr-3335	30	5	model	model	NOUN
fsr-3335	30	6	risk	risk	NOUN
fsr-3335	30	7	probability	probability	NOUN
fsr-3335	30	8	assessments	assessment	NOUN
fsr-3335	30	9	are	be	AUX
fsr-3335	30	10	only	only	ADV
fsr-3335	30	11	as	as	ADV
fsr-3335	30	12	good	good	ADJ
fsr-3335	30	13	as	as	ADP
fsr-3335	30	14	the	the	DET
fsr-3335	30	15	models	model	NOUN
fsr-3335	30	16	upon	upon	SCONJ
fsr-3335	30	17	which	which	PRON
fsr-3335	30	18	they	they	PRON
fsr-3335	30	19	are	be	AUX
fsr-3335	30	20	based	base	VERB
fsr-3335	30	21	—	—	PUNCT
fsr-3335	30	22	that	that	PRON
fsr-3335	30	23	is	be	AUX
fsr-3335	30	24	to	to	PART
fsr-3335	30	25	say	say	VERB
fsr-3335	30	26	,	,	PUNCT
fsr-3335	30	27	assessments	assessment	NOUN
fsr-3335	30	28	are	be	AUX
fsr-3335	30	29	prone	prone	ADJ
fsr-3335	30	30	to	to	ADP
fsr-3335	30	31	“	"	PUNCT
fsr-3335	30	32	model	model	NOUN
fsr-3335	30	33	risk	risk	NOUN
fsr-3335	30	34	.	.	PUNCT
fsr-3335	30	35	”	"	PUNCT
fsr-3335	31	1	in	in	ADP
fsr-3335	31	2	general	general	ADJ
fsr-3335	31	3	,	,	PUNCT
fsr-3335	31	4	model	model	NOUN
fsr-3335	31	5	risk	risk	NOUN
fsr-3335	31	6	arises	arise	VERB
fsr-3335	31	7	from	from	ADP
fsr-3335	31	8	several	several	ADJ
fsr-3335	31	9	sources	source	NOUN
fsr-3335	31	10	:	:	PUNCT
fsr-3335	31	11	1	1	X
fsr-3335	31	12	.	.	X
fsr-3335	31	13	variables	variable	NOUN
fsr-3335	31	14	of	of	ADP
fsr-3335	31	15	interest	interest	NOUN
fsr-3335	31	16	:	:	PUNCT
fsr-3335	31	17	projected	project	VERB
fsr-3335	31	18	model	model	NOUN
fsr-3335	31	19	outcomes	outcome	NOUN
fsr-3335	31	20	may	may	AUX
fsr-3335	31	21	differ	differ	VERB
fsr-3335	31	22	considerably	considerably	ADV
fsr-3335	31	23	depending	depend	VERB
fsr-3335	31	24	on	on	ADP
fsr-3335	31	25	the	the	DET
fsr-3335	31	26	range	range	NOUN
fsr-3335	31	27	of	of	ADP
fsr-3335	31	28	input	input	NOUN
fsr-3335	31	29	variables	variable	NOUN
fsr-3335	31	30	.	.	PUNCT
fsr-3335	32	1	health	health	NOUN
fsr-3335	32	2	shocks	shock	NOUN
fsr-3335	32	3	,	,	PUNCT
fsr-3335	32	4	inheritance	inheritance	NOUN
fsr-3335	32	5	expectations	expectation	NOUN
fsr-3335	32	6	,	,	PUNCT
fsr-3335	32	7	life	life	NOUN
fsr-3335	32	8	insurance	insurance	NOUN
fsr-3335	32	9	availability	availability	NOUN
fsr-3335	32	10	,	,	PUNCT
fsr-3335	32	11	and	and	CCONJ
fsr-3335	32	12	other	other	ADJ
fsr-3335	32	13	variables	variable	NOUN
fsr-3335	32	14	may	may	AUX
fsr-3335	32	15	or	or	CCONJ
fsr-3335	32	16	may	may	AUX
fsr-3335	32	17	not	not	PART
fsr-3335	32	18	improve	improve	VERB
fsr-3335	32	19	the	the	DET
fsr-3335	32	20	calculated	calculated	ADJ
fsr-3335	32	21	probability	probability	NOUN
fsr-3335	32	22	of	of	ADP
fsr-3335	32	23	a	a	DET
fsr-3335	32	24	successful	successful	ADJ
fsr-3335	32	25	retirement	retirement	NOUN
fsr-3335	32	26	investment	investment	NOUN
fsr-3335	32	27	and	and	CCONJ
fsr-3335	32	28	consumption	consumption	NOUN
fsr-3335	32	29	strategy	strategy	NOUN
fsr-3335	32	30	.	.	PUNCT
fsr-3335	33	1	2	2	X
fsr-3335	33	2	.	.	X
fsr-3335	33	3	model	model	NOUN
fsr-3335	33	4	sensitivity	sensitivity	NOUN
fsr-3335	33	5	to	to	AUX
fsr-3335	33	6	changes	change	NOUN
fsr-3335	33	7	in	in	ADP
fsr-3335	33	8	the	the	DET
fsr-3335	33	9	value	value	NOUN
fsr-3335	33	10	of	of	ADP
fsr-3335	33	11	input	input	NOUN
fsr-3335	33	12	variables	variable	NOUN
fsr-3335	33	13	:	:	PUNCT
fsr-3335	33	14	output	output	NOUN
fsr-3335	33	15	can	can	AUX
fsr-3335	33	16	be	be	AUX
fsr-3335	33	17	notoriously	notoriously	ADV
fsr-3335	33	18	sensitive	sensitive	ADJ
fsr-3335	33	19	to	to	ADP
fsr-3335	33	20	small	small	ADJ
fsr-3335	33	21	changes	change	NOUN
fsr-3335	33	22	in	in	ADP
fsr-3335	33	23	input	input	NOUN
fsr-3335	33	24	values	value	NOUN
fsr-3335	33	25	;	;	PUNCT
fsr-3335	33	26	likewise	likewise	ADV
fsr-3335	33	27	,	,	PUNCT
fsr-3335	33	28	compounding	compound	VERB
fsr-3335	33	29	over	over	ADP
fsr-3335	33	30	long	long	ADJ
fsr-3335	33	31	planning	planning	NOUN
fsr-3335	33	32	horizons	horizon	NOUN
fsr-3335	33	33	can	can	AUX
fsr-3335	33	34	produce	produce	VERB
fsr-3335	33	35	large	large	ADJ
fsr-3335	33	36	differences	difference	NOUN
fsr-3335	33	37	in	in	ADP
fsr-3335	33	38	outcome	outcome	NOUN
fsr-3335	33	39	values	value	NOUN
fsr-3335	33	40	and	and	CCONJ
fsr-3335	33	41	likelihoods	likelihood	NOUN
fsr-3335	33	42	given	give	VERB
fsr-3335	33	43	small	small	ADJ
fsr-3335	33	44	changes	change	NOUN
fsr-3335	33	45	in	in	ADP
fsr-3335	33	46	input	input	NOUN
fsr-3335	33	47	values	value	NOUN
fsr-3335	33	48	.	.	PUNCT
fsr-3335	34	1	3	3	X
fsr-3335	34	2	.	.	X
fsr-3335	34	3	model	model	NOUN
fsr-3335	34	4	structure	structure	NOUN
fsr-3335	34	5	:	:	PUNCT
fsr-3335	34	6	deterministic	deterministic	ADJ
fsr-3335	34	7	inputs	input	NOUN
fsr-3335	34	8	will	will	AUX
fsr-3335	34	9	likely	likely	ADV
fsr-3335	34	10	project	project	VERB
fsr-3335	34	11	outcomes	outcome	NOUN
fsr-3335	34	12	different	different	ADJ
fsr-3335	34	13	than	than	ADP
fsr-3335	34	14	those	those	PRON
fsr-3335	34	15	generated	generate	VERB
fsr-3335	34	16	by	by	ADP
fsr-3335	34	17	a	a	DET
fsr-3335	34	18	model	model	NOUN
fsr-3335	34	19	that	that	PRON
fsr-3335	34	20	treats	treat	VERB
fsr-3335	34	21	investment	investment	NOUN
fsr-3335	34	22	,	,	PUNCT
fsr-3335	34	23	inflation	inflation	NOUN
fsr-3335	34	24	,	,	PUNCT
fsr-3335	34	25	and	and	CCONJ
fsr-3335	34	26	longevity	longevity	NOUN
fsr-3335	34	27	variables	variable	NOUN
fsr-3335	34	28	stochastically	stochastically	ADV
fsr-3335	34	29	.	.	PUNCT
fsr-3335	35	1	the	the	DET
fsr-3335	35	2	nature	nature	NOUN
fsr-3335	35	3	of	of	ADP
fsr-3335	35	4	the	the	DET
fsr-3335	35	5	model	model	NOUN
fsr-3335	35	6	’s	’s	PART
fsr-3335	35	7	covariance	covariance	NOUN
fsr-3335	35	8	matrix	matrix	NOUN
fsr-3335	35	9	may	may	AUX
fsr-3335	35	10	be	be	AUX
fsr-3335	35	11	an	an	DET
fsr-3335	35	12	additional	additional	ADJ
fsr-3335	35	13	source	source	NOUN
fsr-3335	35	14	of	of	ADP
fsr-3335	35	15	estimation	estimation	NOUN
fsr-3335	35	16	error	error	NOUN
fsr-3335	35	17	.	.	PUNCT
fsr-3335	36	1	4	4	X
fsr-3335	36	2	.	.	X
fsr-3335	36	3	model	model	NOUN
fsr-3335	36	4	assumptions	assumption	NOUN
fsr-3335	36	5	:	:	PUNCT
fsr-3335	36	6	the	the	DET
fsr-3335	36	7	choice	choice	NOUN
fsr-3335	36	8	of	of	ADP
fsr-3335	36	9	utility	utility	NOUN
fsr-3335	36	10	function	function	NOUN
fsr-3335	36	11	can	can	AUX
fsr-3335	36	12	influence	influence	VERB
fsr-3335	36	13	model	model	NOUN
fsr-3335	36	14	output	output	NOUN
fsr-3335	36	15	.	.	PUNCT
fsr-3335	37	1	for	for	ADP
fsr-3335	37	2	example	example	NOUN
fsr-3335	37	3	,	,	PUNCT
fsr-3335	37	4	assumption	assumption	NOUN
fsr-3335	37	5	of	of	ADP
fsr-3335	37	6	constant	constant	ADJ
fsr-3335	37	7	relative	relative	ADJ
fsr-3335	37	8	risk	risk	NOUN
fsr-3335	37	9	aversion	aversion	NOUN
fsr-3335	37	10	may	may	AUX
fsr-3335	37	11	rank	rank	VERB
fsr-3335	37	12	outcomes	outcome	NOUN
fsr-3335	37	13	differently	differently	ADV
fsr-3335	37	14	from	from	ADP
fsr-3335	37	15	those	those	PRON
fsr-3335	37	16	flowing	flow	VERB
fsr-3335	37	17	from	from	ADP
fsr-3335	37	18	models	model	NOUN
fsr-3335	37	19	assuming	assume	VERB
fsr-3335	37	20	a	a	DET
fsr-3335	37	21	hyperbolic	hyperbolic	ADJ
fsr-3335	37	22	risk	risk	NOUN
fsr-3335	37	23	aversion	aversion	NOUN
fsr-3335	37	24	function.1	function.1	PROPN
fsr-3335	37	25	likewise	likewise	ADV
fsr-3335	37	26	,	,	PUNCT
fsr-3335	37	27	the	the	DET
fsr-3335	37	28	functional	functional	ADJ
fsr-3335	37	29	form	form	NOUN
fsr-3335	37	30	chosen	choose	VERB
fsr-3335	37	31	to	to	PART
fsr-3335	37	32	generate	generate	VERB
fsr-3335	37	33	inflation	inflation	NOUN
fsr-3335	37	34	or	or	CCONJ
fsr-3335	37	35	investment	investment	NOUN
fsr-3335	37	36	returns	return	NOUN
fsr-3335	37	37	will	will	AUX
fsr-3335	37	38	often	often	ADV
fsr-3335	37	39	influence	influence	VERB
fsr-3335	37	40	investment	investment	NOUN
fsr-3335	37	41	recommendations	recommendation	NOUN
fsr-3335	37	42	.	.	PUNCT
fsr-3335	38	1	econometricians	econometrician	NOUN
fsr-3335	38	2	often	often	ADV
fsr-3335	38	3	discuss	discuss	VERB
fsr-3335	38	4	model	model	NOUN
fsr-3335	38	5	risk	risk	NOUN
fsr-3335	38	6	in	in	ADP
fsr-3335	38	7	terms	term	NOUN
fsr-3335	38	8	of	of	ADP
fsr-3335	38	9	specification	specification	NOUN
fsr-3335	38	10	error	error	NOUN
fsr-3335	38	11	.	.	PUNCT
fsr-3335	39	1	errors	error	NOUN
fsr-3335	39	2	may	may	AUX
fsr-3335	39	3	arise	arise	VERB
fsr-3335	39	4	as	as	ADP
fsr-3335	39	5	a	a	DET
fsr-3335	39	6	result	result	NOUN
fsr-3335	39	7	of	of	ADP
fsr-3335	39	8	including	include	VERB
fsr-3335	39	9	irrelevant	irrelevant	ADJ
fsr-3335	39	10	variables	variable	NOUN
fsr-3335	39	11	in	in	ADP
fsr-3335	39	12	the	the	DET
fsr-3335	39	13	model	model	NOUN
fsr-3335	39	14	,	,	PUNCT
fsr-3335	39	15	failure	failure	NOUN
fsr-3335	39	16	to	to	PART
fsr-3335	39	17	incorporate	incorporate	VERB
fsr-3335	39	18	relevant	relevant	ADJ
fsr-3335	39	19	variables	variable	NOUN
fsr-3335	39	20	,	,	PUNCT
fsr-3335	39	21	and	and	CCONJ
fsr-3335	39	22	inaccurate	inaccurate	ADJ
fsr-3335	39	23	estimation	estimation	NOUN
fsr-3335	39	24	of	of	ADP
fsr-3335	39	25	input	input	ADJ
fsr-3335	39	26	variable	variable	ADJ
fsr-3335	39	27	values	value	NOUN
fsr-3335	39	28	.	.	PUNCT
fsr-3335	40	1	specification	specification	NOUN
fsr-3335	40	2	errors	error	NOUN
fsr-3335	40	3	may	may	AUX
fsr-3335	40	4	account	account	VERB
fsr-3335	40	5	for	for	ADP
fsr-3335	40	6	different	different	ADJ
fsr-3335	40	7	models	model	NOUN
fsr-3335	40	8	producing	produce	VERB
fsr-3335	40	9	dissimilar	dissimilar	ADJ
fsr-3335	40	10	outputs	output	NOUN
fsr-3335	40	11	when	when	SCONJ
fsr-3335	40	12	considering	consider	VERB
fsr-3335	40	13	the	the	DET
fsr-3335	40	14	same	same	ADJ
fsr-3335	40	15	problem	problem	NOUN
fsr-3335	40	16	.	.	PUNCT
fsr-3335	41	1	this	this	PRON
fsr-3335	41	2	is	be	AUX
fsr-3335	41	3	an	an	DET
fsr-3335	41	4	underlying	underlying	ADJ
fsr-3335	41	5	reason	reason	NOUN
fsr-3335	41	6	why	why	SCONJ
fsr-3335	41	7	any	any	DET
fsr-3335	41	8	single	single	ADJ
fsr-3335	41	9	retirement	retirement	NOUN
fsr-3335	41	10	income	income	NOUN
fsr-3335	41	11	risk	risk	NOUN
fsr-3335	41	12	model	model	NOUN
fsr-3335	41	13	may	may	AUX
fsr-3335	41	14	be	be	AUX
fsr-3335	41	15	unable	unable	ADJ
fsr-3335	41	16	to	to	PART
fsr-3335	41	17	provide	provide	VERB
fsr-3335	41	18	a	a	DET
fsr-3335	41	19	good	good	ADJ
fsr-3335	41	20	assessment	assessment	NOUN
fsr-3335	41	21	of	of	ADP
fsr-3335	41	22	retirement	retirement	NOUN
fsr-3335	41	23	risk.2	risk.2	PROPN
fsr-3335	41	24	this	this	DET
fsr-3335	41	25	article	article	NOUN
fsr-3335	41	26	focuses	focus	VERB
fsr-3335	41	27	on	on	ADP
fsr-3335	41	28	postretirement	postretirement	NOUN
fsr-3335	41	29	shortfall	shortfall	NOUN
fsr-3335	41	30	risk	risk	NOUN
fsr-3335	41	31	from	from	ADP
fsr-3335	41	32	assessments	assessment	NOUN
fsr-3335	41	33	derived	derive	VERB
fsr-3335	41	34	from	from	ADP
fsr-3335	41	35	modeling	model	VERB
fsr-3335	41	36	investment	investment	NOUN
fsr-3335	41	37	,	,	PUNCT
fsr-3335	41	38	longevity	longevity	NOUN
fsr-3335	41	39	,	,	PUNCT
fsr-3335	41	40	and	and	CCONJ
fsr-3335	41	41	inflation	inflation	NOUN
fsr-3335	41	42	related	relate	VERB
fsr-3335	41	43	risks	risk	NOUN
fsr-3335	41	44	.	.	PUNCT
fsr-3335	42	1	model	model	NOUN
fsr-3335	42	2	-	-	PUNCT
fsr-3335	42	3	based	base	VERB
fsr-3335	42	4	probability	probability	NOUN
fsr-3335	42	5	assessments	assessment	NOUN
fsr-3335	42	6	rely	rely	VERB
fsr-3335	42	7	,	,	PUNCT
fsr-3335	42	8	in	in	ADP
fsr-3335	42	9	part	part	NOUN
fsr-3335	42	10	,	,	PUNCT
fsr-3335	42	11	on	on	ADP
fsr-3335	42	12	outputs	output	NOUN
fsr-3335	42	13	generated	generate	VERB
fsr-3335	42	14	by	by	ADP
fsr-3335	42	15	computer	computer	NOUN
fsr-3335	42	16	algorithms	algorithm	NOUN
fsr-3335	42	17	that	that	PRON
fsr-3335	42	18	approximate	approximate	VERB
fsr-3335	42	19	,	,	PUNCT
fsr-3335	42	20	with	with	ADP
fsr-3335	42	21	varying	vary	VERB
fsr-3335	42	22	degrees	degree	NOUN
fsr-3335	42	23	of	of	ADP
fsr-3335	42	24	accuracy	accuracy	NOUN
fsr-3335	42	25	,	,	PUNCT
fsr-3335	42	26	the	the	DET
fsr-3335	42	27	processes	process	NOUN
fsr-3335	42	28	that	that	PRON
fsr-3335	42	29	drive	drive	VERB
fsr-3335	42	30	financial	financial	ADJ
fsr-3335	42	31	asset	asset	NOUN
fsr-3335	42	32	price	price	NOUN
fsr-3335	42	33	changes	change	NOUN
fsr-3335	42	34	.	.	PUNCT
fsr-3335	43	1	thus	thus	ADV
fsr-3335	43	2	,	,	PUNCT
fsr-3335	43	3	any	any	DET
fsr-3335	43	4	assessment	assessment	NOUN
fsr-3335	43	5	of	of	ADP
fsr-3335	43	6	the	the	DET
fsr-3335	43	7	sustainability	sustainability	NOUN
fsr-3335	43	8	of	of	ADP
fsr-3335	43	9	a	a	DET
fsr-3335	43	10	retirement	retirement	NOUN
fsr-3335	43	11	income	income	NOUN
fsr-3335	43	12	investment	investment	NOUN
fsr-3335	43	13	program	program	NOUN
fsr-3335	43	14	should	should	AUX
fsr-3335	43	15	not	not	PART
fsr-3335	43	16	over	over	ADP
fsr-3335	43	17	rely	rely	VERB
fsr-3335	43	18	on	on	ADP
fsr-3335	43	19	outputs	output	NOUN
fsr-3335	43	20	produced	produce	VERB
fsr-3335	43	21	by	by	ADP
fsr-3335	43	22	a	a	DET
fsr-3335	43	23	single	single	ADJ
fsr-3335	43	24	risk	risk	NOUN
fsr-3335	43	25	model	model	NOUN
fsr-3335	43	26	;	;	PUNCT
fsr-3335	43	27	and	and	CCONJ
fsr-3335	43	28	,	,	PUNCT
fsr-3335	43	29	when	when	SCONJ
fsr-3335	43	30	using	use	VERB
fsr-3335	43	31	model	model	NOUN
fsr-3335	43	32	outputs	output	NOUN
fsr-3335	43	33	to	to	PART
fsr-3335	43	34	monitor	monitor	VERB
fsr-3335	43	35	the	the	DET
fsr-3335	43	36	portfolio	portfolio	NOUN
fsr-3335	43	37	,	,	PUNCT
fsr-3335	43	38	practitioners	practitioner	NOUN
fsr-3335	43	39	should	should	AUX
fsr-3335	43	40	take	take	VERB
fsr-3335	43	41	care	care	NOUN
fsr-3335	43	42	to	to	PART
fsr-3335	43	43	ascertain	ascertain	VERB
fsr-3335	43	44	that	that	SCONJ
fsr-3335	43	45	the	the	DET
fsr-3335	43	46	model	model	NOUN
fsr-3335	43	47	is	be	AUX
fsr-3335	43	48	academically	academically	ADV
fsr-3335	43	49	defensible	defensible	ADJ
fsr-3335	43	50	.	.	PUNCT
fsr-3335	44	1	beyond	beyond	ADP
fsr-3335	44	2	the	the	DET
fsr-3335	44	3	above	above	ADV
fsr-3335	44	4	-	-	PUNCT
fsr-3335	44	5	listed	list	VERB
fsr-3335	44	6	sources	source	NOUN
fsr-3335	44	7	of	of	ADP
fsr-3335	44	8	model	model	NOUN
fsr-3335	44	9	risk	risk	NOUN
fsr-3335	44	10	are	be	AUX
fsr-3335	44	11	two	two	NUM
fsr-3335	44	12	other	other	ADJ
fsr-3335	44	13	considerations	consideration	NOUN
fsr-3335	44	14	:	:	PUNCT
fsr-3335	44	15	1	1	X
fsr-3335	44	16	.	.	X
fsr-3335	44	17	bonini	bonini	PROPN
fsr-3335	44	18	’s	’s	PART
fsr-3335	44	19	paradox	paradox	NOUN
fsr-3335	44	20	:	:	PUNCT
fsr-3335	44	21	models	model	NOUN
fsr-3335	44	22	that	that	PRON
fsr-3335	44	23	explain	explain	VERB
fsr-3335	44	24	the	the	DET
fsr-3335	44	25	workings	working	NOUN
fsr-3335	44	26	of	of	ADP
fsr-3335	44	27	complex	complex	ADJ
fsr-3335	44	28	systems	system	NOUN
fsr-3335	44	29	are	be	AUX
fsr-3335	44	30	seemingly	seemingly	ADV
fsr-3335	44	31	impossible	impossible	ADJ
fsr-3335	44	32	to	to	PART
fsr-3335	44	33	construct	construct	VERB
fsr-3335	44	34	.	.	PUNCT
fsr-3335	45	1	as	as	ADP
fsr-3335	45	2	a	a	DET
fsr-3335	45	3	model	model	NOUN
fsr-3335	45	4	of	of	ADP
fsr-3335	45	5	a	a	DET
fsr-3335	45	6	complex	complex	ADJ
fsr-3335	45	7	system	system	NOUN
fsr-3335	45	8	becomes	become	VERB
fsr-3335	45	9	more	more	ADV
fsr-3335	45	10	complete	complete	ADJ
fsr-3335	45	11	,	,	PUNCT
fsr-3335	45	12	it	it	PRON
fsr-3335	45	13	becomes	become	VERB
fsr-3335	45	14	less	less	ADV
fsr-3335	45	15	understandable	understandable	ADJ
fsr-3335	45	16	;	;	PUNCT
fsr-3335	45	17	for	for	SCONJ
fsr-3335	45	18	it	it	PRON
fsr-3335	45	19	to	to	PART
fsr-3335	45	20	be	be	AUX
fsr-3335	45	21	more	more	ADV
fsr-3335	45	22	understandable	understandable	ADJ
fsr-3335	45	23	it	it	PRON
fsr-3335	45	24	must	must	AUX
fsr-3335	45	25	be	be	AUX
fsr-3335	45	26	less	less	ADV
fsr-3335	45	27	complete	complete	ADJ
fsr-3335	45	28	and	and	CCONJ
fsr-3335	45	29	,	,	PUNCT
fsr-3335	45	30	therefore	therefore	ADV
fsr-3335	45	31	,	,	PUNCT
fsr-3335	45	32	less	less	ADV
fsr-3335	45	33	accurate	accurate	ADJ
fsr-3335	45	34	.	.	PUNCT
fsr-3335	46	1	when	when	SCONJ
fsr-3335	46	2	a	a	DET
fsr-3335	46	3	model	model	NOUN
fsr-3335	46	4	becomes	become	VERB
fsr-3335	46	5	accurate	accurate	ADJ
fsr-3335	46	6	,	,	PUNCT
fsr-3335	46	7	it	it	PRON
fsr-3335	46	8	is	be	AUX
fsr-3335	46	9	just	just	ADV
fsr-3335	46	10	as	as	ADV
fsr-3335	46	11	difficult	difficult	ADJ
fsr-3335	46	12	to	to	PART
fsr-3335	46	13	understand	understand	VERB
fsr-3335	46	14	as	as	ADP
fsr-3335	46	15	the	the	DET
fsr-3335	46	16	real	real	ADJ
fsr-3335	46	17	-	-	PUNCT
fsr-3335	46	18	world	world	NOUN
fsr-3335	46	19	processes	process	NOUN
fsr-3335	46	20	it	it	PRON
fsr-3335	46	21	represents	represent	VERB
fsr-3335	46	22	.	.	PUNCT
fsr-3335	47	1	195p.j	195p.j	X
fsr-3335	47	2	.	.	PUNCT
fsr-3335	48	1	collins	collins	PROPN
fsr-3335	48	2	et	et	PROPN
fsr-3335	48	3	al	al	PROPN
fsr-3335	48	4	.	.	PUNCT
fsr-3335	48	5	/	/	SYM
fsr-3335	48	6	financial	financial	ADJ
fsr-3335	48	7	services	service	NOUN
fsr-3335	48	8	review	review	VERB
fsr-3335	48	9	24	24	NUM
fsr-3335	48	10	(	(	PUNCT
fsr-3335	48	11	2015	2015	NUM
fsr-3335	48	12	)	)	PUNCT
fsr-3335	48	13	193–216	193–216	NUM
fsr-3335	48	14	2	2	NUM
fsr-3335	48	15	.	.	PUNCT
fsr-3335	48	16	ambiguity	ambiguity	NOUN
fsr-3335	48	17	in	in	ADP
fsr-3335	48	18	how	how	SCONJ
fsr-3335	48	19	the	the	DET
fsr-3335	48	20	investor	investor	NOUN
fsr-3335	48	21	should	should	AUX
fsr-3335	48	22	preference	preference	VERB
fsr-3335	48	23	rank	rank	VERB
fsr-3335	48	24	heterogeneous	heterogeneous	ADJ
fsr-3335	48	25	outcomes	outcome	NOUN
fsr-3335	48	26	:	:	PUNCT
fsr-3335	48	27	outcomes	outcome	NOUN
fsr-3335	48	28	from	from	ADP
fsr-3335	48	29	equally	equally	ADV
fsr-3335	48	30	credible	credible	ADJ
fsr-3335	48	31	models	model	NOUN
fsr-3335	48	32	may	may	AUX
fsr-3335	48	33	differ	differ	VERB
fsr-3335	48	34	significantly	significantly	ADV
fsr-3335	48	35	even	even	ADV
fsr-3335	48	36	when	when	SCONJ
fsr-3335	48	37	each	each	DET
fsr-3335	48	38	model	model	NOUN
fsr-3335	48	39	uses	use	VERB
fsr-3335	48	40	identical	identical	ADJ
fsr-3335	48	41	inputs	input	NOUN
fsr-3335	48	42	and	and	CCONJ
fsr-3335	48	43	input	input	NOUN
fsr-3335	48	44	values	value	NOUN
fsr-3335	48	45	.	.	PUNCT
fsr-3335	49	1	interpretation	interpretation	NOUN
fsr-3335	49	2	of	of	ADP
fsr-3335	49	3	calculated	calculate	VERB
fsr-3335	49	4	results	result	NOUN
fsr-3335	49	5	becomes	become	VERB
fsr-3335	49	6	difficult	difficult	ADJ
fsr-3335	49	7	and	and	CCONJ
fsr-3335	49	8	there	there	PRON
fsr-3335	49	9	is	be	VERB
fsr-3335	49	10	no	no	DET
fsr-3335	49	11	clear	clear	ADJ
fsr-3335	49	12	“	"	PUNCT
fsr-3335	49	13	winning	win	VERB
fsr-3335	49	14	strategy	strategy	NOUN
fsr-3335	49	15	”	"	PUNCT
fsr-3335	49	16	or	or	CCONJ
fsr-3335	49	17	preferred	preferred	ADJ
fsr-3335	49	18	solution	solution	NOUN
fsr-3335	49	19	path	path	NOUN
fsr-3335	49	20	.	.	PUNCT
fsr-3335	50	1	3	3	X
fsr-3335	50	2	.	.	X
fsr-3335	50	3	modeling	model	VERB
fsr-3335	50	4	approaches	approach	NOUN
fsr-3335	50	5	there	there	PRON
fsr-3335	50	6	are	be	VERB
fsr-3335	50	7	a	a	DET
fsr-3335	50	8	number	number	NOUN
fsr-3335	50	9	of	of	ADP
fsr-3335	50	10	modeling	model	VERB
fsr-3335	50	11	approaches	approach	NOUN
fsr-3335	50	12	to	to	PART
fsr-3335	50	13	ascertain	ascertain	VERB
fsr-3335	50	14	the	the	DET
fsr-3335	50	15	likelihood	likelihood	NOUN
fsr-3335	50	16	that	that	SCONJ
fsr-3335	50	17	a	a	DET
fsr-3335	50	18	portfolio	portfolio	NOUN
fsr-3335	50	19	’s	’s	PART
fsr-3335	50	20	investment	investment	NOUN
fsr-3335	50	21	strategy	strategy	NOUN
fsr-3335	50	22	is	be	AUX
fsr-3335	50	23	suitable	suitable	ADJ
fsr-3335	50	24	to	to	ADP
fsr-3335	50	25	its	its	PRON
fsr-3335	50	26	cash	cash	NOUN
fsr-3335	50	27	flow	flow	NOUN
fsr-3335	50	28	requirements	requirement	NOUN
fsr-3335	50	29	—	—	PUNCT
fsr-3335	50	30	that	that	ADV
fsr-3335	50	31	is	is	ADV
fsr-3335	50	32	,	,	PUNCT
fsr-3335	50	33	estimating	estimate	VERB
fsr-3335	50	34	the	the	DET
fsr-3335	50	35	probability	probability	NOUN
fsr-3335	50	36	that	that	SCONJ
fsr-3335	50	37	a	a	DET
fsr-3335	50	38	jointly	jointly	ADV
fsr-3335	50	39	determined	determine	VERB
fsr-3335	50	40	asset	asset	NOUN
fsr-3335	50	41	allocation	allocation	NOUN
fsr-3335	50	42	/	/	SYM
fsr-3335	50	43	retirement	retirement	NOUN
fsr-3335	50	44	spending	spending	NOUN
fsr-3335	50	45	strategy	strategy	NOUN
fsr-3335	50	46	is	be	AUX
fsr-3335	50	47	sustainable	sustainable	ADJ
fsr-3335	50	48	throughout	throughout	ADP
fsr-3335	50	49	the	the	DET
fsr-3335	50	50	planning	planning	NOUN
fsr-3335	50	51	horizon	horizon	NOUN
fsr-3335	50	52	absent	absent	ADJ
fsr-3335	50	53	significant	significant	ADJ
fsr-3335	50	54	,	,	PUNCT
fsr-3335	50	55	and	and	CCONJ
fsr-3335	50	56	possibly	possibly	ADV
fsr-3335	50	57	difficult	difficult	ADJ
fsr-3335	50	58	to	to	PART
fsr-3335	50	59	implement	implement	VERB
fsr-3335	50	60	,	,	PUNCT
fsr-3335	50	61	midcourse	midcourse	NOUN
fsr-3335	50	62	corrections	correction	NOUN
fsr-3335	50	63	:	:	PUNCT
fsr-3335	50	64	y	y	PROPN
fsr-3335	50	65	analytic	analytic	ADJ
fsr-3335	50	66	formulae	formulae	NOUN
fsr-3335	50	67	(	(	PUNCT
fsr-3335	50	68	closed	closed	ADJ
fsr-3335	50	69	form	form	NOUN
fsr-3335	50	70	solutions	solution	NOUN
fsr-3335	50	71	usually	usually	ADV
fsr-3335	50	72	within	within	ADP
fsr-3335	50	73	a	a	DET
fsr-3335	50	74	life	life	NOUN
fsr-3335	50	75	-	-	PUNCT
fsr-3335	50	76	cycle	cycle	NOUN
fsr-3335	50	77	model	model	NOUN
fsr-3335	50	78	context	context	NOUN
fsr-3335	50	79	)	)	PUNCT
fsr-3335	51	1	y	y	PROPN
fsr-3335	51	2	historical	historical	ADJ
fsr-3335	51	3	back	back	ADJ
fsr-3335	51	4	testing	testing	NOUN
fsr-3335	51	5	of	of	ADP
fsr-3335	51	6	empirical	empirical	ADJ
fsr-3335	51	7	returns	return	NOUN
fsr-3335	51	8	y	y	PROPN
fsr-3335	51	9	bootstrapping	bootstrappe	VERB
fsr-3335	51	10	(	(	PUNCT
fsr-3335	51	11	reshuffled	reshuffle	VERB
fsr-3335	51	12	historical	historical	ADJ
fsr-3335	51	13	returns	return	NOUN
fsr-3335	51	14	)	)	PUNCT
fsr-3335	51	15	y	y	PROPN
fsr-3335	51	16	monte	monte	PROPN
fsr-3335	51	17	carlo	carlo	PROPN
fsr-3335	51	18	simulation	simulation	PROPN
fsr-3335	51	19	(	(	PUNCT
fsr-3335	51	20	assuming	assume	VERB
fsr-3335	51	21	a	a	DET
fsr-3335	51	22	two	two	NUM
fsr-3335	51	23	-	-	PUNCT
fsr-3335	51	24	parameter	parameter	NOUN
fsr-3335	51	25	normal	normal	ADJ
fsr-3335	51	26	or	or	CCONJ
fsr-3335	51	27	lognormal	lognormal	ADJ
fsr-3335	51	28	distribution	distribution	NOUN
fsr-3335	51	29	)	)	PUNCT
fsr-3335	52	1	y	y	PROPN
fsr-3335	52	2	simulating	simulate	VERB
fsr-3335	52	3	non	non	ADJ
fsr-3335	52	4	-	-	ADJ
fsr-3335	52	5	normal	normal	ADJ
fsr-3335	52	6	distributions	distribution	NOUN
fsr-3335	52	7	(	(	PUNCT
fsr-3335	52	8	student	student	NOUN
fsr-3335	52	9	’s	’s	PART
fsr-3335	52	10	t	t	PROPN
fsr-3335	52	11	,	,	PUNCT
fsr-3335	52	12	pareto	pareto	ADJ
fsr-3335	52	13	,	,	PUNCT
fsr-3335	52	14	truncated	truncate	VERB
fsr-3335	52	15	levy	levy	NOUN
fsr-3335	52	16	flight	flight	NOUN
fsr-3335	52	17	,	,	PUNCT
fsr-3335	52	18	gamma	gamma	NOUN
fsr-3335	52	19	,	,	PUNCT
fsr-3335	52	20	logistic	logistic	ADJ
fsr-3335	52	21	,	,	PUNCT
fsr-3335	52	22	exponential	exponential	NOUN
fsr-3335	52	23	,	,	PUNCT
fsr-3335	52	24	etc	etc	X
fsr-3335	52	25	.	.	PUNCT
fsr-3335	52	26	)	)	PUNCT
fsr-3335	53	1	y	y	PROPN
fsr-3335	53	2	vector	vector	NOUN
fsr-3335	53	3	auto	auto	NOUN
fsr-3335	53	4	-	-	PUNCT
fsr-3335	53	5	regression	regression	NOUN
fsr-3335	53	6	y	y	PROPN
fsr-3335	53	7	regime	regime	NOUN
fsr-3335	53	8	-	-	PUNCT
fsr-3335	53	9	switching	switch	VERB
fsr-3335	53	10	simulation	simulation	NOUN
fsr-3335	53	11	models	model	NOUN
fsr-3335	53	12	.	.	PUNCT
fsr-3335	54	1	a	a	DET
fsr-3335	54	2	brief	brief	ADJ
fsr-3335	54	3	discussion	discussion	NOUN
fsr-3335	54	4	of	of	ADP
fsr-3335	54	5	each	each	DET
fsr-3335	54	6	method	method	NOUN
fsr-3335	54	7	follows	follow	VERB
fsr-3335	54	8	.	.	PUNCT
fsr-3335	55	1	3.1	3.1	NUM
fsr-3335	55	2	.	.	PUNCT
fsr-3335	55	3	analytic	analytic	ADJ
fsr-3335	55	4	formula	formula	NOUN
fsr-3335	55	5	the	the	DET
fsr-3335	55	6	analytic	analytic	ADJ
fsr-3335	55	7	formulae	formulae	ADJ
fsr-3335	55	8	approach	approach	NOUN
fsr-3335	55	9	attempts	attempt	NOUN
fsr-3335	55	10	to	to	PART
fsr-3335	55	11	solve	solve	VERB
fsr-3335	55	12	the	the	DET
fsr-3335	55	13	sustainability	sustainability	NOUN
fsr-3335	55	14	question	question	NOUN
fsr-3335	55	15	by	by	ADP
fsr-3335	55	16	(	(	PUNCT
fsr-3335	55	17	1	1	X
fsr-3335	55	18	)	)	PUNCT
fsr-3335	55	19	describing	describe	VERB
fsr-3335	55	20	retirement	retirement	NOUN
fsr-3335	55	21	planning	planning	NOUN
fsr-3335	55	22	as	as	ADP
fsr-3335	55	23	complex	complex	ADJ
fsr-3335	55	24	systems	system	NOUN
fsr-3335	55	25	of	of	ADP
fsr-3335	55	26	equations	equation	NOUN
fsr-3335	55	27	,	,	PUNCT
fsr-3335	55	28	(	(	PUNCT
fsr-3335	55	29	2	2	X
fsr-3335	55	30	)	)	PUNCT
fsr-3335	55	31	transforming	transform	VERB
fsr-3335	55	32	descriptive	descriptive	ADJ
fsr-3335	55	33	formulae	formulae	NOUN
fsr-3335	55	34	with	with	ADP
fsr-3335	55	35	algebraic	algebraic	ADJ
fsr-3335	55	36	manipulation	manipulation	NOUN
fsr-3335	55	37	to	to	PART
fsr-3335	55	38	achieve	achieve	VERB
fsr-3335	55	39	closed	closed	ADJ
fsr-3335	55	40	formed	form	VERB
fsr-3335	55	41	solutions	solution	NOUN
fsr-3335	55	42	,	,	PUNCT
fsr-3335	55	43	and	and	CCONJ
fsr-3335	55	44	(	(	PUNCT
fsr-3335	55	45	3	3	X
fsr-3335	55	46	)	)	PUNCT
fsr-3335	55	47	plugging	plug	VERB
fsr-3335	55	48	in	in	ADP
fsr-3335	55	49	assumed	assume	VERB
fsr-3335	55	50	values	value	NOUN
fsr-3335	55	51	for	for	ADP
fsr-3335	55	52	the	the	DET
fsr-3335	55	53	independent	independent	ADJ
fsr-3335	55	54	variables	variable	NOUN
fsr-3335	55	55	to	to	PART
fsr-3335	55	56	arrive	arrive	VERB
fsr-3335	55	57	at	at	ADP
fsr-3335	55	58	a	a	DET
fsr-3335	55	59	final	final	ADJ
fsr-3335	55	60	conclusion	conclusion	NOUN
fsr-3335	55	61	.	.	PUNCT
fsr-3335	56	1	most	most	ADJ
fsr-3335	56	2	formulaic	formulaic	ADJ
fsr-3335	56	3	solutions	solution	NOUN
fsr-3335	56	4	pile	pile	VERB
fsr-3335	56	5	assumption	assumption	NOUN
fsr-3335	56	6	upon	upon	SCONJ
fsr-3335	56	7	assumption	assumption	NOUN
fsr-3335	56	8	regarding	regard	VERB
fsr-3335	56	9	the	the	DET
fsr-3335	56	10	functional	functional	ADJ
fsr-3335	56	11	forms	form	NOUN
fsr-3335	56	12	and	and	CCONJ
fsr-3335	56	13	parameterized	parameterized	ADJ
fsr-3335	56	14	values	value	NOUN
fsr-3335	56	15	of	of	ADP
fsr-3335	56	16	the	the	DET
fsr-3335	56	17	numerous	numerous	ADJ
fsr-3335	56	18	variables	variable	NOUN
fsr-3335	56	19	included	include	VERB
fsr-3335	56	20	in	in	ADP
fsr-3335	56	21	the	the	DET
fsr-3335	56	22	model	model	NOUN
fsr-3335	56	23	.	.	PUNCT
fsr-3335	57	1	to	to	PART
fsr-3335	57	2	make	make	VERB
fsr-3335	57	3	the	the	DET
fsr-3335	57	4	mathematics	mathematic	NOUN
fsr-3335	57	5	tractable	tractable	ADJ
fsr-3335	57	6	,	,	PUNCT
fsr-3335	57	7	many	many	ADJ
fsr-3335	57	8	models	model	NOUN
fsr-3335	57	9	assume	assume	VERB
fsr-3335	57	10	that	that	SCONJ
fsr-3335	57	11	stock	stock	NOUN
fsr-3335	57	12	returns	return	NOUN
fsr-3335	57	13	are	be	AUX
fsr-3335	57	14	independent	independent	ADJ
fsr-3335	57	15	,	,	PUNCT
fsr-3335	57	16	identically	identically	ADV
fsr-3335	57	17	distributed	distribute	VERB
fsr-3335	57	18	,	,	PUNCT
fsr-3335	57	19	and	and	CCONJ
fsr-3335	57	20	,	,	PUNCT
fsr-3335	57	21	as	as	ADP
fsr-3335	57	22	a	a	DET
fsr-3335	57	23	consequence	consequence	NOUN
fsr-3335	57	24	,	,	PUNCT
fsr-3335	57	25	that	that	SCONJ
fsr-3335	57	26	the	the	DET
fsr-3335	57	27	underlying	underlie	VERB
fsr-3335	57	28	distribution	distribution	NOUN
fsr-3335	57	29	of	of	ADP
fsr-3335	57	30	stock	stock	NOUN
fsr-3335	57	31	returns	return	NOUN
fsr-3335	57	32	is	be	AUX
fsr-3335	57	33	stable	stable	ADJ
fsr-3335	57	34	.	.	PUNCT
fsr-3335	58	1	input	input	NOUN
fsr-3335	58	2	variables	variable	NOUN
fsr-3335	58	3	may	may	AUX
fsr-3335	58	4	include	include	VERB
fsr-3335	58	5	rates	rate	NOUN
fsr-3335	58	6	of	of	ADP
fsr-3335	58	7	returns	return	NOUN
fsr-3335	58	8	and	and	CCONJ
fsr-3335	58	9	volatilities	volatility	NOUN
fsr-3335	58	10	for	for	ADP
fsr-3335	58	11	financial	financial	ADJ
fsr-3335	58	12	assets	asset	NOUN
fsr-3335	58	13	,	,	PUNCT
fsr-3335	58	14	inflation	inflation	NOUN
fsr-3335	58	15	rate	rate	NOUN
fsr-3335	58	16	behavior	behavior	NOUN
fsr-3335	58	17	,	,	PUNCT
fsr-3335	58	18	interest	interest	NOUN
fsr-3335	58	19	rate	rate	NOUN
fsr-3335	58	20	term	term	NOUN
fsr-3335	58	21	structure	structure	NOUN
fsr-3335	58	22	,	,	PUNCT
fsr-3335	58	23	and	and	CCONJ
fsr-3335	58	24	the	the	DET
fsr-3335	58	25	form	form	NOUN
fsr-3335	58	26	of	of	ADP
fsr-3335	58	27	an	an	DET
fsr-3335	58	28	investor	investor	NOUN
fsr-3335	58	29	’s	’s	PART
fsr-3335	58	30	utility	utility	NOUN
fsr-3335	58	31	function	function	NOUN
fsr-3335	58	32	.	.	PUNCT
fsr-3335	59	1	specific	specific	ADJ
fsr-3335	59	2	input	input	NOUN
fsr-3335	59	3	variables	variable	NOUN
fsr-3335	59	4	are	be	AUX
fsr-3335	59	5	often	often	ADV
fsr-3335	59	6	estimated	estimate	VERB
fsr-3335	59	7	using	use	VERB
fsr-3335	59	8	econometric	econometric	ADJ
fsr-3335	59	9	techniques	technique	NOUN
fsr-3335	59	10	that	that	PRON
fsr-3335	59	11	,	,	PUNCT
fsr-3335	59	12	although	although	SCONJ
fsr-3335	59	13	critically	critically	ADV
fsr-3335	59	14	important	important	ADJ
fsr-3335	59	15	to	to	ADP
fsr-3335	59	16	an	an	DET
fsr-3335	59	17	assessment	assessment	NOUN
fsr-3335	59	18	of	of	ADP
fsr-3335	59	19	a	a	DET
fsr-3335	59	20	model	model	NOUN
fsr-3335	59	21	’s	’s	PART
fsr-3335	59	22	credibility	credibility	NOUN
fsr-3335	59	23	,	,	PUNCT
fsr-3335	59	24	are	be	AUX
fsr-3335	59	25	,	,	PUNCT
fsr-3335	59	26	nevertheless	nevertheless	ADV
fsr-3335	59	27	,	,	PUNCT
fsr-3335	59	28	tangential	tangential	ADJ
fsr-3335	59	29	to	to	ADP
fsr-3335	59	30	the	the	DET
fsr-3335	59	31	focus	focus	NOUN
fsr-3335	59	32	of	of	ADP
fsr-3335	59	33	this	this	PRON
fsr-3335	59	34	article.3	article.3	PROPN
fsr-3335	59	35	generally	generally	ADV
fsr-3335	59	36	speaking	speak	VERB
fsr-3335	59	37	,	,	PUNCT
fsr-3335	59	38	most	most	ADJ
fsr-3335	59	39	studies	study	NOUN
fsr-3335	59	40	of	of	ADP
fsr-3335	59	41	stock	stock	NOUN
fsr-3335	59	42	price	price	NOUN
fsr-3335	59	43	change	change	NOUN
fsr-3335	59	44	reject	reject	VERB
fsr-3335	59	45	the	the	DET
fsr-3335	59	46	hypothesis	hypothesis	NOUN
fsr-3335	59	47	that	that	PRON
fsr-3335	59	48	the	the	DET
fsr-3335	59	49	return	return	NOUN
fsr-3335	59	50	series	series	NOUN
fsr-3335	59	51	is	be	AUX
fsr-3335	59	52	normally	normally	ADV
fsr-3335	59	53	distributed	distribute	VERB
fsr-3335	59	54	,	,	PUNCT
fsr-3335	59	55	with	with	ADP
fsr-3335	59	56	the	the	DET
fsr-3335	59	57	most	most	ADV
fsr-3335	59	58	often	often	ADV
fsr-3335	59	59	cited	cite	VERB
fsr-3335	59	60	deficiency	deficiency	NOUN
fsr-3335	59	61	as	as	ADP
fsr-3335	59	62	a	a	DET
fsr-3335	59	63	failure	failure	NOUN
fsr-3335	59	64	to	to	PART
fsr-3335	59	65	capture	capture	VERB
fsr-3335	59	66	the	the	DET
fsr-3335	59	67	“	"	PUNCT
fsr-3335	59	68	volatility	volatility	NOUN
fsr-3335	59	69	of	of	ADP
fsr-3335	59	70	volatility	volatility	NOUN
fsr-3335	59	71	.	.	PUNCT
fsr-3335	59	72	”4	”4	PUNCT
fsr-3335	60	1	finding	find	VERB
fsr-3335	60	2	the	the	DET
fsr-3335	60	3	closed	closed	ADJ
fsr-3335	60	4	formed	form	VERB
fsr-3335	60	5	solutions	solution	NOUN
fsr-3335	60	6	to	to	ADP
fsr-3335	60	7	analytic	analytic	ADJ
fsr-3335	60	8	formula	formula	NOUN
fsr-3335	60	9	models	model	NOUN
fsr-3335	60	10	is	be	AUX
fsr-3335	60	11	a	a	DET
fsr-3335	60	12	daunting	daunting	ADJ
fsr-3335	60	13	task	task	NOUN
fsr-3335	60	14	that	that	PRON
fsr-3335	60	15	often	often	ADV
fsr-3335	60	16	requires	require	VERB
fsr-3335	60	17	applying	apply	VERB
fsr-3335	60	18	highly	highly	ADV
fsr-3335	60	19	sophisticated	sophisticated	ADJ
fsr-3335	60	20	integral	integral	ADJ
fsr-3335	60	21	calculus	calculus	NOUN
fsr-3335	60	22	or	or	CCONJ
fsr-3335	60	23	solving	solve	VERB
fsr-3335	60	24	intricate	intricate	ADJ
fsr-3335	60	25	partial	partial	ADJ
fsr-3335	60	26	differential	differential	NOUN
fsr-3335	60	27	equations.5	equations.5	PROPN
fsr-3335	60	28	huang	huang	PROPN
fsr-3335	60	29	,	,	PUNCT
fsr-3335	60	30	milevsky	milevsky	NOUN
fsr-3335	60	31	,	,	PUNCT
fsr-3335	60	32	and	and	CCONJ
fsr-3335	60	33	wang	wang	PROPN
fsr-3335	60	34	(	(	PUNCT
fsr-3335	60	35	2004	2004	NUM
fsr-3335	60	36	)	)	PUNCT
fsr-3335	60	37	,	,	PUNCT
fsr-3335	60	38	for	for	ADP
fsr-3335	60	39	example	example	NOUN
fsr-3335	60	40	,	,	PUNCT
fsr-3335	60	41	use	use	VERB
fsr-3335	60	42	a	a	DET
fsr-3335	60	43	formulaic	formulaic	ADJ
fsr-3335	60	44	196	196	NUM
fsr-3335	60	45	p.j	p.j	PROPN
fsr-3335	60	46	.	.	PROPN
fsr-3335	60	47	collins	collins	PROPN
fsr-3335	60	48	et	et	PROPN
fsr-3335	60	49	al	al	PROPN
fsr-3335	60	50	.	.	PUNCT
fsr-3335	60	51	/	/	SYM
fsr-3335	60	52	financial	financial	ADJ
fsr-3335	60	53	services	service	NOUN
fsr-3335	60	54	review	review	VERB
fsr-3335	60	55	24	24	NUM
fsr-3335	60	56	(	(	PUNCT
fsr-3335	60	57	2015	2015	NUM
fsr-3335	60	58	)	)	PUNCT
fsr-3335	60	59	193–216	193–216	NUM
fsr-3335	60	60	approach	approach	NOUN
fsr-3335	60	61	to	to	PART
fsr-3335	60	62	conclude	conclude	VERB
fsr-3335	60	63	that	that	SCONJ
fsr-3335	60	64	an	an	DET
fsr-3335	60	65	inflation	inflation	NOUN
fsr-3335	60	66	adjusted	adjust	VERB
fsr-3335	60	67	withdrawal	withdrawal	NOUN
fsr-3335	60	68	rate	rate	NOUN
fsr-3335	60	69	equal	equal	ADJ
fsr-3335	60	70	to	to	ADP
fsr-3335	60	71	3.33	3.33	NUM
fsr-3335	60	72	%	%	NOUN
fsr-3335	60	73	of	of	ADP
fsr-3335	60	74	a	a	DET
fsr-3335	60	75	65	65	NUM
fsr-3335	60	76	-	-	PUNCT
fsr-3335	60	77	year	year	NOUN
fsr-3335	60	78	-	-	PUNCT
fsr-3335	60	79	old	old	ADJ
fsr-3335	60	80	investor	investor	NOUN
fsr-3335	60	81	’s	’s	ADV
fsr-3335	60	82	starting	start	VERB
fsr-3335	60	83	portfolio	portfolio	NOUN
fsr-3335	60	84	value	value	NOUN
fsr-3335	60	85	exhibits	exhibit	VERB
fsr-3335	60	86	a	a	DET
fsr-3335	60	87	95	95	NUM
fsr-3335	60	88	%	%	NOUN
fsr-3335	60	89	sustainability	sustainability	NOUN
fsr-3335	60	90	rate	rate	NOUN
fsr-3335	60	91	.	.	PUNCT
fsr-3335	61	1	despite	despite	SCONJ
fsr-3335	61	2	its	its	PRON
fsr-3335	61	3	mathematical	mathematical	ADJ
fsr-3335	61	4	elegance	elegance	NOUN
fsr-3335	61	5	,	,	PUNCT
fsr-3335	61	6	application	application	NOUN
fsr-3335	61	7	of	of	ADP
fsr-3335	61	8	the	the	DET
fsr-3335	61	9	analytic	analytic	ADJ
fsr-3335	61	10	formula	formula	NOUN
fsr-3335	61	11	approach	approach	NOUN
fsr-3335	61	12	to	to	ADP
fsr-3335	61	13	sustainability	sustainability	NOUN
fsr-3335	61	14	analysis	analysis	NOUN
fsr-3335	61	15	has	have	AUX
fsr-3335	61	16	been	be	AUX
fsr-3335	61	17	quite	quite	ADV
fsr-3335	61	18	limited	limited	ADJ
fsr-3335	61	19	.	.	PUNCT
fsr-3335	62	1	solutions	solution	NOUN
fsr-3335	62	2	often	often	ADV
fsr-3335	62	3	seem	seem	VERB
fsr-3335	62	4	enigmatic	enigmatic	ADJ
fsr-3335	62	5	,	,	PUNCT
fsr-3335	62	6	and	and	CCONJ
fsr-3335	62	7	generally	generally	ADV
fsr-3335	62	8	require	require	VERB
fsr-3335	62	9	a	a	DET
fsr-3335	62	10	complex	complex	ADJ
fsr-3335	62	11	array	array	NOUN
fsr-3335	62	12	of	of	ADP
fsr-3335	62	13	equations	equation	NOUN
fsr-3335	62	14	.	.	PUNCT
fsr-3335	63	1	another	another	DET
fsr-3335	63	2	weakness	weakness	NOUN
fsr-3335	63	3	of	of	ADP
fsr-3335	63	4	using	use	VERB
fsr-3335	63	5	analytic	analytic	ADJ
fsr-3335	63	6	formulas	formula	NOUN
fsr-3335	63	7	to	to	PART
fsr-3335	63	8	arrive	arrive	VERB
fsr-3335	63	9	at	at	ADP
fsr-3335	63	10	retirement	retirement	NOUN
fsr-3335	63	11	success	success	NOUN
fsr-3335	63	12	rates	rate	NOUN
fsr-3335	63	13	lies	lie	VERB
fsr-3335	63	14	in	in	ADP
fsr-3335	63	15	the	the	DET
fsr-3335	63	16	fact	fact	NOUN
fsr-3335	63	17	that	that	SCONJ
fsr-3335	63	18	analytic	analytic	ADJ
fsr-3335	63	19	models	model	NOUN
fsr-3335	63	20	often	often	ADV
fsr-3335	63	21	ignore	ignore	VERB
fsr-3335	63	22	randomness	randomness	NOUN
fsr-3335	63	23	in	in	ADP
fsr-3335	63	24	the	the	DET
fsr-3335	63	25	independent	independent	ADJ
fsr-3335	63	26	variables	variable	NOUN
fsr-3335	63	27	.	.	PUNCT
fsr-3335	64	1	asset	asset	NOUN
fsr-3335	64	2	returns	return	NOUN
fsr-3335	64	3	are	be	AUX
fsr-3335	64	4	the	the	DET
fsr-3335	64	5	prime	prime	ADJ
fsr-3335	64	6	example	example	NOUN
fsr-3335	64	7	.	.	PUNCT
fsr-3335	65	1	for	for	ADP
fsr-3335	65	2	instance	instance	NOUN
fsr-3335	65	3	,	,	PUNCT
fsr-3335	65	4	to	to	PART
fsr-3335	65	5	assert	assert	VERB
fsr-3335	65	6	that	that	SCONJ
fsr-3335	65	7	an	an	DET
fsr-3335	65	8	individual	individual	NOUN
fsr-3335	65	9	willing	willing	ADJ
fsr-3335	65	10	to	to	PART
fsr-3335	65	11	run	run	VERB
fsr-3335	65	12	out	out	ADP
fsr-3335	65	13	of	of	ADP
fsr-3335	65	14	money	money	NOUN
fsr-3335	65	15	after	after	ADP
fsr-3335	65	16	10	10	NUM
fsr-3335	65	17	years	year	NOUN
fsr-3335	65	18	can	can	AUX
fsr-3335	65	19	withdrawal	withdrawal	VERB
fsr-3335	65	20	nearly	nearly	ADV
fsr-3335	65	21	four	four	NUM
fsr-3335	65	22	times	time	NOUN
fsr-3335	65	23	as	as	ADV
fsr-3335	65	24	much	much	ADJ
fsr-3335	65	25	as	as	ADP
fsr-3335	65	26	one	one	NUM
fsr-3335	65	27	determined	determine	VERB
fsr-3335	65	28	to	to	PART
fsr-3335	65	29	preserve	preserve	VERB
fsr-3335	65	30	capital	capital	NOUN
fsr-3335	65	31	forever	forever	ADV
fsr-3335	65	32	,	,	PUNCT
fsr-3335	65	33	orszag	orszag	NOUN
fsr-3335	65	34	(	(	PUNCT
fsr-3335	65	35	2002	2002	NUM
fsr-3335	65	36	)	)	PUNCT
fsr-3335	65	37	assumes	assume	VERB
fsr-3335	65	38	a	a	DET
fsr-3335	65	39	constant	constant	ADJ
fsr-3335	65	40	dollar	dollar	NOUN
fsr-3335	65	41	return	return	NOUN
fsr-3335	65	42	of	of	ADP
fsr-3335	65	43	3	3	NUM
fsr-3335	65	44	%	%	NOUN
fsr-3335	65	45	in	in	ADP
fsr-3335	65	46	his	his	PRON
fsr-3335	65	47	equations	equation	NOUN
fsr-3335	65	48	.	.	PUNCT
fsr-3335	66	1	returns	return	NOUN
fsr-3335	66	2	,	,	PUNCT
fsr-3335	66	3	however	however	ADV
fsr-3335	66	4	,	,	PUNCT
fsr-3335	66	5	are	be	AUX
fsr-3335	66	6	not	not	PART
fsr-3335	66	7	constant	constant	ADJ
fsr-3335	66	8	;	;	PUNCT
fsr-3335	66	9	and	and	CCONJ
fsr-3335	66	10	the	the	DET
fsr-3335	66	11	sequence	sequence	NOUN
fsr-3335	66	12	of	of	ADP
fsr-3335	66	13	returns	return	NOUN
fsr-3335	66	14	can	can	AUX
fsr-3335	66	15	play	play	VERB
fsr-3335	66	16	a	a	DET
fsr-3335	66	17	major	major	ADJ
fsr-3335	66	18	role	role	NOUN
fsr-3335	66	19	in	in	ADP
fsr-3335	66	20	portfolio	portfolio	NOUN
fsr-3335	66	21	depletion	depletion	NOUN
fsr-3335	66	22	rates	rate	NOUN
fsr-3335	66	23	.	.	PUNCT
fsr-3335	67	1	3.2	3.2	NUM
fsr-3335	67	2	.	.	PUNCT
fsr-3335	68	1	historical	historical	ADJ
fsr-3335	68	2	back	back	ADJ
fsr-3335	68	3	testing	testing	NOUN
fsr-3335	68	4	perhaps	perhaps	ADV
fsr-3335	68	5	the	the	DET
fsr-3335	68	6	simplest	simple	ADJ
fsr-3335	68	7	approach	approach	NOUN
fsr-3335	68	8	for	for	ADP
fsr-3335	68	9	determining	determine	VERB
fsr-3335	68	10	the	the	DET
fsr-3335	68	11	sustainability	sustainability	NOUN
fsr-3335	68	12	rate	rate	NOUN
fsr-3335	68	13	of	of	ADP
fsr-3335	68	14	a	a	DET
fsr-3335	68	15	retirement	retirement	NOUN
fsr-3335	68	16	income	income	NOUN
fsr-3335	68	17	plan	plan	NOUN
fsr-3335	68	18	is	be	AUX
fsr-3335	68	19	historical	historical	ADJ
fsr-3335	68	20	back	back	ADJ
fsr-3335	68	21	testing	testing	NOUN
fsr-3335	68	22	(	(	PUNCT
fsr-3335	68	23	also	also	ADV
fsr-3335	68	24	known	know	VERB
fsr-3335	68	25	as	as	ADP
fsr-3335	68	26	rolling	rolling	ADJ
fsr-3335	68	27	period	period	NOUN
fsr-3335	68	28	analysis	analysis	NOUN
fsr-3335	68	29	or	or	CCONJ
fsr-3335	68	30	overlapping	overlap	VERB
fsr-3335	68	31	period	period	NOUN
fsr-3335	68	32	analysis	analysis	NOUN
fsr-3335	68	33	)	)	PUNCT
fsr-3335	68	34	.	.	PUNCT
fsr-3335	69	1	as	as	SCONJ
fsr-3335	69	2	the	the	DET
fsr-3335	69	3	name	name	NOUN
fsr-3335	69	4	implies	imply	VERB
fsr-3335	69	5	,	,	PUNCT
fsr-3335	69	6	this	this	DET
fsr-3335	69	7	approach	approach	NOUN
fsr-3335	69	8	relies	rely	VERB
fsr-3335	69	9	on	on	ADP
fsr-3335	69	10	a	a	DET
fsr-3335	69	11	sufficiently	sufficiently	ADV
fsr-3335	69	12	long	long	ADJ
fsr-3335	69	13	set	set	NOUN
fsr-3335	69	14	of	of	ADP
fsr-3335	69	15	historical	historical	ADJ
fsr-3335	69	16	returns	return	NOUN
fsr-3335	69	17	data	datum	NOUN
fsr-3335	69	18	.	.	PUNCT
fsr-3335	70	1	the	the	DET
fsr-3335	70	2	historical	historical	ADJ
fsr-3335	70	3	returns	return	NOUN
fsr-3335	70	4	used	use	VERB
fsr-3335	70	5	are	be	AUX
fsr-3335	70	6	the	the	DET
fsr-3335	70	7	actual	actual	ADJ
fsr-3335	70	8	returns	return	NOUN
fsr-3335	70	9	an	an	DET
fsr-3335	70	10	investor	investor	NOUN
fsr-3335	70	11	’s	’s	PART
fsr-3335	70	12	portfolio	portfolio	NOUN
fsr-3335	70	13	would	would	AUX
fsr-3335	70	14	have	have	AUX
fsr-3335	70	15	experienced	experience	VERB
fsr-3335	70	16	,	,	PUNCT
fsr-3335	70	17	given	give	VERB
fsr-3335	70	18	its	its	PRON
fsr-3335	70	19	asset	asset	NOUN
fsr-3335	70	20	allocation	allocation	NOUN
fsr-3335	70	21	.	.	PUNCT
fsr-3335	71	1	many	many	ADJ
fsr-3335	71	2	retirement	retirement	NOUN
fsr-3335	71	3	income	income	NOUN
fsr-3335	71	4	risk	risk	NOUN
fsr-3335	71	5	models	model	NOUN
fsr-3335	71	6	specify	specify	VERB
fsr-3335	71	7	a	a	DET
fsr-3335	71	8	withdrawal	withdrawal	NOUN
fsr-3335	71	9	strategy	strategy	NOUN
fsr-3335	71	10	throughout	throughout	ADP
fsr-3335	71	11	the	the	DET
fsr-3335	71	12	planning	planning	NOUN
fsr-3335	71	13	horizon	horizon	NOUN
fsr-3335	71	14	–	–	PUNCT
fsr-3335	71	15	often	often	ADV
fsr-3335	71	16	a	a	DET
fsr-3335	71	17	fixed	fixed	ADJ
fsr-3335	71	18	20	20	NUM
fsr-3335	71	19	,	,	PUNCT
fsr-3335	71	20	25	25	NUM
fsr-3335	71	21	or	or	CCONJ
fsr-3335	71	22	30	30	NUM
fsr-3335	71	23	years	year	NOUN
fsr-3335	71	24	.	.	PUNCT
fsr-3335	72	1	a	a	DET
fsr-3335	72	2	commonly	commonly	ADV
fsr-3335	72	3	evaluated	evaluate	VERB
fsr-3335	72	4	strategy	strategy	NOUN
fsr-3335	72	5	is	be	AUX
fsr-3335	72	6	the	the	DET
fsr-3335	72	7	4	4	NUM
fsr-3335	72	8	%	%	NOUN
fsr-3335	72	9	rule	rule	NOUN
fsr-3335	72	10	that	that	PRON
fsr-3335	72	11	withdraws	withdraw	VERB
fsr-3335	72	12	an	an	DET
fsr-3335	72	13	annual	annual	ADJ
fsr-3335	72	14	inflation	inflation	NOUN
fsr-3335	72	15	-	-	PUNCT
fsr-3335	72	16	adjusted	adjust	VERB
fsr-3335	72	17	amount	amount	NOUN
fsr-3335	72	18	equal	equal	ADJ
fsr-3335	72	19	to	to	ADP
fsr-3335	72	20	4	4	NUM
fsr-3335	72	21	%	%	NOUN
fsr-3335	72	22	of	of	ADP
fsr-3335	72	23	the	the	DET
fsr-3335	72	24	portfolio	portfolio	NOUN
fsr-3335	72	25	’s	’s	PART
fsr-3335	72	26	initial	initial	ADJ
fsr-3335	72	27	dollar	dollar	NOUN
fsr-3335	72	28	value	value	NOUN
fsr-3335	72	29	.	.	PUNCT
fsr-3335	73	1	the	the	DET
fsr-3335	73	2	historical	historical	ADJ
fsr-3335	73	3	back	back	ADJ
fsr-3335	73	4	testing	testing	NOUN
fsr-3335	73	5	method	method	NOUN
fsr-3335	73	6	tests	test	VERB
fsr-3335	73	7	the	the	DET
fsr-3335	73	8	success	success	NOUN
fsr-3335	73	9	or	or	CCONJ
fsr-3335	73	10	failure	failure	NOUN
fsr-3335	73	11	of	of	ADP
fsr-3335	73	12	the	the	DET
fsr-3335	73	13	retirement	retirement	NOUN
fsr-3335	73	14	plan	plan	NOUN
fsr-3335	73	15	for	for	ADP
fsr-3335	73	16	each	each	DET
fsr-3335	73	17	unique	unique	ADJ
fsr-3335	73	18	planning	planning	NOUN
fsr-3335	73	19	horizon	horizon	NOUN
fsr-3335	73	20	in	in	ADP
fsr-3335	73	21	the	the	DET
fsr-3335	73	22	data	datum	NOUN
fsr-3335	73	23	set	set	VERB
fsr-3335	73	24	of	of	ADP
fsr-3335	73	25	historical	historical	ADJ
fsr-3335	73	26	returns	return	NOUN
fsr-3335	73	27	.	.	PUNCT
fsr-3335	74	1	the	the	DET
fsr-3335	74	2	number	number	NOUN
fsr-3335	74	3	of	of	ADP
fsr-3335	74	4	unique	unique	ADJ
fsr-3335	74	5	periods	period	NOUN
fsr-3335	74	6	is	be	AUX
fsr-3335	74	7	determined	determine	VERB
fsr-3335	74	8	by	by	ADP
fsr-3335	74	9	rolling	roll	VERB
fsr-3335	74	10	up	up	ADP
fsr-3335	74	11	the	the	DET
fsr-3335	74	12	start	start	NOUN
fsr-3335	74	13	date	date	NOUN
fsr-3335	74	14	of	of	ADP
fsr-3335	74	15	each	each	DET
fsr-3335	74	16	planning	planning	NOUN
fsr-3335	74	17	horizon	horizon	NOUN
fsr-3335	74	18	by	by	ADP
fsr-3335	74	19	a	a	DET
fsr-3335	74	20	single	single	ADJ
fsr-3335	74	21	increment	increment	NOUN
fsr-3335	74	22	of	of	ADP
fsr-3335	74	23	time	time	NOUN
fsr-3335	74	24	.	.	PUNCT
fsr-3335	75	1	for	for	ADP
fsr-3335	75	2	example	example	NOUN
fsr-3335	75	3	,	,	PUNCT
fsr-3335	75	4	bierwirth	bierwirth	NOUN
fsr-3335	75	5	(	(	PUNCT
fsr-3335	75	6	1994	1994	NUM
fsr-3335	75	7	)	)	PUNCT
fsr-3335	75	8	begins	begin	VERB
fsr-3335	75	9	his	his	PRON
fsr-3335	75	10	analysis	analysis	NOUN
fsr-3335	75	11	in	in	ADP
fsr-3335	75	12	1926	1926	NUM
fsr-3335	75	13	and	and	CCONJ
fsr-3335	75	14	uses	use	VERB
fsr-3335	75	15	a	a	DET
fsr-3335	75	16	one	one	NUM
fsr-3335	75	17	year	year	NOUN
fsr-3335	75	18	rolling	rolling	NOUN
fsr-3335	75	19	window	window	NOUN
fsr-3335	75	20	to	to	PART
fsr-3335	75	21	calculate	calculate	VERB
fsr-3335	75	22	42	42	NUM
fsr-3335	75	23	unique	unique	ADJ
fsr-3335	75	24	27	27	NUM
fsr-3335	75	25	-	-	PUNCT
fsr-3335	75	26	year	year	NOUN
fsr-3335	75	27	rolling	rolling	ADJ
fsr-3335	75	28	periods	period	NOUN
fsr-3335	75	29	,	,	PUNCT
fsr-3335	75	30	ending	end	VERB
fsr-3335	75	31	in	in	ADP
fsr-3335	75	32	1992	1992	NUM
fsr-3335	75	33	.	.	PUNCT
fsr-3335	76	1	each	each	DET
fsr-3335	76	2	sample	sample	NOUN
fsr-3335	76	3	period	period	NOUN
fsr-3335	76	4	is	be	AUX
fsr-3335	76	5	“	"	PUNCT
fsr-3335	76	6	unique	unique	ADJ
fsr-3335	76	7	”	"	PUNCT
fsr-3335	76	8	by	by	ADP
fsr-3335	76	9	virtue	virtue	NOUN
fsr-3335	76	10	of	of	ADP
fsr-3335	76	11	the	the	DET
fsr-3335	76	12	fact	fact	NOUN
fsr-3335	76	13	that	that	SCONJ
fsr-3335	76	14	its	its	PRON
fsr-3335	76	15	start	start	NOUN
fsr-3335	76	16	year	year	NOUN
fsr-3335	76	17	drops	drop	VERB
fsr-3335	76	18	out	out	ADP
fsr-3335	76	19	of	of	ADP
fsr-3335	76	20	the	the	DET
fsr-3335	76	21	data	datum	NOUN
fsr-3335	76	22	set	set	VERB
fsr-3335	76	23	as	as	ADP
fsr-3335	76	24	a	a	DET
fsr-3335	76	25	new	new	ADJ
fsr-3335	76	26	ending	ending	NOUN
fsr-3335	76	27	year	year	NOUN
fsr-3335	76	28	enters	enter	VERB
fsr-3335	76	29	the	the	DET
fsr-3335	76	30	data	datum	NOUN
fsr-3335	76	31	set	set	VERB
fsr-3335	76	32	.	.	PUNCT
fsr-3335	77	1	intervening	intervene	VERB
fsr-3335	77	2	years	year	NOUN
fsr-3335	77	3	,	,	PUNCT
fsr-3335	77	4	however	however	ADV
fsr-3335	77	5	,	,	PUNCT
fsr-3335	77	6	continue	continue	VERB
fsr-3335	77	7	to	to	PART
fsr-3335	77	8	appear	appear	VERB
fsr-3335	77	9	in	in	ADP
fsr-3335	77	10	multiple	multiple	ADJ
fsr-3335	77	11	samples	sample	NOUN
fsr-3335	77	12	.	.	PUNCT
fsr-3335	78	1	assuming	assume	VERB
fsr-3335	78	2	that	that	SCONJ
fsr-3335	78	3	the	the	DET
fsr-3335	78	4	past	past	NOUN
fsr-3335	78	5	is	be	AUX
fsr-3335	78	6	indicative	indicative	ADJ
fsr-3335	78	7	of	of	ADP
fsr-3335	78	8	the	the	DET
fsr-3335	78	9	future	future	NOUN
fsr-3335	78	10	,	,	PUNCT
fsr-3335	78	11	the	the	DET
fsr-3335	78	12	historical	historical	ADJ
fsr-3335	78	13	model	model	NOUN
fsr-3335	78	14	calculates	calculate	VERB
fsr-3335	78	15	the	the	DET
fsr-3335	78	16	likelihood	likelihood	NOUN
fsr-3335	78	17	of	of	ADP
fsr-3335	78	18	retirement	retirement	NOUN
fsr-3335	78	19	income	income	NOUN
fsr-3335	78	20	sustainability	sustainability	NOUN
fsr-3335	78	21	by	by	ADP
fsr-3335	78	22	dividing	divide	VERB
fsr-3335	78	23	the	the	DET
fsr-3335	78	24	number	number	NOUN
fsr-3335	78	25	of	of	ADP
fsr-3335	78	26	successful	successful	ADJ
fsr-3335	78	27	planning	planning	NOUN
fsr-3335	78	28	periods	period	NOUN
fsr-3335	78	29	by	by	ADP
fsr-3335	78	30	the	the	DET
fsr-3335	78	31	total	total	ADJ
fsr-3335	78	32	number	number	NOUN
fsr-3335	78	33	of	of	ADP
fsr-3335	78	34	rolling	rolling	ADJ
fsr-3335	78	35	periods	period	NOUN
fsr-3335	78	36	for	for	ADP
fsr-3335	78	37	any	any	DET
fsr-3335	78	38	given	give	VERB
fsr-3335	78	39	asset	asset	NOUN
fsr-3335	78	40	allocation	allocation	NOUN
fsr-3335	78	41	/	/	SYM
fsr-3335	78	42	retirement	retirement	NOUN
fsr-3335	78	43	spending	spending	NOUN
fsr-3335	78	44	strategy	strategy	NOUN
fsr-3335	78	45	combination	combination	NOUN
fsr-3335	78	46	.	.	PUNCT
fsr-3335	79	1	the	the	DET
fsr-3335	79	2	combination	combination	NOUN
fsr-3335	79	3	with	with	ADP
fsr-3335	79	4	the	the	DET
fsr-3335	79	5	highest	high	ADJ
fsr-3335	79	6	success	success	NOUN
fsr-3335	79	7	rate	rate	NOUN
fsr-3335	79	8	is	be	AUX
fsr-3335	79	9	considered	consider	VERB
fsr-3335	79	10	optimal	optimal	ADJ
fsr-3335	79	11	when	when	SCONJ
fsr-3335	79	12	optimality	optimality	NOUN
fsr-3335	79	13	is	be	AUX
fsr-3335	79	14	measured	measure	VERB
fsr-3335	79	15	by	by	ADP
fsr-3335	79	16	the	the	DET
fsr-3335	79	17	likelihood	likelihood	NOUN
fsr-3335	79	18	that	that	SCONJ
fsr-3335	79	19	the	the	DET
fsr-3335	79	20	unmodified	unmodified	ADJ
fsr-3335	79	21	or	or	CCONJ
fsr-3335	79	22	“	"	PUNCT
fsr-3335	79	23	autopilot	autopilot	NOUN
fsr-3335	79	24	”	"	PUNCT
fsr-3335	79	25	withdrawal	withdrawal	NOUN
fsr-3335	79	26	strategy	strategy	NOUN
fsr-3335	79	27	is	be	AUX
fsr-3335	79	28	sustainable	sustainable	ADJ
fsr-3335	79	29	over	over	ADP
fsr-3335	79	30	the	the	DET
fsr-3335	79	31	applicable	applicable	ADJ
fsr-3335	79	32	horizon	horizon	NOUN
fsr-3335	79	33	.	.	PUNCT
fsr-3335	80	1	the	the	DET
fsr-3335	80	2	acceptable	acceptable	ADJ
fsr-3335	80	3	retirement	retirement	NOUN
fsr-3335	80	4	income	income	NOUN
fsr-3335	80	5	sustainability	sustainability	NOUN
fsr-3335	80	6	rate	rate	NOUN
fsr-3335	80	7	is	be	AUX
fsr-3335	80	8	highly	highly	ADV
fsr-3335	80	9	subjective	subjective	ADJ
fsr-3335	80	10	,	,	PUNCT
fsr-3335	80	11	and	and	CCONJ
fsr-3335	80	12	depends	depend	VERB
fsr-3335	80	13	on	on	ADP
fsr-3335	80	14	investor	investor	NOUN
fsr-3335	80	15	circumstances	circumstance	NOUN
fsr-3335	80	16	and	and	CCONJ
fsr-3335	80	17	risk	risk	NOUN
fsr-3335	80	18	tolerance	tolerance	NOUN
fsr-3335	80	19	.	.	PUNCT
fsr-3335	81	1	however	however	ADV
fsr-3335	81	2	,	,	PUNCT
fsr-3335	81	3	for	for	ADP
fsr-3335	81	4	the	the	DET
fsr-3335	81	5	purposes	purpose	NOUN
fsr-3335	81	6	of	of	ADP
fsr-3335	81	7	this	this	DET
fsr-3335	81	8	discussion	discussion	NOUN
fsr-3335	81	9	,	,	PUNCT
fsr-3335	81	10	we	we	PRON
fsr-3335	81	11	will	will	AUX
fsr-3335	81	12	benchmark	benchmark	NOUN
fsr-3335	81	13	model	model	NOUN
fsr-3335	81	14	outputs	output	NOUN
fsr-3335	81	15	relative	relative	ADJ
fsr-3335	81	16	to	to	ADP
fsr-3335	81	17	the	the	DET
fsr-3335	81	18	75	75	NUM
fsr-3335	81	19	%	%	NOUN
fsr-3335	81	20	guideline	guideline	NOUN
fsr-3335	81	21	of	of	ADP
fsr-3335	81	22	cooley	cooley	PROPN
fsr-3335	81	23	,	,	PUNCT
fsr-3335	81	24	hubbard	hubbard	PROPN
fsr-3335	81	25	,	,	PUNCT
fsr-3335	81	26	and	and	CCONJ
fsr-3335	81	27	walz	walz	PROPN
fsr-3335	81	28	(	(	PUNCT
fsr-3335	81	29	2011	2011	NUM
fsr-3335	81	30	)	)	PUNCT
fsr-3335	81	31	.	.	PUNCT
fsr-3335	82	1	that	that	PRON
fsr-3335	82	2	is	be	AUX
fsr-3335	82	3	to	to	PART
fsr-3335	82	4	say	say	VERB
fsr-3335	82	5	,	,	PUNCT
fsr-3335	82	6	a	a	DET
fsr-3335	82	7	retirement	retirement	NOUN
fsr-3335	82	8	risk	risk	NOUN
fsr-3335	82	9	model	model	NOUN
fsr-3335	82	10	incorporating	incorporate	VERB
fsr-3335	82	11	an	an	DET
fsr-3335	82	12	asset	asset	NOUN
fsr-3335	82	13	management	management	NOUN
fsr-3335	82	14	strategy	strategy	NOUN
fsr-3335	82	15	exhibiting	exhibit	VERB
fsr-3335	82	16	a	a	DET
fsr-3335	82	17	75	75	NUM
fsr-3335	82	18	%	%	NOUN
fsr-3335	82	19	or	or	CCONJ
fsr-3335	82	20	greater	great	ADJ
fsr-3335	82	21	likelihood	likelihood	NOUN
fsr-3335	82	22	of	of	ADP
fsr-3335	82	23	success	success	NOUN
fsr-3335	82	24	is	be	AUX
fsr-3335	82	25	acceptable	acceptable	ADJ
fsr-3335	82	26	to	to	ADP
fsr-3335	82	27	a	a	DET
fsr-3335	82	28	retired	retired	ADJ
fsr-3335	82	29	investor.6	investor.6	NOUN
fsr-3335	82	30	the	the	DET
fsr-3335	82	31	key	key	ADJ
fsr-3335	82	32	question	question	NOUN
fsr-3335	82	33	is	be	AUX
fsr-3335	82	34	:	:	PUNCT
fsr-3335	82	35	how	how	SCONJ
fsr-3335	82	36	credible	credible	ADJ
fsr-3335	82	37	is	be	AUX
fsr-3335	82	38	the	the	DET
fsr-3335	82	39	success	success	NOUN
fsr-3335	82	40	probability	probability	NOUN
fsr-3335	82	41	derived	derive	VERB
fsr-3335	82	42	from	from	ADP
fsr-3335	82	43	a	a	DET
fsr-3335	82	44	particular	particular	ADJ
fsr-3335	82	45	risk	risk	NOUN
fsr-3335	82	46	model	model	NOUN
fsr-3335	82	47	;	;	PUNCT
fsr-3335	82	48	or	or	CCONJ
fsr-3335	82	49	,	,	PUNCT
fsr-3335	82	50	when	when	SCONJ
fsr-3335	82	51	is	be	AUX
fsr-3335	82	52	a	a	DET
fsr-3335	82	53	model	model	NOUN
fsr-3335	82	54	’s	’s	PART
fsr-3335	82	55	75	75	NUM
fsr-3335	82	56	%	%	NOUN
fsr-3335	82	57	or	or	CCONJ
fsr-3335	82	58	greater	great	ADJ
fsr-3335	82	59	success	success	NOUN
fsr-3335	82	60	rate	rate	NOUN
fsr-3335	82	61	not	not	PART
fsr-3335	82	62	really	really	ADV
fsr-3335	82	63	indicative	indicative	ADJ
fsr-3335	82	64	of	of	ADP
fsr-3335	82	65	a	a	DET
fsr-3335	82	66	75	75	NUM
fsr-3335	82	67	%	%	NOUN
fsr-3335	82	68	or	or	CCONJ
fsr-3335	82	69	greater	great	ADJ
fsr-3335	82	70	likelihood	likelihood	NOUN
fsr-3335	82	71	for	for	ADP
fsr-3335	82	72	success	success	NOUN
fsr-3335	82	73	?	?	PUNCT
fsr-3335	83	1	197p.j	197p.j	NUM
fsr-3335	83	2	.	.	PUNCT
fsr-3335	84	1	collins	collins	PROPN
fsr-3335	84	2	et	et	PROPN
fsr-3335	84	3	al	al	PROPN
fsr-3335	84	4	.	.	PUNCT
fsr-3335	84	5	/	/	SYM
fsr-3335	84	6	financial	financial	ADJ
fsr-3335	84	7	services	service	NOUN
fsr-3335	84	8	review	review	VERB
fsr-3335	84	9	24	24	NUM
fsr-3335	84	10	(	(	PUNCT
fsr-3335	84	11	2015	2015	NUM
fsr-3335	84	12	)	)	PUNCT
fsr-3335	84	13	193–216	193–216	NUM
fsr-3335	84	14	historical	historical	ADJ
fsr-3335	84	15	back	back	ADJ
fsr-3335	84	16	testing	testing	NOUN
fsr-3335	84	17	is	be	AUX
fsr-3335	84	18	easy	easy	ADJ
fsr-3335	84	19	to	to	PART
fsr-3335	84	20	understand	understand	VERB
fsr-3335	84	21	,	,	PUNCT
fsr-3335	84	22	and	and	CCONJ
fsr-3335	84	23	is	be	AUX
fsr-3335	84	24	a	a	DET
fsr-3335	84	25	simple	simple	ADJ
fsr-3335	84	26	way	way	NOUN
fsr-3335	84	27	to	to	PART
fsr-3335	84	28	calculate	calculate	VERB
fsr-3335	84	29	relatively	relatively	ADV
fsr-3335	84	30	accurate	accurate	ADJ
fsr-3335	84	31	assessments	assessment	NOUN
fsr-3335	84	32	of	of	ADP
fsr-3335	84	33	what	what	PRON
fsr-3335	84	34	would	would	AUX
fsr-3335	84	35	have	have	AUX
fsr-3335	84	36	happened.7	happened.7	VERB
fsr-3335	84	37	however	however	ADV
fsr-3335	84	38	,	,	PUNCT
fsr-3335	84	39	an	an	DET
fsr-3335	84	40	investor	investor	NOUN
fsr-3335	84	41	relying	rely	VERB
fsr-3335	84	42	on	on	ADP
fsr-3335	84	43	such	such	DET
fsr-3335	84	44	an	an	DET
fsr-3335	84	45	approach	approach	NOUN
fsr-3335	84	46	should	should	AUX
fsr-3335	84	47	proceed	proceed	VERB
fsr-3335	84	48	with	with	ADP
fsr-3335	84	49	caution	caution	NOUN
fsr-3335	84	50	.	.	PUNCT
fsr-3335	85	1	decisions	decision	NOUN
fsr-3335	85	2	based	base	VERB
fsr-3335	85	3	solely	solely	ADV
fsr-3335	85	4	on	on	ADP
fsr-3335	85	5	historical	historical	ADJ
fsr-3335	85	6	data	datum	NOUN
fsr-3335	85	7	force	force	NOUN
fsr-3335	85	8	an	an	DET
fsr-3335	85	9	investor	investor	NOUN
fsr-3335	85	10	to	to	PART
fsr-3335	85	11	have	have	VERB
fsr-3335	85	12	faith	faith	NOUN
fsr-3335	85	13	in	in	ADP
fsr-3335	85	14	the	the	DET
fsr-3335	85	15	highly	highly	ADV
fsr-3335	85	16	dubious	dubious	ADJ
fsr-3335	85	17	assumption	assumption	NOUN
fsr-3335	85	18	that	that	SCONJ
fsr-3335	85	19	future	future	ADJ
fsr-3335	85	20	returns	return	NOUN
fsr-3335	85	21	will	will	AUX
fsr-3335	85	22	mimic	mimic	VERB
fsr-3335	85	23	realized	realize	VERB
fsr-3335	85	24	past	past	ADP
fsr-3335	85	25	returns.8	returns.8	PROPN
fsr-3335	85	26	furthermore	furthermore	ADV
fsr-3335	85	27	,	,	PUNCT
fsr-3335	85	28	as	as	SCONJ
fsr-3335	85	29	stated	state	VERB
fsr-3335	85	30	,	,	PUNCT
fsr-3335	85	31	the	the	DET
fsr-3335	85	32	rolling	rolling	ADJ
fsr-3335	85	33	period	period	NOUN
fsr-3335	85	34	method	method	NOUN
fsr-3335	85	35	overweighs	overweighs	ADP
fsr-3335	85	36	observations	observation	NOUN
fsr-3335	85	37	in	in	ADP
fsr-3335	85	38	the	the	DET
fsr-3335	85	39	middle	middle	NOUN
fsr-3335	85	40	of	of	ADP
fsr-3335	85	41	the	the	DET
fsr-3335	85	42	time	time	NOUN
fsr-3335	85	43	period	period	NOUN
fsr-3335	85	44	relative	relative	ADJ
fsr-3335	85	45	to	to	ADP
fsr-3335	85	46	observations	observation	NOUN
fsr-3335	85	47	occurring	occur	VERB
fsr-3335	85	48	at	at	ADP
fsr-3335	85	49	the	the	DET
fsr-3335	85	50	beginning	beginning	NOUN
fsr-3335	85	51	or	or	CCONJ
fsr-3335	85	52	end	end	NOUN
fsr-3335	85	53	.	.	PUNCT
fsr-3335	86	1	such	such	ADJ
fsr-3335	86	2	over	over	ADP
fsr-3335	86	3	weighting	weighting	NOUN
fsr-3335	86	4	creates	create	VERB
fsr-3335	86	5	statistical	statistical	ADJ
fsr-3335	86	6	bias	bias	NOUN
fsr-3335	86	7	.	.	PUNCT
fsr-3335	87	1	extreme	extreme	ADJ
fsr-3335	87	2	observations	observation	NOUN
fsr-3335	87	3	found	find	VERB
fsr-3335	87	4	in	in	ADP
fsr-3335	87	5	overweighted	overweighte	VERB
fsr-3335	87	6	middle	middle	ADJ
fsr-3335	87	7	time	time	NOUN
fsr-3335	87	8	horizons	horizon	NOUN
fsr-3335	87	9	can	can	AUX
fsr-3335	87	10	cause	cause	VERB
fsr-3335	87	11	clusters	cluster	NOUN
fsr-3335	87	12	of	of	ADP
fsr-3335	87	13	failed	fail	VERB
fsr-3335	87	14	sustainability	sustainability	NOUN
fsr-3335	87	15	.	.	PUNCT
fsr-3335	88	1	o’flinn	o’flinn	PROPN
fsr-3335	88	2	and	and	CCONJ
fsr-3335	88	3	schirripa	schirripa	ADJ
fsr-3335	88	4	(	(	PUNCT
fsr-3335	88	5	2010	2010	NUM
fsr-3335	88	6	)	)	PUNCT
fsr-3335	88	7	attribute	attribute	NOUN
fsr-3335	88	8	one	one	NUM
fsr-3335	88	9	such	such	ADJ
fsr-3335	88	10	cluster	cluster	NOUN
fsr-3335	88	11	of	of	ADP
fsr-3335	88	12	failures	failure	NOUN
fsr-3335	88	13	in	in	ADP
fsr-3335	88	14	their	their	PRON
fsr-3335	88	15	study	study	NOUN
fsr-3335	88	16	of	of	ADP
fsr-3335	88	17	withdrawal	withdrawal	NOUN
fsr-3335	88	18	plans	plan	NOUN
fsr-3335	88	19	to	to	PART
fsr-3335	88	20	significant	significant	VERB
fsr-3335	88	21	inflation	inflation	NOUN
fsr-3335	88	22	during	during	ADP
fsr-3335	88	23	the	the	DET
fsr-3335	88	24	1970s	1970	NOUN
fsr-3335	88	25	and	and	CCONJ
fsr-3335	88	26	1980s	1980	NOUN
fsr-3335	88	27	.	.	PUNCT
fsr-3335	89	1	although	although	SCONJ
fsr-3335	89	2	modeling	model	VERB
fsr-3335	89	3	the	the	DET
fsr-3335	89	4	serial	serial	ADJ
fsr-3335	89	5	and	and	CCONJ
fsr-3335	89	6	cross	cross	NOUN
fsr-3335	89	7	correlation	correlation	NOUN
fsr-3335	89	8	of	of	ADP
fsr-3335	89	9	asset	asset	NOUN
fsr-3335	89	10	returns	return	NOUN
fsr-3335	89	11	is	be	AUX
fsr-3335	89	12	desirable	desirable	ADJ
fsr-3335	89	13	,	,	PUNCT
fsr-3335	89	14	the	the	DET
fsr-3335	89	15	rolling	rolling	ADJ
fsr-3335	89	16	period	period	NOUN
fsr-3335	89	17	approach	approach	NOUN
fsr-3335	89	18	fails	fail	VERB
fsr-3335	89	19	to	to	PART
fsr-3335	89	20	provide	provide	VERB
fsr-3335	89	21	a	a	DET
fsr-3335	89	22	sufficient	sufficient	ADJ
fsr-3335	89	23	number	number	NOUN
fsr-3335	89	24	of	of	ADP
fsr-3335	89	25	independent	independent	ADJ
fsr-3335	89	26	samples	sample	NOUN
fsr-3335	89	27	for	for	ADP
fsr-3335	89	28	credible	credible	ADJ
fsr-3335	89	29	portfolio	portfolio	NOUN
fsr-3335	89	30	sustainability	sustainability	NOUN
fsr-3335	89	31	testing	testing	NOUN
fsr-3335	89	32	.	.	PUNCT
fsr-3335	90	1	a	a	DET
fsr-3335	90	2	looping	loop	VERB
fsr-3335	90	3	method	method	NOUN
fsr-3335	90	4	is	be	AUX
fsr-3335	90	5	one	one	NUM
fsr-3335	90	6	way	way	NOUN
fsr-3335	90	7	to	to	PART
fsr-3335	90	8	deemphasize	deemphasize	VERB
fsr-3335	90	9	the	the	DET
fsr-3335	90	10	importance	importance	NOUN
fsr-3335	90	11	of	of	ADP
fsr-3335	90	12	the	the	DET
fsr-3335	90	13	middle	middle	ADJ
fsr-3335	90	14	observations	observation	NOUN
fsr-3335	90	15	in	in	ADP
fsr-3335	90	16	the	the	DET
fsr-3335	90	17	data	data	NOUN
fsr-3335	90	18	set	set	NOUN
fsr-3335	90	19	(	(	PUNCT
fsr-3335	90	20	davis	davis	PROPN
fsr-3335	90	21	,	,	PUNCT
fsr-3335	90	22	wicas	wica	NOUN
fsr-3335	90	23	,	,	PUNCT
fsr-3335	90	24	and	and	CCONJ
fsr-3335	90	25	kinniry	kinniry	NOUN
fsr-3335	90	26	,	,	PUNCT
fsr-3335	90	27	2004	2004	NUM
fsr-3335	90	28	)	)	PUNCT
fsr-3335	90	29	.	.	PUNCT
fsr-3335	91	1	instead	instead	ADV
fsr-3335	91	2	of	of	ADP
fsr-3335	91	3	stopping	stop	VERB
fsr-3335	91	4	at	at	ADP
fsr-3335	91	5	the	the	DET
fsr-3335	91	6	last	last	ADJ
fsr-3335	91	7	observation	observation	NOUN
fsr-3335	91	8	date	date	NOUN
fsr-3335	91	9	,	,	PUNCT
fsr-3335	91	10	the	the	DET
fsr-3335	91	11	looping	loop	VERB
fsr-3335	91	12	method	method	NOUN
fsr-3335	91	13	carries	carry	VERB
fsr-3335	91	14	calculations	calculation	NOUN
fsr-3335	91	15	back	back	ADV
fsr-3335	91	16	to	to	ADP
fsr-3335	91	17	the	the	DET
fsr-3335	91	18	beginning	beginning	NOUN
fsr-3335	91	19	of	of	ADP
fsr-3335	91	20	the	the	DET
fsr-3335	91	21	historical	historical	ADJ
fsr-3335	91	22	return	return	NOUN
fsr-3335	91	23	sequence	sequence	NOUN
fsr-3335	91	24	.	.	PUNCT
fsr-3335	92	1	however	however	ADV
fsr-3335	92	2	,	,	PUNCT
fsr-3335	92	3	the	the	DET
fsr-3335	92	4	looping	loop	VERB
fsr-3335	92	5	method	method	NOUN
fsr-3335	92	6	distorts	distort	VERB
fsr-3335	92	7	the	the	DET
fsr-3335	92	8	value	value	NOUN
fsr-3335	92	9	of	of	ADP
fsr-3335	92	10	the	the	DET
fsr-3335	92	11	autocorrelation	autocorrelation	NOUN
fsr-3335	92	12	statistic	statistic	NOUN
fsr-3335	92	13	in	in	ADP
fsr-3335	92	14	the	the	DET
fsr-3335	92	15	historical	historical	ADJ
fsr-3335	92	16	dataset	dataset	NOUN
fsr-3335	92	17	and	and	CCONJ
fsr-3335	92	18	presents	present	VERB
fsr-3335	92	19	its	its	PRON
fsr-3335	92	20	own	own	ADJ
fsr-3335	92	21	statistical	statistical	ADJ
fsr-3335	92	22	difficulties	difficulty	NOUN
fsr-3335	92	23	.	.	PUNCT
fsr-3335	93	1	although	although	SCONJ
fsr-3335	93	2	interesting	interesting	ADJ
fsr-3335	93	3	,	,	PUNCT
fsr-3335	93	4	the	the	DET
fsr-3335	93	5	pure	pure	ADJ
fsr-3335	93	6	history	history	NOUN
fsr-3335	93	7	model	model	NOUN
fsr-3335	93	8	fails	fail	VERB
fsr-3335	93	9	to	to	PART
fsr-3335	93	10	provide	provide	VERB
fsr-3335	93	11	assurance	assurance	NOUN
fsr-3335	93	12	that	that	SCONJ
fsr-3335	93	13	past	past	ADJ
fsr-3335	93	14	conditions	condition	NOUN
fsr-3335	93	15	are	be	AUX
fsr-3335	93	16	sufficiently	sufficiently	ADV
fsr-3335	93	17	similar	similar	ADJ
fsr-3335	93	18	to	to	ADP
fsr-3335	93	19	current	current	ADJ
fsr-3335	93	20	conditions	condition	NOUN
fsr-3335	93	21	so	so	SCONJ
fsr-3335	93	22	that	that	SCONJ
fsr-3335	93	23	they	they	PRON
fsr-3335	93	24	act	act	VERB
fsr-3335	93	25	as	as	ADP
fsr-3335	93	26	conditions	condition	NOUN
fsr-3335	93	27	precedent	precedent	NOUN
fsr-3335	93	28	.	.	PUNCT
fsr-3335	94	1	3.3	3.3	NUM
fsr-3335	94	2	.	.	PUNCT
fsr-3335	95	1	bootstrapping	bootstrappe	VERB
fsr-3335	95	2	retirement	retirement	NOUN
fsr-3335	95	3	income	income	NOUN
fsr-3335	95	4	risk	risk	NOUN
fsr-3335	95	5	models	model	NOUN
fsr-3335	95	6	sometimes	sometimes	ADV
fsr-3335	95	7	use	use	VERB
fsr-3335	95	8	a	a	DET
fsr-3335	95	9	bootstrap	bootstrap	NOUN
fsr-3335	95	10	approach	approach	NOUN
fsr-3335	95	11	to	to	PART
fsr-3335	95	12	develop	develop	VERB
fsr-3335	95	13	a	a	DET
fsr-3335	95	14	broader	broad	ADJ
fsr-3335	95	15	set	set	NOUN
fsr-3335	95	16	of	of	ADP
fsr-3335	95	17	financial	financial	ADJ
fsr-3335	95	18	asset	asset	NOUN
fsr-3335	95	19	returns	return	NOUN
fsr-3335	95	20	.	.	PUNCT
fsr-3335	96	1	bootstrapping	bootstrappe	VERB
fsr-3335	96	2	is	be	AUX
fsr-3335	96	3	a	a	DET
fsr-3335	96	4	process	process	NOUN
fsr-3335	96	5	that	that	PRON
fsr-3335	96	6	develops	develop	VERB
fsr-3335	96	7	return	return	NOUN
fsr-3335	96	8	sequences	sequence	NOUN
fsr-3335	96	9	by	by	ADP
fsr-3335	96	10	randomly	randomly	ADV
fsr-3335	96	11	drawing	draw	VERB
fsr-3335	96	12	,	,	PUNCT
fsr-3335	96	13	typically	typically	ADV
fsr-3335	96	14	with	with	ADP
fsr-3335	96	15	replacement	replacement	NOUN
fsr-3335	96	16	,	,	PUNCT
fsr-3335	96	17	from	from	ADP
fsr-3335	96	18	the	the	DET
fsr-3335	96	19	historically	historically	ADV
fsr-3335	96	20	realized	realize	VERB
fsr-3335	96	21	set	set	NOUN
fsr-3335	96	22	of	of	ADP
fsr-3335	96	23	returns	return	NOUN
fsr-3335	96	24	.	.	PUNCT
fsr-3335	97	1	randomly	randomly	ADV
fsr-3335	97	2	drawn	draw	VERB
fsr-3335	97	3	sequences	sequence	NOUN
fsr-3335	97	4	serve	serve	VERB
fsr-3335	97	5	as	as	ADP
fsr-3335	97	6	possible	possible	ADJ
fsr-3335	97	7	future	future	ADJ
fsr-3335	97	8	economic	economic	ADJ
fsr-3335	97	9	paths	path	NOUN
fsr-3335	97	10	for	for	ADP
fsr-3335	97	11	testing	test	VERB
fsr-3335	97	12	the	the	DET
fsr-3335	97	13	sustainability	sustainability	NOUN
fsr-3335	97	14	of	of	ADP
fsr-3335	97	15	retirement	retirement	NOUN
fsr-3335	97	16	spending	spending	NOUN
fsr-3335	97	17	.	.	PUNCT
fsr-3335	98	1	a	a	DET
fsr-3335	98	2	large	large	ADJ
fsr-3335	98	3	number	number	NOUN
fsr-3335	98	4	of	of	ADP
fsr-3335	98	5	economic	economic	ADJ
fsr-3335	98	6	paths	path	NOUN
fsr-3335	98	7	can	can	AUX
fsr-3335	98	8	be	be	AUX
fsr-3335	98	9	bootstrapped	bootstrappe	VERB
fsr-3335	98	10	,	,	PUNCT
fsr-3335	98	11	thus	thus	ADV
fsr-3335	98	12	providing	provide	VERB
fsr-3335	98	13	a	a	DET
fsr-3335	98	14	larger	large	ADJ
fsr-3335	98	15	set	set	NOUN
fsr-3335	98	16	of	of	ADP
fsr-3335	98	17	scenarios	scenario	NOUN
fsr-3335	98	18	for	for	ADP
fsr-3335	98	19	testing	test	VERB
fsr-3335	98	20	sustainability	sustainability	NOUN
fsr-3335	98	21	than	than	SCONJ
fsr-3335	98	22	is	be	AUX
fsr-3335	98	23	possible	possible	ADJ
fsr-3335	98	24	with	with	ADP
fsr-3335	98	25	the	the	DET
fsr-3335	98	26	historical	historical	ADJ
fsr-3335	98	27	back	back	ADJ
fsr-3335	98	28	testing	testing	NOUN
fsr-3335	98	29	process	process	NOUN
fsr-3335	98	30	.	.	PUNCT
fsr-3335	99	1	bootstrapping	bootstrappe	VERB
fsr-3335	99	2	,	,	PUNCT
fsr-3335	99	3	depending	depend	VERB
fsr-3335	99	4	on	on	ADP
fsr-3335	99	5	the	the	DET
fsr-3335	99	6	structure	structure	NOUN
fsr-3335	99	7	of	of	ADP
fsr-3335	99	8	the	the	DET
fsr-3335	99	9	risk	risk	NOUN
fsr-3335	99	10	model	model	NOUN
fsr-3335	99	11	,	,	PUNCT
fsr-3335	99	12	can	can	AUX
fsr-3335	99	13	either	either	CCONJ
fsr-3335	99	14	preserve	preserve	VERB
fsr-3335	99	15	correlations	correlation	NOUN
fsr-3335	99	16	across	across	ADP
fsr-3335	99	17	asset	asset	NOUN
fsr-3335	99	18	classes	class	NOUN
fsr-3335	99	19	—	—	PUNCT
fsr-3335	99	20	by	by	ADP
fsr-3335	99	21	making	make	VERB
fsr-3335	99	22	random	random	ADJ
fsr-3335	99	23	draws	draw	NOUN
fsr-3335	99	24	which	which	PRON
fsr-3335	99	25	take	take	VERB
fsr-3335	99	26	a	a	DET
fsr-3335	99	27	period	period	NOUN
fsr-3335	99	28	’s	’s	PART
fsr-3335	99	29	realized	realize	VERB
fsr-3335	99	30	returns	return	NOUN
fsr-3335	99	31	across	across	ADP
fsr-3335	99	32	two	two	NUM
fsr-3335	99	33	or	or	CCONJ
fsr-3335	99	34	more	more	ADJ
fsr-3335	99	35	asset	asset	NOUN
fsr-3335	99	36	classes	class	NOUN
fsr-3335	99	37	(	(	PUNCT
fsr-3335	99	38	“	"	PUNCT
fsr-3335	99	39	cross	cross	ADJ
fsr-3335	99	40	-	-	ADJ
fsr-3335	99	41	sectional	sectional	ADJ
fsr-3335	99	42	”	"	PUNCT
fsr-3335	99	43	random	random	ADJ
fsr-3335	99	44	draws)—or	draws)—or	X
fsr-3335	99	45	eliminate	eliminate	NOUN
fsr-3335	99	46	correlations	correlation	NOUN
fsr-3335	99	47	across	across	ADP
fsr-3335	99	48	asset	asset	NOUN
fsr-3335	99	49	classes	class	NOUN
fsr-3335	99	50	by	by	ADP
fsr-3335	99	51	taking	take	VERB
fsr-3335	99	52	random	random	ADJ
fsr-3335	99	53	draws	draw	NOUN
fsr-3335	99	54	of	of	ADP
fsr-3335	99	55	asset	asset	NOUN
fsr-3335	99	56	returns	return	NOUN
fsr-3335	99	57	from	from	ADP
fsr-3335	99	58	differing	differ	VERB
fsr-3335	99	59	periods	period	NOUN
fsr-3335	99	60	.	.	PUNCT
fsr-3335	100	1	it	it	PRON
fsr-3335	100	2	is	be	AUX
fsr-3335	100	3	beneficial	beneficial	ADJ
fsr-3335	100	4	to	to	PART
fsr-3335	100	5	preserve	preserve	VERB
fsr-3335	100	6	the	the	DET
fsr-3335	100	7	covariance	covariance	NOUN
fsr-3335	100	8	of	of	ADP
fsr-3335	100	9	asset	asset	NOUN
fsr-3335	100	10	class	class	NOUN
fsr-3335	100	11	returns	return	NOUN
fsr-3335	100	12	;	;	PUNCT
fsr-3335	100	13	and	and	CCONJ
fsr-3335	100	14	so	so	ADV
fsr-3335	100	15	studies	study	NOUN
fsr-3335	100	16	based	base	VERB
fsr-3335	100	17	on	on	ADP
fsr-3335	100	18	bootstrapping	bootstrappe	VERB
fsr-3335	100	19	often	often	ADV
fsr-3335	100	20	preserve	preserve	VERB
fsr-3335	100	21	cross	cross	ADJ
fsr-3335	100	22	-	-	ADJ
fsr-3335	100	23	sectional	sectional	ADJ
fsr-3335	100	24	correlations	correlation	NOUN
fsr-3335	100	25	.	.	PUNCT
fsr-3335	101	1	spitzer	spitzer	PROPN
fsr-3335	101	2	(	(	PUNCT
fsr-3335	101	3	2008	2008	NUM
fsr-3335	101	4	)	)	PUNCT
fsr-3335	101	5	,	,	PUNCT
fsr-3335	101	6	for	for	ADP
fsr-3335	101	7	example	example	NOUN
fsr-3335	101	8	,	,	PUNCT
fsr-3335	101	9	uses	use	VERB
fsr-3335	101	10	the	the	DET
fsr-3335	101	11	bootstrapping	bootstrappe	VERB
fsr-3335	101	12	method	method	NOUN
fsr-3335	101	13	to	to	PART
fsr-3335	101	14	discern	discern	VERB
fsr-3335	101	15	the	the	DET
fsr-3335	101	16	best	good	ADJ
fsr-3335	101	17	withdrawal	withdrawal	NOUN
fsr-3335	101	18	rate	rate	NOUN
fsr-3335	101	19	and	and	CCONJ
fsr-3335	101	20	asset	asset	NOUN
fsr-3335	101	21	allocation	allocation	NOUN
fsr-3335	101	22	over	over	ADP
fsr-3335	101	23	a	a	DET
fsr-3335	101	24	pre	pre	ADJ
fsr-3335	101	25	-	-	ADJ
fsr-3335	101	26	specified	specify	VERB
fsr-3335	101	27	time	time	NOUN
fsr-3335	101	28	horizon	horizon	NOUN
fsr-3335	101	29	given	give	VERB
fsr-3335	101	30	an	an	DET
fsr-3335	101	31	acceptable	acceptable	ADJ
fsr-3335	101	32	portfolio	portfolio	NOUN
fsr-3335	101	33	sustainability	sustainability	NOUN
fsr-3335	101	34	rate	rate	NOUN
fsr-3335	101	35	.	.	PUNCT
fsr-3335	102	1	however	however	ADV
fsr-3335	102	2	,	,	PUNCT
fsr-3335	102	3	unlike	unlike	ADP
fsr-3335	102	4	historical	historical	ADJ
fsr-3335	102	5	back	back	NOUN
fsr-3335	102	6	testing	testing	NOUN
fsr-3335	102	7	,	,	PUNCT
fsr-3335	102	8	the	the	DET
fsr-3335	102	9	bootstrapped	bootstrappe	VERB
fsr-3335	102	10	scenarios	scenario	NOUN
fsr-3335	102	11	do	do	AUX
fsr-3335	102	12	not	not	PART
fsr-3335	102	13	preserve	preserve	VERB
fsr-3335	102	14	serial	serial	ADJ
fsr-3335	102	15	correlations	correlation	NOUN
fsr-3335	102	16	evident	evident	ADJ
fsr-3335	102	17	in	in	ADP
fsr-3335	102	18	empirical	empirical	ADJ
fsr-3335	102	19	returns	return	NOUN
fsr-3335	102	20	,	,	PUNCT
fsr-3335	102	21	because	because	SCONJ
fsr-3335	102	22	the	the	DET
fsr-3335	102	23	bootstrapped	bootstrapped	NOUN
fsr-3335	102	24	returns	return	NOUN
fsr-3335	102	25	for	for	ADP
fsr-3335	102	26	each	each	DET
fsr-3335	102	27	time	time	NOUN
fsr-3335	102	28	period	period	NOUN
fsr-3335	102	29	are	be	AUX
fsr-3335	102	30	independent	independent	ADJ
fsr-3335	102	31	draws	draw	NOUN
fsr-3335	102	32	from	from	ADP
fsr-3335	102	33	the	the	DET
fsr-3335	102	34	set	set	NOUN
fsr-3335	102	35	of	of	ADP
fsr-3335	102	36	historical	historical	ADJ
fsr-3335	102	37	outcomes	outcome	NOUN
fsr-3335	102	38	.	.	PUNCT
fsr-3335	103	1	much	much	ADV
fsr-3335	103	2	like	like	ADP
fsr-3335	103	3	the	the	DET
fsr-3335	103	4	rolling	rolling	ADJ
fsr-3335	103	5	period	period	NOUN
fsr-3335	103	6	technique	technique	NOUN
fsr-3335	103	7	,	,	PUNCT
fsr-3335	103	8	bootstrapping	bootstrapping	NOUN
fsr-3335	103	9	requires	require	VERB
fsr-3335	103	10	a	a	DET
fsr-3335	103	11	long	long	ADJ
fsr-3335	103	12	history	history	NOUN
fsr-3335	103	13	of	of	ADP
fsr-3335	103	14	asset	asset	NOUN
fsr-3335	103	15	returns	return	NOUN
fsr-3335	103	16	.	.	PUNCT
fsr-3335	104	1	without	without	ADP
fsr-3335	104	2	a	a	DET
fsr-3335	104	3	long	long	ADJ
fsr-3335	104	4	history	history	NOUN
fsr-3335	104	5	,	,	PUNCT
fsr-3335	104	6	the	the	DET
fsr-3335	104	7	sequences	sequence	NOUN
fsr-3335	104	8	created	create	VERB
fsr-3335	104	9	from	from	ADP
fsr-3335	104	10	a	a	DET
fsr-3335	104	11	small	small	ADJ
fsr-3335	104	12	set	set	NOUN
fsr-3335	104	13	of	of	ADP
fsr-3335	104	14	possible	possible	ADJ
fsr-3335	104	15	outcomes	outcome	NOUN
fsr-3335	104	16	will	will	AUX
fsr-3335	104	17	be	be	AUX
fsr-3335	104	18	too	too	ADV
fsr-3335	104	19	similar	similar	ADJ
fsr-3335	104	20	,	,	PUNCT
fsr-3335	104	21	with	with	ADP
fsr-3335	104	22	the	the	DET
fsr-3335	104	23	result	result	NOUN
fsr-3335	104	24	that	that	SCONJ
fsr-3335	104	25	the	the	DET
fsr-3335	104	26	retirement	retirement	NOUN
fsr-3335	104	27	income	income	NOUN
fsr-3335	104	28	risk	risk	NOUN
fsr-3335	104	29	model	model	NOUN
fsr-3335	104	30	performs	perform	VERB
fsr-3335	104	31	sustainability	sustainability	NOUN
fsr-3335	104	32	tests	test	NOUN
fsr-3335	104	33	on	on	ADP
fsr-3335	104	34	scenarios	scenario	NOUN
fsr-3335	104	35	that	that	PRON
fsr-3335	104	36	do	do	AUX
fsr-3335	104	37	not	not	PART
fsr-3335	104	38	credibly	credibly	ADV
fsr-3335	104	39	reflect	reflect	VERB
fsr-3335	104	40	potential	potential	ADJ
fsr-3335	104	41	future	future	ADJ
fsr-3335	104	42	economies	economy	NOUN
fsr-3335	104	43	.	.	PUNCT
fsr-3335	105	1	even	even	ADV
fsr-3335	105	2	with	with	ADP
fsr-3335	105	3	198	198	NUM
fsr-3335	105	4	p.j	p.j	PROPN
fsr-3335	105	5	.	.	PROPN
fsr-3335	105	6	collins	collins	PROPN
fsr-3335	105	7	et	et	PROPN
fsr-3335	105	8	al	al	PROPN
fsr-3335	105	9	.	.	PUNCT
fsr-3335	105	10	/	/	SYM
fsr-3335	105	11	financial	financial	ADJ
fsr-3335	105	12	services	service	NOUN
fsr-3335	105	13	review	review	VERB
fsr-3335	105	14	24	24	NUM
fsr-3335	105	15	(	(	PUNCT
fsr-3335	105	16	2015	2015	NUM
fsr-3335	105	17	)	)	PUNCT
fsr-3335	105	18	193–216	193–216	NUM
fsr-3335	105	19	a	a	DET
fsr-3335	105	20	large	large	ADJ
fsr-3335	105	21	history	history	NOUN
fsr-3335	105	22	,	,	PUNCT
fsr-3335	105	23	sampled	sample	VERB
fsr-3335	105	24	outcomes	outcome	NOUN
fsr-3335	105	25	can	can	AUX
fsr-3335	105	26	not	not	PART
fsr-3335	105	27	differ	differ	VERB
fsr-3335	105	28	from	from	ADP
fsr-3335	105	29	the	the	DET
fsr-3335	105	30	pre	pre	ADJ
fsr-3335	105	31	-	-	ADJ
fsr-3335	105	32	specified	specified	ADJ
fsr-3335	105	33	set	set	NOUN
fsr-3335	105	34	of	of	ADP
fsr-3335	105	35	observables	observable	NOUN
fsr-3335	105	36	;	;	PUNCT
fsr-3335	105	37	therefore	therefore	ADV
fsr-3335	105	38	,	,	PUNCT
fsr-3335	105	39	propagated	propagate	VERB
fsr-3335	105	40	series	series	NOUN
fsr-3335	105	41	over	over	ADP
fsr-3335	105	42	rely	rely	NOUN
fsr-3335	105	43	on	on	ADP
fsr-3335	105	44	the	the	DET
fsr-3335	105	45	past	past	NOUN
fsr-3335	105	46	to	to	PART
fsr-3335	105	47	predict	predict	VERB
fsr-3335	105	48	the	the	DET
fsr-3335	105	49	future	future	NOUN
fsr-3335	105	50	.	.	PUNCT
fsr-3335	106	1	3.4	3.4	NUM
fsr-3335	106	2	.	.	PUNCT
fsr-3335	107	1	monte	monte	PROPN
fsr-3335	107	2	carlo	carlo	PROPN
fsr-3335	107	3	simulation	simulation	PROPN
fsr-3335	107	4	:	:	PUNCT
fsr-3335	107	5	normal	normal	ADJ
fsr-3335	107	6	distribution	distribution	NOUN
fsr-3335	107	7	the	the	DET
fsr-3335	107	8	monte	monte	PROPN
fsr-3335	107	9	carlo	carlo	PROPN
fsr-3335	107	10	method	method	PROPN
fsr-3335	107	11	further	far	ADV
fsr-3335	107	12	expands	expand	VERB
fsr-3335	107	13	the	the	DET
fsr-3335	107	14	set	set	NOUN
fsr-3335	107	15	of	of	ADP
fsr-3335	107	16	possible	possible	ADJ
fsr-3335	107	17	outcomes	outcome	NOUN
fsr-3335	107	18	for	for	ADP
fsr-3335	107	19	sustainability	sustainability	NOUN
fsr-3335	107	20	testing	testing	NOUN
fsr-3335	107	21	.	.	PUNCT
fsr-3335	108	1	it	it	PRON
fsr-3335	108	2	overcomes	overcome	VERB
fsr-3335	108	3	the	the	DET
fsr-3335	108	4	limitation	limitation	NOUN
fsr-3335	108	5	of	of	ADP
fsr-3335	108	6	relying	rely	VERB
fsr-3335	108	7	on	on	ADP
fsr-3335	108	8	realized	realize	VERB
fsr-3335	108	9	past	past	ADJ
fsr-3335	108	10	returns	return	NOUN
fsr-3335	108	11	as	as	ADP
fsr-3335	108	12	the	the	DET
fsr-3335	108	13	basis	basis	NOUN
fsr-3335	108	14	of	of	ADP
fsr-3335	108	15	potential	potential	ADJ
fsr-3335	108	16	outcomes	outcome	NOUN
fsr-3335	108	17	inherent	inherent	ADJ
fsr-3335	108	18	in	in	ADP
fsr-3335	108	19	both	both	CCONJ
fsr-3335	108	20	the	the	DET
fsr-3335	108	21	historical	historical	ADJ
fsr-3335	108	22	back	back	NOUN
fsr-3335	108	23	testing	testing	NOUN
fsr-3335	108	24	and	and	CCONJ
fsr-3335	108	25	bootstrapping	bootstrappe	VERB
fsr-3335	108	26	routines	routine	NOUN
fsr-3335	108	27	.	.	PUNCT
fsr-3335	109	1	monte	monte	PROPN
fsr-3335	109	2	carlo	carlo	PROPN
fsr-3335	109	3	simulators	simulator	NOUN
fsr-3335	109	4	generate	generate	VERB
fsr-3335	109	5	sequences	sequence	NOUN
fsr-3335	109	6	of	of	ADP
fsr-3335	109	7	potential	potential	ADJ
fsr-3335	109	8	economic	economic	ADJ
fsr-3335	109	9	paths	path	NOUN
fsr-3335	109	10	by	by	ADP
fsr-3335	109	11	drawing	draw	VERB
fsr-3335	109	12	random	random	ADJ
fsr-3335	109	13	samples	sample	NOUN
fsr-3335	109	14	from	from	ADP
fsr-3335	109	15	probability	probability	NOUN
fsr-3335	109	16	density	density	NOUN
fsr-3335	109	17	functions	function	NOUN
fsr-3335	109	18	meant	mean	VERB
fsr-3335	109	19	to	to	PART
fsr-3335	109	20	represent	represent	VERB
fsr-3335	109	21	the	the	DET
fsr-3335	109	22	true	true	ADJ
fsr-3335	109	23	underlying	underlying	ADJ
fsr-3335	109	24	distribution	distribution	NOUN
fsr-3335	109	25	of	of	ADP
fsr-3335	109	26	financial	financial	ADJ
fsr-3335	109	27	asset	asset	NOUN
fsr-3335	109	28	returns	return	NOUN
fsr-3335	109	29	.	.	PUNCT
fsr-3335	110	1	this	this	PRON
fsr-3335	110	2	allows	allow	VERB
fsr-3335	110	3	for	for	ADP
fsr-3335	110	4	a	a	DET
fsr-3335	110	5	much	much	ADV
fsr-3335	110	6	greater	great	ADJ
fsr-3335	110	7	range	range	NOUN
fsr-3335	110	8	of	of	ADP
fsr-3335	110	9	potential	potential	ADJ
fsr-3335	110	10	outcomes	outcome	NOUN
fsr-3335	110	11	.	.	PUNCT
fsr-3335	111	1	most	most	ADV
fsr-3335	111	2	commonly	commonly	ADV
fsr-3335	111	3	used	use	VERB
fsr-3335	111	4	monte	monte	PROPN
fsr-3335	111	5	carlo	carlo	PROPN
fsr-3335	111	6	simulation	simulation	PROPN
fsr-3335	111	7	engines	engine	NOUN
fsr-3335	111	8	assume	assume	VERB
fsr-3335	111	9	asset	asset	NOUN
fsr-3335	111	10	class	class	NOUN
fsr-3335	111	11	returns	return	NOUN
fsr-3335	111	12	adhere	adhere	VERB
fsr-3335	111	13	to	to	ADP
fsr-3335	111	14	the	the	DET
fsr-3335	111	15	well	well	ADV
fsr-3335	111	16	-	-	PUNCT
fsr-3335	111	17	known	know	VERB
fsr-3335	111	18	,	,	PUNCT
fsr-3335	111	19	bell	bell	NOUN
fsr-3335	111	20	-	-	PUNCT
fsr-3335	111	21	shaped	shape	VERB
fsr-3335	111	22	normal	normal	ADJ
fsr-3335	111	23	,	,	PUNCT
fsr-3335	111	24	or	or	CCONJ
fsr-3335	111	25	log	log	NOUN
fsr-3335	111	26	-	-	PUNCT
fsr-3335	111	27	normal	normal	ADJ
fsr-3335	111	28	,	,	PUNCT
fsr-3335	111	29	probability	probability	NOUN
fsr-3335	111	30	distribution	distribution	NOUN
fsr-3335	111	31	that	that	PRON
fsr-3335	111	32	is	be	AUX
fsr-3335	111	33	often	often	ADV
fsr-3335	111	34	parameterized	parameterized	ADJ
fsr-3335	111	35	by	by	ADP
fsr-3335	111	36	the	the	DET
fsr-3335	111	37	historical	historical	ADJ
fsr-3335	111	38	mean	mean	NOUN
fsr-3335	111	39	and	and	CCONJ
fsr-3335	111	40	variance	variance	NOUN
fsr-3335	111	41	.	.	PUNCT
fsr-3335	112	1	furthermore	furthermore	ADV
fsr-3335	112	2	,	,	PUNCT
fsr-3335	112	3	a	a	DET
fsr-3335	112	4	well	well	ADV
fsr-3335	112	5	behaved	behave	VERB
fsr-3335	112	6	correlation	correlation	NOUN
fsr-3335	112	7	matrix	matrix	NOUN
fsr-3335	112	8	is	be	AUX
fsr-3335	112	9	used	use	VERB
fsr-3335	112	10	to	to	PART
fsr-3335	112	11	preserve	preserve	VERB
fsr-3335	112	12	cross	cross	NOUN
fsr-3335	112	13	correlation	correlation	NOUN
fsr-3335	112	14	in	in	ADP
fsr-3335	112	15	simulated	simulated	ADJ
fsr-3335	112	16	outcomes	outcome	NOUN
fsr-3335	112	17	.	.	PUNCT
fsr-3335	113	1	using	use	VERB
fsr-3335	113	2	a	a	DET
fsr-3335	113	3	simple	simple	ADJ
fsr-3335	113	4	two	two	NUM
fsr-3335	113	5	asset	asset	NOUN
fsr-3335	113	6	class	class	NOUN
fsr-3335	113	7	monte	monte	PROPN
fsr-3335	113	8	carlo	carlo	PROPN
fsr-3335	113	9	simulation	simulation	PROPN
fsr-3335	113	10	model	model	PROPN
fsr-3335	113	11	with	with	ADP
fsr-3335	113	12	log	log	NOUN
fsr-3335	113	13	-	-	PUNCT
fsr-3335	113	14	normally	normally	ADV
fsr-3335	113	15	distributed	distribute	VERB
fsr-3335	113	16	returns	return	NOUN
fsr-3335	113	17	,	,	PUNCT
fsr-3335	113	18	klinger	klinger	PROPN
fsr-3335	113	19	(	(	PUNCT
fsr-3335	113	20	2011	2011	NUM
fsr-3335	113	21	)	)	PUNCT
fsr-3335	113	22	reports	report	VERB
fsr-3335	113	23	sustainability	sustainability	NOUN
fsr-3335	113	24	rates	rate	NOUN
fsr-3335	113	25	above	above	ADP
fsr-3335	113	26	85	85	NUM
fsr-3335	113	27	%	%	NOUN
fsr-3335	113	28	for	for	ADP
fsr-3335	113	29	all	all	DET
fsr-3335	113	30	retirement	retirement	NOUN
fsr-3335	113	31	strategies	strategy	NOUN
fsr-3335	113	32	he	he	PRON
fsr-3335	113	33	analyzed	analyze	VERB
fsr-3335	113	34	.	.	PUNCT
fsr-3335	114	1	klinger	klinger	PROPN
fsr-3335	114	2	’s	’s	PART
fsr-3335	114	3	results	result	NOUN
fsr-3335	114	4	,	,	PUNCT
fsr-3335	114	5	however	however	ADV
fsr-3335	114	6	,	,	PUNCT
fsr-3335	114	7	are	be	AUX
fsr-3335	114	8	based	base	VERB
fsr-3335	114	9	on	on	ADP
fsr-3335	114	10	the	the	DET
fsr-3335	114	11	assumptions	assumption	NOUN
fsr-3335	114	12	that	that	SCONJ
fsr-3335	114	13	stock	stock	NOUN
fsr-3335	114	14	returns	return	NOUN
fsr-3335	114	15	average	average	VERB
fsr-3335	114	16	6.9	6.9	NUM
fsr-3335	114	17	%	%	NOUN
fsr-3335	114	18	per	per	ADP
fsr-3335	114	19	annum	annum	NOUN
fsr-3335	114	20	with	with	ADP
fsr-3335	114	21	a	a	DET
fsr-3335	114	22	standard	standard	ADJ
fsr-3335	114	23	deviation	deviation	NOUN
fsr-3335	114	24	of	of	ADP
fsr-3335	114	25	15.7	15.7	NUM
fsr-3335	114	26	%	%	NOUN
fsr-3335	114	27	,	,	PUNCT
fsr-3335	114	28	and	and	CCONJ
fsr-3335	114	29	that	that	SCONJ
fsr-3335	114	30	bonds	bond	NOUN
fsr-3335	114	31	return	return	VERB
fsr-3335	114	32	6.6	6.6	NUM
fsr-3335	114	33	%	%	NOUN
fsr-3335	114	34	on	on	ADP
fsr-3335	114	35	average	average	NOUN
fsr-3335	114	36	with	with	ADP
fsr-3335	114	37	a	a	DET
fsr-3335	114	38	standard	standard	ADJ
fsr-3335	114	39	deviation	deviation	NOUN
fsr-3335	114	40	of	of	ADP
fsr-3335	114	41	2.4	2.4	NUM
fsr-3335	114	42	%	%	NOUN
fsr-3335	114	43	.	.	PUNCT
fsr-3335	115	1	the	the	DET
fsr-3335	115	2	values	value	NOUN
fsr-3335	115	3	of	of	ADP
fsr-3335	115	4	distribution	distribution	NOUN
fsr-3335	115	5	parameters	parameter	NOUN
fsr-3335	115	6	in	in	ADP
fsr-3335	115	7	simple	simple	ADJ
fsr-3335	115	8	monte	monte	PROPN
fsr-3335	115	9	carlo	carlo	PROPN
fsr-3335	115	10	simulation	simulation	NOUN
fsr-3335	115	11	models	model	NOUN
fsr-3335	115	12	have	have	AUX
fsr-3335	115	13	been	be	AUX
fsr-3335	115	14	a	a	DET
fsr-3335	115	15	point	point	NOUN
fsr-3335	115	16	of	of	ADP
fsr-3335	115	17	contention.9	contention.9	PROPN
fsr-3335	115	18	blanchett	blanchett	PROPN
fsr-3335	115	19	and	and	CCONJ
fsr-3335	115	20	blanchett	blanchett	PROPN
fsr-3335	115	21	(	(	PUNCT
fsr-3335	115	22	2008	2008	NUM
fsr-3335	115	23	)	)	PUNCT
fsr-3335	115	24	point	point	VERB
fsr-3335	115	25	out	out	ADP
fsr-3335	115	26	that	that	SCONJ
fsr-3335	115	27	sustainability	sustainability	NOUN
fsr-3335	115	28	rates	rate	NOUN
fsr-3335	115	29	derived	derive	VERB
fsr-3335	115	30	from	from	ADP
fsr-3335	115	31	simple	simple	ADJ
fsr-3335	115	32	monte	monte	PROPN
fsr-3335	115	33	carlo	carlo	PROPN
fsr-3335	115	34	simulations	simulation	NOUN
fsr-3335	115	35	are	be	AUX
fsr-3335	115	36	very	very	ADV
fsr-3335	115	37	sensitive	sensitive	ADJ
fsr-3335	115	38	to	to	ADP
fsr-3335	115	39	changes	change	NOUN
fsr-3335	115	40	in	in	ADP
fsr-3335	115	41	the	the	DET
fsr-3335	115	42	assumed	assumed	ADJ
fsr-3335	115	43	expected	expect	VERB
fsr-3335	115	44	rates	rate	NOUN
fsr-3335	115	45	of	of	ADP
fsr-3335	115	46	returns	return	NOUN
fsr-3335	115	47	and	and	CCONJ
fsr-3335	115	48	standard	standard	ADJ
fsr-3335	115	49	deviations	deviation	NOUN
fsr-3335	115	50	.	.	PUNCT
fsr-3335	116	1	however	however	ADV
fsr-3335	116	2	,	,	PUNCT
fsr-3335	116	3	the	the	DET
fsr-3335	116	4	debate	debate	NOUN
fsr-3335	116	5	over	over	ADP
fsr-3335	116	6	what	what	PRON
fsr-3335	116	7	values	value	NOUN
fsr-3335	116	8	constitute	constitute	VERB
fsr-3335	116	9	the	the	DET
fsr-3335	116	10	most	most	ADV
fsr-3335	116	11	reliable	reliable	ADJ
fsr-3335	116	12	parameters	parameter	NOUN
fsr-3335	116	13	for	for	ADP
fsr-3335	116	14	the	the	DET
fsr-3335	116	15	mean	mean	ADJ
fsr-3335	116	16	and	and	CCONJ
fsr-3335	116	17	standard	standard	ADJ
fsr-3335	116	18	deviation	deviation	NOUN
fsr-3335	116	19	may	may	AUX
fsr-3335	116	20	be	be	AUX
fsr-3335	116	21	a	a	DET
fsr-3335	116	22	secondary	secondary	ADJ
fsr-3335	116	23	concern	concern	NOUN
fsr-3335	116	24	if	if	SCONJ
fsr-3335	116	25	asset	asset	NOUN
fsr-3335	116	26	price	price	NOUN
fsr-3335	116	27	returns	return	NOUN
fsr-3335	116	28	are	be	AUX
fsr-3335	116	29	not	not	PART
fsr-3335	116	30	normally	normally	ADV
fsr-3335	116	31	distributed	distribute	VERB
fsr-3335	116	32	.	.	PUNCT
fsr-3335	117	1	moreover	moreover	ADV
fsr-3335	117	2	,	,	PUNCT
fsr-3335	117	3	much	much	ADV
fsr-3335	117	4	like	like	ADP
fsr-3335	117	5	the	the	DET
fsr-3335	117	6	bootstrapping	bootstrappe	VERB
fsr-3335	117	7	method	method	NOUN
fsr-3335	117	8	,	,	PUNCT
fsr-3335	117	9	simple	simple	ADJ
fsr-3335	117	10	monte	monte	PROPN
fsr-3335	117	11	carlo	carlo	PROPN
fsr-3335	117	12	simulations	simulation	NOUN
fsr-3335	117	13	destroy	destroy	VERB
fsr-3335	117	14	serial	serial	ADJ
fsr-3335	117	15	correlations	correlation	NOUN
fsr-3335	117	16	evident	evident	ADJ
fsr-3335	117	17	in	in	ADP
fsr-3335	117	18	historical	historical	ADJ
fsr-3335	117	19	asset	asset	NOUN
fsr-3335	117	20	price	price	NOUN
fsr-3335	117	21	returns	return	NOUN
fsr-3335	117	22	.	.	PUNCT
fsr-3335	118	1	as	as	SCONJ
fsr-3335	118	2	we	we	PRON
fsr-3335	118	3	shall	shall	AUX
fsr-3335	118	4	see	see	VERB
fsr-3335	118	5	,	,	PUNCT
fsr-3335	118	6	more	more	ADV
fsr-3335	118	7	complex	complex	ADJ
fsr-3335	118	8	simulation	simulation	NOUN
fsr-3335	118	9	engines	engine	NOUN
fsr-3335	118	10	can	can	AUX
fsr-3335	118	11	imitate	imitate	VERB
fsr-3335	118	12	the	the	DET
fsr-3335	118	13	auto	auto	NOUN
fsr-3335	118	14	-	-	PUNCT
fsr-3335	118	15	correlated	correlate	VERB
fsr-3335	118	16	nature	nature	NOUN
fsr-3335	118	17	of	of	ADP
fsr-3335	118	18	returns	return	NOUN
fsr-3335	118	19	and	and	CCONJ
fsr-3335	118	20	the	the	DET
fsr-3335	118	21	time	time	NOUN
fsr-3335	118	22	-	-	PUNCT
fsr-3335	118	23	varying	vary	VERB
fsr-3335	118	24	behavior	behavior	NOUN
fsr-3335	118	25	of	of	ADP
fsr-3335	118	26	risk	risk	NOUN
fsr-3335	118	27	;	;	PUNCT
fsr-3335	118	28	but	but	CCONJ
fsr-3335	118	29	for	for	ADP
fsr-3335	118	30	now	now	ADV
fsr-3335	118	31	,	,	PUNCT
fsr-3335	118	32	we	we	PRON
fsr-3335	118	33	turn	turn	VERB
fsr-3335	118	34	our	our	PRON
fsr-3335	118	35	attention	attention	NOUN
fsr-3335	118	36	to	to	ADP
fsr-3335	118	37	the	the	DET
fsr-3335	118	38	topic	topic	NOUN
fsr-3335	118	39	of	of	ADP
fsr-3335	118	40	non	non	ADJ
fsr-3335	118	41	-	-	ADJ
fsr-3335	118	42	normally	normally	ADV
fsr-3335	118	43	distributed	distribute	VERB
fsr-3335	118	44	returns	return	NOUN
fsr-3335	118	45	.	.	PUNCT
fsr-3335	119	1	3.5	3.5	NUM
fsr-3335	119	2	.	.	PUNCT
fsr-3335	120	1	monte	monte	PROPN
fsr-3335	120	2	carlo	carlo	PROPN
fsr-3335	120	3	simulation	simulation	PROPN
fsr-3335	120	4	:	:	PUNCT
fsr-3335	120	5	non	non	ADJ
fsr-3335	120	6	-	-	ADJ
fsr-3335	120	7	normal	normal	ADJ
fsr-3335	120	8	distributions	distribution	NOUN
fsr-3335	120	9	the	the	DET
fsr-3335	120	10	normality	normality	NOUN
fsr-3335	120	11	assumption	assumption	NOUN
fsr-3335	120	12	implies	imply	VERB
fsr-3335	120	13	that	that	SCONJ
fsr-3335	120	14	returns	return	NOUN
fsr-3335	120	15	are	be	AUX
fsr-3335	120	16	stationary	stationary	ADJ
fsr-3335	120	17	,	,	PUNCT
fsr-3335	120	18	symmetric	symmetric	ADJ
fsr-3335	120	19	and	and	CCONJ
fsr-3335	120	20	,	,	PUNCT
fsr-3335	120	21	at	at	ADP
fsr-3335	120	22	reasonable	reasonable	ADJ
fsr-3335	120	23	values	value	NOUN
fsr-3335	120	24	for	for	ADP
fsr-3335	120	25	the	the	DET
fsr-3335	120	26	standard	standard	ADJ
fsr-3335	120	27	deviation	deviation	NOUN
fsr-3335	120	28	statistic	statistic	NOUN
fsr-3335	120	29	,	,	PUNCT
fsr-3335	120	30	have	have	VERB
fsr-3335	120	31	low	low	ADJ
fsr-3335	120	32	probabilities	probability	NOUN
fsr-3335	120	33	of	of	ADP
fsr-3335	120	34	realizing	realize	VERB
fsr-3335	120	35	extreme	extreme	ADJ
fsr-3335	120	36	deviations	deviation	NOUN
fsr-3335	120	37	from	from	ADP
fsr-3335	120	38	the	the	DET
fsr-3335	120	39	mean	mean	NOUN
fsr-3335	120	40	.	.	PUNCT
fsr-3335	121	1	simulated	simulated	ADJ
fsr-3335	121	2	returns	return	NOUN
fsr-3335	121	3	based	base	VERB
fsr-3335	121	4	on	on	ADP
fsr-3335	121	5	the	the	DET
fsr-3335	121	6	gaussian	gaussian	ADJ
fsr-3335	121	7	distribution	distribution	NOUN
fsr-3335	121	8	exhibit	exhibit	NOUN
fsr-3335	121	9	,	,	PUNCT
fsr-3335	121	10	on	on	ADP
fsr-3335	121	11	average	average	ADJ
fsr-3335	121	12	,	,	PUNCT
fsr-3335	121	13	neither	neither	CCONJ
fsr-3335	121	14	skewness	skewness	NOUN
fsr-3335	121	15	nor	nor	CCONJ
fsr-3335	121	16	excess	excess	ADJ
fsr-3335	121	17	kurtosis	kurtosis	NOUN
fsr-3335	121	18	.	.	PUNCT
fsr-3335	122	1	statistical	statistical	ADJ
fsr-3335	122	2	analysis	analysis	NOUN
fsr-3335	122	3	of	of	ADP
fsr-3335	122	4	historical	historical	ADJ
fsr-3335	122	5	returns	return	NOUN
fsr-3335	122	6	by	by	ADP
fsr-3335	122	7	lee	lee	PROPN
fsr-3335	122	8	(	(	PUNCT
fsr-3335	122	9	2009	2009	NUM
fsr-3335	122	10	)	)	PUNCT
fsr-3335	122	11	,	,	PUNCT
fsr-3335	122	12	however	however	ADV
fsr-3335	122	13	,	,	PUNCT
fsr-3335	122	14	indicate	indicate	VERB
fsr-3335	122	15	that	that	SCONJ
fsr-3335	122	16	realized	realize	VERB
fsr-3335	122	17	returns	return	NOUN
fsr-3335	122	18	are	be	AUX
fsr-3335	122	19	slightly	slightly	ADV
fsr-3335	122	20	skewed	skewed	ADJ
fsr-3335	122	21	(	(	PUNCT
fsr-3335	122	22	asymmetric	asymmetric	ADJ
fsr-3335	122	23	)	)	PUNCT
fsr-3335	122	24	and	and	CCONJ
fsr-3335	122	25	have	have	VERB
fsr-3335	122	26	higher	high	ADJ
fsr-3335	122	27	likelihood	likelihood	NOUN
fsr-3335	122	28	of	of	ADP
fsr-3335	122	29	extreme	extreme	ADJ
fsr-3335	122	30	events	event	NOUN
fsr-3335	122	31	than	than	SCONJ
fsr-3335	122	32	predicted	predict	VERB
fsr-3335	122	33	by	by	ADP
fsr-3335	122	34	a	a	DET
fsr-3335	122	35	normal	normal	ADJ
fsr-3335	122	36	distribution	distribution	NOUN
fsr-3335	122	37	(	(	PUNCT
fsr-3335	122	38	leptokurtic	leptokurtic	ADJ
fsr-3335	122	39	,	,	PUNCT
fsr-3335	122	40	fat	fat	NOUN
fsr-3335	122	41	-	-	PUNCT
fsr-3335	122	42	tailed	tail	VERB
fsr-3335	122	43	,	,	PUNCT
fsr-3335	122	44	or	or	CCONJ
fsr-3335	122	45	heavy	heavy	ADV
fsr-3335	122	46	-	-	PUNCT
fsr-3335	122	47	tailed	tail	VERB
fsr-3335	122	48	)	)	PUNCT
fsr-3335	122	49	.	.	PUNCT
fsr-3335	123	1	however	however	ADV
fsr-3335	123	2	,	,	PUNCT
fsr-3335	123	3	if	if	SCONJ
fsr-3335	123	4	the	the	DET
fsr-3335	123	5	bell	bell	NOUN
fsr-3335	123	6	curve	curve	NOUN
fsr-3335	123	7	does	do	AUX
fsr-3335	123	8	not	not	PART
fsr-3335	123	9	accurately	accurately	ADV
fsr-3335	123	10	represent	represent	VERB
fsr-3335	123	11	the	the	DET
fsr-3335	123	12	true	true	ADJ
fsr-3335	123	13	underlying	underlying	ADJ
fsr-3335	123	14	distribution	distribution	NOUN
fsr-3335	123	15	of	of	ADP
fsr-3335	123	16	returns	return	NOUN
fsr-3335	123	17	,	,	PUNCT
fsr-3335	123	18	what	what	DET
fsr-3335	123	19	other	other	ADJ
fsr-3335	123	20	stable	stable	ADJ
fsr-3335	123	21	distributions	distribution	NOUN
fsr-3335	123	22	can	can	AUX
fsr-3335	123	23	monte	monte	PROPN
fsr-3335	123	24	carlo	carlo	PROPN
fsr-3335	123	25	engines	engine	NOUN
fsr-3335	123	26	use	use	VERB
fsr-3335	123	27	?	?	PUNCT
fsr-3335	124	1	levy	levy	NOUN
fsr-3335	124	2	and	and	CCONJ
fsr-3335	124	3	duchin	duchin	PROPN
fsr-3335	124	4	(	(	PUNCT
fsr-3335	124	5	2004	2004	NUM
fsr-3335	124	6	)	)	PUNCT
fsr-3335	124	7	fit	fit	VERB
fsr-3335	124	8	monthly	monthly	ADJ
fsr-3335	124	9	historical	historical	ADJ
fsr-3335	124	10	asset	asset	NOUN
fsr-3335	124	11	returns	return	NOUN
fsr-3335	124	12	to	to	ADP
fsr-3335	124	13	eleven	eleven	NUM
fsr-3335	124	14	different	different	ADJ
fsr-3335	124	15	probability	probability	NOUN
fsr-3335	124	16	distributions	distribution	NOUN
fsr-3335	124	17	and	and	CCONJ
fsr-3335	124	18	infer	infer	VERB
fsr-3335	124	19	that	that	SCONJ
fsr-3335	124	20	the	the	DET
fsr-3335	124	21	logistic	logistic	ADJ
fsr-3335	124	22	distribution	distribution	NOUN
fsr-3335	124	23	is	be	AUX
fsr-3335	124	24	the	the	DET
fsr-3335	124	25	best	good	ADJ
fsr-3335	124	26	fit	fit	ADJ
fsr-3335	124	27	for	for	ADP
fsr-3335	124	28	many	many	ADJ
fsr-3335	124	29	asset	asset	NOUN
fsr-3335	124	30	classes	class	NOUN
fsr-3335	124	31	.	.	PUNCT
fsr-3335	125	1	athavale	athavale	NOUN
fsr-3335	125	2	and	and	CCONJ
fsr-3335	125	3	goebel	goebel	PROPN
fsr-3335	125	4	(	(	PUNCT
fsr-3335	125	5	2011	2011	NUM
fsr-3335	125	6	)	)	PUNCT
fsr-3335	125	7	simulate	simulate	VERB
fsr-3335	125	8	asset	asset	NOUN
fsr-3335	125	9	returns	return	NOUN
fsr-3335	125	10	based	base	VERB
fsr-3335	125	11	on	on	ADP
fsr-3335	125	12	10	10	NUM
fsr-3335	125	13	different	different	ADJ
fsr-3335	125	14	distributions	distribution	NOUN
fsr-3335	125	15	(	(	PUNCT
fsr-3335	125	16	beta	beta	NOUN
fsr-3335	125	17	,	,	PUNCT
fsr-3335	125	18	199p.j	199p.j	PROPN
fsr-3335	125	19	.	.	PUNCT
fsr-3335	126	1	collins	collins	PROPN
fsr-3335	126	2	et	et	PROPN
fsr-3335	126	3	al	al	PROPN
fsr-3335	126	4	.	.	PUNCT
fsr-3335	126	5	/	/	SYM
fsr-3335	126	6	financial	financial	ADJ
fsr-3335	126	7	services	service	NOUN
fsr-3335	126	8	review	review	VERB
fsr-3335	126	9	24	24	NUM
fsr-3335	126	10	(	(	PUNCT
fsr-3335	126	11	2015	2015	NUM
fsr-3335	126	12	)	)	PUNCT
fsr-3335	126	13	193–216	193–216	NUM
fsr-3335	126	14	extreme	extreme	ADJ
fsr-3335	126	15	,	,	PUNCT
fsr-3335	126	16	gamma	gamma	NOUN
fsr-3335	126	17	,	,	PUNCT
fsr-3335	126	18	laplace	laplace	NOUN
fsr-3335	126	19	,	,	PUNCT
fsr-3335	126	20	logistic	logistic	ADJ
fsr-3335	126	21	,	,	PUNCT
fsr-3335	126	22	lognormal	lognormal	ADJ
fsr-3335	126	23	,	,	PUNCT
fsr-3335	126	24	pert	pert	NOUN
fsr-3335	126	25	,	,	PUNCT
fsr-3335	126	26	rayleigh	rayleigh	PROPN
fsr-3335	126	27	,	,	PUNCT
fsr-3335	126	28	wakeby	wakeby	ADV
fsr-3335	126	29	,	,	PUNCT
fsr-3335	126	30	and	and	CCONJ
fsr-3335	126	31	weibull	weibull	PROPN
fsr-3335	126	32	)	)	PUNCT
fsr-3335	126	33	to	to	PART
fsr-3335	126	34	test	test	VERB
fsr-3335	126	35	the	the	DET
fsr-3335	126	36	4	4	NUM
fsr-3335	126	37	%	%	NOUN
fsr-3335	126	38	withdrawal	withdrawal	NOUN
fsr-3335	126	39	rule	rule	NOUN
fsr-3335	126	40	.	.	PUNCT
fsr-3335	127	1	they	they	PRON
fsr-3335	127	2	conclude	conclude	VERB
fsr-3335	127	3	that	that	SCONJ
fsr-3335	127	4	a	a	DET
fsr-3335	127	5	4	4	NUM
fsr-3335	127	6	%	%	NOUN
fsr-3335	127	7	withdrawal	withdrawal	NOUN
fsr-3335	127	8	rate	rate	NOUN
fsr-3335	127	9	tested	test	VERB
fsr-3335	127	10	in	in	ADP
fsr-3335	127	11	non	non	ADJ
fsr-3335	127	12	-	-	ADJ
fsr-3335	127	13	normal	normal	ADJ
fsr-3335	127	14	distributions	distribution	NOUN
fsr-3335	127	15	generally	generally	ADV
fsr-3335	127	16	results	result	VERB
fsr-3335	127	17	in	in	ADP
fsr-3335	127	18	a	a	DET
fsr-3335	127	19	lower	low	ADJ
fsr-3335	127	20	sustainability	sustainability	NOUN
fsr-3335	127	21	rate	rate	NOUN
fsr-3335	127	22	when	when	SCONJ
fsr-3335	127	23	compared	compare	VERB
fsr-3335	127	24	to	to	ADP
fsr-3335	127	25	test	test	NOUN
fsr-3335	127	26	results	result	NOUN
fsr-3335	127	27	using	use	VERB
fsr-3335	127	28	a	a	DET
fsr-3335	127	29	simple	simple	ADJ
fsr-3335	127	30	monte	monte	PROPN
fsr-3335	127	31	carlo	carlo	PROPN
fsr-3335	127	32	method	method	NOUN
fsr-3335	127	33	that	that	PRON
fsr-3335	127	34	assumes	assume	VERB
fsr-3335	127	35	distributional	distributional	ADJ
fsr-3335	127	36	normality	normality	NOUN
fsr-3335	127	37	.	.	PUNCT
fsr-3335	128	1	the	the	DET
fsr-3335	128	2	major	major	ADJ
fsr-3335	128	3	econometric	econometric	ADJ
fsr-3335	128	4	weakness	weakness	NOUN
fsr-3335	128	5	of	of	ADP
fsr-3335	128	6	simulating	simulate	VERB
fsr-3335	128	7	one	one	NUM
fsr-3335	128	8	or	or	CCONJ
fsr-3335	128	9	more	more	ADV
fsr-3335	128	10	stable	stable	ADJ
fsr-3335	128	11	distributions	distribution	NOUN
fsr-3335	128	12	,	,	PUNCT
fsr-3335	128	13	however	however	ADV
fsr-3335	128	14	,	,	PUNCT
fsr-3335	128	15	is	be	AUX
fsr-3335	128	16	that	that	SCONJ
fsr-3335	128	17	each	each	DET
fsr-3335	128	18	distribution	distribution	NOUN
fsr-3335	128	19	assumes	assume	VERB
fsr-3335	128	20	that	that	SCONJ
fsr-3335	128	21	periodic	periodic	ADJ
fsr-3335	128	22	returns	return	NOUN
fsr-3335	128	23	are	be	AUX
fsr-3335	128	24	independent	independent	ADJ
fsr-3335	128	25	and	and	CCONJ
fsr-3335	128	26	stationary	stationary	ADJ
fsr-3335	128	27	with	with	ADP
fsr-3335	128	28	the	the	DET
fsr-3335	128	29	result	result	NOUN
fsr-3335	128	30	that	that	SCONJ
fsr-3335	128	31	the	the	DET
fsr-3335	128	32	model	model	NOUN
fsr-3335	128	33	fails	fail	VERB
fsr-3335	128	34	to	to	PART
fsr-3335	128	35	capture	capture	VERB
fsr-3335	128	36	autocorrelation	autocorrelation	NOUN
fsr-3335	128	37	.	.	PUNCT
fsr-3335	129	1	3.6	3.6	NUM
fsr-3335	129	2	.	.	PUNCT
fsr-3335	130	1	vector	vector	NOUN
fsr-3335	130	2	auto	auto	NOUN
fsr-3335	130	3	-	-	PUNCT
fsr-3335	130	4	regression	regression	NOUN
fsr-3335	130	5	simulations	simulation	NOUN
fsr-3335	130	6	using	use	VERB
fsr-3335	130	7	non	non	ADJ
fsr-3335	130	8	-	-	ADJ
fsr-3335	130	9	normal	normal	ADJ
fsr-3335	130	10	distributions	distribution	NOUN
fsr-3335	130	11	address	address	VERB
fsr-3335	130	12	some	some	DET
fsr-3335	130	13	problematic	problematic	ADJ
fsr-3335	130	14	assumptions	assumption	NOUN
fsr-3335	130	15	;	;	PUNCT
fsr-3335	130	16	but	but	CCONJ
fsr-3335	130	17	such	such	ADJ
fsr-3335	130	18	simulations	simulation	NOUN
fsr-3335	130	19	fail	fail	VERB
fsr-3335	130	20	to	to	PART
fsr-3335	130	21	account	account	VERB
fsr-3335	130	22	for	for	ADP
fsr-3335	130	23	autocorrelation	autocorrelation	NOUN
fsr-3335	130	24	in	in	ADP
fsr-3335	130	25	asset	asset	NOUN
fsr-3335	130	26	price	price	NOUN
fsr-3335	130	27	returns	return	NOUN
fsr-3335	130	28	.	.	PUNCT
fsr-3335	131	1	the	the	DET
fsr-3335	131	2	time	time	NOUN
fsr-3335	131	3	-	-	PUNCT
fsr-3335	131	4	dependent	dependent	ADJ
fsr-3335	131	5	nature	nature	NOUN
fsr-3335	131	6	of	of	ADP
fsr-3335	131	7	asset	asset	NOUN
fsr-3335	131	8	prices	price	NOUN
fsr-3335	131	9	manifests	manifest	VERB
fsr-3335	131	10	itself	itself	PRON
fsr-3335	131	11	through	through	ADP
fsr-3335	131	12	momentum	momentum	NOUN
fsr-3335	131	13	and	and	CCONJ
fsr-3335	131	14	mean	mean	VERB
fsr-3335	131	15	reversion	reversion	NOUN
fsr-3335	131	16	in	in	ADP
fsr-3335	131	17	the	the	DET
fsr-3335	131	18	return	return	NOUN
fsr-3335	131	19	series	series	NOUN
fsr-3335	131	20	.	.	PUNCT
fsr-3335	132	1	more	more	ADJ
fsr-3335	132	2	complex	complex	ADJ
fsr-3335	132	3	simulations	simulation	NOUN
fsr-3335	132	4	based	base	VERB
fsr-3335	132	5	on	on	ADP
fsr-3335	132	6	vector	vector	NOUN
fsr-3335	132	7	autoregressive	autoregressive	ADJ
fsr-3335	132	8	processes	process	NOUN
fsr-3335	132	9	,	,	PUNCT
fsr-3335	132	10	however	however	ADV
fsr-3335	132	11	,	,	PUNCT
fsr-3335	132	12	can	can	AUX
fsr-3335	132	13	better	well	ADV
fsr-3335	132	14	reflect	reflect	VERB
fsr-3335	132	15	serial	serial	ADJ
fsr-3335	132	16	correlations	correlation	NOUN
fsr-3335	132	17	.	.	PUNCT
fsr-3335	133	1	pang	pang	NOUN
fsr-3335	133	2	and	and	CCONJ
fsr-3335	133	3	warshawsky	warshawsky	NOUN
fsr-3335	133	4	(	(	PUNCT
fsr-3335	133	5	2009	2009	NUM
fsr-3335	133	6	)	)	PUNCT
fsr-3335	133	7	,	,	PUNCT
fsr-3335	133	8	for	for	ADP
fsr-3335	133	9	example	example	NOUN
fsr-3335	133	10	,	,	PUNCT
fsr-3335	133	11	use	use	VERB
fsr-3335	133	12	a	a	DET
fsr-3335	133	13	vector	vector	NOUN
fsr-3335	133	14	autoregressive	autoregressive	ADJ
fsr-3335	133	15	simulation	simulation	NOUN
fsr-3335	133	16	model	model	NOUN
fsr-3335	133	17	to	to	PART
fsr-3335	133	18	compare	compare	VERB
fsr-3335	133	19	six	six	NUM
fsr-3335	133	20	retirement	retirement	NOUN
fsr-3335	133	21	plans	plan	NOUN
fsr-3335	133	22	using	use	VERB
fsr-3335	133	23	combinations	combination	NOUN
fsr-3335	133	24	of	of	ADP
fsr-3335	133	25	mutual	mutual	ADJ
fsr-3335	133	26	funds	fund	NOUN
fsr-3335	133	27	and	and	CCONJ
fsr-3335	133	28	annuities	annuity	NOUN
fsr-3335	133	29	.	.	PUNCT
fsr-3335	134	1	in	in	ADP
fsr-3335	134	2	addition	addition	NOUN
fsr-3335	134	3	to	to	ADP
fsr-3335	134	4	addressing	address	VERB
fsr-3335	134	5	the	the	DET
fsr-3335	134	6	serial	serial	ADJ
fsr-3335	134	7	correlation	correlation	NOUN
fsr-3335	134	8	issue	issue	NOUN
fsr-3335	134	9	,	,	PUNCT
fsr-3335	134	10	simulations	simulation	NOUN
fsr-3335	134	11	based	base	VERB
fsr-3335	134	12	on	on	ADP
fsr-3335	134	13	vector	vector	NOUN
fsr-3335	134	14	autoregressive	autoregressive	ADJ
fsr-3335	134	15	models	model	NOUN
fsr-3335	134	16	can	can	AUX
fsr-3335	134	17	also	also	ADV
fsr-3335	134	18	incorporate	incorporate	VERB
fsr-3335	134	19	what	what	PRON
fsr-3335	134	20	campbell	campbell	PROPN
fsr-3335	134	21	and	and	CCONJ
fsr-3335	134	22	viceira	viceira	PROPN
fsr-3335	134	23	(	(	PUNCT
fsr-3335	134	24	2005	2005	NUM
fsr-3335	134	25	)	)	PUNCT
fsr-3335	134	26	call	call	NOUN
fsr-3335	134	27	“	"	PUNCT
fsr-3335	134	28	state	state	NOUN
fsr-3335	134	29	variables	variable	NOUN
fsr-3335	134	30	,	,	PUNCT
fsr-3335	134	31	”	"	PUNCT
fsr-3335	134	32	which	which	PRON
fsr-3335	134	33	are	be	AUX
fsr-3335	134	34	variables	variable	NOUN
fsr-3335	134	35	useful	useful	ADJ
fsr-3335	134	36	for	for	ADP
fsr-3335	134	37	forecasting	forecast	VERB
fsr-3335	134	38	asset	asset	NOUN
fsr-3335	134	39	returns	return	NOUN
fsr-3335	134	40	.	.	PUNCT
fsr-3335	135	1	however	however	ADV
fsr-3335	135	2	,	,	PUNCT
fsr-3335	135	3	the	the	DET
fsr-3335	135	4	vector	vector	NOUN
fsr-3335	135	5	autoregressive	autoregressive	ADJ
fsr-3335	135	6	approach	approach	NOUN
fsr-3335	135	7	is	be	AUX
fsr-3335	135	8	often	often	ADV
fsr-3335	135	9	complex	complex	ADJ
fsr-3335	135	10	and	and	CCONJ
fsr-3335	135	11	,	,	PUNCT
fsr-3335	135	12	for	for	ADP
fsr-3335	135	13	investment	investment	NOUN
fsr-3335	135	14	advisors	advisor	NOUN
fsr-3335	135	15	,	,	PUNCT
fsr-3335	135	16	difficult	difficult	ADJ
fsr-3335	135	17	to	to	PART
fsr-3335	135	18	implement	implement	VERB
fsr-3335	135	19	.	.	PUNCT
fsr-3335	136	1	furthermore	furthermore	ADV
fsr-3335	136	2	,	,	PUNCT
fsr-3335	136	3	the	the	DET
fsr-3335	136	4	coefficients	coefficient	NOUN
fsr-3335	136	5	of	of	ADP
fsr-3335	136	6	the	the	DET
fsr-3335	136	7	vector	vector	NOUN
fsr-3335	136	8	autoregressive	autoregressive	ADJ
fsr-3335	136	9	equation	equation	NOUN
fsr-3335	136	10	must	must	AUX
fsr-3335	136	11	be	be	AUX
fsr-3335	136	12	estimated	estimate	VERB
fsr-3335	136	13	,	,	PUNCT
fsr-3335	136	14	and	and	CCONJ
fsr-3335	136	15	adding	add	VERB
fsr-3335	136	16	numbers	number	NOUN
fsr-3335	136	17	of	of	ADP
fsr-3335	136	18	economic	economic	ADJ
fsr-3335	136	19	variables	variable	NOUN
fsr-3335	136	20	significantly	significantly	ADV
fsr-3335	136	21	reduces	reduce	VERB
fsr-3335	136	22	the	the	DET
fsr-3335	136	23	precision	precision	NOUN
fsr-3335	136	24	of	of	ADP
fsr-3335	136	25	estimated	estimate	VERB
fsr-3335	136	26	parameters	parameter	NOUN
fsr-3335	136	27	(	(	PUNCT
fsr-3335	136	28	campbell	campbell	PROPN
fsr-3335	136	29	and	and	CCONJ
fsr-3335	136	30	viceira	viceira	PROPN
fsr-3335	136	31	,	,	PUNCT
fsr-3335	136	32	2005	2005	NUM
fsr-3335	136	33	)	)	PUNCT
fsr-3335	136	34	.	.	PUNCT
fsr-3335	137	1	with	with	ADP
fsr-3335	137	2	additional	additional	ADJ
fsr-3335	137	3	suitable	suitable	ADJ
fsr-3335	137	4	but	but	CCONJ
fsr-3335	137	5	complex	complex	ADJ
fsr-3335	137	6	extensions	extension	NOUN
fsr-3335	137	7	,	,	PUNCT
fsr-3335	137	8	a	a	DET
fsr-3335	137	9	vector	vector	NOUN
fsr-3335	137	10	autoregressive	autoregressive	ADJ
fsr-3335	137	11	model	model	NOUN
fsr-3335	137	12	can	can	AUX
fsr-3335	137	13	model	model	VERB
fsr-3335	137	14	heteroskedasticity	heteroskedasticity	NOUN
fsr-3335	137	15	and	and	CCONJ
fsr-3335	137	16	,	,	PUNCT
fsr-3335	137	17	therefore	therefore	ADV
fsr-3335	137	18	,	,	PUNCT
fsr-3335	137	19	capture	capture	VERB
fsr-3335	137	20	a	a	DET
fsr-3335	137	21	portfolio	portfolio	NOUN
fsr-3335	137	22	’s	’s	PART
fsr-3335	137	23	time	time	NOUN
fsr-3335	137	24	-	-	PUNCT
fsr-3335	137	25	varying	vary	VERB
fsr-3335	137	26	risk.10	risk.10	NOUN
fsr-3335	137	27	3.7	3.7	NUM
fsr-3335	137	28	.	.	PUNCT
fsr-3335	138	1	regime	regime	NOUN
fsr-3335	138	2	switching	switch	VERB
fsr-3335	138	3	an	an	DET
fsr-3335	138	4	alternative	alternative	NOUN
fsr-3335	138	5	to	to	ADP
fsr-3335	138	6	complex	complex	ADJ
fsr-3335	138	7	vector	vector	NOUN
fsr-3335	138	8	autoregressive	autoregressive	ADJ
fsr-3335	138	9	conditional	conditional	ADJ
fsr-3335	138	10	heteroskedastic	heteroskedastic	ADJ
fsr-3335	138	11	models	model	NOUN
fsr-3335	138	12	is	be	AUX
fsr-3335	138	13	a	a	DET
fsr-3335	138	14	regime	regime	NOUN
fsr-3335	138	15	switching	switch	VERB
fsr-3335	138	16	model.11	model.11	NOUN
fsr-3335	138	17	regime	regime	NOUN
fsr-3335	138	18	switching	switching	NOUN
fsr-3335	138	19	models	model	NOUN
fsr-3335	138	20	assume	assume	VERB
fsr-3335	138	21	returns	return	NOUN
fsr-3335	138	22	come	come	VERB
fsr-3335	138	23	from	from	ADP
fsr-3335	138	24	two	two	NUM
fsr-3335	138	25	,	,	PUNCT
fsr-3335	138	26	or	or	CCONJ
fsr-3335	138	27	more	more	ADJ
fsr-3335	138	28	,	,	PUNCT
fsr-3335	138	29	sets	set	NOUN
fsr-3335	138	30	of	of	ADP
fsr-3335	138	31	probability	probability	NOUN
fsr-3335	138	32	distributions	distribution	NOUN
fsr-3335	138	33	—	—	PUNCT
fsr-3335	138	34	one	one	NUM
fsr-3335	138	35	representing	represent	VERB
fsr-3335	138	36	asset	asset	NOUN
fsr-3335	138	37	price	price	NOUN
fsr-3335	138	38	behavior	behavior	NOUN
fsr-3335	138	39	during	during	ADP
fsr-3335	138	40	states	state	NOUN
fsr-3335	138	41	of	of	ADP
fsr-3335	138	42	normalcy	normalcy	NOUN
fsr-3335	138	43	,	,	PUNCT
fsr-3335	138	44	and	and	CCONJ
fsr-3335	138	45	the	the	DET
fsr-3335	138	46	other(s	other(s	NOUN
fsr-3335	138	47	)	)	PUNCT
fsr-3335	138	48	during	during	ADP
fsr-3335	138	49	financial	financial	ADJ
fsr-3335	138	50	crises	crisis	NOUN
fsr-3335	138	51	.	.	PUNCT
fsr-3335	139	1	when	when	SCONJ
fsr-3335	139	2	financial	financial	ADJ
fsr-3335	139	3	crises	crisis	NOUN
fsr-3335	139	4	occur	occur	VERB
fsr-3335	139	5	,	,	PUNCT
fsr-3335	139	6	markets	market	NOUN
fsr-3335	139	7	are	be	AUX
fsr-3335	139	8	afflicted	afflict	VERB
fsr-3335	139	9	with	with	ADP
fsr-3335	139	10	a	a	DET
fsr-3335	139	11	flight	flight	NOUN
fsr-3335	139	12	to	to	ADP
fsr-3335	139	13	liquidity	liquidity	NOUN
fsr-3335	139	14	and	and	CCONJ
fsr-3335	139	15	with	with	ADP
fsr-3335	139	16	the	the	DET
fsr-3335	139	17	contagion	contagion	NOUN
fsr-3335	139	18	of	of	ADP
fsr-3335	139	19	fear	fear	NOUN
fsr-3335	139	20	.	.	PUNCT
fsr-3335	140	1	expected	expect	VERB
fsr-3335	140	2	returns	return	NOUN
fsr-3335	140	3	fall	fall	VERB
fsr-3335	140	4	,	,	PUNCT
fsr-3335	140	5	volatility	volatility	NOUN
fsr-3335	140	6	increases	increase	NOUN
fsr-3335	140	7	,	,	PUNCT
fsr-3335	140	8	and	and	CCONJ
fsr-3335	140	9	correlations	correlation	NOUN
fsr-3335	140	10	converge	converge	VERB
fsr-3335	140	11	towards	towards	ADP
fsr-3335	140	12	one.12	one.12	DET
fsr-3335	140	13	the	the	DET
fsr-3335	140	14	model	model	NOUN
fsr-3335	140	15	we	we	PRON
fsr-3335	140	16	present	present	VERB
fsr-3335	140	17	in	in	ADP
fsr-3335	140	18	this	this	DET
fsr-3335	140	19	article	article	NOUN
fsr-3335	140	20	generates	generate	VERB
fsr-3335	140	21	asset	asset	NOUN
fsr-3335	140	22	returns	return	NOUN
fsr-3335	140	23	from	from	ADP
fsr-3335	140	24	two	two	NUM
fsr-3335	140	25	separate	separate	ADJ
fsr-3335	140	26	market	market	NOUN
fsr-3335	140	27	regimes	regime	NOUN
fsr-3335	140	28	[	[	X
fsr-3335	140	29	bull	bull	NOUN
fsr-3335	140	30	and	and	CCONJ
fsr-3335	140	31	bear	bear	NOUN
fsr-3335	140	32	]	]	PUNCT
fsr-3335	140	33	,	,	PUNCT
fsr-3335	140	34	with	with	ADP
fsr-3335	140	35	inflation	inflation	NOUN
fsr-3335	140	36	modeled	model	VERB
fsr-3335	140	37	as	as	ADP
fsr-3335	140	38	an	an	DET
fsr-3335	140	39	autoregressive	autoregressive	ADJ
fsr-3335	140	40	process	process	NOUN
fsr-3335	140	41	.	.	PUNCT
fsr-3335	141	1	assuming	assume	VERB
fsr-3335	141	2	a	a	DET
fsr-3335	141	3	two	two	NUM
fsr-3335	141	4	-	-	PUNCT
fsr-3335	141	5	state	state	NOUN
fsr-3335	141	6	model	model	NOUN
fsr-3335	141	7	,	,	PUNCT
fsr-3335	141	8	for	for	ADP
fsr-3335	141	9	each	each	DET
fsr-3335	141	10	simulated	simulate	VERB
fsr-3335	141	11	return	return	NOUN
fsr-3335	141	12	path	path	NOUN
fsr-3335	141	13	,	,	PUNCT
fsr-3335	141	14	the	the	DET
fsr-3335	141	15	regime	regime	NOUN
fsr-3335	141	16	switching	switch	VERB
fsr-3335	141	17	algorithm	algorithm	NOUN
fsr-3335	141	18	calculates	calculate	VERB
fsr-3335	141	19	the	the	DET
fsr-3335	141	20	probability	probability	NOUN
fsr-3335	141	21	either	either	CCONJ
fsr-3335	141	22	that	that	SCONJ
fsr-3335	141	23	the	the	DET
fsr-3335	141	24	underlying	underlie	VERB
fsr-3335	141	25	economy	economy	NOUN
fsr-3335	141	26	will	will	AUX
fsr-3335	141	27	transition	transition	VERB
fsr-3335	141	28	to	to	ADP
fsr-3335	141	29	the	the	DET
fsr-3335	141	30	other	other	ADJ
fsr-3335	141	31	regime	regime	NOUN
fsr-3335	141	32	in	in	ADP
fsr-3335	141	33	the	the	DET
fsr-3335	141	34	next	next	ADJ
fsr-3335	141	35	period	period	NOUN
fsr-3335	141	36	,	,	PUNCT
fsr-3335	141	37	or	or	CCONJ
fsr-3335	141	38	a	a	DET
fsr-3335	141	39	corresponding	corresponding	ADJ
fsr-3335	141	40	probability	probability	NOUN
fsr-3335	141	41	(	(	PUNCT
fsr-3335	141	42	1	1	NUM
fsr-3335	141	43	–	–	PUNCT
fsr-3335	141	44	probability	probability	NOUN
fsr-3335	141	45	of	of	ADP
fsr-3335	141	46	switching	switching	NOUN
fsr-3335	141	47	)	)	PUNCT
fsr-3335	141	48	that	that	SCONJ
fsr-3335	141	49	the	the	DET
fsr-3335	141	50	economy	economy	NOUN
fsr-3335	141	51	will	will	AUX
fsr-3335	141	52	remain	remain	VERB
fsr-3335	141	53	in	in	ADP
fsr-3335	141	54	the	the	DET
fsr-3335	141	55	same	same	ADJ
fsr-3335	141	56	regime	regime	NOUN
fsr-3335	141	57	.	.	PUNCT
fsr-3335	142	1	both	both	PRON
fsr-3335	142	2	ang	ang	NOUN
fsr-3335	142	3	and	and	CCONJ
fsr-3335	142	4	bekaert	bekaert	PROPN
fsr-3335	142	5	(	(	PUNCT
fsr-3335	142	6	2004	2004	NUM
fsr-3335	142	7	)	)	PUNCT
fsr-3335	142	8	,	,	PUNCT
fsr-3335	142	9	and	and	CCONJ
fsr-3335	142	10	kritzman	kritzman	NOUN
fsr-3335	142	11	,	,	PUNCT
fsr-3335	142	12	page	page	NOUN
fsr-3335	142	13	,	,	PUNCT
fsr-3335	142	14	and	and	CCONJ
fsr-3335	142	15	turkington	turkington	PROPN
fsr-3335	142	16	(	(	PUNCT
fsr-3335	142	17	2012	2012	NUM
fsr-3335	142	18	)	)	PUNCT
fsr-3335	142	19	,	,	PUNCT
fsr-3335	142	20	for	for	ADP
fsr-3335	142	21	example	example	NOUN
fsr-3335	142	22	,	,	PUNCT
fsr-3335	142	23	utilize	utilize	VERB
fsr-3335	142	24	a	a	DET
fsr-3335	142	25	variable	variable	ADJ
fsr-3335	142	26	markov	markov	NOUN
fsr-3335	142	27	process	process	NOUN
fsr-3335	142	28	with	with	ADP
fsr-3335	142	29	a	a	DET
fsr-3335	142	30	constant	constant	ADJ
fsr-3335	142	31	transition	transition	NOUN
fsr-3335	142	32	probability	probability	NOUN
fsr-3335	142	33	.	.	PUNCT
fsr-3335	143	1	as	as	SCONJ
fsr-3335	143	2	simulated	simulate	VERB
fsr-3335	143	3	economies	economy	NOUN
fsr-3335	143	4	evolve	evolve	VERB
fsr-3335	143	5	through	through	ADP
fsr-3335	143	6	bull	bull	NOUN
fsr-3335	143	7	and	and	CCONJ
fsr-3335	143	8	bear	bear	NOUN
fsr-3335	143	9	markets	market	NOUN
fsr-3335	143	10	of	of	ADP
fsr-3335	143	11	various	various	ADJ
fsr-3335	143	12	lengths	length	NOUN
fsr-3335	143	13	and	and	CCONJ
fsr-3335	143	14	magnitudes	magnitude	NOUN
fsr-3335	143	15	,	,	PUNCT
fsr-3335	143	16	the	the	DET
fsr-3335	143	17	ang	ang	NOUN
fsr-3335	143	18	and	and	CCONJ
fsr-3335	143	19	bekaert	bekaert	NOUN
fsr-3335	143	20	model	model	NOUN
fsr-3335	143	21	generates	generate	VERB
fsr-3335	143	22	the	the	DET
fsr-3335	143	23	200	200	NUM
fsr-3335	143	24	p.j	p.j	PROPN
fsr-3335	143	25	.	.	PROPN
fsr-3335	143	26	collins	collins	PROPN
fsr-3335	143	27	et	et	PROPN
fsr-3335	143	28	al	al	PROPN
fsr-3335	143	29	.	.	PUNCT
fsr-3335	143	30	/	/	SYM
fsr-3335	143	31	financial	financial	ADJ
fsr-3335	143	32	services	service	NOUN
fsr-3335	143	33	review	review	VERB
fsr-3335	143	34	24	24	NUM
fsr-3335	143	35	(	(	PUNCT
fsr-3335	143	36	2015	2015	NUM
fsr-3335	143	37	)	)	PUNCT
fsr-3335	143	38	193–216	193–216	NUM
fsr-3335	143	39	volatility	volatility	NOUN
fsr-3335	143	40	cluttering	clutter	VERB
fsr-3335	143	41	and	and	CCONJ
fsr-3335	143	42	correlation	correlation	NOUN
fsr-3335	143	43	breakdowns	breakdown	NOUN
fsr-3335	143	44	that	that	PRON
fsr-3335	143	45	characterize	characterize	VERB
fsr-3335	143	46	asset	asset	NOUN
fsr-3335	143	47	price	price	NOUN
fsr-3335	143	48	behaviors	behavior	NOUN
fsr-3335	143	49	in	in	ADP
fsr-3335	143	50	turbulent	turbulent	ADJ
fsr-3335	143	51	market	market	NOUN
fsr-3335	143	52	conditions	condition	NOUN
fsr-3335	143	53	.	.	PUNCT
fsr-3335	144	1	as	as	SCONJ
fsr-3335	144	2	stated	state	VERB
fsr-3335	144	3	,	,	PUNCT
fsr-3335	144	4	an	an	DET
fsr-3335	144	5	advantage	advantage	NOUN
fsr-3335	144	6	of	of	ADP
fsr-3335	144	7	a	a	DET
fsr-3335	144	8	regime	regime	NOUN
fsr-3335	144	9	switching	switch	VERB
fsr-3335	144	10	approach	approach	NOUN
fsr-3335	144	11	is	be	AUX
fsr-3335	144	12	its	its	PRON
fsr-3335	144	13	ability	ability	NOUN
fsr-3335	144	14	to	to	PART
fsr-3335	144	15	capture	capture	VERB
fsr-3335	144	16	dynamic	dynamic	ADJ
fsr-3335	144	17	correlation	correlation	NOUN
fsr-3335	144	18	and	and	CCONJ
fsr-3335	144	19	time	time	NOUN
fsr-3335	144	20	-	-	PUNCT
fsr-3335	144	21	varying	vary	VERB
fsr-3335	144	22	risk	risk	NOUN
fsr-3335	144	23	premia	premia	NOUN
fsr-3335	144	24	.	.	PUNCT
fsr-3335	145	1	thus	thus	ADV
fsr-3335	145	2	,	,	PUNCT
fsr-3335	145	3	instead	instead	ADV
fsr-3335	145	4	of	of	ADP
fsr-3335	145	5	using	use	VERB
fsr-3335	145	6	average	average	ADJ
fsr-3335	145	7	unconditional	unconditional	ADJ
fsr-3335	145	8	correlation	correlation	NOUN
fsr-3335	145	9	values	value	NOUN
fsr-3335	145	10	determined	determine	VERB
fsr-3335	145	11	by	by	ADP
fsr-3335	145	12	the	the	DET
fsr-3335	145	13	historical	historical	ADJ
fsr-3335	145	14	data	datum	NOUN
fsr-3335	145	15	,	,	PUNCT
fsr-3335	145	16	the	the	DET
fsr-3335	145	17	approach	approach	NOUN
fsr-3335	145	18	applies	apply	VERB
fsr-3335	145	19	correlation	correlation	NOUN
fsr-3335	145	20	values	value	NOUN
fsr-3335	145	21	conditioned	condition	VERB
fsr-3335	145	22	on	on	ADP
fsr-3335	145	23	the	the	DET
fsr-3335	145	24	economic	economic	ADJ
fsr-3335	145	25	state	state	NOUN
fsr-3335	145	26	of	of	ADP
fsr-3335	145	27	nature	nature	NOUN
fsr-3335	145	28	.	.	PUNCT
fsr-3335	146	1	for	for	ADP
fsr-3335	146	2	example	example	NOUN
fsr-3335	146	3	,	,	PUNCT
fsr-3335	146	4	over	over	ADP
fsr-3335	146	5	the	the	DET
fsr-3335	146	6	entire	entire	ADJ
fsr-3335	146	7	sample	sample	NOUN
fsr-3335	146	8	period	period	NOUN
fsr-3335	146	9	,	,	PUNCT
fsr-3335	146	10	an	an	DET
fsr-3335	146	11	asset	asset	NOUN
fsr-3335	146	12	class	class	NOUN
fsr-3335	146	13	may	may	AUX
fsr-3335	146	14	exhibit	exhibit	VERB
fsr-3335	146	15	a	a	DET
fsr-3335	146	16	mean	mean	NOUN
fsr-3335	146	17	of	of	ADP
fsr-3335	146	18	10	10	NUM
fsr-3335	146	19	%	%	NOUN
fsr-3335	146	20	and	and	CCONJ
fsr-3335	146	21	a	a	DET
fsr-3335	146	22	standard	standard	ADJ
fsr-3335	146	23	deviation	deviation	NOUN
fsr-3335	146	24	of	of	ADP
fsr-3335	146	25	20	20	NUM
fsr-3335	146	26	%	%	NOUN
fsr-3335	146	27	.	.	PUNCT
fsr-3335	147	1	however	however	ADV
fsr-3335	147	2	,	,	PUNCT
fsr-3335	147	3	during	during	ADP
fsr-3335	147	4	bull	bull	NOUN
fsr-3335	147	5	markets	market	NOUN
fsr-3335	147	6	,	,	PUNCT
fsr-3335	147	7	the	the	DET
fsr-3335	147	8	parameter	parameter	NOUN
fsr-3335	147	9	values	value	NOUN
fsr-3335	147	10	may	may	AUX
fsr-3335	147	11	be	be	AUX
fsr-3335	147	12	�	�	NOUN
fsr-3335	147	13	18	18	NUM
fsr-3335	147	14	%	%	NOUN
fsr-3335	147	15	mean	mean	NOUN
fsr-3335	147	16	and	and	CCONJ
fsr-3335	147	17	15	15	NUM
fsr-3335	147	18	%	%	NOUN
fsr-3335	147	19	standard	standard	ADJ
fsr-3335	147	20	deviation	deviation	NOUN
fsr-3335	147	21	;	;	PUNCT
fsr-3335	147	22	while	while	SCONJ
fsr-3335	147	23	,	,	PUNCT
fsr-3335	147	24	during	during	ADP
fsr-3335	147	25	bear	bear	NOUN
fsr-3335	147	26	markets	market	NOUN
fsr-3335	147	27	,	,	PUNCT
fsr-3335	147	28	the	the	DET
fsr-3335	147	29	parameter	parameter	NOUN
fsr-3335	147	30	values	value	NOUN
fsr-3335	147	31	may	may	AUX
fsr-3335	147	32	be	be	AUX
fsr-3335	147	33	�	�	NOUN
fsr-3335	147	34	23	23	NUM
fsr-3335	147	35	%	%	NOUN
fsr-3335	147	36	and	and	CCONJ
fsr-3335	147	37	25	25	NUM
fsr-3335	147	38	%	%	NOUN
fsr-3335	147	39	respectively	respectively	ADV
fsr-3335	147	40	.	.	PUNCT
fsr-3335	148	1	thus	thus	ADV
fsr-3335	148	2	,	,	PUNCT
fsr-3335	148	3	simply	simply	ADV
fsr-3335	148	4	using	use	VERB
fsr-3335	148	5	the	the	DET
fsr-3335	148	6	unconditional	unconditional	ADJ
fsr-3335	148	7	mean	mean	ADJ
fsr-3335	148	8	,	,	PUNCT
fsr-3335	148	9	standard	standard	ADJ
fsr-3335	148	10	deviation	deviation	NOUN
fsr-3335	148	11	and	and	CCONJ
fsr-3335	148	12	correlation	correlation	NOUN
fsr-3335	148	13	values	value	NOUN
fsr-3335	148	14	for	for	ADP
fsr-3335	148	15	the	the	DET
fsr-3335	148	16	aggregate	aggregate	ADJ
fsr-3335	148	17	historical	historical	ADJ
fsr-3335	148	18	period	period	NOUN
fsr-3335	148	19	can	can	AUX
fsr-3335	148	20	not	not	PART
fsr-3335	148	21	capture	capture	VERB
fsr-3335	148	22	realistic	realistic	ADJ
fsr-3335	148	23	asset	asset	NOUN
fsr-3335	148	24	price	price	NOUN
fsr-3335	148	25	behavior	behavior	NOUN
fsr-3335	148	26	.	.	PUNCT
fsr-3335	149	1	4	4	X
fsr-3335	149	2	.	.	X
fsr-3335	149	3	inflation	inflation	NOUN
fsr-3335	149	4	and	and	CCONJ
fsr-3335	149	5	model	model	NOUN
fsr-3335	149	6	risk	risk	NOUN
fsr-3335	149	7	given	give	VERB
fsr-3335	149	8	the	the	DET
fsr-3335	149	9	number	number	NOUN
fsr-3335	149	10	of	of	ADP
fsr-3335	149	11	modeling	modeling	NOUN
fsr-3335	149	12	approaches	approach	NOUN
fsr-3335	149	13	,	,	PUNCT
fsr-3335	149	14	it	it	PRON
fsr-3335	149	15	should	should	AUX
fsr-3335	149	16	not	not	PART
fsr-3335	149	17	be	be	AUX
fsr-3335	149	18	surprising	surprising	ADJ
fsr-3335	149	19	to	to	PART
fsr-3335	149	20	find	find	VERB
fsr-3335	149	21	that	that	SCONJ
fsr-3335	149	22	there	there	PRON
fsr-3335	149	23	is	be	VERB
fsr-3335	149	24	a	a	DET
fsr-3335	149	25	correspondingly	correspondingly	ADV
fsr-3335	149	26	wide	wide	ADJ
fsr-3335	149	27	range	range	NOUN
fsr-3335	149	28	of	of	ADP
fsr-3335	149	29	model	model	NOUN
fsr-3335	149	30	outputs	output	NOUN
fsr-3335	149	31	.	.	PUNCT
fsr-3335	150	1	however	however	ADV
fsr-3335	150	2	,	,	PUNCT
fsr-3335	150	3	the	the	DET
fsr-3335	150	4	investor	investor	NOUN
fsr-3335	150	5	,	,	PUNCT
fsr-3335	150	6	or	or	CCONJ
fsr-3335	150	7	advisor	advisor	NOUN
fsr-3335	150	8	,	,	PUNCT
fsr-3335	150	9	may	may	AUX
fsr-3335	150	10	base	base	VERB
fsr-3335	150	11	decision	decision	NOUN
fsr-3335	150	12	making	make	VERB
fsr-3335	150	13	on	on	ADP
fsr-3335	150	14	the	the	DET
fsr-3335	150	15	output	output	NOUN
fsr-3335	150	16	from	from	ADP
fsr-3335	150	17	only	only	ADV
fsr-3335	150	18	one	one	NUM
fsr-3335	150	19	type	type	NOUN
fsr-3335	150	20	of	of	ADP
fsr-3335	150	21	modeling	modeling	NOUN
fsr-3335	150	22	approach	approach	NOUN
fsr-3335	150	23	;	;	PUNCT
fsr-3335	150	24	and	and	CCONJ
fsr-3335	150	25	,	,	PUNCT
fsr-3335	150	26	furthermore	furthermore	ADV
fsr-3335	150	27	,	,	PUNCT
fsr-3335	150	28	may	may	AUX
fsr-3335	150	29	not	not	PART
fsr-3335	150	30	realize	realize	VERB
fsr-3335	150	31	that	that	SCONJ
fsr-3335	150	32	even	even	ADV
fsr-3335	150	33	this	this	DET
fsr-3335	150	34	single	single	ADJ
fsr-3335	150	35	-	-	PUNCT
fsr-3335	150	36	perspective	perspective	NOUN
fsr-3335	150	37	view	view	NOUN
fsr-3335	150	38	of	of	ADP
fsr-3335	150	39	retirement	retirement	NOUN
fsr-3335	150	40	risk	risk	NOUN
fsr-3335	150	41	may	may	AUX
fsr-3335	150	42	flow	flow	VERB
fsr-3335	150	43	from	from	ADP
fsr-3335	150	44	a	a	DET
fsr-3335	150	45	model	model	NOUN
fsr-3335	150	46	that	that	PRON
fsr-3335	150	47	incorporates	incorporate	VERB
fsr-3335	150	48	oversimplified	oversimplified	ADJ
fsr-3335	150	49	assumptions	assumption	NOUN
fsr-3335	150	50	regarding	regard	VERB
fsr-3335	150	51	critical	critical	ADJ
fsr-3335	150	52	factors	factor	NOUN
fsr-3335	150	53	such	such	ADJ
fsr-3335	150	54	as	as	ADP
fsr-3335	150	55	inflation	inflation	NOUN
fsr-3335	150	56	,	,	PUNCT
fsr-3335	150	57	investment	investment	NOUN
fsr-3335	150	58	costs	cost	NOUN
fsr-3335	150	59	,	,	PUNCT
fsr-3335	150	60	and	and	CCONJ
fsr-3335	150	61	rebalance	rebalance	NOUN
fsr-3335	150	62	frequency	frequency	NOUN
fsr-3335	150	63	.	.	PUNCT
fsr-3335	151	1	here	here	ADV
fsr-3335	151	2	is	be	AUX
fsr-3335	151	3	the	the	DET
fsr-3335	151	4	critical	critical	ADJ
fsr-3335	151	5	point	point	NOUN
fsr-3335	151	6	:	:	PUNCT
fsr-3335	151	7	variations	variation	NOUN
fsr-3335	151	8	in	in	ADP
fsr-3335	151	9	a	a	DET
fsr-3335	151	10	model	model	NOUN
fsr-3335	151	11	’s	’s	PART
fsr-3335	151	12	mathematical	mathematical	ADJ
fsr-3335	151	13	structure	structure	NOUN
fsr-3335	151	14	and	and	CCONJ
fsr-3335	151	15	input	input	NOUN
fsr-3335	151	16	assumptions	assumption	NOUN
fsr-3335	151	17	can	can	AUX
fsr-3335	151	18	lead	lead	VERB
fsr-3335	151	19	to	to	ADP
fsr-3335	151	20	outputs	output	NOUN
fsr-3335	151	21	suggesting	suggest	VERB
fsr-3335	151	22	drastically	drastically	ADV
fsr-3335	151	23	different	different	ADJ
fsr-3335	151	24	conclusions	conclusion	NOUN
fsr-3335	151	25	regarding	regard	VERB
fsr-3335	151	26	the	the	DET
fsr-3335	151	27	suitability	suitability	NOUN
fsr-3335	151	28	of	of	ADP
fsr-3335	151	29	current	current	ADJ
fsr-3335	151	30	asset	asset	NOUN
fsr-3335	151	31	management	management	NOUN
fsr-3335	151	32	policies	policy	NOUN
fsr-3335	151	33	to	to	ADP
fsr-3335	151	34	a	a	DET
fsr-3335	151	35	client	client	NOUN
fsr-3335	151	36	’s	’s	PART
fsr-3335	151	37	financial	financial	ADJ
fsr-3335	151	38	objectives	objective	NOUN
fsr-3335	151	39	.	.	PUNCT
fsr-3335	152	1	for	for	ADP
fsr-3335	152	2	example	example	NOUN
fsr-3335	152	3	,	,	PUNCT
fsr-3335	152	4	even	even	ADV
fsr-3335	152	5	within	within	ADP
fsr-3335	152	6	the	the	DET
fsr-3335	152	7	simplistic	simplistic	ADJ
fsr-3335	152	8	rolling	rolling	ADJ
fsr-3335	152	9	period	period	NOUN
fsr-3335	152	10	analysis	analysis	NOUN
fsr-3335	152	11	approach	approach	NOUN
fsr-3335	152	12	,	,	PUNCT
fsr-3335	152	13	using	use	VERB
fsr-3335	152	14	historical	historical	ADJ
fsr-3335	152	15	returns	return	NOUN
fsr-3335	152	16	spanning	span	VERB
fsr-3335	152	17	different	different	ADJ
fsr-3335	152	18	time	time	NOUN
fsr-3335	152	19	periods	period	NOUN
fsr-3335	152	20	or	or	CCONJ
fsr-3335	152	21	varying	vary	VERB
fsr-3335	152	22	the	the	DET
fsr-3335	152	23	size	size	NOUN
fsr-3335	152	24	of	of	ADP
fsr-3335	152	25	the	the	DET
fsr-3335	152	26	rolling	rolling	ADJ
fsr-3335	152	27	window	window	NOUN
fsr-3335	152	28	can	can	AUX
fsr-3335	152	29	generate	generate	VERB
fsr-3335	152	30	substantially	substantially	ADV
fsr-3335	152	31	different	different	ADJ
fsr-3335	152	32	success	success	NOUN
fsr-3335	152	33	or	or	CCONJ
fsr-3335	152	34	failure	failure	NOUN
fsr-3335	152	35	probabilities	probability	NOUN
fsr-3335	152	36	.	.	PUNCT
fsr-3335	153	1	understanding	understand	VERB
fsr-3335	153	2	such	such	ADJ
fsr-3335	153	3	sensitivities	sensitivity	NOUN
fsr-3335	153	4	is	be	AUX
fsr-3335	153	5	essential	essential	ADJ
fsr-3335	153	6	to	to	ADP
fsr-3335	153	7	discerning	discern	VERB
fsr-3335	153	8	the	the	DET
fsr-3335	153	9	trustworthiness	trustworthiness	NOUN
fsr-3335	153	10	of	of	ADP
fsr-3335	153	11	outputs	output	NOUN
fsr-3335	153	12	from	from	ADP
fsr-3335	153	13	a	a	DET
fsr-3335	153	14	retirement	retirement	NOUN
fsr-3335	153	15	income	income	NOUN
fsr-3335	153	16	risk	risk	NOUN
fsr-3335	153	17	model	model	NOUN
fsr-3335	153	18	.	.	PUNCT
fsr-3335	154	1	to	to	PART
fsr-3335	154	2	illustrate	illustrate	VERB
fsr-3335	154	3	model	model	NOUN
fsr-3335	154	4	risk	risk	NOUN
fsr-3335	154	5	under	under	ADP
fsr-3335	154	6	a	a	DET
fsr-3335	154	7	sustainability	sustainability	NOUN
fsr-3335	154	8	risk	risk	NOUN
fsr-3335	154	9	metric	metric	NOUN
fsr-3335	154	10	,	,	PUNCT
fsr-3335	154	11	we	we	PRON
fsr-3335	154	12	present	present	VERB
fsr-3335	154	13	outputs	output	NOUN
fsr-3335	154	14	from	from	ADP
fsr-3335	154	15	our	our	PRON
fsr-3335	154	16	proprietary	proprietary	ADJ
fsr-3335	154	17	risk	risk	NOUN
fsr-3335	154	18	modeling	modeling	NOUN
fsr-3335	154	19	system	system	NOUN
fsr-3335	154	20	which	which	PRON
fsr-3335	154	21	has	have	VERB
fsr-3335	154	22	the	the	DET
fsr-3335	154	23	capacity	capacity	NOUN
fsr-3335	154	24	to	to	PART
fsr-3335	154	25	illustrate	illustrate	VERB
fsr-3335	154	26	simulated	simulated	ADJ
fsr-3335	154	27	outputs	output	NOUN
fsr-3335	154	28	under	under	ADP
fsr-3335	154	29	varying	vary	VERB
fsr-3335	154	30	asset	asset	NOUN
fsr-3335	154	31	management	management	NOUN
fsr-3335	154	32	and	and	CCONJ
fsr-3335	154	33	modeling	modeling	NOUN
fsr-3335	154	34	approaches	approach	NOUN
fsr-3335	154	35	.	.	PUNCT
fsr-3335	155	1	the	the	DET
fsr-3335	155	2	initial	initial	ADJ
fsr-3335	155	3	model	model	NOUN
fsr-3335	155	4	incorporates	incorporate	VERB
fsr-3335	155	5	only	only	ADV
fsr-3335	155	6	a	a	DET
fsr-3335	155	7	few	few	ADJ
fsr-3335	155	8	basic	basic	ADJ
fsr-3335	155	9	variables	variable	NOUN
fsr-3335	155	10	and	and	CCONJ
fsr-3335	155	11	reflects	reflect	VERB
fsr-3335	155	12	a	a	DET
fsr-3335	155	13	simple	simple	ADJ
fsr-3335	155	14	bell	bell	ADJ
fsr-3335	155	15	-	-	PUNCT
fsr-3335	155	16	curve	curve	NOUN
fsr-3335	155	17	structure	structure	NOUN
fsr-3335	155	18	for	for	ADP
fsr-3335	155	19	the	the	DET
fsr-3335	155	20	distribution	distribution	NOUN
fsr-3335	155	21	of	of	ADP
fsr-3335	155	22	future	future	ADJ
fsr-3335	155	23	investment	investment	NOUN
fsr-3335	155	24	returns	return	NOUN
fsr-3335	155	25	.	.	PUNCT
fsr-3335	156	1	we	we	PRON
fsr-3335	156	2	then	then	ADV
fsr-3335	156	3	utilize	utilize	VERB
fsr-3335	156	4	risk	risk	NOUN
fsr-3335	156	5	models	model	NOUN
fsr-3335	156	6	that	that	PRON
fsr-3335	156	7	incorporate	incorporate	VERB
fsr-3335	156	8	more	more	ADJ
fsr-3335	156	9	variables	variable	NOUN
fsr-3335	156	10	and	and	CCONJ
fsr-3335	156	11	that	that	PRON
fsr-3335	156	12	allow	allow	VERB
fsr-3335	156	13	for	for	ADP
fsr-3335	156	14	greater	great	ADJ
fsr-3335	156	15	modeling	modeling	NOUN
fsr-3335	156	16	flexibility	flexibility	NOUN
fsr-3335	156	17	.	.	PUNCT
fsr-3335	157	1	we	we	PRON
fsr-3335	157	2	demonstrate	demonstrate	VERB
fsr-3335	157	3	how	how	SCONJ
fsr-3335	157	4	an	an	DET
fsr-3335	157	5	oversimplified	oversimplified	ADJ
fsr-3335	157	6	model	model	NOUN
fsr-3335	157	7	—	—	PUNCT
fsr-3335	157	8	many	many	ADJ
fsr-3335	157	9	of	of	ADP
fsr-3335	157	10	which	which	PRON
fsr-3335	157	11	form	form	VERB
fsr-3335	157	12	the	the	DET
fsr-3335	157	13	basis	basis	NOUN
fsr-3335	157	14	for	for	ADP
fsr-3335	157	15	normative	normative	ADJ
fsr-3335	157	16	articles	article	NOUN
fsr-3335	157	17	in	in	ADP
fsr-3335	157	18	the	the	DET
fsr-3335	157	19	financial	financial	ADJ
fsr-3335	157	20	press	press	NOUN
fsr-3335	157	21	—	—	PUNCT
fsr-3335	157	22	may	may	AUX
fsr-3335	157	23	seriously	seriously	ADV
fsr-3335	157	24	distort	distort	VERB
fsr-3335	157	25	the	the	DET
fsr-3335	157	26	risks	risk	NOUN
fsr-3335	157	27	faced	face	VERB
fsr-3335	157	28	by	by	ADP
fsr-3335	157	29	retired	retired	ADJ
fsr-3335	157	30	investors	investor	NOUN
fsr-3335	157	31	.	.	PUNCT
fsr-3335	158	1	consider	consider	VERB
fsr-3335	158	2	a	a	DET
fsr-3335	158	3	simple	simple	ADJ
fsr-3335	158	4	,	,	PUNCT
fsr-3335	158	5	annually	annually	ADV
fsr-3335	158	6	rebalanced	rebalance	VERB
fsr-3335	158	7	,	,	PUNCT
fsr-3335	158	8	two	two	NUM
fsr-3335	158	9	asset	asset	NOUN
fsr-3335	158	10	class	class	NOUN
fsr-3335	158	11	portfolio	portfolio	NOUN
fsr-3335	158	12	,	,	PUNCT
fsr-3335	158	13	allocated	allocate	VERB
fsr-3335	158	14	70	70	NUM
fsr-3335	158	15	%	%	NOUN
fsr-3335	158	16	to	to	ADP
fsr-3335	158	17	u.s	u.s	PROPN
fsr-3335	158	18	.	.	PROPN
fsr-3335	158	19	equities	equity	NOUN
fsr-3335	158	20	and	and	CCONJ
fsr-3335	158	21	30	30	NUM
fsr-3335	158	22	%	%	NOUN
fsr-3335	158	23	to	to	ADP
fsr-3335	158	24	u.s	u.s	PROPN
fsr-3335	158	25	.	.	PROPN
fsr-3335	158	26	bonds	bond	NOUN
fsr-3335	158	27	.	.	PUNCT
fsr-3335	159	1	initially	initially	ADV
fsr-3335	159	2	,	,	PUNCT
fsr-3335	159	3	the	the	DET
fsr-3335	159	4	model	model	NOUN
fsr-3335	159	5	ignores	ignore	VERB
fsr-3335	159	6	fees	fee	NOUN
fsr-3335	159	7	,	,	PUNCT
fsr-3335	159	8	taxes	taxis	NOUN
fsr-3335	159	9	,	,	PUNCT
fsr-3335	159	10	and	and	CCONJ
fsr-3335	159	11	transaction	transaction	NOUN
fsr-3335	159	12	costs	cost	NOUN
fsr-3335	159	13	.	.	PUNCT
fsr-3335	160	1	the	the	DET
fsr-3335	160	2	model	model	NOUN
fsr-3335	160	3	assumes	assume	VERB
fsr-3335	160	4	normally	normally	ADV
fsr-3335	160	5	distributed	distribute	VERB
fsr-3335	160	6	asset	asset	NOUN
fsr-3335	160	7	returns	return	NOUN
fsr-3335	160	8	parameterized	parameterize	VERB
fsr-3335	160	9	by	by	ADP
fsr-3335	160	10	historical	historical	ADJ
fsr-3335	160	11	averages	average	NOUN
fsr-3335	160	12	and	and	CCONJ
fsr-3335	160	13	standard	standard	ADJ
fsr-3335	160	14	deviations	deviation	NOUN
fsr-3335	160	15	.	.	PUNCT
fsr-3335	161	1	portfolio	portfolio	NOUN
fsr-3335	161	2	price	price	NOUN
fsr-3335	161	3	evolutions	evolution	NOUN
fsr-3335	161	4	are	be	AUX
fsr-3335	161	5	multivariate	multivariate	NOUN
fsr-3335	161	6	normal	normal	ADJ
fsr-3335	161	7	,	,	PUNCT
fsr-3335	161	8	where	where	SCONJ
fsr-3335	161	9	the	the	DET
fsr-3335	161	10	process	process	NOUN
fsr-3335	161	11	derives	derive	VERB
fsr-3335	161	12	from	from	ADP
fsr-3335	161	13	a	a	DET
fsr-3335	161	14	single	single	ADJ
fsr-3335	161	15	variance	variance	NOUN
fsr-3335	161	16	/	/	SYM
fsr-3335	161	17	covariance	covariance	NOUN
fsr-3335	161	18	matrix	matrix	NOUN
fsr-3335	161	19	assuming	assume	VERB
fsr-3335	161	20	static	static	ADJ
fsr-3335	161	21	(	(	PUNCT
fsr-3335	161	22	average	average	ADJ
fsr-3335	161	23	historical	historical	ADJ
fsr-3335	161	24	)	)	PUNCT
fsr-3335	161	25	correlation	correlation	NOUN
fsr-3335	161	26	values	value	NOUN
fsr-3335	161	27	for	for	ADP
fsr-3335	161	28	all	all	DET
fsr-3335	161	29	future	future	ADJ
fsr-3335	161	30	economies	economy	NOUN
fsr-3335	161	31	.	.	PUNCT
fsr-3335	162	1	the	the	DET
fsr-3335	162	2	initial	initial	ADJ
fsr-3335	162	3	portfolio	portfolio	NOUN
fsr-3335	162	4	value	value	NOUN
fsr-3335	162	5	is	be	AUX
fsr-3335	162	6	$	$	SYM
fsr-3335	162	7	1,250,000	1,250,000	NUM
fsr-3335	162	8	with	with	ADP
fsr-3335	162	9	an	an	DET
fsr-3335	162	10	annual	annual	ADJ
fsr-3335	162	11	inflation	inflation	NOUN
fsr-3335	162	12	-	-	PUNCT
fsr-3335	162	13	adjusted	adjust	VERB
fsr-3335	162	14	withdrawal	withdrawal	NOUN
fsr-3335	162	15	of	of	ADP
fsr-3335	162	16	$	$	SYM
fsr-3335	162	17	60,000	60,000	NUM
fsr-3335	162	18	for	for	ADP
fsr-3335	162	19	exactly	exactly	ADV
fsr-3335	162	20	30	30	NUM
fsr-3335	162	21	years	year	NOUN
fsr-3335	162	22	.	.	PUNCT
fsr-3335	163	1	the	the	DET
fsr-3335	163	2	portfolio	portfolio	NOUN
fsr-3335	163	3	consists	consist	VERB
fsr-3335	163	4	of	of	ADP
fsr-3335	163	5	only	only	ADV
fsr-3335	163	6	two	two	NUM
fsr-3335	163	7	asset	asset	NOUN
fsr-3335	163	8	classes	class	NOUN
fsr-3335	163	9	and	and	CCONJ
fsr-3335	163	10	,	,	PUNCT
fsr-3335	163	11	therefore	therefore	ADV
fsr-3335	163	12	,	,	PUNCT
fsr-3335	163	13	is	be	AUX
fsr-3335	163	14	not	not	PART
fsr-3335	163	15	well	well	ADV
fsr-3335	163	16	diversified	diversified	ADJ
fsr-3335	163	17	.	.	PUNCT
fsr-3335	164	1	201p.j	201p.j	X
fsr-3335	164	2	.	.	PUNCT
fsr-3335	165	1	collins	collins	PROPN
fsr-3335	165	2	et	et	PROPN
fsr-3335	165	3	al	al	PROPN
fsr-3335	165	4	.	.	PUNCT
fsr-3335	165	5	/	/	SYM
fsr-3335	165	6	financial	financial	ADJ
fsr-3335	165	7	services	service	NOUN
fsr-3335	165	8	review	review	VERB
fsr-3335	165	9	24	24	NUM
fsr-3335	165	10	(	(	PUNCT
fsr-3335	165	11	2015	2015	NUM
fsr-3335	165	12	)	)	PUNCT
fsr-3335	165	13	193–216	193–216	NUM
fsr-3335	165	14	to	to	PART
fsr-3335	165	15	best	well	ADV
fsr-3335	165	16	illustrate	illustrate	VERB
fsr-3335	165	17	the	the	DET
fsr-3335	165	18	risk	risk	NOUN
fsr-3335	165	19	of	of	ADP
fsr-3335	165	20	relying	rely	VERB
fsr-3335	165	21	on	on	ADP
fsr-3335	165	22	over	over	ADP
fsr-3335	165	23	-	-	PUNCT
fsr-3335	165	24	simplistic	simplistic	ADJ
fsr-3335	165	25	retirement	retirement	NOUN
fsr-3335	165	26	income	income	NOUN
fsr-3335	165	27	risk	risk	NOUN
fsr-3335	165	28	models	model	NOUN
fsr-3335	165	29	,	,	PUNCT
fsr-3335	165	30	we	we	PRON
fsr-3335	165	31	focus	focus	VERB
fsr-3335	165	32	on	on	ADP
fsr-3335	165	33	the	the	DET
fsr-3335	165	34	inflation	inflation	NOUN
fsr-3335	165	35	variable	variable	NOUN
fsr-3335	165	36	.	.	PUNCT
fsr-3335	166	1	a	a	DET
fsr-3335	166	2	common	common	ADJ
fsr-3335	166	3	way	way	NOUN
fsr-3335	166	4	to	to	PART
fsr-3335	166	5	incorporate	incorporate	VERB
fsr-3335	166	6	inflation	inflation	NOUN
fsr-3335	166	7	into	into	ADP
fsr-3335	166	8	a	a	DET
fsr-3335	166	9	risk	risk	NOUN
fsr-3335	166	10	model	model	NOUN
fsr-3335	166	11	is	be	AUX
fsr-3335	166	12	to	to	PART
fsr-3335	166	13	assume	assume	VERB
fsr-3335	166	14	a	a	DET
fsr-3335	166	15	constant	constant	ADJ
fsr-3335	166	16	rate	rate	NOUN
fsr-3335	166	17	.	.	PUNCT
fsr-3335	167	1	however	however	ADV
fsr-3335	167	2	,	,	PUNCT
fsr-3335	167	3	retirement	retirement	NOUN
fsr-3335	167	4	income	income	NOUN
fsr-3335	167	5	risk	risk	NOUN
fsr-3335	167	6	models	model	NOUN
fsr-3335	167	7	are	be	AUX
fsr-3335	167	8	hypersensitive	hypersensitive	ADJ
fsr-3335	167	9	to	to	ADP
fsr-3335	167	10	the	the	DET
fsr-3335	167	11	level	level	NOUN
fsr-3335	167	12	of	of	ADP
fsr-3335	167	13	assumed	assume	VERB
fsr-3335	167	14	inflation	inflation	NOUN
fsr-3335	167	15	with	with	ADP
fsr-3335	167	16	the	the	DET
fsr-3335	167	17	result	result	NOUN
fsr-3335	167	18	that	that	SCONJ
fsr-3335	167	19	success	success	NOUN
fsr-3335	167	20	or	or	CCONJ
fsr-3335	167	21	failure	failure	NOUN
fsr-3335	167	22	probability	probability	NOUN
fsr-3335	167	23	assessments	assessment	NOUN
fsr-3335	167	24	may	may	AUX
fsr-3335	167	25	differ	differ	VERB
fsr-3335	167	26	widely	widely	ADV
fsr-3335	167	27	.	.	PUNCT
fsr-3335	168	1	table	table	NOUN
fsr-3335	168	2	1	1	NUM
fsr-3335	168	3	exhibits	exhibit	VERB
fsr-3335	168	4	the	the	DET
fsr-3335	168	5	inflation	inflation	NOUN
fsr-3335	168	6	adjusted	adjust	VERB
fsr-3335	168	7	results	result	NOUN
fsr-3335	168	8	of	of	ADP
fsr-3335	168	9	our	our	PRON
fsr-3335	168	10	two	two	NUM
fsr-3335	168	11	-	-	PUNCT
fsr-3335	168	12	asset	asset	NOUN
fsr-3335	168	13	class	class	NOUN
fsr-3335	168	14	model	model	NOUN
fsr-3335	168	15	under	under	ADP
fsr-3335	168	16	three	three	NUM
fsr-3335	168	17	different	different	ADJ
fsr-3335	168	18	levels	level	NOUN
fsr-3335	168	19	of	of	ADP
fsr-3335	168	20	fixed	fix	VERB
fsr-3335	168	21	inflation	inflation	NOUN
fsr-3335	168	22	:	:	PUNCT
fsr-3335	168	23	3	3	NUM
fsr-3335	168	24	%	%	NOUN
fsr-3335	168	25	,	,	PUNCT
fsr-3335	168	26	4	4	NUM
fsr-3335	168	27	%	%	NOUN
fsr-3335	168	28	,	,	PUNCT
fsr-3335	168	29	and	and	CCONJ
fsr-3335	168	30	5	5	NUM
fsr-3335	168	31	%	%	NOUN
fsr-3335	168	32	.	.	PUNCT
fsr-3335	169	1	a	a	DET
fsr-3335	169	2	one	one	NUM
fsr-3335	169	3	percentage	percentage	NOUN
fsr-3335	169	4	point	point	NOUN
fsr-3335	169	5	difference	difference	NOUN
fsr-3335	169	6	in	in	ADP
fsr-3335	169	7	the	the	DET
fsr-3335	169	8	assumed	assume	VERB
fsr-3335	169	9	rate	rate	NOUN
fsr-3335	169	10	generates	generate	VERB
fsr-3335	169	11	a	a	DET
fsr-3335	169	12	marked	mark	VERB
fsr-3335	169	13	divergence	divergence	NOUN
fsr-3335	169	14	in	in	ADP
fsr-3335	169	15	ending	end	VERB
fsr-3335	169	16	portfolio	portfolio	NOUN
fsr-3335	169	17	values	value	NOUN
fsr-3335	169	18	.	.	PUNCT
fsr-3335	170	1	at	at	ADP
fsr-3335	170	2	the	the	DET
fsr-3335	170	3	median,13	median,13	NOUN
fsr-3335	170	4	the	the	DET
fsr-3335	170	5	model	model	NOUN
fsr-3335	170	6	assuming	assume	VERB
fsr-3335	170	7	3	3	NUM
fsr-3335	170	8	%	%	NOUN
fsr-3335	170	9	inflation	inflation	NOUN
fsr-3335	170	10	yields	yield	VERB
fsr-3335	170	11	an	an	DET
fsr-3335	170	12	ending	end	VERB
fsr-3335	170	13	value	value	NOUN
fsr-3335	170	14	worth	worth	ADJ
fsr-3335	170	15	roughly	roughly	ADV
fsr-3335	170	16	a	a	DET
fsr-3335	170	17	million	million	NUM
fsr-3335	170	18	dollars	dollar	NOUN
fsr-3335	170	19	more	more	ADJ
fsr-3335	170	20	in	in	ADP
fsr-3335	170	21	goods	good	NOUN
fsr-3335	170	22	and	and	CCONJ
fsr-3335	170	23	services	service	NOUN
fsr-3335	170	24	than	than	ADP
fsr-3335	170	25	the	the	DET
fsr-3335	170	26	model	model	NOUN
fsr-3335	170	27	assuming	assume	VERB
fsr-3335	170	28	4	4	NUM
fsr-3335	170	29	%	%	NOUN
fsr-3335	170	30	inflation	inflation	NOUN
fsr-3335	170	31	.	.	PUNCT
fsr-3335	171	1	in	in	ADP
fsr-3335	171	2	terms	term	NOUN
fsr-3335	171	3	of	of	ADP
fsr-3335	171	4	the	the	DET
fsr-3335	171	5	75	75	NUM
fsr-3335	171	6	%	%	NOUN
fsr-3335	171	7	probability	probability	NOUN
fsr-3335	171	8	of	of	ADP
fsr-3335	171	9	sustainability	sustainability	NOUN
fsr-3335	171	10	benchmark	benchmark	NOUN
fsr-3335	171	11	,	,	PUNCT
fsr-3335	171	12	the	the	DET
fsr-3335	171	13	outcomes	outcome	NOUN
fsr-3335	171	14	of	of	ADP
fsr-3335	171	15	both	both	CCONJ
fsr-3335	171	16	the	the	DET
fsr-3335	171	17	3	3	NUM
fsr-3335	171	18	%	%	NOUN
fsr-3335	171	19	and	and	CCONJ
fsr-3335	171	20	4	4	NUM
fsr-3335	171	21	%	%	NOUN
fsr-3335	171	22	inflation	inflation	NOUN
fsr-3335	171	23	models	model	NOUN
fsr-3335	171	24	are	be	AUX
fsr-3335	171	25	acceptable	acceptable	ADJ
fsr-3335	171	26	(	(	PUNCT
fsr-3335	171	27	sustainability	sustainability	NOUN
fsr-3335	171	28	rate	rate	NOUN
fsr-3335	171	29	�	�	PROPN
fsr-3335	172	1	[	[	X
fsr-3335	172	2	1	1	NUM
fsr-3335	172	3	–	–	PUNCT
fsr-3335	172	4	bankruptcy	bankruptcy	NOUN
fsr-3335	172	5	rate	rate	NOUN
fsr-3335	172	6	]	]	PUNCT
fsr-3335	172	7	)	)	PUNCT
fsr-3335	172	8	.	.	PUNCT
fsr-3335	173	1	the	the	DET
fsr-3335	173	2	3	3	NUM
fsr-3335	173	3	%	%	NOUN
fsr-3335	173	4	inflation	inflation	NOUN
fsr-3335	173	5	input	input	NOUN
fsr-3335	173	6	yields	yield	VERB
fsr-3335	173	7	a	a	DET
fsr-3335	173	8	91	91	NUM
fsr-3335	173	9	%	%	NOUN
fsr-3335	173	10	sustainability	sustainability	NOUN
fsr-3335	173	11	rate	rate	NOUN
fsr-3335	173	12	,	,	PUNCT
fsr-3335	173	13	which	which	PRON
fsr-3335	173	14	is	be	AUX
fsr-3335	173	15	fully	fully	ADV
fsr-3335	173	16	9	9	NUM
fsr-3335	173	17	%	%	NOUN
fsr-3335	173	18	higher	high	ADJ
fsr-3335	173	19	than	than	ADP
fsr-3335	173	20	the	the	DET
fsr-3335	173	21	4	4	NUM
fsr-3335	173	22	%	%	NOUN
fsr-3335	173	23	inflation	inflation	NOUN
fsr-3335	173	24	input	input	NOUN
fsr-3335	173	25	’s	’s	PART
fsr-3335	173	26	82	82	NUM
fsr-3335	173	27	%	%	NOUN
fsr-3335	173	28	sustainability	sustainability	NOUN
fsr-3335	173	29	rate	rate	NOUN
fsr-3335	173	30	.	.	PUNCT
fsr-3335	174	1	inflation	inflation	NOUN
fsr-3335	174	2	,	,	PUNCT
fsr-3335	174	3	however	however	ADV
fsr-3335	174	4	,	,	PUNCT
fsr-3335	174	5	is	be	AUX
fsr-3335	174	6	not	not	PART
fsr-3335	174	7	constant	constant	ADJ
fsr-3335	174	8	;	;	PUNCT
fsr-3335	174	9	and	and	CCONJ
fsr-3335	174	10	,	,	PUNCT
fsr-3335	174	11	dealing	deal	VERB
fsr-3335	174	12	with	with	ADP
fsr-3335	174	13	inflation	inflation	NOUN
fsr-3335	174	14	in	in	ADP
fsr-3335	174	15	such	such	DET
fsr-3335	174	16	an	an	DET
fsr-3335	174	17	oversimplified	oversimplified	ADJ
fsr-3335	174	18	manner	manner	NOUN
fsr-3335	174	19	produces	produce	VERB
fsr-3335	174	20	implausible	implausible	ADJ
fsr-3335	174	21	outputs	output	NOUN
fsr-3335	174	22	.	.	PUNCT
fsr-3335	175	1	more	more	ADV
fsr-3335	175	2	credible	credible	ADJ
fsr-3335	175	3	risk	risk	NOUN
fsr-3335	175	4	models	model	NOUN
fsr-3335	175	5	treat	treat	VERB
fsr-3335	175	6	inflation	inflation	NOUN
fsr-3335	175	7	as	as	ADP
fsr-3335	175	8	a	a	DET
fsr-3335	175	9	random	random	ADJ
fsr-3335	175	10	variable	variable	NOUN
fsr-3335	175	11	.	.	PUNCT
fsr-3335	176	1	alongside	alongside	ADP
fsr-3335	176	2	the	the	DET
fsr-3335	176	3	three	three	NUM
fsr-3335	176	4	constant	constant	ADJ
fsr-3335	176	5	inflation	inflation	NOUN
fsr-3335	176	6	outputs	output	NOUN
fsr-3335	176	7	in	in	ADP
fsr-3335	176	8	table	table	NOUN
fsr-3335	176	9	1	1	NUM
fsr-3335	176	10	are	be	AUX
fsr-3335	176	11	two	two	NUM
fsr-3335	176	12	additional	additional	ADJ
fsr-3335	176	13	outputs	output	NOUN
fsr-3335	176	14	,	,	PUNCT
fsr-3335	176	15	one	one	NUM
fsr-3335	176	16	based	base	VERB
fsr-3335	176	17	on	on	ADP
fsr-3335	176	18	inputting	inputte	VERB
fsr-3335	176	19	inflation	inflation	NOUN
fsr-3335	176	20	starting	start	VERB
fsr-3335	176	21	at	at	ADP
fsr-3335	176	22	its	its	PRON
fsr-3335	176	23	long	long	ADJ
fsr-3335	176	24	term	term	NOUN
fsr-3335	176	25	average	average	NOUN
fsr-3335	176	26	(	(	PUNCT
fsr-3335	176	27	4.32	4.32	NUM
fsr-3335	176	28	%	%	NOUN
fsr-3335	176	29	during	during	ADP
fsr-3335	176	30	the	the	DET
fsr-3335	176	31	period	period	NOUN
fsr-3335	176	32	from	from	ADP
fsr-3335	176	33	1973	1973	NUM
fsr-3335	176	34	to	to	ADP
fsr-3335	176	35	2012	2012	NUM
fsr-3335	176	36	)	)	PUNCT
fsr-3335	176	37	,	,	PUNCT
fsr-3335	176	38	and	and	CCONJ
fsr-3335	176	39	the	the	DET
fsr-3335	176	40	other	other	ADJ
fsr-3335	176	41	based	base	VERB
fsr-3335	176	42	on	on	ADP
fsr-3335	176	43	inputting	inputte	VERB
fsr-3335	176	44	inflation	inflation	NOUN
fsr-3335	176	45	starting	start	VERB
fsr-3335	176	46	at	at	ADP
fsr-3335	176	47	its	its	PRON
fsr-3335	176	48	previous	previous	ADJ
fsr-3335	176	49	12	12	NUM
fsr-3335	176	50	month	month	NOUN
fsr-3335	176	51	average	average	NOUN
fsr-3335	176	52	(	(	PUNCT
fsr-3335	176	53	1.74	1.74	NUM
fsr-3335	176	54	%	%	NOUN
fsr-3335	176	55	in	in	ADP
fsr-3335	176	56	2012	2012	NUM
fsr-3335	176	57	)	)	PUNCT
fsr-3335	176	58	.	.	PUNCT
fsr-3335	177	1	furthermore	furthermore	ADV
fsr-3335	177	2	,	,	PUNCT
fsr-3335	177	3	the	the	DET
fsr-3335	177	4	enhanced	enhanced	ADJ
fsr-3335	177	5	risk	risk	NOUN
fsr-3335	177	6	model	model	NOUN
fsr-3335	177	7	generates	generate	VERB
fsr-3335	177	8	paths	path	NOUN
fsr-3335	177	9	of	of	ADP
fsr-3335	177	10	future	future	ADJ
fsr-3335	177	11	inflation	inflation	NOUN
fsr-3335	177	12	by	by	ADP
fsr-3335	177	13	treating	treat	VERB
fsr-3335	177	14	it	it	PRON
fsr-3335	177	15	as	as	ADP
fsr-3335	177	16	a	a	DET
fsr-3335	177	17	stochastic	stochastic	ADJ
fsr-3335	177	18	variable	variable	NOUN
fsr-3335	177	19	exhibiting	exhibit	VERB
fsr-3335	177	20	a	a	DET
fsr-3335	177	21	mean	mean	ADJ
fsr-3335	177	22	reversion	reversion	NOUN
fsr-3335	177	23	factor	factor	NOUN
fsr-3335	177	24	.	.	PUNCT
fsr-3335	178	1	the	the	DET
fsr-3335	178	2	inflation	inflation	NOUN
fsr-3335	178	3	process	process	NOUN
fsr-3335	178	4	has	have	VERB
fsr-3335	178	5	an	an	DET
fsr-3335	178	6	expected	expect	VERB
fsr-3335	178	7	value	value	NOUN
fsr-3335	178	8	(	(	PUNCT
fsr-3335	178	9	drift	drift	NOUN
fsr-3335	178	10	)	)	PUNCT
fsr-3335	178	11	factor	factor	NOUN
fsr-3335	178	12	,	,	PUNCT
fsr-3335	178	13	and	and	CCONJ
fsr-3335	178	14	an	an	DET
fsr-3335	178	15	innovation	innovation	NOUN
fsr-3335	178	16	(	(	PUNCT
fsr-3335	178	17	diffusion	diffusion	NOUN
fsr-3335	178	18	)	)	PUNCT
fsr-3335	178	19	factor	factor	NOUN
fsr-3335	178	20	.	.	PUNCT
fsr-3335	179	1	the	the	DET
fsr-3335	179	2	result	result	NOUN
fsr-3335	179	3	is	be	AUX
fsr-3335	179	4	an	an	DET
fsr-3335	179	5	output	output	NOUN
fsr-3335	179	6	that	that	PRON
fsr-3335	179	7	accounts	account	VERB
fsr-3335	179	8	for	for	ADP
fsr-3335	179	9	serial	serial	ADJ
fsr-3335	179	10	correlation	correlation	NOUN
fsr-3335	179	11	in	in	ADP
fsr-3335	179	12	a	a	DET
fsr-3335	179	13	random	random	ADJ
fsr-3335	179	14	but	but	CCONJ
fsr-3335	179	15	“	"	PUNCT
fsr-3335	179	16	sticky	sticky	ADJ
fsr-3335	179	17	”	"	PUNCT
fsr-3335	179	18	time	time	NOUN
fsr-3335	179	19	series	series	NOUN
fsr-3335	179	20	of	of	ADP
fsr-3335	179	21	inflation	inflation	NOUN
fsr-3335	179	22	rates	rate	NOUN
fsr-3335	179	23	.	.	PUNCT
fsr-3335	180	1	because	because	SCONJ
fsr-3335	180	2	the	the	DET
fsr-3335	180	3	2012	2012	NUM
fsr-3335	180	4	rate	rate	NOUN
fsr-3335	180	5	is	be	AUX
fsr-3335	180	6	so	so	ADV
fsr-3335	180	7	much	much	ADV
fsr-3335	180	8	lower	low	ADJ
fsr-3335	180	9	than	than	ADP
fsr-3335	180	10	its	its	PRON
fsr-3335	180	11	historical	historical	ADJ
fsr-3335	180	12	average	average	NOUN
fsr-3335	180	13	,	,	PUNCT
fsr-3335	180	14	the	the	DET
fsr-3335	180	15	stochastic	stochastic	ADJ
fsr-3335	180	16	model	model	NOUN
fsr-3335	180	17	of	of	ADP
fsr-3335	180	18	inflation	inflation	NOUN
fsr-3335	180	19	using	use	VERB
fsr-3335	180	20	2012	2012	NUM
fsr-3335	180	21	inflation	inflation	NOUN
fsr-3335	180	22	as	as	ADP
fsr-3335	180	23	its	its	PRON
fsr-3335	180	24	starting	starting	NOUN
fsr-3335	180	25	point	point	NOUN
fsr-3335	180	26	leads	lead	VERB
fsr-3335	180	27	to	to	ADP
fsr-3335	180	28	a	a	DET
fsr-3335	180	29	more	more	ADV
fsr-3335	180	30	plausible	plausible	ADJ
fsr-3335	180	31	estimation	estimation	NOUN
fsr-3335	180	32	of	of	ADP
fsr-3335	180	33	a	a	DET
fsr-3335	180	34	portfolio	portfolio	NOUN
fsr-3335	180	35	’s	’s	PART
fsr-3335	180	36	sustainability	sustainability	NOUN
fsr-3335	180	37	rate	rate	NOUN
fsr-3335	180	38	.	.	PUNCT
fsr-3335	181	1	this	this	DET
fsr-3335	181	2	result	result	NOUN
fsr-3335	181	3	,	,	PUNCT
fsr-3335	181	4	in	in	ADP
fsr-3335	181	5	turn	turn	NOUN
fsr-3335	181	6	,	,	PUNCT
fsr-3335	181	7	contrasts	contrast	VERB
fsr-3335	181	8	with	with	ADP
fsr-3335	181	9	the	the	DET
fsr-3335	181	10	results	result	NOUN
fsr-3335	181	11	generated	generate	VERB
fsr-3335	181	12	by	by	ADP
fsr-3335	181	13	a	a	DET
fsr-3335	181	14	stochastic	stochastic	ADJ
fsr-3335	181	15	process	process	NOUN
fsr-3335	181	16	starting	start	VERB
fsr-3335	181	17	off	off	ADP
fsr-3335	181	18	in	in	ADP
fsr-3335	181	19	the	the	DET
fsr-3335	181	20	historically	historically	ADV
fsr-3335	181	21	average	average	ADJ
fsr-3335	181	22	inflationary	inflationary	ADJ
fsr-3335	181	23	environment.14	environment.14	NOUN
fsr-3335	181	24	we	we	PRON
fsr-3335	181	25	direct	direct	VERB
fsr-3335	181	26	the	the	DET
fsr-3335	181	27	interested	interested	ADJ
fsr-3335	181	28	reader	reader	NOUN
fsr-3335	181	29	to	to	ADP
fsr-3335	181	30	the	the	DET
fsr-3335	181	31	2006	2006	NUM
fsr-3335	181	32	study	study	NOUN
fsr-3335	181	33	by	by	ADP
fsr-3335	181	34	paul	paul	PROPN
fsr-3335	181	35	kaplan	kaplan	PROPN
fsr-3335	181	36	(	(	PUNCT
fsr-3335	181	37	2006	2006	NUM
fsr-3335	181	38	)	)	PUNCT
fsr-3335	181	39	for	for	ADP
fsr-3335	181	40	additional	additional	ADJ
fsr-3335	181	41	discussion	discussion	NOUN
fsr-3335	181	42	of	of	ADP
fsr-3335	181	43	how	how	SCONJ
fsr-3335	181	44	success	success	NOUN
fsr-3335	181	45	probabilities	probability	NOUN
fsr-3335	181	46	differ	differ	VERB
fsr-3335	181	47	depending	depend	VERB
fsr-3335	181	48	on	on	ADP
fsr-3335	181	49	the	the	DET
fsr-3335	181	50	retirement	retirement	NOUN
fsr-3335	181	51	income	income	NOUN
fsr-3335	181	52	risk	risk	NOUN
fsr-3335	181	53	model	model	NOUN
fsr-3335	181	54	’s	’s	PART
fsr-3335	181	55	inflation	inflation	NOUN
fsr-3335	181	56	assumptions	assumption	NOUN
fsr-3335	181	57	.	.	PUNCT
fsr-3335	182	1	kaplan	kaplan	PROPN
fsr-3335	182	2	models	model	VERB
fsr-3335	182	3	inflation	inflation	NOUN
fsr-3335	182	4	in	in	ADP
fsr-3335	182	5	three	three	NUM
fsr-3335	182	6	ways	way	NOUN
fsr-3335	182	7	:	:	PUNCT
fsr-3335	182	8	constant	constant	ADJ
fsr-3335	182	9	,	,	PUNCT
fsr-3335	182	10	single	single	ADJ
fsr-3335	182	11	-	-	PUNCT
fsr-3335	182	12	period	period	NOUN
fsr-3335	182	13	lagged	lag	VERB
fsr-3335	182	14	auto	auto	NOUN
fsr-3335	182	15	-	-	PUNCT
fsr-3335	182	16	correlated	correlate	VERB
fsr-3335	182	17	process	process	NOUN
fsr-3335	182	18	,	,	PUNCT
fsr-3335	182	19	and	and	CCONJ
fsr-3335	182	20	two	two	NUM
fsr-3335	182	21	-	-	PUNCT
fsr-3335	182	22	period	period	NOUN
fsr-3335	182	23	lagged	lag	VERB
fsr-3335	182	24	auto	auto	NOUN
fsr-3335	182	25	-	-	PUNCT
fsr-3335	182	26	correlated	correlate	VERB
fsr-3335	182	27	process	process	NOUN
fsr-3335	182	28	.	.	PUNCT
fsr-3335	183	1	table	table	NOUN
fsr-3335	183	2	1	1	NUM
fsr-3335	183	3	various	various	ADJ
fsr-3335	183	4	models	model	NOUN
fsr-3335	183	5	of	of	ADP
fsr-3335	183	6	inflation	inflation	NOUN
fsr-3335	183	7	risk	risk	NOUN
fsr-3335	183	8	model	model	NOUN
fsr-3335	183	9	with	with	ADP
fsr-3335	183	10	inflation	inflation	NOUN
fsr-3335	183	11	constant	constant	ADJ
fsr-3335	183	12	3	3	NUM
fsr-3335	183	13	%	%	NOUN
fsr-3335	183	14	inflation	inflation	NOUN
fsr-3335	183	15	constant	constant	ADJ
fsr-3335	183	16	4	4	NUM
fsr-3335	183	17	%	%	NOUN
fsr-3335	183	18	inflation	inflation	NOUN
fsr-3335	183	19	constant	constant	ADJ
fsr-3335	183	20	5	5	NUM
fsr-3335	183	21	%	%	NOUN
fsr-3335	183	22	inflation	inflation	NOUN
fsr-3335	183	23	stochastic	stochastic	NOUN
fsr-3335	183	24	long	long	ADJ
fsr-3335	183	25	term	term	NOUN
fsr-3335	183	26	average	average	ADJ
fsr-3335	183	27	inflation	inflation	NOUN
fsr-3335	183	28	stochastic	stochastic	NOUN
fsr-3335	183	29	previous	previous	ADJ
fsr-3335	183	30	12	12	NUM
fsr-3335	183	31	months	month	NOUN
fsr-3335	183	32	inflation	inflation	NOUN
fsr-3335	183	33	ending	end	VERB
fsr-3335	183	34	wealth	wealth	NOUN
fsr-3335	183	35	at	at	ADP
fsr-3335	183	36	the	the	DET
fsr-3335	183	37	50th	50th	ADJ
fsr-3335	183	38	percentile	percentile	ADJ
fsr-3335	183	39	$	$	SYM
fsr-3335	183	40	2,417,712	2,417,712	NUM
fsr-3335	183	41	$	$	SYM
fsr-3335	183	42	1,347,812	1,347,812	NUM
fsr-3335	183	43	$	$	SYM
fsr-3335	183	44	665,967	665,967	NUM
fsr-3335	183	45	$	$	SYM
fsr-3335	183	46	1,050,470	1,050,470	NUM
fsr-3335	183	47	$	$	SYM
fsr-3335	183	48	1,423,391	1,423,391	NUM
fsr-3335	183	49	ending	end	VERB
fsr-3335	183	50	wealth	wealth	NOUN
fsr-3335	183	51	at	at	ADP
fsr-3335	183	52	the	the	DET
fsr-3335	183	53	30th	30th	ADJ
fsr-3335	183	54	percentile	percentile	ADJ
fsr-3335	183	55	$	$	SYM
fsr-3335	183	56	1,232,951	1,232,951	NUM
fsr-3335	183	57	$	$	SYM
fsr-3335	183	58	499,252	499,252	NUM
fsr-3335	183	59	$	$	SYM
fsr-3335	183	60	33,002	33,002	NUM
fsr-3335	183	61	$	$	SYM
fsr-3335	183	62	129,020	129,020	NUM
fsr-3335	183	63	$	$	SYM
fsr-3335	183	64	397,651	397,651	NUM
fsr-3335	183	65	ending	end	VERB
fsr-3335	183	66	wealth	wealth	NOUN
fsr-3335	183	67	at	at	ADP
fsr-3335	183	68	the	the	DET
fsr-3335	183	69	10th	10th	ADJ
fsr-3335	183	70	percentile	percentile	ADJ
fsr-3335	183	71	$	$	SYM
fsr-3335	183	72	71,029	71,029	NUM
fsr-3335	183	73	$	$	SYM
fsr-3335	183	74	0	0	NUM
fsr-3335	183	75	$	$	SYM
fsr-3335	183	76	0	0	NUM
fsr-3335	183	77	$	$	SYM
fsr-3335	183	78	0	0	NUM
fsr-3335	183	79	$	$	SYM
fsr-3335	183	80	0	0	NUM
fsr-3335	183	81	bankruptcy	bankruptcy	NOUN
fsr-3335	183	82	9	9	NUM
fsr-3335	183	83	%	%	NOUN
fsr-3335	183	84	18	18	NUM
fsr-3335	183	85	%	%	NOUN
fsr-3335	183	86	29	29	NUM
fsr-3335	183	87	%	%	NOUN
fsr-3335	183	88	26	26	NUM
fsr-3335	183	89	%	%	NOUN
fsr-3335	183	90	21	21	NUM
fsr-3335	183	91	%	%	NOUN
fsr-3335	183	92	assets	asset	NOUN
fsr-3335	183	93	ever	ever	ADV
fsr-3335	183	94	�	�	NOUN
fsr-3335	183	95	$	$	SYM
fsr-3335	183	96	750k	750k	NOUN
fsr-3335	183	97	inflation	inflation	NOUN
fsr-3335	183	98	adjusted	adjust	VERB
fsr-3335	183	99	27	27	NUM
fsr-3335	183	100	%	%	NOUN
fsr-3335	183	101	43	43	NUM
fsr-3335	183	102	%	%	NOUN
fsr-3335	183	103	57	57	NUM
fsr-3335	183	104	%	%	NOUN
fsr-3335	183	105	51	51	NUM
fsr-3335	183	106	%	%	NOUN
fsr-3335	183	107	44	44	NUM
fsr-3335	183	108	%	%	NOUN
fsr-3335	183	109	202	202	NUM
fsr-3335	183	110	p.j	p.j	PROPN
fsr-3335	183	111	.	.	PROPN
fsr-3335	183	112	collins	collins	PROPN
fsr-3335	183	113	et	et	PROPN
fsr-3335	183	114	al	al	PROPN
fsr-3335	183	115	.	.	PUNCT
fsr-3335	183	116	/	/	SYM
fsr-3335	183	117	financial	financial	ADJ
fsr-3335	183	118	services	service	NOUN
fsr-3335	183	119	review	review	VERB
fsr-3335	183	120	24	24	NUM
fsr-3335	183	121	(	(	PUNCT
fsr-3335	183	122	2015	2015	NUM
fsr-3335	183	123	)	)	PUNCT
fsr-3335	183	124	193–216	193–216	NUM
fsr-3335	183	125	5	5	NUM
fsr-3335	183	126	.	.	PUNCT
fsr-3335	183	127	illustrating	illustrate	VERB
fsr-3335	183	128	risk	risk	NOUN
fsr-3335	183	129	5.1	5.1	NUM
fsr-3335	183	130	.	.	PUNCT
fsr-3335	184	1	a	a	DET
fsr-3335	184	2	simple	simple	ADJ
fsr-3335	184	3	two	two	NUM
fsr-3335	184	4	-	-	PUNCT
fsr-3335	184	5	asset	asset	NOUN
fsr-3335	184	6	class	class	NOUN
fsr-3335	184	7	model	model	NOUN
fsr-3335	184	8	having	having	AUX
fsr-3335	184	9	illustrated	illustrate	VERB
fsr-3335	184	10	how	how	SCONJ
fsr-3335	184	11	five	five	NUM
fsr-3335	184	12	distinct	distinct	ADJ
fsr-3335	184	13	inflation	inflation	NOUN
fsr-3335	184	14	behaviors	behavior	NOUN
fsr-3335	184	15	yield	yield	VERB
fsr-3335	184	16	significantly	significantly	ADV
fsr-3335	184	17	different	different	ADJ
fsr-3335	184	18	assessments	assessment	NOUN
fsr-3335	184	19	of	of	ADP
fsr-3335	184	20	portfolio	portfolio	NOUN
fsr-3335	184	21	sustainability	sustainability	NOUN
fsr-3335	184	22	,	,	PUNCT
fsr-3335	184	23	we	we	PRON
fsr-3335	184	24	now	now	ADV
fsr-3335	184	25	turn	turn	VERB
fsr-3335	184	26	our	our	PRON
fsr-3335	184	27	attention	attention	NOUN
fsr-3335	184	28	to	to	ADP
fsr-3335	184	29	the	the	DET
fsr-3335	184	30	assumptions	assumption	NOUN
fsr-3335	184	31	underlying	underlie	VERB
fsr-3335	184	32	the	the	DET
fsr-3335	184	33	modeling	modeling	NOUN
fsr-3335	184	34	of	of	ADP
fsr-3335	184	35	asset	asset	NOUN
fsr-3335	184	36	price	price	NOUN
fsr-3335	184	37	evolutions	evolution	NOUN
fsr-3335	184	38	.	.	PUNCT
fsr-3335	185	1	in	in	ADP
fsr-3335	185	2	our	our	PRON
fsr-3335	185	3	earlier	early	ADJ
fsr-3335	185	4	discussion	discussion	NOUN
fsr-3335	185	5	,	,	PUNCT
fsr-3335	185	6	we	we	PRON
fsr-3335	185	7	introduced	introduce	VERB
fsr-3335	185	8	the	the	DET
fsr-3335	185	9	monte	monte	PROPN
fsr-3335	185	10	carlo	carlo	PROPN
fsr-3335	185	11	method	method	NOUN
fsr-3335	185	12	for	for	ADP
fsr-3335	185	13	generating	generate	VERB
fsr-3335	185	14	the	the	DET
fsr-3335	185	15	distribution	distribution	NOUN
fsr-3335	185	16	of	of	ADP
fsr-3335	185	17	future	future	ADJ
fsr-3335	185	18	asset	asset	NOUN
fsr-3335	185	19	prices	price	NOUN
fsr-3335	185	20	.	.	PUNCT
fsr-3335	186	1	risk	risk	NOUN
fsr-3335	186	2	models	model	NOUN
fsr-3335	186	3	using	use	VERB
fsr-3335	186	4	simple	simple	ADJ
fsr-3335	186	5	monte	monte	PROPN
fsr-3335	186	6	carlo	carlo	PROPN
fsr-3335	186	7	simulations	simulation	NOUN
fsr-3335	186	8	assume	assume	VERB
fsr-3335	186	9	normally	normally	ADV
fsr-3335	186	10	distributed	distribute	VERB
fsr-3335	186	11	asset	asset	NOUN
fsr-3335	186	12	returns	return	NOUN
fsr-3335	186	13	parameterized	parameterized	ADJ
fsr-3335	186	14	with	with	ADP
fsr-3335	186	15	historic	historic	ADJ
fsr-3335	186	16	means	mean	NOUN
fsr-3335	186	17	and	and	CCONJ
fsr-3335	186	18	standard	standard	ADJ
fsr-3335	186	19	deviations	deviation	NOUN
fsr-3335	186	20	.	.	PUNCT
fsr-3335	187	1	the	the	DET
fsr-3335	187	2	simple	simple	ADJ
fsr-3335	187	3	monte	monte	PROPN
fsr-3335	187	4	carlo	carlo	PROPN
fsr-3335	187	5	method	method	NOUN
fsr-3335	187	6	also	also	ADV
fsr-3335	187	7	utilizes	utilize	VERB
fsr-3335	187	8	a	a	DET
fsr-3335	187	9	historical	historical	ADJ
fsr-3335	187	10	correlation	correlation	NOUN
fsr-3335	187	11	matrix	matrix	NOUN
fsr-3335	187	12	to	to	PART
fsr-3335	187	13	account	account	VERB
fsr-3335	187	14	for	for	ADP
fsr-3335	187	15	the	the	DET
fsr-3335	187	16	co	co	NOUN
fsr-3335	187	17	-	-	NOUN
fsr-3335	187	18	movement	movement	NOUN
fsr-3335	187	19	of	of	ADP
fsr-3335	187	20	asset	asset	NOUN
fsr-3335	187	21	prices	price	NOUN
fsr-3335	187	22	.	.	PUNCT
fsr-3335	188	1	we	we	PRON
fsr-3335	188	2	designate	designate	VERB
fsr-3335	188	3	this	this	DET
fsr-3335	188	4	model	model	NOUN
fsr-3335	188	5	the	the	DET
fsr-3335	188	6	“	"	PUNCT
fsr-3335	188	7	nh	nh	PROPN
fsr-3335	188	8	”	"	PUNCT
fsr-3335	188	9	model	model	NOUN
fsr-3335	188	10	,	,	PUNCT
fsr-3335	188	11	for	for	ADP
fsr-3335	188	12	“	"	PUNCT
fsr-3335	188	13	normal	normal	ADJ
fsr-3335	188	14	historical	historical	ADJ
fsr-3335	188	15	.	.	PUNCT
fsr-3335	188	16	”	"	PUNCT
fsr-3335	189	1	it	it	PRON
fsr-3335	189	2	is	be	AUX
fsr-3335	189	3	a	a	DET
fsr-3335	189	4	model	model	NOUN
fsr-3335	189	5	commonly	commonly	ADV
fsr-3335	189	6	used	use	VERB
fsr-3335	189	7	by	by	ADP
fsr-3335	189	8	financial	financial	ADJ
fsr-3335	189	9	advisors.15	advisors.15	NOUN
fsr-3335	189	10	next	next	ADV
fsr-3335	189	11	,	,	PUNCT
fsr-3335	189	12	we	we	PRON
fsr-3335	189	13	modify	modify	VERB
fsr-3335	189	14	the	the	DET
fsr-3335	189	15	historical	historical	ADJ
fsr-3335	189	16	parameters	parameter	NOUN
fsr-3335	189	17	of	of	ADP
fsr-3335	189	18	the	the	DET
fsr-3335	189	19	basic	basic	ADJ
fsr-3335	189	20	monte	monte	PROPN
fsr-3335	189	21	carlo	carlo	PROPN
fsr-3335	189	22	model	model	NOUN
fsr-3335	189	23	to	to	PART
fsr-3335	189	24	conform	conform	VERB
fsr-3335	189	25	to	to	ADP
fsr-3335	189	26	the	the	DET
fsr-3335	189	27	single	single	ADJ
fsr-3335	189	28	-	-	PUNCT
fsr-3335	189	29	index	index	NOUN
fsr-3335	189	30	,	,	PUNCT
fsr-3335	189	31	capital	capital	NOUN
fsr-3335	189	32	asset	asset	NOUN
fsr-3335	189	33	pricing	pricing	NOUN
fsr-3335	189	34	model	model	NOUN
fsr-3335	189	35	’s	’s	PART
fsr-3335	189	36	assumption	assumption	NOUN
fsr-3335	189	37	that	that	SCONJ
fsr-3335	189	38	all	all	DET
fsr-3335	189	39	investments	investment	NOUN
fsr-3335	189	40	have	have	AUX
fsr-3335	189	41	the	the	DET
fsr-3335	189	42	same	same	ADJ
fsr-3335	189	43	long	long	ADJ
fsr-3335	189	44	-	-	PUNCT
fsr-3335	189	45	term	term	NOUN
fsr-3335	189	46	expected	expect	VERB
fsr-3335	189	47	real	real	ADJ
fsr-3335	189	48	sharpe	sharpe	NOUN
fsr-3335	189	49	ratio	ratio	NOUN
fsr-3335	189	50	in	in	ADP
fsr-3335	189	51	efficient	efficient	ADJ
fsr-3335	189	52	markets	market	NOUN
fsr-3335	189	53	.	.	PUNCT
fsr-3335	190	1	this	this	DET
fsr-3335	190	2	modification	modification	NOUN
fsr-3335	190	3	assumes	assume	VERB
fsr-3335	190	4	that	that	SCONJ
fsr-3335	190	5	expected	expect	VERB
fsr-3335	190	6	returns	return	NOUN
fsr-3335	190	7	plot	plot	VERB
fsr-3335	190	8	on	on	ADP
fsr-3335	190	9	the	the	DET
fsr-3335	190	10	capital	capital	NOUN
fsr-3335	190	11	market	market	NOUN
fsr-3335	190	12	line	line	NOUN
fsr-3335	190	13	.	.	PUNCT
fsr-3335	191	1	however	however	ADV
fsr-3335	191	2	,	,	PUNCT
fsr-3335	191	3	the	the	DET
fsr-3335	191	4	model	model	NOUN
fsr-3335	191	5	maintains	maintain	VERB
fsr-3335	191	6	the	the	DET
fsr-3335	191	7	assumption	assumption	NOUN
fsr-3335	191	8	of	of	ADP
fsr-3335	191	9	distributional	distributional	ADJ
fsr-3335	191	10	normality	normality	NOUN
fsr-3335	191	11	.	.	PUNCT
fsr-3335	192	1	we	we	PRON
fsr-3335	192	2	designate	designate	VERB
fsr-3335	192	3	this	this	DET
fsr-3335	192	4	model	model	NOUN
fsr-3335	192	5	ne	ne	PROPN
fsr-3335	192	6	,	,	PUNCT
fsr-3335	192	7	for	for	ADP
fsr-3335	192	8	“	"	PUNCT
fsr-3335	192	9	normal	normal	ADJ
fsr-3335	192	10	efficient	efficient	ADJ
fsr-3335	192	11	.	.	PUNCT
fsr-3335	192	12	”	"	PUNCT
fsr-3335	193	1	although	although	SCONJ
fsr-3335	193	2	the	the	DET
fsr-3335	193	3	nh	nh	PROPN
fsr-3335	193	4	and	and	CCONJ
fsr-3335	193	5	ne	ne	PROPN
fsr-3335	193	6	models	model	NOUN
fsr-3335	193	7	differ	differ	VERB
fsr-3335	193	8	in	in	ADP
fsr-3335	193	9	the	the	DET
fsr-3335	193	10	values	value	NOUN
fsr-3335	193	11	they	they	PRON
fsr-3335	193	12	use	use	VERB
fsr-3335	193	13	to	to	PART
fsr-3335	193	14	parameterize	parameterize	VERB
fsr-3335	193	15	the	the	DET
fsr-3335	193	16	normal	normal	ADJ
fsr-3335	193	17	distribution	distribution	NOUN
fsr-3335	193	18	assumption	assumption	NOUN
fsr-3335	193	19	,	,	PUNCT
fsr-3335	193	20	both	both	PRON
fsr-3335	193	21	assume	assume	VERB
fsr-3335	193	22	time	time	NOUN
fsr-3335	193	23	-	-	PUNCT
fsr-3335	193	24	invariant	invariant	ADJ
fsr-3335	193	25	parameters	parameter	NOUN
fsr-3335	193	26	.	.	PUNCT
fsr-3335	194	1	finally	finally	ADV
fsr-3335	194	2	,	,	PUNCT
fsr-3335	194	3	we	we	PRON
fsr-3335	194	4	consider	consider	VERB
fsr-3335	194	5	modeling	model	VERB
fsr-3335	194	6	variations	variation	NOUN
fsr-3335	194	7	that	that	PRON
fsr-3335	194	8	mitigate	mitigate	VERB
fsr-3335	194	9	many	many	ADJ
fsr-3335	194	10	statistical	statistical	ADJ
fsr-3335	194	11	difficulties	difficulty	NOUN
fsr-3335	194	12	arising	arise	VERB
fsr-3335	194	13	when	when	SCONJ
fsr-3335	194	14	assuming	assume	VERB
fsr-3335	194	15	distributional	distributional	ADJ
fsr-3335	194	16	normality	normality	NOUN
fsr-3335	194	17	.	.	PUNCT
fsr-3335	195	1	we	we	PRON
fsr-3335	195	2	previously	previously	ADV
fsr-3335	195	3	demonstrated	demonstrate	VERB
fsr-3335	195	4	that	that	SCONJ
fsr-3335	195	5	it	it	PRON
fsr-3335	195	6	is	be	AUX
fsr-3335	195	7	possible	possible	ADJ
fsr-3335	195	8	to	to	PART
fsr-3335	195	9	originate	originate	VERB
fsr-3335	195	10	economic	economic	ADJ
fsr-3335	195	11	evolutions	evolution	NOUN
fsr-3335	195	12	from	from	ADP
fsr-3335	195	13	non	non	ADJ
fsr-3335	195	14	-	-	ADJ
fsr-3335	195	15	normal	normal	ADJ
fsr-3335	195	16	distributions	distribution	NOUN
fsr-3335	195	17	using	use	VERB
fsr-3335	195	18	a	a	DET
fsr-3335	195	19	number	number	NOUN
fsr-3335	195	20	of	of	ADP
fsr-3335	195	21	techniques	technique	NOUN
fsr-3335	195	22	:	:	PUNCT
fsr-3335	195	23	bootstrapping	bootstrappe	VERB
fsr-3335	195	24	,	,	PUNCT
fsr-3335	195	25	monte	monte	PROPN
fsr-3335	195	26	carlo	carlo	PROPN
fsr-3335	195	27	simulations	simulation	NOUN
fsr-3335	195	28	sampling	sample	VERB
fsr-3335	195	29	from	from	ADP
fsr-3335	195	30	non	non	ADJ
fsr-3335	195	31	-	-	ADJ
fsr-3335	195	32	normal	normal	ADJ
fsr-3335	195	33	distributions	distribution	NOUN
fsr-3335	195	34	,	,	PUNCT
fsr-3335	195	35	vector	vector	NOUN
fsr-3335	195	36	autoregressive	autoregressive	ADJ
fsr-3335	195	37	models	model	NOUN
fsr-3335	195	38	,	,	PUNCT
fsr-3335	195	39	and	and	CCONJ
fsr-3335	195	40	regime	regime	NOUN
fsr-3335	195	41	switching	switch	VERB
fsr-3335	195	42	simulations	simulation	NOUN
fsr-3335	195	43	.	.	PUNCT
fsr-3335	196	1	despite	despite	SCONJ
fsr-3335	196	2	the	the	DET
fsr-3335	196	3	fact	fact	NOUN
fsr-3335	196	4	that	that	SCONJ
fsr-3335	196	5	each	each	DET
fsr-3335	196	6	approach	approach	NOUN
fsr-3335	196	7	has	have	AUX
fsr-3335	196	8	its	its	PRON
fsr-3335	196	9	pros	pro	NOUN
fsr-3335	196	10	and	and	CCONJ
fsr-3335	196	11	cons	con	NOUN
fsr-3335	196	12	,	,	PUNCT
fsr-3335	196	13	we	we	PRON
fsr-3335	196	14	prefer	prefer	VERB
fsr-3335	196	15	the	the	DET
fsr-3335	196	16	regime	regime	NOUN
fsr-3335	196	17	switching	switch	VERB
fsr-3335	196	18	approach	approach	NOUN
fsr-3335	196	19	when	when	SCONJ
fsr-3335	196	20	cumulating	cumulate	VERB
fsr-3335	196	21	dollar	dollar	NOUN
fsr-3335	196	22	values	value	NOUN
fsr-3335	196	23	over	over	ADP
fsr-3335	196	24	long	long	ADJ
fsr-3335	196	25	planning	planning	NOUN
fsr-3335	196	26	horizons	horizon	NOUN
fsr-3335	196	27	.	.	PUNCT
fsr-3335	197	1	mary	mary	PROPN
fsr-3335	197	2	hardy	hardy	ADJ
fsr-3335	197	3	(	(	PUNCT
fsr-3335	197	4	2003	2003	NUM
fsr-3335	197	5	)	)	PUNCT
fsr-3335	197	6	,	,	PUNCT
fsr-3335	197	7	a	a	DET
fsr-3335	197	8	prominent	prominent	ADJ
fsr-3335	197	9	canadian	canadian	ADJ
fsr-3335	197	10	actuary	actuary	NOUN
fsr-3335	197	11	,	,	PUNCT
fsr-3335	197	12	stresses	stress	VERB
fsr-3335	197	13	the	the	DET
fsr-3335	197	14	importance	importance	NOUN
fsr-3335	197	15	of	of	ADP
fsr-3335	197	16	using	use	VERB
fsr-3335	197	17	credible	credible	ADJ
fsr-3335	197	18	risk	risk	NOUN
fsr-3335	197	19	models	model	NOUN
fsr-3335	197	20	when	when	SCONJ
fsr-3335	197	21	cumulating	cumulate	VERB
fsr-3335	197	22	dollar	dollar	NOUN
fsr-3335	197	23	values	value	NOUN
fsr-3335	197	24	over	over	ADP
fsr-3335	197	25	lengthy	lengthy	ADJ
fsr-3335	197	26	planning	planning	NOUN
fsr-3335	197	27	horizons	horizon	NOUN
fsr-3335	197	28	.	.	PUNCT
fsr-3335	198	1	she	she	PRON
fsr-3335	198	2	provides	provide	VERB
fsr-3335	198	3	strong	strong	ADJ
fsr-3335	198	4	support	support	NOUN
fsr-3335	198	5	for	for	ADP
fsr-3335	198	6	using	use	VERB
fsr-3335	198	7	a	a	DET
fsr-3335	198	8	regime	regime	NOUN
fsr-3335	198	9	-	-	PUNCT
fsr-3335	198	10	switching	switch	VERB
fsr-3335	198	11	model	model	NOUN
fsr-3335	198	12	.	.	PUNCT
fsr-3335	199	1	after	after	ADP
fsr-3335	199	2	an	an	DET
fsr-3335	199	3	in	in	ADP
fsr-3335	199	4	-	-	PUNCT
fsr-3335	199	5	depth	depth	NOUN
fsr-3335	199	6	survey	survey	NOUN
fsr-3335	199	7	of	of	ADP
fsr-3335	199	8	various	various	ADJ
fsr-3335	199	9	modeling	modeling	NOUN
fsr-3335	199	10	tools	tool	NOUN
fsr-3335	199	11	and	and	CCONJ
fsr-3335	199	12	techniques	technique	NOUN
fsr-3335	199	13	,	,	PUNCT
fsr-3335	199	14	she	she	PRON
fsr-3335	199	15	concludes	conclude	VERB
fsr-3335	199	16	that	that	SCONJ
fsr-3335	199	17	the	the	DET
fsr-3335	199	18	best	good	ADJ
fsr-3335	199	19	way	way	NOUN
fsr-3335	199	20	to	to	PART
fsr-3335	199	21	approximate	approximate	VERB
fsr-3335	199	22	the	the	DET
fsr-3335	199	23	range	range	NOUN
fsr-3335	199	24	of	of	ADP
fsr-3335	199	25	future	future	ADJ
fsr-3335	199	26	portfolio	portfolio	NOUN
fsr-3335	199	27	dollar	dollar	NOUN
fsr-3335	199	28	value	value	NOUN
fsr-3335	199	29	within	within	ADP
fsr-3335	199	30	an	an	DET
fsr-3335	199	31	asset	asset	NOUN
fsr-3335	199	32	/	/	SYM
fsr-3335	199	33	liability	liability	NOUN
fsr-3335	199	34	matching	matching	NOUN
fsr-3335	199	35	context	context	NOUN
fsr-3335	199	36	is	be	AUX
fsr-3335	199	37	through	through	ADP
fsr-3335	199	38	a	a	DET
fsr-3335	199	39	two	two	NUM
fsr-3335	199	40	state	state	NOUN
fsr-3335	199	41	regime	regime	NOUN
fsr-3335	199	42	-	-	PUNCT
fsr-3335	199	43	switching	switch	VERB
fsr-3335	199	44	lognormal	lognormal	ADJ
fsr-3335	199	45	model	model	NOUN
fsr-3335	199	46	.	.	PUNCT
fsr-3335	200	1	unlike	unlike	ADP
fsr-3335	200	2	simple	simple	ADJ
fsr-3335	200	3	monte	monte	PROPN
fsr-3335	200	4	carlo	carlo	PROPN
fsr-3335	200	5	simulations	simulation	NOUN
fsr-3335	200	6	,	,	PUNCT
fsr-3335	200	7	return	return	NOUN
fsr-3335	200	8	series	series	NOUN
fsr-3335	200	9	produced	produce	VERB
fsr-3335	200	10	in	in	ADP
fsr-3335	200	11	a	a	DET
fsr-3335	200	12	regime	regime	NOUN
fsr-3335	200	13	switching	switch	VERB
fsr-3335	200	14	engine	engine	NOUN
fsr-3335	200	15	exhibit	exhibit	NOUN
fsr-3335	200	16	all	all	PRON
fsr-3335	200	17	of	of	ADP
fsr-3335	200	18	the	the	DET
fsr-3335	200	19	following	follow	VERB
fsr-3335	200	20	empirical	empirical	ADJ
fsr-3335	200	21	asset	asset	NOUN
fsr-3335	200	22	price	price	NOUN
fsr-3335	200	23	behaviors	behavior	NOUN
fsr-3335	200	24	:	:	PUNCT
fsr-3335	200	25	skewness	skewness	NOUN
fsr-3335	200	26	,	,	PUNCT
fsr-3335	200	27	fat	fat	ADJ
fsr-3335	200	28	-	-	PUNCT
fsr-3335	200	29	tails	tail	NOUN
fsr-3335	200	30	,	,	PUNCT
fsr-3335	200	31	autocorrelation	autocorrelation	NOUN
fsr-3335	200	32	,	,	PUNCT
fsr-3335	200	33	volatility	volatility	NOUN
fsr-3335	200	34	clustering	clustering	NOUN
fsr-3335	200	35	,	,	PUNCT
fsr-3335	200	36	and	and	CCONJ
fsr-3335	200	37	dynamic	dynamic	ADJ
fsr-3335	200	38	correlations	correlation	NOUN
fsr-3335	200	39	.	.	PUNCT
fsr-3335	201	1	the	the	DET
fsr-3335	201	2	first	first	ADJ
fsr-3335	201	3	of	of	ADP
fsr-3335	201	4	our	our	PRON
fsr-3335	201	5	regime	regime	NOUN
fsr-3335	201	6	switching	switch	VERB
fsr-3335	201	7	models	model	NOUN
fsr-3335	201	8	assumes	assume	VERB
fsr-3335	201	9	an	an	DET
fsr-3335	201	10	investor	investor	NOUN
fsr-3335	201	11	with	with	ADP
fsr-3335	201	12	an	an	DET
fsr-3335	201	13	agnostic	agnostic	ADJ
fsr-3335	201	14	view	view	NOUN
fsr-3335	201	15	of	of	ADP
fsr-3335	201	16	the	the	DET
fsr-3335	201	17	capital	capital	NOUN
fsr-3335	201	18	markets	market	NOUN
fsr-3335	201	19	.	.	PUNCT
fsr-3335	202	1	this	this	PRON
fsr-3335	202	2	means	mean	VERB
fsr-3335	202	3	that	that	SCONJ
fsr-3335	202	4	there	there	PRON
fsr-3335	202	5	is	be	VERB
fsr-3335	202	6	no	no	DET
fsr-3335	202	7	attempt	attempt	NOUN
fsr-3335	202	8	to	to	PART
fsr-3335	202	9	predict	predict	VERB
fsr-3335	202	10	whether	whether	SCONJ
fsr-3335	202	11	the	the	DET
fsr-3335	202	12	immediately	immediately	ADV
fsr-3335	202	13	forthcoming	forthcoming	ADJ
fsr-3335	202	14	returns	return	NOUN
fsr-3335	202	15	will	will	AUX
fsr-3335	202	16	start	start	VERB
fsr-3335	202	17	in	in	ADP
fsr-3335	202	18	either	either	CCONJ
fsr-3335	202	19	a	a	DET
fsr-3335	202	20	bull	bull	NOUN
fsr-3335	202	21	market	market	NOUN
fsr-3335	202	22	or	or	CCONJ
fsr-3335	202	23	a	a	DET
fsr-3335	202	24	bear	bear	NOUN
fsr-3335	202	25	market	market	NOUN
fsr-3335	202	26	.	.	PUNCT
fsr-3335	203	1	outputs	output	NOUN
fsr-3335	203	2	,	,	PUNCT
fsr-3335	203	3	therefore	therefore	ADV
fsr-3335	203	4	,	,	PUNCT
fsr-3335	203	5	do	do	AUX
fsr-3335	203	6	not	not	PART
fsr-3335	203	7	depend	depend	VERB
fsr-3335	203	8	on	on	ADP
fsr-3335	203	9	the	the	DET
fsr-3335	203	10	accuracy	accuracy	NOUN
fsr-3335	203	11	of	of	ADP
fsr-3335	203	12	the	the	DET
fsr-3335	203	13	investor	investor	NOUN
fsr-3335	203	14	’s	’s	PART
fsr-3335	203	15	forecasting	forecasting	NOUN
fsr-3335	203	16	ability	ability	NOUN
fsr-3335	203	17	.	.	PUNCT
fsr-3335	204	1	this	this	DET
fsr-3335	204	2	variation	variation	NOUN
fsr-3335	204	3	of	of	ADP
fsr-3335	204	4	the	the	DET
fsr-3335	204	5	risk	risk	NOUN
fsr-3335	204	6	model	model	NOUN
fsr-3335	204	7	randomly	randomly	ADV
fsr-3335	204	8	selects	select	VERB
fsr-3335	204	9	the	the	DET
fsr-3335	204	10	underlying	underlie	VERB
fsr-3335	204	11	initial	initial	ADJ
fsr-3335	204	12	state	state	NOUN
fsr-3335	204	13	of	of	ADP
fsr-3335	204	14	the	the	DET
fsr-3335	204	15	economy	economy	NOUN
fsr-3335	204	16	where	where	SCONJ
fsr-3335	204	17	the	the	DET
fsr-3335	204	18	selection	selection	NOUN
fsr-3335	204	19	of	of	ADP
fsr-3335	204	20	an	an	DET
fsr-3335	204	21	initial	initial	ADJ
fsr-3335	204	22	bull	bull	NOUN
fsr-3335	204	23	or	or	CCONJ
fsr-3335	204	24	bear	bear	VERB
fsr-3335	204	25	market	market	NOUN
fsr-3335	204	26	state	state	NOUN
fsr-3335	204	27	reflects	reflect	VERB
fsr-3335	204	28	historical	historical	ADJ
fsr-3335	204	29	relative	relative	ADJ
fsr-3335	204	30	frequency	frequency	NOUN
fsr-3335	204	31	.	.	PUNCT
fsr-3335	205	1	we	we	PRON
fsr-3335	205	2	identify	identify	VERB
fsr-3335	205	3	this	this	DET
fsr-3335	205	4	randomly	randomly	ADV
fsr-3335	205	5	selected	select	VERB
fsr-3335	205	6	initialstate	initialstate	ADJ
fsr-3335	205	7	model	model	NOUN
fsr-3335	205	8	“	"	PUNCT
fsr-3335	205	9	bb	bb	NOUN
fsr-3335	205	10	”	"	PUNCT
fsr-3335	205	11	for	for	ADP
fsr-3335	205	12	bull	bull	NOUN
fsr-3335	205	13	/	/	SYM
fsr-3335	205	14	bear	bear	NOUN
fsr-3335	205	15	.	.	PUNCT
fsr-3335	206	1	however	however	ADV
fsr-3335	206	2	,	,	PUNCT
fsr-3335	206	3	if	if	SCONJ
fsr-3335	206	4	the	the	DET
fsr-3335	206	5	investor	investor	NOUN
fsr-3335	206	6	wishes	wish	VERB
fsr-3335	206	7	to	to	PART
fsr-3335	206	8	impose	impose	VERB
fsr-3335	206	9	a	a	DET
fsr-3335	206	10	market	market	NOUN
fsr-3335	206	11	viewpoint	viewpoint	NOUN
fsr-3335	206	12	,	,	PUNCT
fsr-3335	206	13	there	there	PRON
fsr-3335	206	14	is	be	VERB
fsr-3335	206	15	an	an	DET
fsr-3335	206	16	opportunity	opportunity	NOUN
fsr-3335	206	17	to	to	PART
fsr-3335	206	18	specify	specify	VERB
fsr-3335	206	19	the	the	DET
fsr-3335	206	20	forthcoming	forthcoming	ADJ
fsr-3335	206	21	initial	initial	ADJ
fsr-3335	206	22	underlying	underlying	ADJ
fsr-3335	206	23	economic	economic	ADJ
fsr-3335	206	24	state	state	NOUN
fsr-3335	206	25	from	from	ADP
fsr-3335	206	26	which	which	PRON
fsr-3335	206	27	financial	financial	ADJ
fsr-3335	206	28	asset	asset	NOUN
fsr-3335	206	29	returns	return	VERB
fsr-3335	206	30	203p.j	203p.j	PRON
fsr-3335	206	31	.	.	PUNCT
fsr-3335	207	1	collins	collins	PROPN
fsr-3335	207	2	et	et	PROPN
fsr-3335	207	3	al	al	PROPN
fsr-3335	207	4	.	.	PUNCT
fsr-3335	207	5	/	/	SYM
fsr-3335	207	6	financial	financial	ADJ
fsr-3335	207	7	services	service	NOUN
fsr-3335	207	8	review	review	VERB
fsr-3335	207	9	24	24	NUM
fsr-3335	207	10	(	(	PUNCT
fsr-3335	207	11	2015	2015	NUM
fsr-3335	207	12	)	)	PUNCT
fsr-3335	207	13	193–216	193–216	NUM
fsr-3335	207	14	are	be	AUX
fsr-3335	207	15	generated	generate	VERB
fsr-3335	207	16	.	.	PUNCT
fsr-3335	208	1	for	for	ADP
fsr-3335	208	2	example	example	NOUN
fsr-3335	208	3	,	,	PUNCT
fsr-3335	208	4	if	if	SCONJ
fsr-3335	208	5	the	the	DET
fsr-3335	208	6	investor	investor	NOUN
fsr-3335	208	7	strongly	strongly	ADV
fsr-3335	208	8	believes	believe	VERB
fsr-3335	208	9	that	that	SCONJ
fsr-3335	208	10	asset	asset	NOUN
fsr-3335	208	11	prices	price	NOUN
fsr-3335	208	12	will	will	AUX
fsr-3335	208	13	rise	rise	VERB
fsr-3335	208	14	in	in	ADP
fsr-3335	208	15	the	the	DET
fsr-3335	208	16	next	next	ADJ
fsr-3335	208	17	period	period	NOUN
fsr-3335	208	18	,	,	PUNCT
fsr-3335	208	19	we	we	PRON
fsr-3335	208	20	start	start	VERB
fsr-3335	208	21	our	our	PRON
fsr-3335	208	22	regime	regime	NOUN
fsr-3335	208	23	switching	switch	VERB
fsr-3335	208	24	procedure	procedure	NOUN
fsr-3335	208	25	in	in	ADP
fsr-3335	208	26	a	a	DET
fsr-3335	208	27	bull	bull	NOUN
fsr-3335	208	28	market	market	NOUN
fsr-3335	208	29	,	,	PUNCT
fsr-3335	208	30	and	and	CCONJ
fsr-3335	208	31	we	we	PRON
fsr-3335	208	32	identify	identify	VERB
fsr-3335	208	33	the	the	DET
fsr-3335	208	34	nonrandomly	nonrandomly	ADV
fsr-3335	208	35	selected	select	VERB
fsr-3335	208	36	initial	initial	ADJ
fsr-3335	208	37	-	-	PUNCT
fsr-3335	208	38	state	state	NOUN
fsr-3335	208	39	model	model	NOUN
fsr-3335	208	40	as	as	ADP
fsr-3335	208	41	the	the	DET
fsr-3335	208	42	“	"	PUNCT
fsr-3335	208	43	bull	bull	NOUN
fsr-3335	208	44	”	"	PUNCT
fsr-3335	208	45	model	model	NOUN
fsr-3335	208	46	.	.	PUNCT
fsr-3335	209	1	on	on	ADP
fsr-3335	209	2	the	the	DET
fsr-3335	209	3	other	other	ADJ
fsr-3335	209	4	hand	hand	NOUN
fsr-3335	209	5	,	,	PUNCT
fsr-3335	209	6	if	if	SCONJ
fsr-3335	209	7	the	the	DET
fsr-3335	209	8	investor	investor	NOUN
fsr-3335	209	9	wishes	wish	VERB
fsr-3335	209	10	to	to	PART
fsr-3335	209	11	reflect	reflect	VERB
fsr-3335	209	12	a	a	DET
fsr-3335	209	13	pessimistic	pessimistic	ADJ
fsr-3335	209	14	outlook	outlook	NOUN
fsr-3335	209	15	for	for	ADP
fsr-3335	209	16	forthcoming	forthcoming	ADJ
fsr-3335	209	17	returns	return	NOUN
fsr-3335	209	18	;	;	PUNCT
fsr-3335	209	19	or	or	CCONJ
fsr-3335	209	20	,	,	PUNCT
fsr-3335	209	21	if	if	SCONJ
fsr-3335	209	22	the	the	DET
fsr-3335	209	23	investor	investor	NOUN
fsr-3335	209	24	simply	simply	ADV
fsr-3335	209	25	wishes	wish	VERB
fsr-3335	209	26	to	to	PART
fsr-3335	209	27	see	see	VERB
fsr-3335	209	28	how	how	SCONJ
fsr-3335	209	29	starting	start	VERB
fsr-3335	209	30	retirement	retirement	NOUN
fsr-3335	209	31	in	in	ADP
fsr-3335	209	32	adverse	adverse	ADJ
fsr-3335	209	33	economic	economic	ADJ
fsr-3335	209	34	conditions	condition	NOUN
fsr-3335	209	35	impacts	impact	VERB
fsr-3335	209	36	portfolio	portfolio	NOUN
fsr-3335	209	37	values	value	NOUN
fsr-3335	209	38	,	,	PUNCT
fsr-3335	209	39	then	then	ADV
fsr-3335	209	40	we	we	PRON
fsr-3335	209	41	start	start	VERB
fsr-3335	209	42	the	the	DET
fsr-3335	209	43	return	return	NOUN
fsr-3335	209	44	-	-	PUNCT
fsr-3335	209	45	generating	generate	VERB
fsr-3335	209	46	process	process	NOUN
fsr-3335	209	47	in	in	ADP
fsr-3335	209	48	a	a	DET
fsr-3335	209	49	bear	bear	NOUN
fsr-3335	209	50	market	market	NOUN
fsr-3335	209	51	.	.	PUNCT
fsr-3335	210	1	we	we	PRON
fsr-3335	210	2	identify	identify	VERB
fsr-3335	210	3	this	this	DET
fsr-3335	210	4	non	non	ADJ
fsr-3335	210	5	-	-	ADJ
fsr-3335	210	6	randomly	randomly	ADV
fsr-3335	210	7	selected	select	VERB
fsr-3335	210	8	initial	initial	ADJ
fsr-3335	210	9	-	-	PUNCT
fsr-3335	210	10	state	state	NOUN
fsr-3335	210	11	model	model	NOUN
fsr-3335	210	12	as	as	ADP
fsr-3335	210	13	the	the	DET
fsr-3335	210	14	“	"	PUNCT
fsr-3335	210	15	bear	bear	NOUN
fsr-3335	210	16	”	"	PUNCT
fsr-3335	210	17	model	model	NOUN
fsr-3335	210	18	.	.	PUNCT
fsr-3335	211	1	putting	put	VERB
fsr-3335	211	2	these	these	DET
fsr-3335	211	3	models	model	NOUN
fsr-3335	211	4	into	into	ADP
fsr-3335	211	5	the	the	DET
fsr-3335	211	6	context	context	NOUN
fsr-3335	211	7	of	of	ADP
fsr-3335	211	8	retirement	retirement	NOUN
fsr-3335	211	9	planning	planning	NOUN
fsr-3335	211	10	,	,	PUNCT
fsr-3335	211	11	we	we	PRON
fsr-3335	211	12	generate	generate	VERB
fsr-3335	211	13	return	return	NOUN
fsr-3335	211	14	evolutions	evolution	NOUN
fsr-3335	211	15	for	for	ADP
fsr-3335	211	16	an	an	DET
fsr-3335	211	17	annually	annually	ADV
fsr-3335	211	18	rebalanced	rebalance	VERB
fsr-3335	211	19	,	,	PUNCT
fsr-3335	211	20	two	two	NUM
fsr-3335	211	21	-	-	PUNCT
fsr-3335	211	22	asset	asset	NOUN
fsr-3335	211	23	class	class	NOUN
fsr-3335	211	24	portfolio	portfolio	NOUN
fsr-3335	211	25	,	,	PUNCT
fsr-3335	211	26	without	without	ADP
fsr-3335	211	27	accounting	account	VERB
fsr-3335	211	28	for	for	ADP
fsr-3335	211	29	taxes	taxis	NOUN
fsr-3335	211	30	,	,	PUNCT
fsr-3335	211	31	fees	fee	NOUN
fsr-3335	211	32	,	,	PUNCT
fsr-3335	211	33	and	and	CCONJ
fsr-3335	211	34	other	other	ADJ
fsr-3335	211	35	investment	investment	NOUN
fsr-3335	211	36	costs	cost	NOUN
fsr-3335	211	37	.	.	PUNCT
fsr-3335	212	1	inflation	inflation	NOUN
fsr-3335	212	2	follows	follow	VERB
fsr-3335	212	3	a	a	DET
fsr-3335	212	4	stochastic	stochastic	ADJ
fsr-3335	212	5	process	process	NOUN
fsr-3335	212	6	using	use	VERB
fsr-3335	212	7	a	a	DET
fsr-3335	212	8	trailing	trail	VERB
fsr-3335	212	9	12	12	NUM
fsr-3335	212	10	month	month	NOUN
fsr-3335	212	11	average	average	ADJ
fsr-3335	212	12	starting	starting	NOUN
fsr-3335	212	13	value	value	NOUN
fsr-3335	212	14	.	.	PUNCT
fsr-3335	213	1	we	we	PRON
fsr-3335	213	2	present	present	VERB
fsr-3335	213	3	the	the	DET
fsr-3335	213	4	inflation	inflation	NOUN
fsr-3335	213	5	-	-	PUNCT
fsr-3335	213	6	adjusted	adjust	VERB
fsr-3335	213	7	outputs	output	NOUN
fsr-3335	213	8	generated	generate	VERB
fsr-3335	213	9	for	for	ADP
fsr-3335	213	10	this	this	DET
fsr-3335	213	11	“	"	PUNCT
fsr-3335	213	12	simple	simple	ADJ
fsr-3335	213	13	”	"	PUNCT
fsr-3335	213	14	portfolio	portfolio	NOUN
fsr-3335	213	15	under	under	ADP
fsr-3335	213	16	the	the	DET
fsr-3335	213	17	five	five	NUM
fsr-3335	213	18	distinct	distinct	ADJ
fsr-3335	213	19	asset	asset	NOUN
fsr-3335	213	20	price	price	NOUN
fsr-3335	213	21	models	model	NOUN
fsr-3335	213	22	introduced	introduce	VERB
fsr-3335	213	23	above	above	ADP
fsr-3335	213	24	:	:	PUNCT
fsr-3335	213	25	1	1	X
fsr-3335	213	26	.	.	X
fsr-3335	213	27	multivariate	multivariate	VERB
fsr-3335	213	28	normal	normal	ADJ
fsr-3335	213	29	distribution	distribution	NOUN
fsr-3335	213	30	historical	historical	ADJ
fsr-3335	213	31	model	model	NOUN
fsr-3335	213	32	(	(	PUNCT
fsr-3335	213	33	nh	nh	NOUN
fsr-3335	213	34	)	)	PUNCT
fsr-3335	213	35	2	2	NUM
fsr-3335	213	36	.	.	X
fsr-3335	213	37	multivariate	multivariate	VERB
fsr-3335	213	38	normal	normal	ADJ
fsr-3335	213	39	efficient	efficient	ADJ
fsr-3335	213	40	returns	return	NOUN
fsr-3335	213	41	model	model	NOUN
fsr-3335	213	42	(	(	PUNCT
fsr-3335	213	43	ne	ne	NOUN
fsr-3335	213	44	)	)	PUNCT
fsr-3335	213	45	3	3	NUM
fsr-3335	214	1	.	.	X
fsr-3335	214	2	regime	regime	NOUN
fsr-3335	214	3	switching	switch	VERB
fsr-3335	214	4	model	model	NOUN
fsr-3335	214	5	market	market	NOUN
fsr-3335	214	6	agnostic	agnostic	ADJ
fsr-3335	214	7	(	(	PUNCT
fsr-3335	214	8	bb	bb	NOUN
fsr-3335	214	9	)	)	PUNCT
fsr-3335	214	10	4	4	NUM
fsr-3335	214	11	.	.	X
fsr-3335	214	12	regime	regime	NOUN
fsr-3335	214	13	switching	switch	VERB
fsr-3335	214	14	model	model	NOUN
fsr-3335	214	15	bull	bull	NOUN
fsr-3335	214	16	market	market	NOUN
fsr-3335	214	17	prediction	prediction	NOUN
fsr-3335	214	18	(	(	PUNCT
fsr-3335	214	19	bull	bull	NOUN
fsr-3335	214	20	)	)	PUNCT
fsr-3335	214	21	5	5	NUM
fsr-3335	214	22	.	.	X
fsr-3335	215	1	regime	regime	NOUN
fsr-3335	215	2	switching	switch	VERB
fsr-3335	215	3	model	model	NOUN
fsr-3335	215	4	bear	bear	NOUN
fsr-3335	215	5	market	market	NOUN
fsr-3335	215	6	prediction	prediction	NOUN
fsr-3335	215	7	(	(	PUNCT
fsr-3335	215	8	bear	bear	PROPN
fsr-3335	215	9	)	)	PUNCT
fsr-3335	215	10	the	the	DET
fsr-3335	215	11	risk	risk	NOUN
fsr-3335	215	12	-	-	PUNCT
fsr-3335	215	13	metric	metric	NOUN
fsr-3335	215	14	of	of	ADP
fsr-3335	215	15	interest	interest	NOUN
fsr-3335	215	16	is	be	AUX
fsr-3335	215	17	the	the	DET
fsr-3335	215	18	likelihood	likelihood	NOUN
fsr-3335	215	19	that	that	SCONJ
fsr-3335	215	20	a	a	DET
fsr-3335	215	21	$	$	SYM
fsr-3335	215	22	1.25	1.25	NUM
fsr-3335	215	23	million	million	NUM
fsr-3335	215	24	portfolio	portfolio	NOUN
fsr-3335	215	25	distributing	distribute	VERB
fsr-3335	215	26	an	an	DET
fsr-3335	215	27	inflation	inflation	NOUN
fsr-3335	215	28	-	-	PUNCT
fsr-3335	215	29	adjusted	adjust	VERB
fsr-3335	215	30	$	$	SYM
fsr-3335	215	31	60,000	60,000	NUM
fsr-3335	215	32	annually	annually	ADV
fsr-3335	215	33	(	(	PUNCT
fsr-3335	215	34	4.8	4.8	NUM
fsr-3335	215	35	%	%	NOUN
fsr-3335	215	36	of	of	ADP
fsr-3335	215	37	its	its	PRON
fsr-3335	215	38	initial	initial	ADJ
fsr-3335	215	39	value	value	NOUN
fsr-3335	215	40	)	)	PUNCT
fsr-3335	215	41	will	will	AUX
fsr-3335	215	42	become	become	VERB
fsr-3335	215	43	fully	fully	ADV
fsr-3335	215	44	depleted	deplete	VERB
fsr-3335	215	45	—	—	PUNCT
fsr-3335	215	46	that	that	ADV
fsr-3335	215	47	is	be	AUX
fsr-3335	215	48	,	,	PUNCT
fsr-3335	215	49	bankrupt	bankrupt	ADJ
fsr-3335	215	50	—	—	PUNCT
fsr-3335	215	51	before	before	ADP
fsr-3335	215	52	the	the	DET
fsr-3335	215	53	end	end	NOUN
fsr-3335	215	54	of	of	ADP
fsr-3335	215	55	the	the	DET
fsr-3335	215	56	planning	planning	NOUN
fsr-3335	215	57	horizon.16	horizon.16	NOUN
fsr-3335	215	58	we	we	PRON
fsr-3335	215	59	designate	designate	VERB
fsr-3335	215	60	the	the	DET
fsr-3335	215	61	series	series	NOUN
fsr-3335	215	62	of	of	ADP
fsr-3335	215	63	model	model	NOUN
fsr-3335	215	64	outputs	output	NOUN
fsr-3335	215	65	by	by	ADP
fsr-3335	215	66	the	the	DET
fsr-3335	215	67	symbol	symbol	NOUN
fsr-3335	215	68	“	"	PUNCT
fsr-3335	215	69	s	s	PROPN
fsr-3335	215	70	,	,	PUNCT
fsr-3335	215	71	”	"	PUNCT
fsr-3335	215	72	for	for	ADP
fsr-3335	215	73	their	their	PRON
fsr-3335	215	74	streamlined	streamline	VERB
fsr-3335	215	75	inputs	input	NOUN
fsr-3335	215	76	,	,	PUNCT
fsr-3335	215	77	in	in	ADP
fsr-3335	215	78	fig	fig	NOUN
fsr-3335	215	79	.	.	PUNCT
fsr-3335	216	1	2	2	X
fsr-3335	216	2	.	.	X
fsr-3335	216	3	fig	fig	NOUN
fsr-3335	216	4	.	.	PUNCT
fsr-3335	217	1	2	2	NUM
fsr-3335	217	2	also	also	ADV
fsr-3335	217	3	presents	present	VERB
fsr-3335	217	4	outputs	output	NOUN
fsr-3335	217	5	from	from	ADP
fsr-3335	217	6	models	model	NOUN
fsr-3335	217	7	we	we	PRON
fsr-3335	217	8	will	will	AUX
fsr-3335	217	9	discuss	discuss	VERB
fsr-3335	217	10	later	later	ADV
fsr-3335	217	11	.	.	PUNCT
fsr-3335	218	1	projected	project	VERB
fsr-3335	218	2	portfolio	portfolio	NOUN
fsr-3335	218	3	sustainability	sustainability	NOUN
fsr-3335	218	4	rates	rate	NOUN
fsr-3335	218	5	for	for	ADP
fsr-3335	218	6	the	the	DET
fsr-3335	218	7	five	five	NUM
fsr-3335	218	8	models	model	NOUN
fsr-3335	218	9	of	of	ADP
fsr-3335	218	10	the	the	DET
fsr-3335	218	11	s	s	PROPN
fsr-3335	218	12	series	series	NOUN
fsr-3335	218	13	clearly	clearly	ADV
fsr-3335	218	14	depict	depict	VERB
fsr-3335	218	15	a	a	DET
fsr-3335	218	16	wide	wide	ADJ
fsr-3335	218	17	range	range	NOUN
fsr-3335	218	18	of	of	ADP
fsr-3335	218	19	possible	possible	ADJ
fsr-3335	218	20	outcomes	outcome	NOUN
fsr-3335	218	21	.	.	PUNCT
fsr-3335	219	1	although	although	SCONJ
fsr-3335	219	2	the	the	DET
fsr-3335	219	3	commonly	commonly	ADV
fsr-3335	219	4	used	use	VERB
fsr-3335	219	5	nh	nh	PROPN
fsr-3335	219	6	model	model	PROPN
fsr-3335	219	7	’s	’s	PART
fsr-3335	219	8	bankruptcy	bankruptcy	NOUN
fsr-3335	219	9	rates	rate	NOUN
fsr-3335	219	10	are	be	AUX
fsr-3335	219	11	less	less	ADJ
fsr-3335	219	12	than	than	ADP
fsr-3335	219	13	25	25	NUM
fsr-3335	219	14	%	%	NOUN
fsr-3335	219	15	,	,	PUNCT
fsr-3335	219	16	the	the	DET
fsr-3335	219	17	investor	investor	NOUN
fsr-3335	219	18	is	be	AUX
fsr-3335	219	19	left	leave	VERB
fsr-3335	219	20	to	to	PART
fsr-3335	219	21	ponder	ponder	VERB
fsr-3335	219	22	the	the	DET
fsr-3335	219	23	extent	extent	NOUN
fsr-3335	219	24	to	to	PART
fsr-3335	219	25	which	which	PRON
fsr-3335	219	26	this	this	DET
fsr-3335	219	27	fig	fig	NOUN
fsr-3335	219	28	.	.	PUNCT
fsr-3335	220	1	2	2	NUM
fsr-3335	220	2	.	.	NUM
fsr-3335	220	3	204	204	NUM
fsr-3335	220	4	p.j	p.j	PROPN
fsr-3335	220	5	.	.	PROPN
fsr-3335	220	6	collins	collins	PROPN
fsr-3335	220	7	et	et	PROPN
fsr-3335	220	8	al	al	PROPN
fsr-3335	220	9	.	.	PUNCT
fsr-3335	220	10	/	/	SYM
fsr-3335	220	11	financial	financial	ADJ
fsr-3335	220	12	services	service	NOUN
fsr-3335	220	13	review	review	VERB
fsr-3335	220	14	24	24	NUM
fsr-3335	220	15	(	(	PUNCT
fsr-3335	220	16	2015	2015	NUM
fsr-3335	220	17	)	)	PUNCT
fsr-3335	221	1	193–216	193–216	NUM
fsr-3335	221	2	favorable	favorable	ADJ
fsr-3335	221	3	picture	picture	NOUN
fsr-3335	221	4	is	be	AUX
fsr-3335	221	5	merely	merely	ADV
fsr-3335	221	6	an	an	DET
fsr-3335	221	7	artifact	artifact	NOUN
fsr-3335	221	8	of	of	ADP
fsr-3335	221	9	a	a	DET
fsr-3335	221	10	risk	risk	NOUN
fsr-3335	221	11	model	model	NOUN
fsr-3335	221	12	that	that	PRON
fsr-3335	221	13	fails	fail	VERB
fsr-3335	221	14	to	to	PART
fsr-3335	221	15	incorporate	incorporate	VERB
fsr-3335	221	16	critical	critical	ADJ
fsr-3335	221	17	elements	element	NOUN
fsr-3335	221	18	of	of	ADP
fsr-3335	221	19	asset	asset	NOUN
fsr-3335	221	20	pricing	pricing	NOUN
fsr-3335	221	21	behaviors	behavior	NOUN
fsr-3335	221	22	.	.	PUNCT
fsr-3335	222	1	the	the	DET
fsr-3335	222	2	ne	ne	PROPN
fsr-3335	222	3	model	model	PROPN
fsr-3335	222	4	modifies	modify	VERB
fsr-3335	222	5	parameters	parameter	NOUN
fsr-3335	222	6	fit	fit	VERB
fsr-3335	222	7	directly	directly	ADV
fsr-3335	222	8	from	from	ADP
fsr-3335	222	9	historical	historical	ADJ
fsr-3335	222	10	data	datum	NOUN
fsr-3335	222	11	;	;	PUNCT
fsr-3335	222	12	it	it	PRON
fsr-3335	222	13	produces	produce	VERB
fsr-3335	222	14	a	a	DET
fsr-3335	222	15	6	6	NUM
fsr-3335	222	16	%	%	NOUN
fsr-3335	222	17	higher	high	ADJ
fsr-3335	222	18	portfolio	portfolio	NOUN
fsr-3335	222	19	risk	risk	NOUN
fsr-3335	222	20	profile	profile	NOUN
fsr-3335	222	21	.	.	PUNCT
fsr-3335	223	1	the	the	DET
fsr-3335	223	2	market	market	NOUN
fsr-3335	223	3	agnostic	agnostic	ADJ
fsr-3335	223	4	retirement	retirement	NOUN
fsr-3335	223	5	income	income	NOUN
fsr-3335	223	6	portfolio	portfolio	NOUN
fsr-3335	223	7	risk	risk	NOUN
fsr-3335	223	8	model	model	NOUN
fsr-3335	223	9	(	(	PUNCT
fsr-3335	223	10	bb	bb	NOUN
fsr-3335	223	11	)	)	PUNCT
fsr-3335	223	12	indicates	indicate	VERB
fsr-3335	223	13	that	that	SCONJ
fsr-3335	223	14	the	the	DET
fsr-3335	223	15	risk	risk	NOUN
fsr-3335	223	16	of	of	ADP
fsr-3335	223	17	portfolio	portfolio	NOUN
fsr-3335	223	18	depletion	depletion	NOUN
fsr-3335	223	19	by	by	ADP
fsr-3335	223	20	myopically	myopically	ADV
fsr-3335	223	21	following	follow	VERB
fsr-3335	223	22	a	a	DET
fsr-3335	223	23	fixed	fix	VERB
fsr-3335	223	24	asset	asset	NOUN
fsr-3335	223	25	allocation/4.8	allocation/4.8	NUM
fsr-3335	223	26	%	%	NOUN
fsr-3335	223	27	withdrawal	withdrawal	NOUN
fsr-3335	223	28	strategy	strategy	NOUN
fsr-3335	223	29	is	be	AUX
fsr-3335	223	30	significantly	significantly	ADV
fsr-3335	223	31	greater	great	ADJ
fsr-3335	223	32	than	than	SCONJ
fsr-3335	223	33	suggested	suggest	VERB
fsr-3335	223	34	by	by	ADP
fsr-3335	223	35	the	the	DET
fsr-3335	223	36	simple	simple	ADJ
fsr-3335	223	37	monte	monte	PROPN
fsr-3335	223	38	carlo	carlo	PROPN
fsr-3335	223	39	model	model	PROPN
fsr-3335	223	40	.	.	PUNCT
fsr-3335	224	1	not	not	PART
fsr-3335	224	2	surprisingly	surprisingly	ADV
fsr-3335	224	3	,	,	PUNCT
fsr-3335	224	4	by	by	ADP
fsr-3335	224	5	starting	start	VERB
fsr-3335	224	6	the	the	DET
fsr-3335	224	7	simulations	simulation	NOUN
fsr-3335	224	8	off	off	ADP
fsr-3335	224	9	in	in	ADP
fsr-3335	224	10	a	a	DET
fsr-3335	224	11	predicted	predict	VERB
fsr-3335	224	12	bull	bull	NOUN
fsr-3335	224	13	market	market	NOUN
fsr-3335	224	14	environment	environment	NOUN
fsr-3335	224	15	,	,	PUNCT
fsr-3335	224	16	the	the	DET
fsr-3335	224	17	bankruptcy	bankruptcy	NOUN
fsr-3335	224	18	rate	rate	NOUN
fsr-3335	224	19	decreases	decrease	VERB
fsr-3335	224	20	—	—	PUNCT
fsr-3335	224	21	but	but	CCONJ
fsr-3335	224	22	only	only	ADV
fsr-3335	224	23	by	by	ADP
fsr-3335	224	24	3	3	NUM
fsr-3335	224	25	%	%	NOUN
fsr-3335	224	26	over	over	ADP
fsr-3335	224	27	the	the	DET
fsr-3335	224	28	agnostic	agnostic	ADJ
fsr-3335	224	29	view	view	NOUN
fsr-3335	224	30	of	of	ADP
fsr-3335	224	31	future	future	ADJ
fsr-3335	224	32	markets	market	NOUN
fsr-3335	224	33	.	.	PUNCT
fsr-3335	225	1	it	it	PRON
fsr-3335	225	2	is	be	AUX
fsr-3335	225	3	still	still	ADV
fsr-3335	225	4	6	6	NUM
fsr-3335	225	5	%	%	NOUN
fsr-3335	225	6	higher	high	ADJ
fsr-3335	225	7	than	than	SCONJ
fsr-3335	225	8	projected	project	VERB
fsr-3335	225	9	by	by	ADP
fsr-3335	225	10	the	the	DET
fsr-3335	225	11	simple	simple	ADJ
fsr-3335	225	12	monte	monte	PROPN
fsr-3335	225	13	carlo	carlo	PROPN
fsr-3335	225	14	model	model	PROPN
fsr-3335	225	15	.	.	PUNCT
fsr-3335	226	1	on	on	ADP
fsr-3335	226	2	the	the	DET
fsr-3335	226	3	other	other	ADJ
fsr-3335	226	4	hand	hand	NOUN
fsr-3335	226	5	,	,	PUNCT
fsr-3335	226	6	having	have	VERB
fsr-3335	226	7	a	a	DET
fsr-3335	226	8	pessimistic	pessimistic	ADJ
fsr-3335	226	9	view	view	NOUN
fsr-3335	226	10	of	of	ADP
fsr-3335	226	11	near	near	ADJ
fsr-3335	226	12	term	term	NOUN
fsr-3335	226	13	market	market	NOUN
fsr-3335	226	14	returns	return	NOUN
fsr-3335	226	15	drastically	drastically	ADV
fsr-3335	226	16	increases	increase	VERB
fsr-3335	226	17	portfolio	portfolio	NOUN
fsr-3335	226	18	bankruptcy	bankruptcy	NOUN
fsr-3335	226	19	rates	rate	NOUN
fsr-3335	226	20	to	to	ADP
fsr-3335	226	21	approximately	approximately	ADV
fsr-3335	226	22	49	49	NUM
fsr-3335	226	23	%	%	NOUN
fsr-3335	226	24	.	.	PUNCT
fsr-3335	227	1	this	this	DET
fsr-3335	227	2	outcome	outcome	NOUN
fsr-3335	227	3	is	be	AUX
fsr-3335	227	4	illustrative	illustrative	ADJ
fsr-3335	227	5	of	of	ADP
fsr-3335	227	6	return	return	NOUN
fsr-3335	227	7	sequence	sequence	NOUN
fsr-3335	227	8	risk	risk	NOUN
fsr-3335	227	9	faced	face	VERB
fsr-3335	227	10	by	by	ADP
fsr-3335	227	11	retires.17	retires.17	PROPN
fsr-3335	227	12	if	if	SCONJ
fsr-3335	227	13	a	a	DET
fsr-3335	227	14	retiree	retiree	NOUN
fsr-3335	227	15	wishes	wish	VERB
fsr-3335	227	16	to	to	PART
fsr-3335	227	17	impose	impose	VERB
fsr-3335	227	18	a	a	DET
fsr-3335	227	19	market	market	NOUN
fsr-3335	227	20	viewpoint	viewpoint	NOUN
fsr-3335	227	21	on	on	ADP
fsr-3335	227	22	his	his	PRON
fsr-3335	227	23	or	or	CCONJ
fsr-3335	227	24	her	her	PRON
fsr-3335	227	25	investment	investment	NOUN
fsr-3335	227	26	strategy	strategy	NOUN
fsr-3335	227	27	—	—	PUNCT
fsr-3335	227	28	always	always	ADV
fsr-3335	227	29	a	a	DET
fsr-3335	227	30	dangerous	dangerous	ADJ
fsr-3335	227	31	and	and	CCONJ
fsr-3335	227	32	uncertain	uncertain	ADJ
fsr-3335	227	33	proposition	proposition	NOUN
fsr-3335	227	34	;	;	PUNCT
fsr-3335	227	35	or	or	CCONJ
fsr-3335	227	36	,	,	PUNCT
fsr-3335	227	37	if	if	SCONJ
fsr-3335	227	38	a	a	DET
fsr-3335	227	39	retiree	retiree	NOUN
fsr-3335	227	40	wishes	wish	VERB
fsr-3335	227	41	insight	insight	NOUN
fsr-3335	227	42	into	into	ADP
fsr-3335	227	43	financial	financial	ADJ
fsr-3335	227	44	asset	asset	NOUN
fsr-3335	227	45	performance	performance	NOUN
fsr-3335	227	46	in	in	ADP
fsr-3335	227	47	“	"	PUNCT
fsr-3335	227	48	worst	bad	ADJ
fsr-3335	227	49	-	-	PUNCT
fsr-3335	227	50	case	case	NOUN
fsr-3335	227	51	”	"	PUNCT
fsr-3335	227	52	economies	economy	NOUN
fsr-3335	227	53	,	,	PUNCT
fsr-3335	227	54	the	the	DET
fsr-3335	227	55	bear	bear	NOUN
fsr-3335	227	56	model	model	NOUN
fsr-3335	227	57	option	option	NOUN
fsr-3335	227	58	illustrates	illustrate	VERB
fsr-3335	227	59	a	a	DET
fsr-3335	227	60	distribution	distribution	NOUN
fsr-3335	227	61	of	of	ADP
fsr-3335	227	62	future	future	ADJ
fsr-3335	227	63	results	result	NOUN
fsr-3335	227	64	reflecting	reflect	VERB
fsr-3335	227	65	implied	imply	VERB
fsr-3335	227	66	pessimism	pessimism	NOUN
fsr-3335	227	67	.	.	PUNCT
fsr-3335	228	1	5.2	5.2	NUM
fsr-3335	228	2	.	.	PUNCT
fsr-3335	229	1	a	a	DET
fsr-3335	229	2	diversified	diversified	ADJ
fsr-3335	229	3	portfolio	portfolio	NOUN
fsr-3335	229	4	luckily	luckily	ADV
fsr-3335	229	5	,	,	PUNCT
fsr-3335	229	6	investors	investor	NOUN
fsr-3335	229	7	do	do	AUX
fsr-3335	229	8	not	not	PART
fsr-3335	229	9	live	live	VERB
fsr-3335	229	10	in	in	ADP
fsr-3335	229	11	a	a	DET
fsr-3335	229	12	two	two	NUM
fsr-3335	229	13	asset	asset	NOUN
fsr-3335	229	14	class	class	NOUN
fsr-3335	229	15	world	world	NOUN
fsr-3335	229	16	.	.	PUNCT
fsr-3335	230	1	the	the	DET
fsr-3335	230	2	portfolio	portfolio	NOUN
fsr-3335	230	3	returns	return	NOUN
fsr-3335	230	4	generated	generate	VERB
fsr-3335	230	5	in	in	ADP
fsr-3335	230	6	our	our	PRON
fsr-3335	230	7	simplified	simplified	ADJ
fsr-3335	230	8	set	set	NOUN
fsr-3335	230	9	of	of	ADP
fsr-3335	230	10	models	model	NOUN
fsr-3335	230	11	suffer	suffer	VERB
fsr-3335	230	12	from	from	ADP
fsr-3335	230	13	unsystematic	unsystematic	ADJ
fsr-3335	230	14	market	market	NOUN
fsr-3335	230	15	risk	risk	NOUN
fsr-3335	230	16	.	.	PUNCT
fsr-3335	231	1	a	a	DET
fsr-3335	231	2	savvy	savvy	ADJ
fsr-3335	231	3	investor	investor	NOUN
fsr-3335	231	4	would	would	AUX
fsr-3335	231	5	diversify	diversify	VERB
fsr-3335	231	6	away	away	ADV
fsr-3335	231	7	the	the	DET
fsr-3335	231	8	unsystematic	unsystematic	ADJ
fsr-3335	231	9	risk	risk	NOUN
fsr-3335	231	10	inherent	inherent	ADJ
fsr-3335	231	11	in	in	ADP
fsr-3335	231	12	their	their	PRON
fsr-3335	231	13	portfolio	portfolio	NOUN
fsr-3335	231	14	,	,	PUNCT
fsr-3335	231	15	and	and	CCONJ
fsr-3335	231	16	move	move	VERB
fsr-3335	231	17	it	it	PRON
fsr-3335	231	18	to	to	PART
fsr-3335	231	19	,	,	PUNCT
fsr-3335	231	20	say	say	INTJ
fsr-3335	231	21	,	,	PUNCT
fsr-3335	231	22	a	a	DET
fsr-3335	231	23	14	14	NUM
fsr-3335	231	24	asset	asset	NOUN
fsr-3335	231	25	class	class	NOUN
fsr-3335	231	26	allocation.18	allocation.18	NOUN
fsr-3335	231	27	doing	do	VERB
fsr-3335	231	28	so	so	ADV
fsr-3335	231	29	allows	allow	VERB
fsr-3335	231	30	us	we	PRON
fsr-3335	231	31	to	to	PART
fsr-3335	231	32	illustrate	illustrate	VERB
fsr-3335	231	33	the	the	DET
fsr-3335	231	34	effect	effect	NOUN
fsr-3335	231	35	of	of	ADP
fsr-3335	231	36	diversification	diversification	NOUN
fsr-3335	231	37	within	within	ADP
fsr-3335	231	38	each	each	PRON
fsr-3335	231	39	of	of	ADP
fsr-3335	231	40	the	the	DET
fsr-3335	231	41	five	five	NUM
fsr-3335	231	42	return	return	NOUN
fsr-3335	231	43	-	-	PUNCT
fsr-3335	231	44	generating	generate	VERB
fsr-3335	231	45	models	model	NOUN
fsr-3335	231	46	.	.	PUNCT
fsr-3335	232	1	in	in	ADP
fsr-3335	232	2	fig	fig	NOUN
fsr-3335	232	3	.	.	PUNCT
fsr-3335	233	1	2	2	NUM
fsr-3335	233	2	,	,	PUNCT
fsr-3335	233	3	we	we	PRON
fsr-3335	233	4	label	label	VERB
fsr-3335	233	5	the	the	DET
fsr-3335	233	6	new	new	ADJ
fsr-3335	233	7	series	series	NOUN
fsr-3335	233	8	“	"	PUNCT
fsr-3335	233	9	d	d	PROPN
fsr-3335	233	10	,	,	PUNCT
fsr-3335	233	11	”	"	PUNCT
fsr-3335	233	12	for	for	ADP
fsr-3335	233	13	diversified	diversified	ADJ
fsr-3335	233	14	.	.	PUNCT
fsr-3335	234	1	by	by	ADP
fsr-3335	234	2	taking	take	VERB
fsr-3335	234	3	advantage	advantage	NOUN
fsr-3335	234	4	of	of	ADP
fsr-3335	234	5	broad	broad	ADJ
fsr-3335	234	6	-	-	PUNCT
fsr-3335	234	7	scope	scope	NOUN
fsr-3335	234	8	diversification	diversification	NOUN
fsr-3335	234	9	,	,	PUNCT
fsr-3335	234	10	three	three	NUM
fsr-3335	234	11	of	of	ADP
fsr-3335	234	12	the	the	DET
fsr-3335	234	13	five	five	NUM
fsr-3335	234	14	models	model	NOUN
fsr-3335	234	15	in	in	ADP
fsr-3335	234	16	series	series	NOUN
fsr-3335	234	17	d	d	AUX
fsr-3335	234	18	exhibit	exhibit	VERB
fsr-3335	234	19	acceptable	acceptable	ADJ
fsr-3335	234	20	sustainability	sustainability	NOUN
fsr-3335	234	21	rates	rate	NOUN
fsr-3335	234	22	,	,	PUNCT
fsr-3335	234	23	compared	compare	VERB
fsr-3335	234	24	to	to	ADP
fsr-3335	234	25	just	just	ADV
fsr-3335	234	26	one	one	NUM
fsr-3335	234	27	in	in	ADP
fsr-3335	234	28	series	series	PROPN
fsr-3335	234	29	s.	s.	PROPN
fsr-3335	234	30	furthermore	furthermore	ADV
fsr-3335	234	31	,	,	PUNCT
fsr-3335	234	32	each	each	DET
fsr-3335	234	33	diversified	diversify	VERB
fsr-3335	234	34	portfolio	portfolio	NOUN
fsr-3335	234	35	in	in	ADP
fsr-3335	234	36	model	model	PROPN
fsr-3335	234	37	series	series	PROPN
fsr-3335	234	38	d	d	PROPN
fsr-3335	234	39	has	have	VERB
fsr-3335	234	40	a	a	DET
fsr-3335	234	41	lower	low	ADJ
fsr-3335	234	42	bankruptcy	bankruptcy	NOUN
fsr-3335	234	43	rate	rate	NOUN
fsr-3335	234	44	compared	compare	VERB
fsr-3335	234	45	with	with	ADP
fsr-3335	234	46	their	their	PRON
fsr-3335	234	47	two	two	NUM
fsr-3335	234	48	asset	asset	NOUN
fsr-3335	234	49	class	class	NOUN
fsr-3335	234	50	counterparts	counterpart	NOUN
fsr-3335	234	51	in	in	ADP
fsr-3335	234	52	series	series	PROPN
fsr-3335	234	53	s.	s.	PROPN
fsr-3335	234	54	however	however	ADV
fsr-3335	234	55	,	,	PUNCT
fsr-3335	234	56	it	it	PRON
fsr-3335	234	57	is	be	AUX
fsr-3335	234	58	interesting	interesting	ADJ
fsr-3335	234	59	to	to	PART
fsr-3335	234	60	see	see	VERB
fsr-3335	234	61	the	the	DET
fsr-3335	234	62	relative	relative	ADJ
fsr-3335	234	63	benefits	benefit	NOUN
fsr-3335	234	64	of	of	ADP
fsr-3335	234	65	diversification	diversification	NOUN
fsr-3335	234	66	abate	abate	VERB
fsr-3335	234	67	in	in	ADP
fsr-3335	234	68	models	model	NOUN
fsr-3335	234	69	incorporating	incorporate	VERB
fsr-3335	234	70	regime	regime	NOUN
fsr-3335	234	71	-	-	PUNCT
fsr-3335	234	72	shifting	shift	VERB
fsr-3335	234	73	bb	bb	NOUN
fsr-3335	234	74	methodologies.19	methodologies.19	NOUN
fsr-3335	234	75	when	when	SCONJ
fsr-3335	234	76	measured	measure	VERB
fsr-3335	234	77	by	by	ADP
fsr-3335	234	78	the	the	DET
fsr-3335	234	79	improvement	improvement	NOUN
fsr-3335	234	80	in	in	ADP
fsr-3335	234	81	failure	failure	NOUN
fsr-3335	234	82	rates	rate	NOUN
fsr-3335	234	83	,	,	PUNCT
fsr-3335	234	84	there	there	PRON
fsr-3335	234	85	is	be	VERB
fsr-3335	234	86	only	only	ADV
fsr-3335	234	87	a	a	DET
fsr-3335	234	88	diversification	diversification	NOUN
fsr-3335	234	89	advantage	advantage	NOUN
fsr-3335	234	90	of	of	ADP
fsr-3335	234	91	just	just	ADV
fsr-3335	234	92	4	4	NUM
fsr-3335	234	93	%	%	NOUN
fsr-3335	234	94	in	in	ADP
fsr-3335	234	95	the	the	DET
fsr-3335	234	96	bb	bb	NOUN
fsr-3335	234	97	approach	approach	NOUN
fsr-3335	234	98	versus	versus	ADP
fsr-3335	234	99	a	a	DET
fsr-3335	234	100	9	9	NUM
fsr-3335	234	101	%	%	NOUN
fsr-3335	234	102	improvement	improvement	NOUN
fsr-3335	234	103	in	in	ADP
fsr-3335	234	104	the	the	DET
fsr-3335	234	105	nh	nh	PROPN
fsr-3335	234	106	model	model	NOUN
fsr-3335	234	107	.	.	PUNCT
fsr-3335	235	1	the	the	DET
fsr-3335	235	2	relative	relative	ADJ
fsr-3335	235	3	diversification	diversification	NOUN
fsr-3335	235	4	benefits	benefit	NOUN
fsr-3335	235	5	diminish	diminish	VERB
fsr-3335	235	6	in	in	ADP
fsr-3335	235	7	a	a	DET
fsr-3335	235	8	regime	regime	NOUN
fsr-3335	235	9	shifting	shift	VERB
fsr-3335	235	10	model	model	NOUN
fsr-3335	235	11	.	.	PUNCT
fsr-3335	236	1	turbulent	turbulent	ADJ
fsr-3335	236	2	market	market	NOUN
fsr-3335	236	3	conditions	condition	NOUN
fsr-3335	236	4	tend	tend	VERB
fsr-3335	236	5	to	to	PART
fsr-3335	236	6	raise	raise	VERB
fsr-3335	236	7	the	the	DET
fsr-3335	236	8	correlation	correlation	NOUN
fsr-3335	236	9	between	between	ADP
fsr-3335	236	10	asset	asset	NOUN
fsr-3335	236	11	classes	class	NOUN
fsr-3335	236	12	above	above	ADP
fsr-3335	236	13	their	their	PRON
fsr-3335	236	14	long	long	ADJ
fsr-3335	236	15	term	term	NOUN
fsr-3335	236	16	historic	historic	ADJ
fsr-3335	236	17	averages	average	NOUN
fsr-3335	236	18	,	,	PUNCT
fsr-3335	236	19	thus	thus	ADV
fsr-3335	236	20	reducing	reduce	VERB
fsr-3335	236	21	the	the	DET
fsr-3335	236	22	benefit	benefit	NOUN
fsr-3335	236	23	of	of	ADP
fsr-3335	236	24	diversification	diversification	NOUN
fsr-3335	236	25	.	.	PUNCT
fsr-3335	237	1	neither	neither	CCONJ
fsr-3335	237	2	the	the	DET
fsr-3335	237	3	nh	nh	PROPN
fsr-3335	237	4	or	or	CCONJ
fsr-3335	237	5	ne	ne	PROPN
fsr-3335	237	6	models	model	NOUN
fsr-3335	237	7	can	can	AUX
fsr-3335	237	8	replicate	replicate	VERB
fsr-3335	237	9	such	such	ADJ
fsr-3335	237	10	conditions	condition	NOUN
fsr-3335	237	11	since	since	SCONJ
fsr-3335	237	12	their	their	PRON
fsr-3335	237	13	returns	return	NOUN
fsr-3335	237	14	generating	generate	VERB
fsr-3335	237	15	mechanism	mechanism	NOUN
fsr-3335	237	16	uses	use	VERB
fsr-3335	237	17	only	only	ADV
fsr-3335	237	18	a	a	DET
fsr-3335	237	19	single	single	ADJ
fsr-3335	237	20	correlation	correlation	NOUN
fsr-3335	237	21	matrix	matrix	NOUN
fsr-3335	237	22	.	.	PUNCT
fsr-3335	238	1	5.3	5.3	NUM
fsr-3335	238	2	.	.	PUNCT
fsr-3335	238	3	longevity	longevity	NOUN
fsr-3335	238	4	thus	thus	ADV
fsr-3335	238	5	far	far	ADV
fsr-3335	238	6	,	,	PUNCT
fsr-3335	238	7	the	the	DET
fsr-3335	238	8	model	model	NOUN
fsr-3335	238	9	series	series	PROPN
fsr-3335	238	10	assumes	assume	VERB
fsr-3335	238	11	a	a	DET
fsr-3335	238	12	fixed	fix	VERB
fsr-3335	238	13	30	30	NUM
fsr-3335	238	14	-	-	PUNCT
fsr-3335	238	15	year	year	NOUN
fsr-3335	238	16	planning	planning	NOUN
fsr-3335	238	17	horizon	horizon	NOUN
fsr-3335	238	18	.	.	PUNCT
fsr-3335	239	1	this	this	DET
fsr-3335	239	2	assumption	assumption	NOUN
fsr-3335	239	3	is	be	AUX
fsr-3335	239	4	not	not	PART
fsr-3335	239	5	realistic	realistic	ADJ
fsr-3335	239	6	for	for	ADP
fsr-3335	239	7	individual	individual	ADJ
fsr-3335	239	8	investors	investor	NOUN
fsr-3335	239	9	with	with	ADP
fsr-3335	239	10	uncertain	uncertain	ADJ
fsr-3335	239	11	life	life	NOUN
fsr-3335	239	12	spans	span	NOUN
fsr-3335	239	13	.	.	PUNCT
fsr-3335	240	1	a	a	DET
fsr-3335	240	2	30	30	NUM
fsr-3335	240	3	-	-	PUNCT
fsr-3335	240	4	year	year	NOUN
fsr-3335	240	5	planning	planning	NOUN
fsr-3335	240	6	horizon	horizon	NOUN
fsr-3335	240	7	may	may	AUX
fsr-3335	240	8	overstate	overstate	VERB
fsr-3335	240	9	shortfall	shortfall	NOUN
fsr-3335	240	10	risk	risk	NOUN
fsr-3335	240	11	for	for	ADP
fsr-3335	240	12	many	many	ADJ
fsr-3335	240	13	post	post	NOUN
fsr-3335	240	14	age	age	NOUN
fsr-3335	240	15	65	65	NUM
fsr-3335	240	16	retired	retire	VERB
fsr-3335	240	17	individuals	individual	NOUN
fsr-3335	240	18	.	.	PUNCT
fsr-3335	241	1	to	to	PART
fsr-3335	241	2	get	get	VERB
fsr-3335	241	3	a	a	DET
fsr-3335	241	4	more	more	ADV
fsr-3335	241	5	realistic	realistic	ADJ
fsr-3335	241	6	view	view	NOUN
fsr-3335	241	7	of	of	ADP
fsr-3335	241	8	risk	risk	NOUN
fsr-3335	241	9	,	,	PUNCT
fsr-3335	241	10	the	the	DET
fsr-3335	241	11	uncertain	uncertain	ADJ
fsr-3335	241	12	nature	nature	NOUN
fsr-3335	241	13	of	of	ADP
fsr-3335	241	14	longevity	longevity	NOUN
fsr-3335	241	15	is	be	AUX
fsr-3335	241	16	integrated	integrate	VERB
fsr-3335	241	17	into	into	ADP
fsr-3335	241	18	the	the	DET
fsr-3335	241	19	next	next	ADJ
fsr-3335	241	20	series	series	NOUN
fsr-3335	241	21	of	of	ADP
fsr-3335	241	22	simulations	simulation	NOUN
fsr-3335	241	23	.	.	PUNCT
fsr-3335	242	1	we	we	PRON
fsr-3335	242	2	term	term	VERB
fsr-3335	242	3	the	the	DET
fsr-3335	242	4	series	series	NOUN
fsr-3335	242	5	“	"	PUNCT
fsr-3335	242	6	dl	dl	PROPN
fsr-3335	242	7	”	"	PUNCT
fsr-3335	242	8	for	for	ADP
fsr-3335	242	9	a	a	DET
fsr-3335	242	10	diversified	diversified	ADJ
fsr-3335	242	11	portfolio	portfolio	NOUN
fsr-3335	242	12	reflecting	reflect	VERB
fsr-3335	242	13	an	an	DET
fsr-3335	242	14	uncertain	uncertain	ADJ
fsr-3335	242	15	life	life	NOUN
fsr-3335	242	16	span	span	NOUN
fsr-3335	242	17	.	.	PUNCT
fsr-3335	243	1	the	the	DET
fsr-3335	243	2	lengths	length	NOUN
fsr-3335	243	3	of	of	ADP
fsr-3335	243	4	simulated	simulate	VERB
fsr-3335	243	5	trials	trial	NOUN
fsr-3335	243	6	are	be	AUX
fsr-3335	243	7	no	no	ADV
fsr-3335	243	8	longer	long	ADV
fsr-3335	243	9	preset	preset	ADJ
fsr-3335	243	10	at	at	ADP
fsr-3335	243	11	30	30	NUM
fsr-3335	243	12	years	year	NOUN
fsr-3335	243	13	.	.	PUNCT
fsr-3335	244	1	rather	rather	ADV
fsr-3335	244	2	,	,	PUNCT
fsr-3335	244	3	the	the	DET
fsr-3335	244	4	distribution	distribution	NOUN
fsr-3335	244	5	of	of	ADP
fsr-3335	244	6	life	life	NOUN
fsr-3335	244	7	205p.j	205p.j	NOUN
fsr-3335	244	8	.	.	PUNCT
fsr-3335	245	1	collins	collins	PROPN
fsr-3335	245	2	et	et	PROPN
fsr-3335	245	3	al	al	PROPN
fsr-3335	245	4	.	.	PUNCT
fsr-3335	245	5	/	/	SYM
fsr-3335	245	6	financial	financial	ADJ
fsr-3335	245	7	services	service	NOUN
fsr-3335	245	8	review	review	VERB
fsr-3335	245	9	24	24	NUM
fsr-3335	245	10	(	(	PUNCT
fsr-3335	245	11	2015	2015	NUM
fsr-3335	245	12	)	)	PUNCT
fsr-3335	245	13	193–216	193–216	NUM
fsr-3335	245	14	span	span	NOUN
fsr-3335	245	15	reflects	reflect	VERB
fsr-3335	245	16	the	the	DET
fsr-3335	245	17	society	society	NOUN
fsr-3335	245	18	of	of	ADP
fsr-3335	245	19	actuaries	actuary	NOUN
fsr-3335	245	20	’	'	PUNCT
fsr-3335	245	21	mortality	mortality	NOUN
fsr-3335	245	22	table	table	NOUN
fsr-3335	245	23	for	for	ADP
fsr-3335	245	24	the	the	DET
fsr-3335	245	25	subpopulation	subpopulation	NOUN
fsr-3335	245	26	of	of	ADP
fsr-3335	245	27	high	high	ADJ
fsr-3335	245	28	-	-	PUNCT
fsr-3335	245	29	income	income	NOUN
fsr-3335	245	30	,	,	PUNCT
fsr-3335	245	31	white	white	ADJ
fsr-3335	245	32	collar	collar	NOUN
fsr-3335	245	33	retirees	retiree	NOUN
fsr-3335	245	34	—	—	PUNCT
fsr-3335	245	35	the	the	DET
fsr-3335	245	36	group	group	NOUN
fsr-3335	245	37	most	most	ADV
fsr-3335	245	38	likely	likely	ADJ
fsr-3335	245	39	to	to	PART
fsr-3335	245	40	use	use	VERB
fsr-3335	245	41	the	the	DET
fsr-3335	245	42	services	service	NOUN
fsr-3335	245	43	of	of	ADP
fsr-3335	245	44	a	a	DET
fsr-3335	245	45	financial	financial	ADJ
fsr-3335	245	46	advisor	advisor	NOUN
fsr-3335	245	47	.	.	PUNCT
fsr-3335	246	1	longevity	longevity	NOUN
fsr-3335	246	2	risk	risk	NOUN
fsr-3335	246	3	(	(	PUNCT
fsr-3335	246	4	the	the	DET
fsr-3335	246	5	likelihood	likelihood	NOUN
fsr-3335	246	6	of	of	ADP
fsr-3335	246	7	outliving	outlive	VERB
fsr-3335	246	8	resources	resource	NOUN
fsr-3335	246	9	)	)	PUNCT
fsr-3335	246	10	is	be	AUX
fsr-3335	246	11	a	a	DET
fsr-3335	246	12	stochastic	stochastic	ADJ
fsr-3335	246	13	variable	variable	NOUN
fsr-3335	246	14	,	,	PUNCT
fsr-3335	246	15	not	not	PART
fsr-3335	246	16	simply	simply	ADV
fsr-3335	246	17	an	an	DET
fsr-3335	246	18	average	average	NOUN
fsr-3335	246	19	.	.	PUNCT
fsr-3335	247	1	the	the	DET
fsr-3335	247	2	distribution	distribution	NOUN
fsr-3335	247	3	of	of	ADP
fsr-3335	247	4	life	life	NOUN
fsr-3335	247	5	span	span	NOUN
fsr-3335	247	6	for	for	SCONJ
fsr-3335	247	7	this	this	DET
fsr-3335	247	8	population	population	NOUN
fsr-3335	247	9	group	group	NOUN
fsr-3335	247	10	differs	differ	VERB
fsr-3335	247	11	significantly	significantly	ADV
fsr-3335	247	12	from	from	ADP
fsr-3335	247	13	the	the	DET
fsr-3335	247	14	distribution	distribution	NOUN
fsr-3335	247	15	of	of	ADP
fsr-3335	247	16	life	life	NOUN
fsr-3335	247	17	span	span	NOUN
fsr-3335	247	18	for	for	ADP
fsr-3335	247	19	the	the	DET
fsr-3335	247	20	general	general	ADJ
fsr-3335	247	21	population	population	NOUN
fsr-3335	247	22	.	.	PUNCT
fsr-3335	248	1	inputting	inputte	VERB
fsr-3335	248	2	social	social	ADJ
fsr-3335	248	3	security	security	NOUN
fsr-3335	248	4	general	general	ADJ
fsr-3335	248	5	population	population	NOUN
fsr-3335	248	6	mortality	mortality	NOUN
fsr-3335	248	7	data	datum	NOUN
fsr-3335	248	8	,	,	PUNCT
fsr-3335	248	9	for	for	ADP
fsr-3335	248	10	example	example	NOUN
fsr-3335	248	11	,	,	PUNCT
fsr-3335	248	12	decreases	decrease	VERB
fsr-3335	248	13	the	the	DET
fsr-3335	248	14	failure	failure	NOUN
fsr-3335	248	15	rate	rate	NOUN
fsr-3335	248	16	probabilities	probability	NOUN
fsr-3335	248	17	significantly	significantly	ADV
fsr-3335	248	18	.	.	PUNCT
fsr-3335	249	1	although	although	SCONJ
fsr-3335	249	2	beyond	beyond	ADP
fsr-3335	249	3	the	the	DET
fsr-3335	249	4	scope	scope	NOUN
fsr-3335	249	5	of	of	ADP
fsr-3335	249	6	this	this	DET
fsr-3335	249	7	discussion	discussion	NOUN
fsr-3335	249	8	,	,	PUNCT
fsr-3335	249	9	the	the	DET
fsr-3335	249	10	issue	issue	NOUN
fsr-3335	249	11	of	of	ADP
fsr-3335	249	12	expected	expect	VERB
fsr-3335	249	13	versus	versus	ADP
fsr-3335	249	14	actual	actual	ADJ
fsr-3335	249	15	life	life	NOUN
fsr-3335	249	16	span	span	NOUN
fsr-3335	249	17	is	be	AUX
fsr-3335	249	18	important	important	ADJ
fsr-3335	249	19	when	when	SCONJ
fsr-3335	249	20	modeling	model	VERB
fsr-3335	249	21	retirement	retirement	NOUN
fsr-3335	249	22	income	income	NOUN
fsr-3335	249	23	portfolios.20	portfolios.20	PROPN
fsr-3335	249	24	one	one	NUM
fsr-3335	249	25	result	result	NOUN
fsr-3335	249	26	is	be	AUX
fsr-3335	249	27	that	that	SCONJ
fsr-3335	249	28	the	the	DET
fsr-3335	249	29	uncertainty	uncertainty	NOUN
fsr-3335	249	30	of	of	ADP
fsr-3335	249	31	an	an	DET
fsr-3335	249	32	investor	investor	NOUN
fsr-3335	249	33	’s	’s	PART
fsr-3335	249	34	remaining	remain	VERB
fsr-3335	249	35	lifetime	lifetime	NOUN
fsr-3335	249	36	increases	increase	NOUN
fsr-3335	249	37	with	with	ADP
fsr-3335	249	38	age	age	NOUN
fsr-3335	249	39	despite	despite	SCONJ
fsr-3335	249	40	a	a	DET
fsr-3335	249	41	reduction	reduction	NOUN
fsr-3335	249	42	in	in	ADP
fsr-3335	249	43	expected	expect	VERB
fsr-3335	249	44	longevity	longevity	NOUN
fsr-3335	249	45	.	.	PUNCT
fsr-3335	250	1	in	in	ADP
fsr-3335	250	2	fact	fact	NOUN
fsr-3335	250	3	,	,	PUNCT
fsr-3335	250	4	actuarial	actuarial	ADJ
fsr-3335	250	5	life	life	NOUN
fsr-3335	250	6	expectancy	expectancy	NOUN
fsr-3335	250	7	is	be	AUX
fsr-3335	250	8	conditional	conditional	ADJ
fsr-3335	250	9	on	on	ADP
fsr-3335	250	10	attained	attain	VERB
fsr-3335	250	11	age	age	NOUN
fsr-3335	250	12	—	—	PUNCT
fsr-3335	250	13	the	the	PRON
fsr-3335	250	14	longer	long	ADJ
fsr-3335	250	15	you	you	PRON
fsr-3335	250	16	live	live	VERB
fsr-3335	250	17	,	,	PUNCT
fsr-3335	250	18	the	the	PRON
fsr-3335	250	19	longer	long	ADJ
fsr-3335	250	20	you	you	PRON
fsr-3335	250	21	are	be	AUX
fsr-3335	250	22	expected	expect	VERB
fsr-3335	250	23	to	to	PART
fsr-3335	250	24	live	live	VERB
fsr-3335	250	25	.	.	PUNCT
fsr-3335	251	1	the	the	DET
fsr-3335	251	2	dl	dl	PROPN
fsr-3335	251	3	model	model	NOUN
fsr-3335	251	4	assumes	assume	VERB
fsr-3335	251	5	a	a	DET
fsr-3335	251	6	68	68	NUM
fsr-3335	251	7	year	year	NOUN
fsr-3335	251	8	old	old	ADJ
fsr-3335	251	9	female	female	ADJ
fsr-3335	251	10	investor	investor	NOUN
fsr-3335	251	11	in	in	ADP
fsr-3335	251	12	excellent	excellent	ADJ
fsr-3335	251	13	health	health	NOUN
fsr-3335	251	14	.	.	PUNCT
fsr-3335	252	1	average	average	ADJ
fsr-3335	252	2	life	life	NOUN
fsr-3335	252	3	expectancy	expectancy	NOUN
fsr-3335	252	4	for	for	ADP
fsr-3335	252	5	such	such	DET
fsr-3335	252	6	an	an	DET
fsr-3335	252	7	investor	investor	NOUN
fsr-3335	252	8	is	be	AUX
fsr-3335	252	9	roughly	roughly	ADV
fsr-3335	252	10	19	19	NUM
fsr-3335	252	11	years	year	NOUN
fsr-3335	252	12	(	(	PUNCT
fsr-3335	252	13	mean	mean	VERB
fsr-3335	252	14	�	�	PROPN
fsr-3335	252	15	18.7	18.7	NUM
fsr-3335	252	16	;	;	PUNCT
fsr-3335	252	17	median	median	PROPN
fsr-3335	252	18	�	�	PROPN
fsr-3335	252	19	19.1	19.1	NUM
fsr-3335	252	20	)	)	PUNCT
fsr-3335	252	21	;	;	PUNCT
fsr-3335	252	22	and	and	CCONJ
fsr-3335	252	23	,	,	PUNCT
fsr-3335	252	24	therefore	therefore	ADV
fsr-3335	252	25	,	,	PUNCT
fsr-3335	252	26	we	we	PRON
fsr-3335	252	27	expect	expect	VERB
fsr-3335	252	28	bankruptcy	bankruptcy	NOUN
fsr-3335	252	29	rates	rate	NOUN
fsr-3335	252	30	to	to	PART
fsr-3335	252	31	fall	fall	VERB
fsr-3335	252	32	.	.	PUNCT
fsr-3335	253	1	trial	trial	NOUN
fsr-3335	253	2	length	length	NOUN
fsr-3335	253	3	is	be	AUX
fsr-3335	253	4	the	the	DET
fsr-3335	253	5	lesser	less	ADJ
fsr-3335	253	6	of	of	ADP
fsr-3335	253	7	360	360	NUM
fsr-3335	253	8	months	month	NOUN
fsr-3335	253	9	(	(	PUNCT
fsr-3335	253	10	30	30	NUM
fsr-3335	253	11	years	year	NOUN
fsr-3335	253	12	)	)	PUNCT
fsr-3335	253	13	,	,	PUNCT
fsr-3335	253	14	the	the	DET
fsr-3335	253	15	date	date	NOUN
fsr-3335	253	16	of	of	ADP
fsr-3335	253	17	portfolio	portfolio	NOUN
fsr-3335	253	18	depletion	depletion	NOUN
fsr-3335	253	19	(	(	PUNCT
fsr-3335	253	20	bankruptcy	bankruptcy	NOUN
fsr-3335	253	21	)	)	PUNCT
fsr-3335	253	22	,	,	PUNCT
fsr-3335	253	23	or	or	CCONJ
fsr-3335	253	24	the	the	DET
fsr-3335	253	25	month	month	NOUN
fsr-3335	253	26	of	of	ADP
fsr-3335	253	27	death	death	NOUN
fsr-3335	253	28	,	,	PUNCT
fsr-3335	253	29	whichever	whichever	DET
fsr-3335	253	30	event	event	NOUN
fsr-3335	253	31	comes	come	VERB
fsr-3335	253	32	first	first	ADV
fsr-3335	253	33	.	.	PUNCT
fsr-3335	254	1	as	as	ADP
fsr-3335	254	2	fig	fig	NOUN
fsr-3335	254	3	.	.	PUNCT
fsr-3335	254	4	2	2	NUM
fsr-3335	254	5	shows	show	NOUN
fsr-3335	254	6	,	,	PUNCT
fsr-3335	254	7	the	the	DET
fsr-3335	254	8	mortality	mortality	NOUN
fsr-3335	254	9	-	-	PUNCT
fsr-3335	254	10	adjusted	adjust	VERB
fsr-3335	254	11	time	time	NOUN
fsr-3335	254	12	horizon	horizon	NOUN
fsr-3335	254	13	lowers	lower	VERB
fsr-3335	254	14	bankruptcy	bankruptcy	NOUN
fsr-3335	254	15	risk	risk	NOUN
fsr-3335	254	16	dramatically	dramatically	ADV
fsr-3335	254	17	.	.	PUNCT
fsr-3335	255	1	all	all	DET
fsr-3335	255	2	five	five	NUM
fsr-3335	255	3	market	market	NOUN
fsr-3335	255	4	models	model	NOUN
fsr-3335	255	5	incorporating	incorporate	VERB
fsr-3335	255	6	longevity	longevity	NOUN
fsr-3335	255	7	exhibit	exhibit	NOUN
fsr-3335	255	8	portfolio	portfolio	NOUN
fsr-3335	255	9	sustainability	sustainability	NOUN
fsr-3335	255	10	rates	rate	NOUN
fsr-3335	255	11	in	in	ADP
fsr-3335	255	12	excess	excess	NOUN
fsr-3335	255	13	of	of	ADP
fsr-3335	255	14	the	the	DET
fsr-3335	255	15	75	75	NUM
fsr-3335	255	16	%	%	NOUN
fsr-3335	255	17	acceptability	acceptability	NOUN
fsr-3335	255	18	benchmark	benchmark	NOUN
fsr-3335	255	19	.	.	PUNCT
fsr-3335	256	1	an	an	DET
fsr-3335	256	2	investor	investor	NOUN
fsr-3335	256	3	using	use	VERB
fsr-3335	256	4	a	a	DET
fsr-3335	256	5	simple	simple	ADJ
fsr-3335	256	6	monte	monte	PROPN
fsr-3335	256	7	carlo	carlo	PROPN
fsr-3335	256	8	simulation	simulation	PROPN
fsr-3335	256	9	program	program	PROPN
fsr-3335	256	10	anticipates	anticipate	VERB
fsr-3335	256	11	that	that	SCONJ
fsr-3335	256	12	there	there	PRON
fsr-3335	256	13	is	be	VERB
fsr-3335	256	14	an	an	DET
fsr-3335	256	15	approximately	approximately	ADV
fsr-3335	256	16	4	4	NUM
fsr-3335	256	17	%	%	NOUN
fsr-3335	256	18	chance	chance	NOUN
fsr-3335	256	19	that	that	SCONJ
fsr-3335	256	20	the	the	DET
fsr-3335	256	21	investment	investment	NOUN
fsr-3335	256	22	strategy	strategy	NOUN
fsr-3335	256	23	,	,	PUNCT
fsr-3335	256	24	operating	operate	VERB
fsr-3335	256	25	across	across	ADP
fsr-3335	256	26	time	time	NOUN
fsr-3335	256	27	without	without	ADP
fsr-3335	256	28	modifications	modification	NOUN
fsr-3335	256	29	,	,	PUNCT
fsr-3335	256	30	will	will	AUX
fsr-3335	256	31	be	be	AUX
fsr-3335	256	32	unable	unable	ADJ
fsr-3335	256	33	to	to	PART
fsr-3335	256	34	meet	meet	VERB
fsr-3335	256	35	critical	critical	ADJ
fsr-3335	256	36	needs	need	NOUN
fsr-3335	256	37	.	.	PUNCT
fsr-3335	257	1	an	an	DET
fsr-3335	257	2	investor	investor	NOUN
fsr-3335	257	3	with	with	ADP
fsr-3335	257	4	a	a	DET
fsr-3335	257	5	pessimistic	pessimistic	ADJ
fsr-3335	257	6	near	near	ADJ
fsr-3335	257	7	-	-	PUNCT
fsr-3335	257	8	term	term	NOUN
fsr-3335	257	9	market	market	NOUN
fsr-3335	257	10	outlook	outlook	NOUN
fsr-3335	257	11	,	,	PUNCT
fsr-3335	257	12	anticipates	anticipate	VERB
fsr-3335	257	13	an	an	DET
fsr-3335	257	14	approximately	approximately	ADV
fsr-3335	257	15	25	25	NUM
fsr-3335	257	16	%	%	NOUN
fsr-3335	257	17	chance	chance	NOUN
fsr-3335	257	18	that	that	SCONJ
fsr-3335	257	19	the	the	DET
fsr-3335	257	20	retirement	retirement	NOUN
fsr-3335	257	21	portfolio	portfolio	NOUN
fsr-3335	257	22	will	will	AUX
fsr-3335	257	23	be	be	AUX
fsr-3335	257	24	unable	unable	ADJ
fsr-3335	257	25	to	to	PART
fsr-3335	257	26	provide	provide	VERB
fsr-3335	257	27	the	the	DET
fsr-3335	257	28	target	target	NOUN
fsr-3335	257	29	lifetime	lifetime	NOUN
fsr-3335	257	30	income	income	NOUN
fsr-3335	257	31	.	.	PUNCT
fsr-3335	258	1	the	the	DET
fsr-3335	258	2	empirical	empirical	ADJ
fsr-3335	258	3	data	datum	NOUN
fsr-3335	258	4	underlying	underlie	VERB
fsr-3335	258	5	each	each	DET
fsr-3335	258	6	model	model	NOUN
fsr-3335	258	7	’s	’s	PART
fsr-3335	258	8	output	output	NOUN
fsr-3335	258	9	is	be	AUX
fsr-3335	258	10	exactly	exactly	ADV
fsr-3335	258	11	the	the	DET
fsr-3335	258	12	same	same	ADJ
fsr-3335	258	13	.	.	PUNCT
fsr-3335	259	1	this	this	PRON
fsr-3335	259	2	means	mean	VERB
fsr-3335	259	3	that	that	SCONJ
fsr-3335	259	4	the	the	DET
fsr-3335	259	5	differences	difference	NOUN
fsr-3335	259	6	in	in	ADP
fsr-3335	259	7	risk	risk	NOUN
fsr-3335	259	8	measurement	measurement	NOUN
fsr-3335	259	9	is	be	AUX
fsr-3335	259	10	due	due	ADJ
fsr-3335	259	11	solely	solely	ADV
fsr-3335	259	12	to	to	ADP
fsr-3335	259	13	the	the	DET
fsr-3335	259	14	structure	structure	NOUN
fsr-3335	259	15	of	of	ADP
fsr-3335	259	16	the	the	DET
fsr-3335	259	17	retirement	retirement	NOUN
fsr-3335	259	18	income	income	NOUN
fsr-3335	259	19	risk	risk	NOUN
fsr-3335	259	20	models	model	NOUN
fsr-3335	259	21	—	—	PUNCT
fsr-3335	259	22	that	that	ADV
fsr-3335	259	23	is	is	ADV
fsr-3335	259	24	,	,	PUNCT
fsr-3335	259	25	model	model	NOUN
fsr-3335	259	26	risk	risk	NOUN
fsr-3335	259	27	.	.	PUNCT
fsr-3335	260	1	this	this	PRON
fsr-3335	260	2	does	do	AUX
fsr-3335	260	3	not	not	PART
fsr-3335	260	4	imply	imply	VERB
fsr-3335	260	5	that	that	SCONJ
fsr-3335	260	6	the	the	DET
fsr-3335	260	7	model	model	NOUN
fsr-3335	260	8	generating	generate	VERB
fsr-3335	260	9	worst	bad	ADJ
fsr-3335	260	10	-	-	PUNCT
fsr-3335	260	11	case	case	NOUN
fsr-3335	260	12	results	result	NOUN
fsr-3335	260	13	is	be	AUX
fsr-3335	260	14	the	the	DET
fsr-3335	260	15	most	most	ADV
fsr-3335	260	16	credible	credible	ADJ
fsr-3335	260	17	.	.	PUNCT
fsr-3335	261	1	however	however	ADV
fsr-3335	261	2	,	,	PUNCT
fsr-3335	261	3	it	it	PRON
fsr-3335	261	4	does	do	AUX
fsr-3335	261	5	suggest	suggest	VERB
fsr-3335	261	6	that	that	SCONJ
fsr-3335	261	7	inappropriate	inappropriate	ADJ
fsr-3335	261	8	investment	investment	NOUN
fsr-3335	261	9	advice	advice	NOUN
fsr-3335	261	10	may	may	AUX
fsr-3335	261	11	be	be	AUX
fsr-3335	261	12	offered	offer	VERB
fsr-3335	261	13	to	to	ADP
fsr-3335	261	14	investors	investor	NOUN
fsr-3335	261	15	based	base	VERB
fsr-3335	261	16	on	on	ADP
fsr-3335	261	17	outputs	output	NOUN
fsr-3335	261	18	from	from	ADP
fsr-3335	261	19	overly	overly	ADV
fsr-3335	261	20	simplistic	simplistic	ADJ
fsr-3335	261	21	models	model	NOUN
fsr-3335	261	22	.	.	PUNCT
fsr-3335	262	1	5.4	5.4	NUM
fsr-3335	262	2	.	.	PUNCT
fsr-3335	263	1	portfolio	portfolio	NOUN
fsr-3335	263	2	frictions	friction	NOUN
fsr-3335	263	3	(	(	PUNCT
fsr-3335	263	4	fees	fee	NOUN
fsr-3335	263	5	and	and	CCONJ
fsr-3335	263	6	taxes	taxis	NOUN
fsr-3335	263	7	)	)	PUNCT
fsr-3335	263	8	the	the	DET
fsr-3335	263	9	simulations	simulation	NOUN
fsr-3335	263	10	presented	present	VERB
fsr-3335	263	11	to	to	ADP
fsr-3335	263	12	this	this	DET
fsr-3335	263	13	point	point	NOUN
fsr-3335	263	14	have	have	AUX
fsr-3335	263	15	ignored	ignore	VERB
fsr-3335	263	16	investment	investment	NOUN
fsr-3335	263	17	costs	cost	NOUN
fsr-3335	263	18	such	such	ADJ
fsr-3335	263	19	as	as	ADP
fsr-3335	263	20	trading	trading	NOUN
fsr-3335	263	21	commissions	commission	NOUN
fsr-3335	263	22	,	,	PUNCT
fsr-3335	263	23	custodial	custodial	ADJ
fsr-3335	263	24	/	/	SYM
fsr-3335	263	25	trustee	trustee	NOUN
fsr-3335	263	26	fees	fee	NOUN
fsr-3335	263	27	,	,	PUNCT
fsr-3335	263	28	mutual	mutual	ADJ
fsr-3335	263	29	fund	fund	NOUN
fsr-3335	263	30	/	/	SYM
fsr-3335	263	31	etf	etf	NOUN
fsr-3335	263	32	expenses	expense	NOUN
fsr-3335	263	33	,	,	PUNCT
fsr-3335	263	34	investment	investment	NOUN
fsr-3335	263	35	advisor	advisor	NOUN
fsr-3335	263	36	fees	fee	NOUN
fsr-3335	263	37	,	,	PUNCT
fsr-3335	263	38	and	and	CCONJ
fsr-3335	263	39	so	so	ADV
fsr-3335	263	40	forth	forth	ADV
fsr-3335	263	41	.	.	PUNCT
fsr-3335	264	1	the	the	DET
fsr-3335	264	2	next	next	ADJ
fsr-3335	264	3	series	series	NOUN
fsr-3335	264	4	of	of	ADP
fsr-3335	264	5	simulations	simulation	NOUN
fsr-3335	264	6	reflect	reflect	VERB
fsr-3335	264	7	the	the	DET
fsr-3335	264	8	costs	cost	NOUN
fsr-3335	264	9	of	of	ADP
fsr-3335	264	10	investing	invest	VERB
fsr-3335	264	11	for	for	ADP
fsr-3335	264	12	a	a	DET
fsr-3335	264	13	diversified	diversified	ADJ
fsr-3335	264	14	portfolio	portfolio	NOUN
fsr-3335	264	15	paying	pay	VERB
fsr-3335	264	16	management	management	NOUN
fsr-3335	264	17	fees21	fees21	NOUN
fsr-3335	264	18	and	and	CCONJ
fsr-3335	264	19	transaction	transaction	NOUN
fsr-3335	264	20	costs	cost	NOUN
fsr-3335	264	21	.	.	PUNCT
fsr-3335	265	1	fig	fig	NOUN
fsr-3335	265	2	.	.	PUNCT
fsr-3335	266	1	3	3	NUM
fsr-3335	266	2	labels	label	NOUN
fsr-3335	266	3	the	the	DET
fsr-3335	266	4	series	series	NOUN
fsr-3335	266	5	“	"	PUNCT
fsr-3335	266	6	dfl”—diversified	dfl”—diversified	ADJ
fsr-3335	266	7	portfolio	portfolio	NOUN
fsr-3335	266	8	paying	pay	VERB
fsr-3335	266	9	fees	fee	NOUN
fsr-3335	266	10	and	and	CCONJ
fsr-3335	266	11	expenses	expense	NOUN
fsr-3335	266	12	and	and	CCONJ
fsr-3335	266	13	reflecting	reflect	VERB
fsr-3335	266	14	uncertain	uncertain	ADJ
fsr-3335	266	15	life	life	NOUN
fsr-3335	266	16	span	span	NOUN
fsr-3335	266	17	.	.	PUNCT
fsr-3335	267	1	as	as	SCONJ
fsr-3335	267	2	seen	see	VERB
fsr-3335	267	3	in	in	ADP
fsr-3335	267	4	fig	fig	NOUN
fsr-3335	267	5	.	.	PUNCT
fsr-3335	268	1	3	3	NUM
fsr-3335	268	2	,	,	PUNCT
fsr-3335	268	3	incorporating	incorporate	VERB
fsr-3335	268	4	fees	fee	NOUN
fsr-3335	268	5	and	and	CCONJ
fsr-3335	268	6	transaction	transaction	NOUN
fsr-3335	268	7	costs	cost	NOUN
fsr-3335	268	8	increases	increase	VERB
fsr-3335	268	9	bankruptcy	bankruptcy	NOUN
fsr-3335	268	10	rates	rate	NOUN
fsr-3335	268	11	.	.	PUNCT
fsr-3335	269	1	just	just	ADV
fsr-3335	269	2	as	as	SCONJ
fsr-3335	269	3	death	death	NOUN
fsr-3335	269	4	is	be	AUX
fsr-3335	269	5	certain	certain	ADJ
fsr-3335	269	6	,	,	PUNCT
fsr-3335	269	7	so	so	ADV
fsr-3335	269	8	are	be	AUX
fsr-3335	269	9	taxes	taxis	NOUN
fsr-3335	269	10	.	.	PUNCT
fsr-3335	270	1	taxes	taxis	NOUN
fsr-3335	270	2	,	,	PUNCT
fsr-3335	270	3	however	however	ADV
fsr-3335	270	4	,	,	PUNCT
fsr-3335	270	5	are	be	AUX
fsr-3335	270	6	particularly	particularly	ADV
fsr-3335	270	7	difficult	difficult	ADJ
fsr-3335	270	8	to	to	PART
fsr-3335	270	9	model	model	VERB
fsr-3335	270	10	because	because	SCONJ
fsr-3335	270	11	of	of	ADP
fsr-3335	270	12	(	(	PUNCT
fsr-3335	270	13	1	1	NUM
fsr-3335	270	14	)	)	PUNCT
fsr-3335	270	15	myriad	myriad	ADJ
fsr-3335	270	16	nuances	nuance	NOUN
fsr-3335	270	17	within	within	ADP
fsr-3335	270	18	the	the	DET
fsr-3335	270	19	tax	tax	NOUN
fsr-3335	270	20	code	code	NOUN
fsr-3335	270	21	,	,	PUNCT
fsr-3335	270	22	and	and	CCONJ
fsr-3335	270	23	(	(	PUNCT
fsr-3335	270	24	2	2	X
fsr-3335	270	25	)	)	PUNCT
fsr-3335	270	26	variations	variation	NOUN
fsr-3335	270	27	in	in	ADP
fsr-3335	270	28	investor	investor	NOUN
fsr-3335	270	29	tax	tax	NOUN
fsr-3335	270	30	circumstances	circumstance	NOUN
fsr-3335	270	31	.	.	PUNCT
fsr-3335	271	1	the	the	DET
fsr-3335	271	2	type	type	NOUN
fsr-3335	271	3	of	of	ADP
fsr-3335	271	4	investment	investment	NOUN
fsr-3335	271	5	account	account	NOUN
fsr-3335	271	6	often	often	ADV
fsr-3335	271	7	determines	determine	VERB
fsr-3335	271	8	the	the	DET
fsr-3335	271	9	nature	nature	NOUN
fsr-3335	271	10	and	and	CCONJ
fsr-3335	271	11	extent	extent	NOUN
fsr-3335	271	12	of	of	ADP
fsr-3335	271	13	taxation	taxation	NOUN
fsr-3335	271	14	.	.	PUNCT
fsr-3335	272	1	additionally	additionally	ADV
fsr-3335	272	2	,	,	PUNCT
fsr-3335	272	3	the	the	DET
fsr-3335	272	4	assets	asset	NOUN
fsr-3335	272	5	themselves	themselves	PRON
fsr-3335	272	6	may	may	AUX
fsr-3335	272	7	be	be	AUX
fsr-3335	272	8	tax	tax	NOUN
fsr-3335	272	9	exempt	exempt	ADJ
fsr-3335	272	10	;	;	PUNCT
fsr-3335	272	11	interest	interest	NOUN
fsr-3335	272	12	and	and	CCONJ
fsr-3335	272	13	dividend	dividend	NOUN
fsr-3335	272	14	income	income	NOUN
fsr-3335	272	15	are	be	AUX
fsr-3335	272	16	often	often	ADV
fsr-3335	272	17	taxed	tax	VERB
fsr-3335	272	18	differently	differently	ADV
fsr-3335	272	19	than	than	ADP
fsr-3335	272	20	capital	capital	NOUN
fsr-3335	272	21	gains	gain	NOUN
fsr-3335	272	22	income	income	NOUN
fsr-3335	272	23	;	;	PUNCT
fsr-3335	272	24	turnover	turnover	NOUN
fsr-3335	272	25	rates	rate	NOUN
fsr-3335	272	26	may	may	AUX
fsr-3335	272	27	determine	determine	VERB
fsr-3335	272	28	whether	whether	SCONJ
fsr-3335	272	29	long	long	ADJ
fsr-3335	272	30	or	or	CCONJ
fsr-3335	272	31	short	short	ADJ
fsr-3335	272	32	term	term	NOUN
fsr-3335	272	33	capital	capital	NOUN
fsr-3335	272	34	gains	gain	NOUN
fsr-3335	272	35	rates	rate	NOUN
fsr-3335	272	36	apply	apply	VERB
fsr-3335	272	37	,	,	PUNCT
fsr-3335	272	38	and	and	CCONJ
fsr-3335	272	39	so	so	ADV
fsr-3335	272	40	forth	forth	ADV
fsr-3335	272	41	.	.	PUNCT
fsr-3335	273	1	nonetheless	nonetheless	ADV
fsr-3335	273	2	,	,	PUNCT
fsr-3335	273	3	taxes	taxis	NOUN
fsr-3335	273	4	are	be	AUX
fsr-3335	273	5	a	a	DET
fsr-3335	273	6	cost	cost	NOUN
fsr-3335	273	7	factor	factor	NOUN
fsr-3335	273	8	either	either	ADV
fsr-3335	273	9	for	for	ADP
fsr-3335	273	10	setting	set	VERB
fsr-3335	273	11	the	the	DET
fsr-3335	273	12	threshold	threshold	NOUN
fsr-3335	273	13	target	target	NOUN
fsr-3335	273	14	budget	budget	NOUN
fsr-3335	273	15	or	or	CCONJ
fsr-3335	273	16	for	for	ADP
fsr-3335	273	17	determining	determine	VERB
fsr-3335	273	18	the	the	DET
fsr-3335	273	19	drag	drag	NOUN
fsr-3335	273	20	on	on	ADP
fsr-3335	273	21	206	206	NUM
fsr-3335	273	22	p.j	p.j	PROPN
fsr-3335	273	23	.	.	PROPN
fsr-3335	273	24	collins	collins	PROPN
fsr-3335	273	25	et	et	PROPN
fsr-3335	273	26	al	al	PROPN
fsr-3335	273	27	.	.	PUNCT
fsr-3335	273	28	/	/	SYM
fsr-3335	273	29	financial	financial	ADJ
fsr-3335	273	30	services	service	NOUN
fsr-3335	273	31	review	review	VERB
fsr-3335	273	32	24	24	NUM
fsr-3335	273	33	(	(	PUNCT
fsr-3335	273	34	2015	2015	NUM
fsr-3335	273	35	)	)	PUNCT
fsr-3335	273	36	193–216	193–216	NUM
fsr-3335	273	37	portfolio	portfolio	NOUN
fsr-3335	273	38	growth	growth	NOUN
fsr-3335	273	39	.	.	PUNCT
fsr-3335	274	1	usually	usually	ADV
fsr-3335	274	2	,	,	PUNCT
fsr-3335	274	3	investors	investor	NOUN
fsr-3335	274	4	calculate	calculate	VERB
fsr-3335	274	5	their	their	PRON
fsr-3335	274	6	income	income	NOUN
fsr-3335	274	7	needs	need	NOUN
fsr-3335	274	8	by	by	ADP
fsr-3335	274	9	including	include	VERB
fsr-3335	274	10	an	an	DET
fsr-3335	274	11	estimate	estimate	NOUN
fsr-3335	274	12	of	of	ADP
fsr-3335	274	13	the	the	DET
fsr-3335	274	14	taxes	taxis	NOUN
fsr-3335	274	15	that	that	PRON
fsr-3335	274	16	they	they	PRON
fsr-3335	274	17	must	must	AUX
fsr-3335	274	18	pay	pay	VERB
fsr-3335	274	19	.	.	PUNCT
fsr-3335	275	1	however	however	ADV
fsr-3335	275	2	,	,	PUNCT
fsr-3335	275	3	advisors	advisor	NOUN
fsr-3335	275	4	may	may	AUX
fsr-3335	275	5	,	,	PUNCT
fsr-3335	275	6	from	from	ADP
fsr-3335	275	7	time	time	NOUN
fsr-3335	275	8	-	-	PUNCT
fsr-3335	275	9	to	to	ADP
fsr-3335	275	10	-	-	PUNCT
fsr-3335	275	11	time	time	NOUN
fsr-3335	275	12	,	,	PUNCT
fsr-3335	275	13	need	need	VERB
fsr-3335	275	14	to	to	PART
fsr-3335	275	15	incorporate	incorporate	VERB
fsr-3335	275	16	taxes	taxis	NOUN
fsr-3335	275	17	directly	directly	ADV
fsr-3335	275	18	into	into	ADP
fsr-3335	275	19	the	the	DET
fsr-3335	275	20	retirement	retirement	NOUN
fsr-3335	275	21	income	income	NOUN
fsr-3335	275	22	model	model	NOUN
fsr-3335	275	23	.	.	PUNCT
fsr-3335	276	1	rather	rather	ADV
fsr-3335	276	2	than	than	SCONJ
fsr-3335	276	3	ignore	ignore	VERB
fsr-3335	276	4	taxes	taxis	NOUN
fsr-3335	276	5	,	,	PUNCT
fsr-3335	276	6	we	we	PRON
fsr-3335	276	7	have	have	AUX
fsr-3335	276	8	made	make	VERB
fsr-3335	276	9	some	some	DET
fsr-3335	276	10	simplistic	simplistic	ADJ
fsr-3335	276	11	assumptions	assumption	NOUN
fsr-3335	276	12	that	that	PRON
fsr-3335	276	13	allow	allow	VERB
fsr-3335	276	14	us	we	PRON
fsr-3335	276	15	to	to	PART
fsr-3335	276	16	evaluate	evaluate	VERB
fsr-3335	276	17	,	,	PUNCT
fsr-3335	276	18	to	to	ADP
fsr-3335	276	19	a	a	DET
fsr-3335	276	20	reasonable	reasonable	ADJ
fsr-3335	276	21	extent	extent	NOUN
fsr-3335	276	22	,	,	PUNCT
fsr-3335	276	23	the	the	DET
fsr-3335	276	24	impact	impact	NOUN
fsr-3335	276	25	of	of	ADP
fsr-3335	276	26	taxes	taxis	NOUN
fsr-3335	276	27	.	.	PUNCT
fsr-3335	277	1	our	our	PRON
fsr-3335	277	2	model	model	NOUN
fsr-3335	277	3	maintains	maintain	VERB
fsr-3335	277	4	a	a	DET
fsr-3335	277	5	constant	constant	ADJ
fsr-3335	277	6	tax	tax	NOUN
fsr-3335	277	7	regime	regime	NOUN
fsr-3335	277	8	in	in	ADP
fsr-3335	277	9	that	that	SCONJ
fsr-3335	277	10	it	it	PRON
fsr-3335	277	11	does	do	AUX
fsr-3335	277	12	not	not	PART
fsr-3335	277	13	forecast	forecast	VERB
fsr-3335	277	14	changes	change	NOUN
fsr-3335	277	15	in	in	ADP
fsr-3335	277	16	tax	tax	NOUN
fsr-3335	277	17	law	law	NOUN
fsr-3335	277	18	over	over	ADP
fsr-3335	277	19	the	the	DET
fsr-3335	277	20	investor	investor	NOUN
fsr-3335	277	21	’s	’s	PART
fsr-3335	277	22	lifetime	lifetime	NOUN
fsr-3335	277	23	.	.	PUNCT
fsr-3335	278	1	we	we	PRON
fsr-3335	278	2	do	do	AUX
fsr-3335	278	3	not	not	PART
fsr-3335	278	4	include	include	VERB
fsr-3335	278	5	an	an	DET
fsr-3335	278	6	allocation	allocation	NOUN
fsr-3335	278	7	to	to	ADP
fsr-3335	278	8	municipal	municipal	ADJ
fsr-3335	278	9	bonds	bond	NOUN
fsr-3335	278	10	,	,	PUNCT
fsr-3335	278	11	and	and	CCONJ
fsr-3335	278	12	we	we	PRON
fsr-3335	278	13	assume	assume	VERB
fsr-3335	278	14	that	that	SCONJ
fsr-3335	278	15	no	no	DET
fsr-3335	278	16	assets	asset	NOUN
fsr-3335	278	17	are	be	AUX
fsr-3335	278	18	held	hold	VERB
fsr-3335	278	19	in	in	ADP
fsr-3335	278	20	tax	tax	NOUN
fsr-3335	278	21	sheltered	shelter	VERB
fsr-3335	278	22	accounts	account	NOUN
fsr-3335	278	23	such	such	ADJ
fsr-3335	278	24	as	as	ADP
fsr-3335	278	25	401(k)s	401(k)s	PROPN
fsr-3335	278	26	,	,	PUNCT
fsr-3335	278	27	403(b)s	403(b)s	ADJ
fsr-3335	278	28	,	,	PUNCT
fsr-3335	278	29	iras	ira	NOUN
fsr-3335	278	30	,	,	PUNCT
fsr-3335	278	31	and	and	CCONJ
fsr-3335	278	32	so	so	ADV
fsr-3335	278	33	forth.22	forth.22	PROPN
fsr-3335	278	34	interest	interest	NOUN
fsr-3335	278	35	income	income	NOUN
fsr-3335	278	36	is	be	AUX
fsr-3335	278	37	taxed	tax	VERB
fsr-3335	278	38	at	at	ADP
fsr-3335	278	39	the	the	DET
fsr-3335	278	40	ordinary	ordinary	ADJ
fsr-3335	278	41	income	income	NOUN
fsr-3335	278	42	rate	rate	NOUN
fsr-3335	278	43	—	—	PUNCT
fsr-3335	278	44	assumed	assume	VERB
fsr-3335	278	45	to	to	PART
fsr-3335	278	46	be	be	AUX
fsr-3335	278	47	20	20	NUM
fsr-3335	278	48	%	%	NOUN
fsr-3335	278	49	,	,	PUNCT
fsr-3335	278	50	and	and	CCONJ
fsr-3335	278	51	all	all	DET
fsr-3335	278	52	dividends	dividend	NOUN
fsr-3335	278	53	are	be	AUX
fsr-3335	278	54	tax	tax	NOUN
fsr-3335	278	55	qualified	qualified	ADJ
fsr-3335	278	56	and	and	CCONJ
fsr-3335	278	57	are	be	AUX
fsr-3335	278	58	taxed	tax	VERB
fsr-3335	278	59	at	at	ADP
fsr-3335	278	60	a	a	DET
fsr-3335	278	61	long	long	ADJ
fsr-3335	278	62	-	-	PUNCT
fsr-3335	278	63	term	term	NOUN
fsr-3335	278	64	rate	rate	NOUN
fsr-3335	278	65	of	of	ADP
fsr-3335	278	66	15	15	NUM
fsr-3335	278	67	%	%	NOUN
fsr-3335	278	68	.	.	PUNCT
fsr-3335	279	1	long	long	ADJ
fsr-3335	279	2	-	-	PUNCT
fsr-3335	279	3	term	term	NOUN
fsr-3335	279	4	rates	rate	NOUN
fsr-3335	279	5	are	be	AUX
fsr-3335	279	6	also	also	ADV
fsr-3335	279	7	used	use	VERB
fsr-3335	279	8	for	for	ADP
fsr-3335	279	9	the	the	DET
fsr-3335	279	10	taxation	taxation	NOUN
fsr-3335	279	11	of	of	ADP
fsr-3335	279	12	investment	investment	NOUN
fsr-3335	279	13	gains	gain	NOUN
fsr-3335	279	14	when	when	SCONJ
fsr-3335	279	15	assets	asset	NOUN
fsr-3335	279	16	are	be	AUX
fsr-3335	279	17	sold	sell	VERB
fsr-3335	279	18	for	for	ADP
fsr-3335	279	19	both	both	DET
fsr-3335	279	20	withdrawals	withdrawal	NOUN
fsr-3335	279	21	and	and	CCONJ
fsr-3335	279	22	rebalancing	rebalancing	NOUN
fsr-3335	279	23	.	.	PUNCT
fsr-3335	280	1	assets	asset	NOUN
fsr-3335	280	2	are	be	AUX
fsr-3335	280	3	taxed	tax	VERB
fsr-3335	280	4	at	at	ADP
fsr-3335	280	5	a	a	DET
fsr-3335	280	6	blend	blend	NOUN
fsr-3335	280	7	of	of	ADP
fsr-3335	280	8	short	short	ADJ
fsr-3335	280	9	and	and	CCONJ
fsr-3335	280	10	long	long	ADJ
fsr-3335	280	11	-	-	PUNCT
fsr-3335	280	12	term	term	NOUN
fsr-3335	280	13	rates	rate	NOUN
fsr-3335	280	14	,	,	PUNCT
fsr-3335	280	15	depending	depend	VERB
fsr-3335	280	16	on	on	ADP
fsr-3335	280	17	the	the	DET
fsr-3335	280	18	annual	annual	ADJ
fsr-3335	280	19	turnover	turnover	NOUN
fsr-3335	280	20	rates	rate	NOUN
fsr-3335	280	21	.	.	PUNCT
fsr-3335	281	1	we	we	PRON
fsr-3335	281	2	assume	assume	VERB
fsr-3335	281	3	that	that	SCONJ
fsr-3335	281	4	an	an	DET
fsr-3335	281	5	asset	asset	NOUN
fsr-3335	281	6	’s	’s	PART
fsr-3335	281	7	initial	initial	ADJ
fsr-3335	281	8	cost	cost	NOUN
fsr-3335	281	9	basis	basis	NOUN
fsr-3335	281	10	is	be	AUX
fsr-3335	281	11	half	half	DET
fsr-3335	281	12	that	that	PRON
fsr-3335	281	13	of	of	ADP
fsr-3335	281	14	value	value	NOUN
fsr-3335	281	15	in	in	ADP
fsr-3335	281	16	the	the	DET
fsr-3335	281	17	start	start	NOUN
fsr-3335	281	18	year	year	NOUN
fsr-3335	281	19	,	,	PUNCT
fsr-3335	281	20	and	and	CCONJ
fsr-3335	281	21	that	that	SCONJ
fsr-3335	281	22	portfolio	portfolio	NOUN
fsr-3335	281	23	investment	investment	NOUN
fsr-3335	281	24	positions	position	NOUN
fsr-3335	281	25	are	be	AUX
fsr-3335	281	26	low	low	ADJ
fsr-3335	281	27	cost	cost	NOUN
fsr-3335	281	28	,	,	PUNCT
fsr-3335	281	29	low	low	ADJ
fsr-3335	281	30	turnover	turnover	NOUN
fsr-3335	281	31	,	,	PUNCT
fsr-3335	281	32	passive	passive	ADJ
fsr-3335	281	33	indexed	index	VERB
fsr-3335	281	34	funds	fund	NOUN
fsr-3335	281	35	.	.	PUNCT
fsr-3335	282	1	the	the	DET
fsr-3335	282	2	model	model	NOUN
fsr-3335	282	3	further	far	ADV
fsr-3335	282	4	assumes	assume	VERB
fsr-3335	282	5	that	that	SCONJ
fsr-3335	282	6	tax	tax	NOUN
fsr-3335	282	7	loses	lose	VERB
fsr-3335	282	8	and	and	CCONJ
fsr-3335	282	9	or	or	CCONJ
fsr-3335	282	10	tax	tax	NOUN
fsr-3335	282	11	payments	payment	NOUN
fsr-3335	282	12	are	be	AUX
fsr-3335	282	13	accounted	account	VERB
fsr-3335	282	14	for	for	ADP
fsr-3335	282	15	monthly	monthly	ADV
fsr-3335	282	16	.	.	PUNCT
fsr-3335	283	1	both	both	DET
fsr-3335	283	2	operations	operation	NOUN
fsr-3335	283	3	are	be	AUX
fsr-3335	283	4	reasonably	reasonably	ADV
fsr-3335	283	5	consistent	consistent	ADJ
fsr-3335	283	6	with	with	ADP
fsr-3335	283	7	the	the	DET
fsr-3335	283	8	notion	notion	NOUN
fsr-3335	283	9	of	of	ADP
fsr-3335	283	10	prepaying	prepaying	NOUN
fsr-3335	283	11	estimated	estimate	VERB
fsr-3335	283	12	taxes	taxis	NOUN
fsr-3335	283	13	quarterly	quarterly	ADV
fsr-3335	283	14	.	.	PUNCT
fsr-3335	284	1	fig	fig	NOUN
fsr-3335	284	2	.	.	PUNCT
fsr-3335	285	1	3	3	NUM
fsr-3335	285	2	also	also	ADV
fsr-3335	285	3	compares	compare	VERB
fsr-3335	285	4	previous	previous	ADJ
fsr-3335	285	5	pretax	pretax	ADJ
fsr-3335	285	6	results	result	NOUN
fsr-3335	285	7	to	to	PART
fsr-3335	285	8	results	result	NOUN
fsr-3335	285	9	from	from	ADP
fsr-3335	285	10	a	a	DET
fsr-3335	285	11	model	model	NOUN
fsr-3335	285	12	encompassing	encompass	VERB
fsr-3335	285	13	taxation	taxation	NOUN
fsr-3335	285	14	.	.	PUNCT
fsr-3335	286	1	in	in	ADP
fsr-3335	286	2	this	this	DET
fsr-3335	286	3	case	case	NOUN
fsr-3335	286	4	,	,	PUNCT
fsr-3335	286	5	the	the	DET
fsr-3335	286	6	investor	investor	NOUN
fsr-3335	286	7	specifies	specifie	NOUN
fsr-3335	286	8	that	that	PRON
fsr-3335	286	9	she	she	PRON
fsr-3335	286	10	requires	require	VERB
fsr-3335	286	11	a	a	DET
fsr-3335	286	12	$	$	SYM
fsr-3335	286	13	5,000	5,000	NUM
fsr-3335	286	14	minimum	minimum	ADJ
fsr-3335	286	15	monthly	monthly	ADJ
fsr-3335	286	16	income	income	NOUN
fsr-3335	286	17	net	net	NOUN
fsr-3335	286	18	of	of	ADP
fsr-3335	286	19	income	income	NOUN
fsr-3335	286	20	tax	tax	NOUN
fsr-3335	286	21	liabilities	liability	NOUN
fsr-3335	286	22	.	.	PUNCT
fsr-3335	287	1	we	we	PRON
fsr-3335	287	2	label	label	VERB
fsr-3335	287	3	the	the	DET
fsr-3335	287	4	new	new	ADJ
fsr-3335	287	5	outputs	output	NOUN
fsr-3335	287	6	“	"	PUNCT
fsr-3335	287	7	dftl	dftl	NOUN
fsr-3335	287	8	”	"	PUNCT
fsr-3335	287	9	for	for	ADP
fsr-3335	287	10	a	a	DET
fsr-3335	287	11	diversified	diversified	ADJ
fsr-3335	287	12	portfolio	portfolio	NOUN
fsr-3335	287	13	paying	pay	VERB
fsr-3335	287	14	investment	investment	NOUN
fsr-3335	287	15	fees	fee	NOUN
fsr-3335	287	16	,	,	PUNCT
fsr-3335	287	17	paying	pay	VERB
fsr-3335	287	18	taxes	taxis	NOUN
fsr-3335	287	19	,	,	PUNCT
fsr-3335	287	20	and	and	CCONJ
fsr-3335	287	21	incorporating	incorporate	VERB
fsr-3335	287	22	an	an	DET
fsr-3335	287	23	uncertain	uncertain	ADJ
fsr-3335	287	24	planning	planning	NOUN
fsr-3335	287	25	horizon	horizon	NOUN
fsr-3335	287	26	by	by	ADP
fsr-3335	287	27	virtue	virtue	NOUN
fsr-3335	287	28	of	of	ADP
fsr-3335	287	29	investor	investor	NOUN
fsr-3335	287	30	mortality	mortality	NOUN
fsr-3335	287	31	.	.	PUNCT
fsr-3335	288	1	because	because	SCONJ
fsr-3335	288	2	taxes	taxis	NOUN
fsr-3335	288	3	are	be	AUX
fsr-3335	288	4	an	an	DET
fsr-3335	288	5	additional	additional	ADJ
fsr-3335	288	6	cost	cost	NOUN
fsr-3335	288	7	,	,	PUNCT
fsr-3335	288	8	the	the	DET
fsr-3335	288	9	dftl	dftl	NOUN
fsr-3335	288	10	bankruptcy	bankruptcy	NOUN
fsr-3335	288	11	rate	rate	NOUN
fsr-3335	288	12	probabilities	probability	NOUN
fsr-3335	288	13	all	all	DET
fsr-3335	288	14	plot	plot	VERB
fsr-3335	288	15	above	above	ADP
fsr-3335	288	16	the	the	DET
fsr-3335	288	17	previous	previous	ADJ
fsr-3335	288	18	outputs	output	NOUN
fsr-3335	288	19	that	that	PRON
fsr-3335	288	20	ignored	ignore	VERB
fsr-3335	288	21	taxes	taxis	NOUN
fsr-3335	288	22	.	.	PUNCT
fsr-3335	289	1	the	the	DET
fsr-3335	289	2	effect	effect	NOUN
fsr-3335	289	3	of	of	ADP
fsr-3335	289	4	our	our	PRON
fsr-3335	289	5	tax	tax	NOUN
fsr-3335	289	6	model	model	NOUN
fsr-3335	289	7	is	be	AUX
fsr-3335	289	8	quite	quite	ADV
fsr-3335	289	9	significant	significant	ADJ
fsr-3335	289	10	:	:	PUNCT
fsr-3335	289	11	more	more	ADJ
fsr-3335	289	12	than	than	ADP
fsr-3335	289	13	doubling	double	VERB
fsr-3335	289	14	the	the	DET
fsr-3335	289	15	failure	failure	NOUN
fsr-3335	289	16	rates	rate	NOUN
fsr-3335	289	17	in	in	ADP
fsr-3335	289	18	the	the	DET
fsr-3335	289	19	normal	normal	ADJ
fsr-3335	289	20	distribution	distribution	NOUN
fsr-3335	289	21	models	model	NOUN
fsr-3335	289	22	,	,	PUNCT
fsr-3335	289	23	and	and	CCONJ
fsr-3335	289	24	raising	raise	VERB
fsr-3335	289	25	bankruptcy	bankruptcy	NOUN
fsr-3335	289	26	rates	rate	NOUN
fsr-3335	289	27	from	from	ADP
fsr-3335	289	28	4	4	NUM
fsr-3335	289	29	to	to	PART
fsr-3335	289	30	7	7	NUM
fsr-3335	289	31	percentage	percentage	NOUN
fsr-3335	289	32	points	point	NOUN
fsr-3335	289	33	in	in	ADP
fsr-3335	289	34	the	the	DET
fsr-3335	289	35	regime	regime	NOUN
fsr-3335	289	36	switching	switch	VERB
fsr-3335	289	37	models	model	NOUN
fsr-3335	289	38	.	.	PUNCT
fsr-3335	290	1	fig	fig	NOUN
fsr-3335	290	2	.	.	PUNCT
fsr-3335	291	1	3	3	X
fsr-3335	291	2	.	.	X
fsr-3335	291	3	207p.j	207p.j	NOUN
fsr-3335	291	4	.	.	PUNCT
fsr-3335	292	1	collins	collins	PROPN
fsr-3335	292	2	et	et	PROPN
fsr-3335	292	3	al	al	PROPN
fsr-3335	292	4	.	.	PUNCT
fsr-3335	292	5	/	/	SYM
fsr-3335	292	6	financial	financial	ADJ
fsr-3335	292	7	services	service	NOUN
fsr-3335	292	8	review	review	VERB
fsr-3335	292	9	24	24	NUM
fsr-3335	292	10	(	(	PUNCT
fsr-3335	292	11	2015	2015	NUM
fsr-3335	292	12	)	)	PUNCT
fsr-3335	292	13	193–216	193–216	NUM
fsr-3335	292	14	5.5	5.5	NUM
fsr-3335	292	15	.	.	PUNCT
fsr-3335	293	1	summary	summary	NOUN
fsr-3335	293	2	of	of	ADP
fsr-3335	293	3	results	result	NOUN
fsr-3335	293	4	fig	fig	NOUN
fsr-3335	293	5	.	.	PUNCT
fsr-3335	294	1	4	4	NUM
fsr-3335	294	2	puts	put	VERB
fsr-3335	294	3	all	all	DET
fsr-3335	294	4	five	five	NUM
fsr-3335	294	5	previously	previously	ADV
fsr-3335	294	6	examined	examine	VERB
fsr-3335	294	7	series	series	NOUN
fsr-3335	294	8	together	together	ADV
fsr-3335	294	9	on	on	ADP
fsr-3335	294	10	a	a	DET
fsr-3335	294	11	single	single	ADJ
fsr-3335	294	12	graph	graph	NOUN
fsr-3335	294	13	.	.	PUNCT
fsr-3335	295	1	our	our	PRON
fsr-3335	295	2	example	example	NOUN
fsr-3335	295	3	started	start	VERB
fsr-3335	295	4	with	with	ADP
fsr-3335	295	5	the	the	DET
fsr-3335	295	6	investor	investor	NOUN
fsr-3335	295	7	,	,	PUNCT
fsr-3335	295	8	holding	hold	VERB
fsr-3335	295	9	a	a	DET
fsr-3335	295	10	streamline	streamline	ADJ
fsr-3335	295	11	two	two	NUM
fsr-3335	295	12	-	-	PUNCT
fsr-3335	295	13	asset	asset	NOUN
fsr-3335	295	14	class	class	NOUN
fsr-3335	295	15	portfolio	portfolio	NOUN
fsr-3335	295	16	(	(	PUNCT
fsr-3335	295	17	the	the	DET
fsr-3335	295	18	s	s	PROPN
fsr-3335	295	19	series	series	NOUN
fsr-3335	295	20	)	)	PUNCT
fsr-3335	295	21	,	,	PUNCT
fsr-3335	295	22	demanding	demand	VERB
fsr-3335	295	23	a	a	DET
fsr-3335	295	24	constant	constant	ADJ
fsr-3335	295	25	retirement	retirement	NOUN
fsr-3335	295	26	income	income	NOUN
fsr-3335	295	27	stream	stream	NOUN
fsr-3335	295	28	for	for	ADP
fsr-3335	295	29	30	30	NUM
fsr-3335	295	30	years	year	NOUN
fsr-3335	295	31	.	.	PUNCT
fsr-3335	296	1	bankruptcy	bankruptcy	NOUN
fsr-3335	296	2	rates	rate	NOUN
fsr-3335	296	3	from	from	ADP
fsr-3335	296	4	those	those	DET
fsr-3335	296	5	simulations	simulation	NOUN
fsr-3335	296	6	were	be	AUX
fsr-3335	296	7	somewhat	somewhat	ADV
fsr-3335	296	8	alarming	alarming	ADJ
fsr-3335	296	9	.	.	PUNCT
fsr-3335	297	1	the	the	DET
fsr-3335	297	2	investor	investor	NOUN
fsr-3335	297	3	then	then	ADV
fsr-3335	297	4	sought	seek	VERB
fsr-3335	297	5	help	help	NOUN
fsr-3335	297	6	from	from	ADP
fsr-3335	297	7	an	an	DET
fsr-3335	297	8	investment	investment	NOUN
fsr-3335	297	9	advisor	advisor	NOUN
fsr-3335	297	10	who	who	PRON
fsr-3335	297	11	recommended	recommend	VERB
fsr-3335	297	12	diversifying	diversify	VERB
fsr-3335	297	13	the	the	DET
fsr-3335	297	14	portfolio	portfolio	NOUN
fsr-3335	297	15	.	.	PUNCT
fsr-3335	298	1	the	the	DET
fsr-3335	298	2	benefits	benefit	NOUN
fsr-3335	298	3	of	of	ADP
fsr-3335	298	4	diversification	diversification	NOUN
fsr-3335	298	5	are	be	AUX
fsr-3335	298	6	evident	evident	ADJ
fsr-3335	298	7	in	in	ADP
fsr-3335	298	8	the	the	DET
fsr-3335	298	9	lower	low	ADJ
fsr-3335	298	10	failure	failure	NOUN
fsr-3335	298	11	rates	rate	NOUN
fsr-3335	298	12	in	in	ADP
fsr-3335	298	13	the	the	DET
fsr-3335	298	14	d	d	PROPN
fsr-3335	298	15	series	series	NOUN
fsr-3335	298	16	.	.	PUNCT
fsr-3335	299	1	however	however	ADV
fsr-3335	299	2	,	,	PUNCT
fsr-3335	299	3	diversification	diversification	NOUN
fsr-3335	299	4	is	be	AUX
fsr-3335	299	5	less	less	ADV
fsr-3335	299	6	beneficial	beneficial	ADJ
fsr-3335	299	7	in	in	ADP
fsr-3335	299	8	the	the	DET
fsr-3335	299	9	regime	regime	NOUN
fsr-3335	299	10	switching	switch	VERB
fsr-3335	299	11	models	model	NOUN
fsr-3335	299	12	.	.	PUNCT
fsr-3335	300	1	this	this	DET
fsr-3335	300	2	result	result	NOUN
fsr-3335	300	3	is	be	AUX
fsr-3335	300	4	not	not	PART
fsr-3335	300	5	surprising	surprising	ADJ
fsr-3335	300	6	given	give	VERB
fsr-3335	300	7	the	the	DET
fsr-3335	300	8	tendency	tendency	NOUN
fsr-3335	300	9	for	for	SCONJ
fsr-3335	300	10	correlation	correlation	NOUN
fsr-3335	300	11	values	value	NOUN
fsr-3335	300	12	to	to	PART
fsr-3335	300	13	move	move	VERB
fsr-3335	300	14	towards	towards	ADP
fsr-3335	300	15	one	one	NUM
fsr-3335	300	16	in	in	ADP
fsr-3335	300	17	times	time	NOUN
fsr-3335	300	18	of	of	ADP
fsr-3335	300	19	market	market	NOUN
fsr-3335	300	20	turbulence	turbulence	NOUN
fsr-3335	300	21	.	.	PUNCT
fsr-3335	301	1	however	however	ADV
fsr-3335	301	2	,	,	PUNCT
fsr-3335	301	3	it	it	PRON
fsr-3335	301	4	is	be	AUX
fsr-3335	301	5	unlikely	unlikely	ADJ
fsr-3335	301	6	that	that	SCONJ
fsr-3335	301	7	a	a	DET
fsr-3335	301	8	retired	retire	VERB
fsr-3335	301	9	investor	investor	NOUN
fsr-3335	301	10	will	will	AUX
fsr-3335	301	11	need	need	VERB
fsr-3335	301	12	income	income	NOUN
fsr-3335	301	13	for	for	ADP
fsr-3335	301	14	exactly	exactly	ADV
fsr-3335	301	15	30	30	NUM
fsr-3335	301	16	years	year	NOUN
fsr-3335	301	17	.	.	PUNCT
fsr-3335	302	1	incorporating	incorporate	VERB
fsr-3335	302	2	the	the	DET
fsr-3335	302	3	variability	variability	NOUN
fsr-3335	302	4	of	of	ADP
fsr-3335	302	5	life	life	NOUN
fsr-3335	302	6	span	span	NOUN
fsr-3335	302	7	into	into	ADP
fsr-3335	302	8	the	the	DET
fsr-3335	302	9	model	model	NOUN
fsr-3335	302	10	yields	yield	NOUN
fsr-3335	302	11	results	result	NOUN
fsr-3335	302	12	presented	present	VERB
fsr-3335	302	13	in	in	ADP
fsr-3335	302	14	the	the	DET
fsr-3335	302	15	dl	dl	PROPN
fsr-3335	302	16	series	series	PROPN
fsr-3335	302	17	.	.	PUNCT
fsr-3335	303	1	the	the	DET
fsr-3335	303	2	drastic	drastic	ADJ
fsr-3335	303	3	fall	fall	NOUN
fsr-3335	303	4	in	in	ADP
fsr-3335	303	5	failure	failure	NOUN
fsr-3335	303	6	rates	rate	NOUN
fsr-3335	303	7	across	across	ADP
fsr-3335	303	8	all	all	DET
fsr-3335	303	9	risk	risk	NOUN
fsr-3335	303	10	models	model	NOUN
fsr-3335	303	11	indicates	indicate	VERB
fsr-3335	303	12	the	the	DET
fsr-3335	303	13	importance	importance	NOUN
fsr-3335	303	14	of	of	ADP
fsr-3335	303	15	accounting	account	VERB
fsr-3335	303	16	for	for	ADP
fsr-3335	303	17	uncertain	uncertain	ADJ
fsr-3335	303	18	life	life	NOUN
fsr-3335	303	19	span	span	NOUN
fsr-3335	303	20	.	.	PUNCT
fsr-3335	304	1	when	when	SCONJ
fsr-3335	304	2	unknown	unknown	ADJ
fsr-3335	304	3	life	life	NOUN
fsr-3335	304	4	span	span	NOUN
fsr-3335	304	5	is	be	AUX
fsr-3335	304	6	considered	consider	VERB
fsr-3335	304	7	,	,	PUNCT
fsr-3335	304	8	bankruptcy	bankruptcy	NOUN
fsr-3335	304	9	rates	rate	NOUN
fsr-3335	304	10	fall	fall	VERB
fsr-3335	304	11	to	to	ADP
fsr-3335	304	12	a	a	DET
fsr-3335	304	13	third	third	NOUN
fsr-3335	304	14	of	of	ADP
fsr-3335	304	15	their	their	PRON
fsr-3335	304	16	level	level	NOUN
fsr-3335	304	17	in	in	ADP
fsr-3335	304	18	the	the	DET
fsr-3335	304	19	nh	nh	PROPN
fsr-3335	304	20	and	and	CCONJ
fsr-3335	304	21	ne	ne	VERB
fsr-3335	304	22	risk	risk	NOUN
fsr-3335	304	23	models	model	NOUN
fsr-3335	304	24	:	:	PUNCT
fsr-3335	304	25	12	12	NUM
fsr-3335	304	26	%	%	NOUN
fsr-3335	304	27	to	to	PART
fsr-3335	304	28	4	4	NUM
fsr-3335	304	29	%	%	NOUN
fsr-3335	304	30	and	and	CCONJ
fsr-3335	304	31	16	16	NUM
fsr-3335	304	32	%	%	NOUN
fsr-3335	304	33	to	to	PART
fsr-3335	304	34	5	5	NUM
fsr-3335	304	35	%	%	NOUN
fsr-3335	304	36	,	,	PUNCT
fsr-3335	304	37	respectively	respectively	ADV
fsr-3335	304	38	.	.	PUNCT
fsr-3335	305	1	failure	failure	NOUN
fsr-3335	305	2	rates	rate	NOUN
fsr-3335	305	3	are	be	AUX
fsr-3335	305	4	only	only	ADV
fsr-3335	305	5	cut	cut	VERB
fsr-3335	305	6	in	in	ADP
fsr-3335	305	7	half	half	NOUN
fsr-3335	305	8	in	in	ADP
fsr-3335	305	9	the	the	DET
fsr-3335	305	10	bb	bb	NOUN
fsr-3335	305	11	and	and	CCONJ
fsr-3335	305	12	bull	bull	NOUN
fsr-3335	305	13	models	model	NOUN
fsr-3335	305	14	:	:	PUNCT
fsr-3335	305	15	26	26	NUM
fsr-3335	305	16	%	%	NOUN
fsr-3335	305	17	to	to	PART
fsr-3335	305	18	14	14	NUM
fsr-3335	305	19	%	%	NOUN
fsr-3335	305	20	and	and	CCONJ
fsr-3335	305	21	22	22	NUM
fsr-3335	305	22	%	%	NOUN
fsr-3335	305	23	to	to	PART
fsr-3335	305	24	11	11	NUM
fsr-3335	305	25	%	%	NOUN
fsr-3335	305	26	,	,	PUNCT
fsr-3335	305	27	respectively	respectively	ADV
fsr-3335	305	28	.	.	PUNCT
fsr-3335	306	1	the	the	DET
fsr-3335	306	2	bear	bear	NOUN
fsr-3335	306	3	model	model	NOUN
fsr-3335	306	4	exhibits	exhibit	VERB
fsr-3335	306	5	the	the	DET
fsr-3335	306	6	least	least	ADJ
fsr-3335	306	7	benefit	benefit	NOUN
fsr-3335	306	8	from	from	ADP
fsr-3335	306	9	the	the	DET
fsr-3335	306	10	force	force	NOUN
fsr-3335	306	11	of	of	ADP
fsr-3335	306	12	mortality	mortality	NOUN
fsr-3335	306	13	:	:	PUNCT
fsr-3335	306	14	a	a	DET
fsr-3335	306	15	40	40	NUM
fsr-3335	306	16	%	%	NOUN
fsr-3335	306	17	reduction	reduction	NOUN
fsr-3335	306	18	in	in	ADP
fsr-3335	306	19	shortfall	shortfall	NOUN
fsr-3335	306	20	rates	rate	NOUN
fsr-3335	306	21	from	from	ADP
fsr-3335	306	22	43	43	NUM
fsr-3335	306	23	%	%	NOUN
fsr-3335	306	24	to	to	PART
fsr-3335	306	25	25	25	NUM
fsr-3335	306	26	%	%	NOUN
fsr-3335	306	27	.	.	PUNCT
fsr-3335	307	1	the	the	DET
fsr-3335	307	2	dl	dl	PROPN
fsr-3335	307	3	series	series	PROPN
fsr-3335	307	4	depicts	depict	VERB
fsr-3335	307	5	the	the	DET
fsr-3335	307	6	lowest	low	ADJ
fsr-3335	307	7	level	level	NOUN
fsr-3335	307	8	of	of	ADP
fsr-3335	307	9	failure	failure	NOUN
fsr-3335	307	10	rates	rate	NOUN
fsr-3335	307	11	among	among	ADP
fsr-3335	307	12	model	model	NOUN
fsr-3335	307	13	outputs	output	NOUN
fsr-3335	307	14	.	.	PUNCT
fsr-3335	308	1	mortality	mortality	NOUN
fsr-3335	308	2	affects	affect	VERB
fsr-3335	308	3	sustainability	sustainability	NOUN
fsr-3335	308	4	rates	rate	NOUN
fsr-3335	308	5	in	in	ADP
fsr-3335	308	6	the	the	DET
fsr-3335	308	7	normal	normal	ADJ
fsr-3335	308	8	-	-	PUNCT
fsr-3335	308	9	distribution	distribution	NOUN
fsr-3335	308	10	models	model	NOUN
fsr-3335	308	11	much	much	ADV
fsr-3335	308	12	more	more	ADV
fsr-3335	308	13	so	so	ADV
fsr-3335	308	14	than	than	SCONJ
fsr-3335	308	15	it	it	PRON
fsr-3335	308	16	does	do	VERB
fsr-3335	308	17	in	in	ADP
fsr-3335	308	18	the	the	DET
fsr-3335	308	19	regime	regime	NOUN
fsr-3335	308	20	switching	switch	VERB
fsr-3335	308	21	models	model	NOUN
fsr-3335	308	22	.	.	PUNCT
fsr-3335	309	1	investment	investment	NOUN
fsr-3335	309	2	advice	advice	NOUN
fsr-3335	309	3	is	be	AUX
fsr-3335	309	4	not	not	PART
fsr-3335	309	5	free	free	ADJ
fsr-3335	309	6	and	and	CCONJ
fsr-3335	309	7	asset	asset	NOUN
fsr-3335	309	8	management	management	NOUN
fsr-3335	309	9	generates	generate	VERB
fsr-3335	309	10	trading	trading	NOUN
fsr-3335	309	11	cost	cost	NOUN
fsr-3335	309	12	;	;	PUNCT
fsr-3335	309	13	therefore	therefore	ADV
fsr-3335	309	14	,	,	PUNCT
fsr-3335	309	15	we	we	PRON
fsr-3335	309	16	further	far	ADV
fsr-3335	309	17	expand	expand	VERB
fsr-3335	309	18	the	the	DET
fsr-3335	309	19	models	model	NOUN
fsr-3335	309	20	to	to	PART
fsr-3335	309	21	include	include	VERB
fsr-3335	309	22	investment	investment	NOUN
fsr-3335	309	23	costs	cost	NOUN
fsr-3335	309	24	and	and	CCONJ
fsr-3335	309	25	advisory	advisory	ADJ
fsr-3335	309	26	fees	fee	NOUN
fsr-3335	309	27	.	.	PUNCT
fsr-3335	310	1	the	the	DET
fsr-3335	310	2	dfl	dfl	PROPN
fsr-3335	310	3	series	series	NOUN
fsr-3335	310	4	incorporates	incorporate	VERB
fsr-3335	310	5	the	the	DET
fsr-3335	310	6	force	force	NOUN
fsr-3335	310	7	of	of	ADP
fsr-3335	310	8	mortality	mortality	NOUN
fsr-3335	310	9	into	into	ADP
fsr-3335	310	10	a	a	DET
fsr-3335	310	11	diversified	diversify	VERB
fsr-3335	310	12	portfolio	portfolio	NOUN
fsr-3335	310	13	model	model	NOUN
fsr-3335	310	14	decremented	decremente	VERB
fsr-3335	310	15	for	for	ADP
fsr-3335	310	16	investment	investment	NOUN
fsr-3335	310	17	costs	cost	NOUN
fsr-3335	310	18	.	.	PUNCT
fsr-3335	311	1	the	the	DET
fsr-3335	311	2	dfl	dfl	PROPN
fsr-3335	311	3	model	model	NOUN
fsr-3335	311	4	is	be	AUX
fsr-3335	311	5	a	a	DET
fsr-3335	311	6	credible	credible	ADJ
fsr-3335	311	7	retirement	retirement	NOUN
fsr-3335	311	8	income	income	NOUN
fsr-3335	311	9	risk	risk	NOUN
fsr-3335	311	10	model	model	NOUN
fsr-3335	311	11	when	when	SCONJ
fsr-3335	311	12	the	the	DET
fsr-3335	311	13	investor	investor	NOUN
fsr-3335	311	14	’s	’s	PART
fsr-3335	311	15	budget	budget	NOUN
fsr-3335	311	16	is	be	AUX
fsr-3335	311	17	defined	define	VERB
fsr-3335	311	18	in	in	ADP
fsr-3335	311	19	pretax	pretax	ADJ
fsr-3335	311	20	dollars	dollar	NOUN
fsr-3335	311	21	.	.	PUNCT
fsr-3335	312	1	however	however	ADV
fsr-3335	312	2	,	,	PUNCT
fsr-3335	312	3	retirement	retirement	NOUN
fsr-3335	312	4	income	income	NOUN
fsr-3335	312	5	may	may	AUX
fsr-3335	312	6	come	come	VERB
fsr-3335	312	7	primarily	primarily	ADV
fsr-3335	312	8	from	from	ADP
fsr-3335	312	9	a	a	DET
fsr-3335	312	10	trust	trust	NOUN
fsr-3335	312	11	established	establish	VERB
fsr-3335	312	12	for	for	ADP
fsr-3335	312	13	the	the	DET
fsr-3335	312	14	benefit	benefit	NOUN
fsr-3335	312	15	of	of	ADP
fsr-3335	312	16	the	the	DET
fsr-3335	312	17	investor	investor	NOUN
fsr-3335	312	18	.	.	PUNCT
fsr-3335	313	1	this	this	PRON
fsr-3335	313	2	may	may	AUX
fsr-3335	313	3	result	result	VERB
fsr-3335	313	4	in	in	ADP
fsr-3335	313	5	a	a	DET
fsr-3335	313	6	tax	tax	NOUN
fsr-3335	313	7	fig	fig	NOUN
fsr-3335	313	8	.	.	PUNCT
fsr-3335	314	1	4	4	NUM
fsr-3335	314	2	.	.	NOUN
fsr-3335	314	3	208	208	NUM
fsr-3335	314	4	p.j	p.j	PROPN
fsr-3335	314	5	.	.	PROPN
fsr-3335	314	6	collins	collins	PROPN
fsr-3335	314	7	et	et	PROPN
fsr-3335	314	8	al	al	PROPN
fsr-3335	314	9	.	.	PUNCT
fsr-3335	314	10	/	/	SYM
fsr-3335	314	11	financial	financial	ADJ
fsr-3335	314	12	services	service	NOUN
fsr-3335	314	13	review	review	VERB
fsr-3335	314	14	24	24	NUM
fsr-3335	314	15	(	(	PUNCT
fsr-3335	314	16	2015	2015	NUM
fsr-3335	314	17	)	)	PUNCT
fsr-3335	314	18	193–216	193–216	NUM
fsr-3335	314	19	liability	liability	NOUN
fsr-3335	314	20	that	that	PRON
fsr-3335	314	21	must	must	AUX
fsr-3335	314	22	be	be	AUX
fsr-3335	314	23	paid	pay	VERB
fsr-3335	314	24	from	from	ADP
fsr-3335	314	25	the	the	DET
fsr-3335	314	26	trust	trust	NOUN
fsr-3335	314	27	portfolio	portfolio	NOUN
fsr-3335	314	28	rather	rather	ADV
fsr-3335	314	29	than	than	ADP
fsr-3335	314	30	by	by	ADP
fsr-3335	314	31	the	the	DET
fsr-3335	314	32	individual	individual	ADJ
fsr-3335	314	33	investor	investor	NOUN
fsr-3335	314	34	.	.	PUNCT
fsr-3335	315	1	therefore	therefore	ADV
fsr-3335	315	2	,	,	PUNCT
fsr-3335	315	3	we	we	PRON
fsr-3335	315	4	extend	extend	VERB
fsr-3335	315	5	our	our	PRON
fsr-3335	315	6	models	model	NOUN
fsr-3335	315	7	to	to	PART
fsr-3335	315	8	cover	cover	VERB
fsr-3335	315	9	taxation	taxation	NOUN
fsr-3335	315	10	in	in	ADP
fsr-3335	315	11	the	the	DET
fsr-3335	315	12	dftl	dftl	NOUN
fsr-3335	315	13	series	series	NOUN
fsr-3335	315	14	.	.	PUNCT
fsr-3335	316	1	taxation	taxation	NOUN
fsr-3335	316	2	has	have	VERB
fsr-3335	316	3	a	a	DET
fsr-3335	316	4	lesser	less	ADJ
fsr-3335	316	5	effect	effect	NOUN
fsr-3335	316	6	on	on	ADP
fsr-3335	316	7	sustainability	sustainability	NOUN
fsr-3335	316	8	rates	rate	NOUN
fsr-3335	316	9	under	under	ADP
fsr-3335	316	10	regime	regime	NOUN
fsr-3335	316	11	switching	switching	NOUN
fsr-3335	316	12	models	model	NOUN
fsr-3335	316	13	than	than	ADP
fsr-3335	316	14	under	under	ADP
fsr-3335	316	15	models	model	NOUN
fsr-3335	316	16	assuming	assume	VERB
fsr-3335	316	17	normality	normality	NOUN
fsr-3335	316	18	in	in	ADP
fsr-3335	316	19	the	the	DET
fsr-3335	316	20	return	return	NOUN
fsr-3335	316	21	distribution	distribution	NOUN
fsr-3335	316	22	.	.	PUNCT
fsr-3335	317	1	fig	fig	NOUN
fsr-3335	317	2	.	.	PUNCT
fsr-3335	318	1	4	4	NUM
fsr-3335	318	2	clearly	clearly	ADV
fsr-3335	318	3	illustrates	illustrate	VERB
fsr-3335	318	4	that	that	SCONJ
fsr-3335	318	5	the	the	DET
fsr-3335	318	6	most	most	ADV
fsr-3335	318	7	simple	simple	ADJ
fsr-3335	318	8	and	and	CCONJ
fsr-3335	318	9	commonly	commonly	ADV
fsr-3335	318	10	used	use	VERB
fsr-3335	318	11	risk	risk	NOUN
fsr-3335	318	12	model	model	NOUN
fsr-3335	318	13	,	,	PUNCT
fsr-3335	318	14	the	the	DET
fsr-3335	318	15	nh	nh	PROPN
fsr-3335	318	16	model	model	NOUN
fsr-3335	318	17	,	,	PUNCT
fsr-3335	318	18	understates	understate	VERB
fsr-3335	318	19	risk	risk	NOUN
fsr-3335	318	20	given	give	VERB
fsr-3335	318	21	any	any	DET
fsr-3335	318	22	set	set	NOUN
fsr-3335	318	23	of	of	ADP
fsr-3335	318	24	underlying	underlie	VERB
fsr-3335	318	25	inputs	input	NOUN
fsr-3335	318	26	or	or	CCONJ
fsr-3335	318	27	assumptions	assumption	NOUN
fsr-3335	318	28	.	.	PUNCT
fsr-3335	319	1	on	on	ADP
fsr-3335	319	2	the	the	DET
fsr-3335	319	3	other	other	ADJ
fsr-3335	319	4	hand	hand	NOUN
fsr-3335	319	5	,	,	PUNCT
fsr-3335	319	6	assuming	assume	VERB
fsr-3335	319	7	markets	market	NOUN
fsr-3335	319	8	start	start	VERB
fsr-3335	319	9	out	out	ADP
fsr-3335	319	10	in	in	ADP
fsr-3335	319	11	a	a	DET
fsr-3335	319	12	bear	bear	NOUN
fsr-3335	319	13	regime	regime	NOUN
fsr-3335	319	14	may	may	AUX
fsr-3335	319	15	overstate	overstate	VERB
fsr-3335	319	16	the	the	DET
fsr-3335	319	17	risk	risk	NOUN
fsr-3335	319	18	of	of	ADP
fsr-3335	319	19	retirement	retirement	NOUN
fsr-3335	319	20	failure	failure	NOUN
fsr-3335	319	21	.	.	PUNCT
fsr-3335	320	1	nevertheless	nevertheless	ADV
fsr-3335	320	2	,	,	PUNCT
fsr-3335	320	3	it	it	PRON
fsr-3335	320	4	is	be	AUX
fsr-3335	320	5	always	always	ADV
fsr-3335	320	6	interesting	interesting	ADJ
fsr-3335	320	7	to	to	PART
fsr-3335	320	8	examine	examine	VERB
fsr-3335	320	9	the	the	DET
fsr-3335	320	10	“	"	PUNCT
fsr-3335	320	11	worst	bad	ADJ
fsr-3335	320	12	case	case	NOUN
fsr-3335	320	13	”	"	PUNCT
fsr-3335	320	14	environment	environment	NOUN
fsr-3335	320	15	.	.	PUNCT
fsr-3335	321	1	the	the	DET
fsr-3335	321	2	differences	difference	NOUN
fsr-3335	321	3	in	in	ADP
fsr-3335	321	4	sustainability	sustainability	NOUN
fsr-3335	321	5	rates	rate	NOUN
fsr-3335	321	6	are	be	AUX
fsr-3335	321	7	stark	stark	ADJ
fsr-3335	321	8	:	:	PUNCT
fsr-3335	321	9	a	a	DET
fsr-3335	321	10	4	4	NUM
fsr-3335	321	11	%	%	NOUN
fsr-3335	321	12	failure	failure	NOUN
fsr-3335	321	13	rate	rate	NOUN
fsr-3335	321	14	at	at	ADP
fsr-3335	321	15	the	the	DET
fsr-3335	321	16	low	low	ADJ
fsr-3335	321	17	end	end	NOUN
fsr-3335	321	18	versus	versus	ADP
fsr-3335	321	19	a	a	DET
fsr-3335	321	20	49	49	NUM
fsr-3335	321	21	%	%	NOUN
fsr-3335	321	22	failure	failure	NOUN
fsr-3335	321	23	rate	rate	NOUN
fsr-3335	321	24	at	at	ADP
fsr-3335	321	25	the	the	DET
fsr-3335	321	26	high	high	ADJ
fsr-3335	321	27	end	end	NOUN
fsr-3335	321	28	.	.	PUNCT
fsr-3335	322	1	decisions	decision	NOUN
fsr-3335	322	2	based	base	VERB
fsr-3335	322	3	on	on	ADP
fsr-3335	322	4	implausible	implausible	ADJ
fsr-3335	322	5	risk	risk	NOUN
fsr-3335	322	6	models	model	NOUN
fsr-3335	322	7	may	may	AUX
fsr-3335	322	8	not	not	PART
fsr-3335	322	9	be	be	AUX
fsr-3335	322	10	appropriate	appropriate	ADJ
fsr-3335	322	11	and	and	CCONJ
fsr-3335	322	12	,	,	PUNCT
fsr-3335	322	13	thus	thus	ADV
fsr-3335	322	14	,	,	PUNCT
fsr-3335	322	15	may	may	AUX
fsr-3335	322	16	mislead	mislead	VERB
fsr-3335	322	17	investors	investor	NOUN
fsr-3335	322	18	in	in	ADP
fsr-3335	322	19	assessing	assess	VERB
fsr-3335	322	20	the	the	DET
fsr-3335	322	21	risks	risk	NOUN
fsr-3335	322	22	and	and	CCONJ
fsr-3335	322	23	return	return	VERB
fsr-3335	322	24	expectations	expectation	NOUN
fsr-3335	322	25	of	of	ADP
fsr-3335	322	26	their	their	PRON
fsr-3335	322	27	retirement	retirement	NOUN
fsr-3335	322	28	investment	investment	NOUN
fsr-3335	322	29	strategies	strategy	NOUN
fsr-3335	322	30	.	.	PUNCT
fsr-3335	323	1	6	6	X
fsr-3335	323	2	.	.	X
fsr-3335	323	3	utility	utility	NOUN
fsr-3335	323	4	discussions	discussion	NOUN
fsr-3335	323	5	concerning	concern	VERB
fsr-3335	323	6	strategies	strategy	NOUN
fsr-3335	323	7	to	to	PART
fsr-3335	323	8	enhance	enhance	VERB
fsr-3335	323	9	portfolio	portfolio	NOUN
fsr-3335	323	10	sustainability	sustainability	NOUN
fsr-3335	323	11	differ	differ	VERB
fsr-3335	323	12	from	from	ADP
fsr-3335	323	13	discussions	discussion	NOUN
fsr-3335	323	14	concerning	concern	VERB
fsr-3335	323	15	how	how	SCONJ
fsr-3335	323	16	to	to	PART
fsr-3335	323	17	optimize	optimize	VERB
fsr-3335	323	18	aggregate	aggregate	ADJ
fsr-3335	323	19	utility	utility	NOUN
fsr-3335	323	20	of	of	ADP
fsr-3335	323	21	consumption	consumption	NOUN
fsr-3335	323	22	for	for	ADP
fsr-3335	323	23	a	a	DET
fsr-3335	323	24	retired	retired	ADJ
fsr-3335	323	25	investor	investor	NOUN
fsr-3335	323	26	with	with	ADP
fsr-3335	323	27	finite	finite	ADJ
fsr-3335	323	28	resources	resource	NOUN
fsr-3335	323	29	.	.	PUNCT
fsr-3335	324	1	portfolio	portfolio	NOUN
fsr-3335	324	2	sustainability	sustainability	NOUN
fsr-3335	324	3	,	,	PUNCT
fsr-3335	324	4	when	when	SCONJ
fsr-3335	324	5	defined	define	VERB
fsr-3335	324	6	as	as	ADP
fsr-3335	324	7	the	the	DET
fsr-3335	324	8	ability	ability	NOUN
fsr-3335	324	9	to	to	PART
fsr-3335	324	10	fund	fund	VERB
fsr-3335	324	11	a	a	DET
fsr-3335	324	12	minimum	minimum	ADJ
fsr-3335	324	13	periodic	periodic	ADJ
fsr-3335	324	14	target	target	NOUN
fsr-3335	324	15	income	income	NOUN
fsr-3335	324	16	,	,	PUNCT
fsr-3335	324	17	implies	imply	VERB
fsr-3335	324	18	a	a	DET
fsr-3335	324	19	state	state	NOUN
fsr-3335	324	20	preference	preference	NOUN
fsr-3335	324	21	utility	utility	NOUN
fsr-3335	324	22	function	function	NOUN
fsr-3335	324	23	.	.	PUNCT
fsr-3335	325	1	that	that	PRON
fsr-3335	325	2	is	be	AUX
fsr-3335	325	3	to	to	PART
fsr-3335	325	4	say	say	VERB
fsr-3335	325	5	,	,	PUNCT
fsr-3335	325	6	a	a	DET
fsr-3335	325	7	retired	retire	VERB
fsr-3335	325	8	investor	investor	NOUN
fsr-3335	325	9	may	may	AUX
fsr-3335	325	10	have	have	VERB
fsr-3335	325	11	a	a	DET
fsr-3335	325	12	strong	strong	ADJ
fsr-3335	325	13	preference	preference	NOUN
fsr-3335	325	14	for	for	ADP
fsr-3335	325	15	avoiding	avoid	VERB
fsr-3335	325	16	periods	period	NOUN
fsr-3335	325	17	during	during	ADP
fsr-3335	325	18	which	which	PRON
fsr-3335	325	19	consumption	consumption	NOUN
fsr-3335	325	20	falls	fall	VERB
fsr-3335	325	21	below	below	ADP
fsr-3335	325	22	a	a	DET
fsr-3335	325	23	minimum	minimum	ADJ
fsr-3335	325	24	acceptable	acceptable	ADJ
fsr-3335	325	25	threshold	threshold	NOUN
fsr-3335	325	26	.	.	PUNCT
fsr-3335	326	1	such	such	DET
fsr-3335	326	2	an	an	DET
fsr-3335	326	3	investor	investor	NOUN
fsr-3335	326	4	is	be	AUX
fsr-3335	326	5	willing	willing	ADJ
fsr-3335	326	6	to	to	PART
fsr-3335	326	7	sacrifice	sacrifice	VERB
fsr-3335	326	8	greater	great	ADJ
fsr-3335	326	9	utility	utility	NOUN
fsr-3335	326	10	in	in	ADP
fsr-3335	326	11	higher	high	ADJ
fsr-3335	326	12	-	-	PUNCT
fsr-3335	326	13	portfolio	portfolio	NOUN
fsr-3335	326	14	-	-	PUNCT
fsr-3335	326	15	value	value	NOUN
fsr-3335	326	16	states	state	NOUN
fsr-3335	326	17	in	in	ADP
fsr-3335	326	18	favor	favor	NOUN
fsr-3335	326	19	of	of	ADP
fsr-3335	326	20	assuring	assure	VERB
fsr-3335	326	21	a	a	DET
fsr-3335	326	22	minimum	minimum	ADJ
fsr-3335	326	23	standard	standard	NOUN
fsr-3335	326	24	of	of	ADP
fsr-3335	326	25	living	live	VERB
fsr-3335	326	26	in	in	ADP
fsr-3335	326	27	lower	low	ADJ
fsr-3335	326	28	-	-	PUNCT
fsr-3335	326	29	portfolio	portfolio	NOUN
fsr-3335	326	30	-	-	PUNCT
fsr-3335	326	31	value	value	NOUN
fsr-3335	326	32	states	state	NOUN
fsr-3335	326	33	.	.	PUNCT
fsr-3335	327	1	aggregate	aggregate	ADJ
fsr-3335	327	2	utility	utility	NOUN
fsr-3335	327	3	—	—	PUNCT
fsr-3335	327	4	summed	sum	VERB
fsr-3335	327	5	over	over	ADP
fsr-3335	327	6	all	all	DET
fsr-3335	327	7	consumption	consumption	NOUN
fsr-3335	327	8	/	/	SYM
fsr-3335	327	9	investment	investment	NOUN
fsr-3335	327	10	states	state	NOUN
fsr-3335	327	11	—	—	PUNCT
fsr-3335	327	12	takes	take	VERB
fsr-3335	327	13	a	a	DET
fsr-3335	327	14	back	back	ADJ
fsr-3335	327	15	seat	seat	NOUN
fsr-3335	327	16	to	to	ADP
fsr-3335	327	17	assuring	assure	VERB
fsr-3335	327	18	,	,	PUNCT
fsr-3335	327	19	at	at	ADP
fsr-3335	327	20	least	least	ADJ
fsr-3335	327	21	,	,	PUNCT
fsr-3335	327	22	a	a	DET
fsr-3335	327	23	minimum	minimum	NOUN
fsr-3335	327	24	living	living	NOUN
fsr-3335	327	25	standard	standard	NOUN
fsr-3335	327	26	in	in	ADP
fsr-3335	327	27	each	each	DET
fsr-3335	327	28	state	state	NOUN
fsr-3335	327	29	.	.	PUNCT
fsr-3335	328	1	optimization	optimization	NOUN
fsr-3335	328	2	of	of	ADP
fsr-3335	328	3	expected	expect	VERB
fsr-3335	328	4	utility	utility	NOUN
fsr-3335	328	5	,	,	PUNCT
fsr-3335	328	6	in	in	ADP
fsr-3335	328	7	most	most	ADJ
fsr-3335	328	8	retirement	retirement	NOUN
fsr-3335	328	9	income	income	NOUN
fsr-3335	328	10	risk	risk	NOUN
fsr-3335	328	11	models	model	NOUN
fsr-3335	328	12	,	,	PUNCT
fsr-3335	328	13	is	be	AUX
fsr-3335	328	14	a	a	DET
fsr-3335	328	15	probability	probability	NOUN
fsr-3335	328	16	-	-	PUNCT
fsr-3335	328	17	weighted	weight	VERB
fsr-3335	328	18	value	value	NOUN
fsr-3335	328	19	taken	take	VERB
fsr-3335	328	20	over	over	ADP
fsr-3335	328	21	the	the	DET
fsr-3335	328	22	entire	entire	ADJ
fsr-3335	328	23	distribution	distribution	NOUN
fsr-3335	328	24	of	of	ADP
fsr-3335	328	25	outcomes	outcome	NOUN
fsr-3335	328	26	—	—	PUNCT
fsr-3335	328	27	that	that	PRON
fsr-3335	328	28	is	is	ADV
fsr-3335	328	29	,	,	PUNCT
fsr-3335	328	30	over	over	ADP
fsr-3335	328	31	all	all	DET
fsr-3335	328	32	possible	possible	ADJ
fsr-3335	328	33	economic	economic	ADJ
fsr-3335	328	34	states	state	NOUN
fsr-3335	328	35	from	from	ADP
fsr-3335	328	36	depression	depression	NOUN
fsr-3335	328	37	to	to	ADP
fsr-3335	328	38	prosperity	prosperity	NOUN
fsr-3335	328	39	.	.	PUNCT
fsr-3335	329	1	summing	sum	VERB
fsr-3335	329	2	utility	utility	NOUN
fsr-3335	329	3	values	value	NOUN
fsr-3335	329	4	over	over	ADP
fsr-3335	329	5	all	all	DET
fsr-3335	329	6	states	state	NOUN
fsr-3335	329	7	assumes	assume	VERB
fsr-3335	329	8	a	a	DET
fsr-3335	329	9	separable	separable	ADJ
fsr-3335	329	10	utility	utility	NOUN
fsr-3335	329	11	function	function	NOUN
fsr-3335	329	12	.	.	PUNCT
fsr-3335	330	1	furthermore	furthermore	ADV
fsr-3335	330	2	,	,	PUNCT
fsr-3335	330	3	conclusions	conclusion	NOUN
fsr-3335	330	4	derived	derive	VERB
fsr-3335	330	5	from	from	ADP
fsr-3335	330	6	optimization	optimization	NOUN
fsr-3335	330	7	procedures	procedure	NOUN
fsr-3335	330	8	may	may	AUX
fsr-3335	330	9	differ	differ	VERB
fsr-3335	330	10	drastically	drastically	ADV
fsr-3335	330	11	from	from	ADP
fsr-3335	330	12	those	those	PRON
fsr-3335	330	13	drawn	draw	VERB
fsr-3335	330	14	from	from	ADP
fsr-3335	330	15	sustainability	sustainability	NOUN
fsr-3335	330	16	analysis	analysis	NOUN
fsr-3335	330	17	.	.	PUNCT
fsr-3335	331	1	for	for	ADP
fsr-3335	331	2	example	example	NOUN
fsr-3335	331	3	,	,	PUNCT
fsr-3335	331	4	an	an	DET
fsr-3335	331	5	optimal	optimal	ADJ
fsr-3335	331	6	withdrawal	withdrawal	NOUN
fsr-3335	331	7	rate	rate	NOUN
fsr-3335	331	8	in	in	ADP
fsr-3335	331	9	a	a	DET
fsr-3335	331	10	study	study	NOUN
fsr-3335	331	11	by	by	ADP
fsr-3335	331	12	finke	finke	PROPN
fsr-3335	331	13	,	,	PUNCT
fsr-3335	331	14	pfau	pfau	NOUN
fsr-3335	331	15	,	,	PUNCT
fsr-3335	331	16	and	and	CCONJ
fsr-3335	331	17	williams	williams	PROPN
fsr-3335	331	18	(	(	PUNCT
fsr-3335	331	19	2012	2012	NUM
fsr-3335	331	20	)	)	PUNCT
fsr-3335	331	21	requires	require	VERB
fsr-3335	331	22	that	that	SCONJ
fsr-3335	331	23	the	the	DET
fsr-3335	331	24	utility	utility	NOUN
fsr-3335	331	25	-	-	PUNCT
fsr-3335	331	26	maximizing	maximize	VERB
fsr-3335	331	27	investor	investor	NOUN
fsr-3335	331	28	accept	accept	VERB
fsr-3335	331	29	only	only	ADV
fsr-3335	331	30	a	a	DET
fsr-3335	331	31	43	43	NUM
fsr-3335	331	32	%	%	NOUN
fsr-3335	331	33	sustainability	sustainability	NOUN
fsr-3335	331	34	rate	rate	NOUN
fsr-3335	331	35	.	.	PUNCT
fsr-3335	332	1	tomlinson	tomlinson	PROPN
fsr-3335	332	2	(	(	PUNCT
fsr-3335	332	3	2012	2012	NUM
fsr-3335	332	4	)	)	PUNCT
fsr-3335	332	5	notices	notice	VERB
fsr-3335	332	6	similar	similar	ADJ
fsr-3335	332	7	observations	observation	NOUN
fsr-3335	332	8	.	.	PUNCT
fsr-3335	333	1	typically	typically	ADV
fsr-3335	333	2	,	,	PUNCT
fsr-3335	333	3	commentators	commentator	NOUN
fsr-3335	333	4	tracking	track	VERB
fsr-3335	333	5	shortfall	shortfall	NOUN
fsr-3335	333	6	risk	risk	NOUN
fsr-3335	333	7	metrics	metric	NOUN
fsr-3335	333	8	would	would	AUX
fsr-3335	333	9	consider	consider	VERB
fsr-3335	333	10	such	such	DET
fsr-3335	333	11	an	an	DET
fsr-3335	333	12	optimal	optimal	ADJ
fsr-3335	333	13	withdrawal	withdrawal	NOUN
fsr-3335	333	14	strategy	strategy	NOUN
fsr-3335	333	15	to	to	PART
fsr-3335	333	16	be	be	AUX
fsr-3335	333	17	unacceptable	unacceptable	ADJ
fsr-3335	333	18	.	.	PUNCT
fsr-3335	334	1	fortunately	fortunately	ADV
fsr-3335	334	2	,	,	PUNCT
fsr-3335	334	3	whenever	whenever	SCONJ
fsr-3335	334	4	a	a	DET
fsr-3335	334	5	threshold	threshold	NOUN
fsr-3335	334	6	level	level	NOUN
fsr-3335	334	7	of	of	ADP
fsr-3335	334	8	consumption	consumption	NOUN
fsr-3335	334	9	must	must	AUX
fsr-3335	334	10	be	be	AUX
fsr-3335	334	11	maintained	maintain	VERB
fsr-3335	334	12	,	,	PUNCT
fsr-3335	334	13	the	the	DET
fsr-3335	334	14	two	two	NUM
fsr-3335	334	15	approaches	approach	NOUN
fsr-3335	334	16	sometimes	sometimes	ADV
fsr-3335	334	17	coincide	coincide	VERB
fsr-3335	334	18	.	.	PUNCT
fsr-3335	335	1	the	the	DET
fsr-3335	335	2	investor	investor	NOUN
fsr-3335	335	3	may	may	AUX
fsr-3335	335	4	apply	apply	VERB
fsr-3335	335	5	a	a	DET
fsr-3335	335	6	utility	utility	NOUN
fsr-3335	335	7	penalty	penalty	NOUN
fsr-3335	335	8	—	—	PUNCT
fsr-3335	335	9	negative	negative	ADJ
fsr-3335	335	10	utility	utility	NOUN
fsr-3335	335	11	—	—	PUNCT
fsr-3335	335	12	for	for	ADP
fsr-3335	335	13	failing	fail	VERB
fsr-3335	335	14	to	to	PART
fsr-3335	335	15	meet	meet	VERB
fsr-3335	335	16	threshold	threshold	NOUN
fsr-3335	335	17	income	income	NOUN
fsr-3335	335	18	requirements	requirement	NOUN
fsr-3335	335	19	.	.	PUNCT
fsr-3335	336	1	some	some	DET
fsr-3335	336	2	retirement	retirement	NOUN
fsr-3335	336	3	income	income	NOUN
fsr-3335	336	4	risk	risk	NOUN
fsr-3335	336	5	models	model	NOUN
fsr-3335	336	6	impose	impose	VERB
fsr-3335	336	7	an	an	DET
fsr-3335	336	8	additional	additional	ADJ
fsr-3335	336	9	penalty	penalty	NOUN
fsr-3335	336	10	for	for	ADP
fsr-3335	336	11	exceeding	exceed	VERB
fsr-3335	336	12	a	a	DET
fsr-3335	336	13	periodic	periodic	ADJ
fsr-3335	336	14	income	income	NOUN
fsr-3335	336	15	or	or	CCONJ
fsr-3335	336	16	ending	end	VERB
fsr-3335	336	17	wealth	wealth	NOUN
fsr-3335	336	18	target.23	target.23	PROPN
fsr-3335	336	19	the	the	DET
fsr-3335	336	20	risk	risk	NOUN
fsr-3335	336	21	model	model	NOUN
fsr-3335	336	22	imposes	impose	VERB
fsr-3335	336	23	a	a	DET
fsr-3335	336	24	penalty	penalty	NOUN
fsr-3335	336	25	for	for	ADP
fsr-3335	336	26	overachieving	overachieve	VERB
fsr-3335	336	27	under	under	ADP
fsr-3335	336	28	the	the	DET
fsr-3335	336	29	supposition	supposition	NOUN
fsr-3335	336	30	that	that	PRON
fsr-3335	336	31	target	target	VERB
fsr-3335	336	32	financial	financial	ADJ
fsr-3335	336	33	objectives	objective	NOUN
fsr-3335	336	34	could	could	AUX
fsr-3335	336	35	have	have	AUX
fsr-3335	336	36	been	be	AUX
fsr-3335	336	37	met	meet	VERB
fsr-3335	336	38	at	at	ADP
fsr-3335	336	39	a	a	DET
fsr-3335	336	40	lower	low	ADJ
fsr-3335	336	41	level	level	NOUN
fsr-3335	336	42	of	of	ADP
fsr-3335	336	43	risk	risk	NOUN
fsr-3335	336	44	.	.	PUNCT
fsr-3335	337	1	in	in	ADP
fsr-3335	337	2	terms	term	NOUN
fsr-3335	337	3	of	of	ADP
fsr-3335	337	4	consumption	consumption	NOUN
fsr-3335	337	5	objectives	objective	NOUN
fsr-3335	337	6	,	,	PUNCT
fsr-3335	337	7	some	some	DET
fsr-3335	337	8	commentators	commentator	NOUN
fsr-3335	337	9	view	view	VERB
fsr-3335	337	10	surplus	surplus	NOUN
fsr-3335	337	11	ending	end	VERB
fsr-3335	337	12	wealth	wealth	NOUN
fsr-3335	337	13	merely	merely	ADV
fsr-3335	337	14	as	as	ADP
fsr-3335	337	15	a	a	DET
fsr-3335	337	16	missed	miss	VERB
fsr-3335	337	17	opportunity	opportunity	NOUN
fsr-3335	337	18	to	to	PART
fsr-3335	337	19	enjoy	enjoy	VERB
fsr-3335	337	20	a	a	DET
fsr-3335	337	21	higher	high	ADJ
fsr-3335	337	22	standard	standard	NOUN
fsr-3335	337	23	of	of	ADP
fsr-3335	337	24	living	live	VERB
fsr-3335	337	25	throughout	throughout	ADP
fsr-3335	337	26	retirement	retirement	NOUN
fsr-3335	337	27	.	.	PUNCT
fsr-3335	338	1	209p.j	209p.j	NUM
fsr-3335	338	2	.	.	PUNCT
fsr-3335	339	1	collins	collins	PROPN
fsr-3335	339	2	et	et	PROPN
fsr-3335	339	3	al	al	PROPN
fsr-3335	339	4	.	.	PUNCT
fsr-3335	339	5	/	/	SYM
fsr-3335	339	6	financial	financial	ADJ
fsr-3335	339	7	services	service	NOUN
fsr-3335	339	8	review	review	VERB
fsr-3335	339	9	24	24	NUM
fsr-3335	339	10	(	(	PUNCT
fsr-3335	339	11	2015	2015	NUM
fsr-3335	339	12	)	)	PUNCT
fsr-3335	339	13	193–216	193–216	NUM
fsr-3335	339	14	7	7	NUM
fsr-3335	339	15	.	.	PUNCT
fsr-3335	339	16	conclusion	conclusion	NOUN
fsr-3335	339	17	the	the	DET
fsr-3335	339	18	normal	normal	ADJ
fsr-3335	339	19	(	(	PUNCT
fsr-3335	339	20	bell	bell	NOUN
fsr-3335	339	21	curve	curve	NOUN
fsr-3335	339	22	)	)	PUNCT
fsr-3335	339	23	distribution	distribution	NOUN
fsr-3335	339	24	is	be	AUX
fsr-3335	339	25	not	not	PART
fsr-3335	339	26	a	a	DET
fsr-3335	339	27	good	good	ADJ
fsr-3335	339	28	fit	fit	NOUN
fsr-3335	339	29	for	for	ADP
fsr-3335	339	30	most	most	ADJ
fsr-3335	339	31	financial	financial	ADJ
fsr-3335	339	32	asset	asset	NOUN
fsr-3335	339	33	return	return	NOUN
fsr-3335	339	34	series	series	NOUN
fsr-3335	339	35	.	.	PUNCT
fsr-3335	340	1	quantifying	quantify	VERB
fsr-3335	340	2	investment	investment	NOUN
fsr-3335	340	3	risk	risk	NOUN
fsr-3335	340	4	by	by	ADP
fsr-3335	340	5	the	the	DET
fsr-3335	340	6	first	first	ADJ
fsr-3335	340	7	two	two	NUM
fsr-3335	340	8	moments	moment	NOUN
fsr-3335	340	9	of	of	ADP
fsr-3335	340	10	multivariate	multivariate	NOUN
fsr-3335	340	11	symmetric	symmetric	ADJ
fsr-3335	340	12	distributions	distribution	NOUN
fsr-3335	340	13	(	(	PUNCT
fsr-3335	340	14	gaussian	gaussian	NOUN
fsr-3335	340	15	,	,	PUNCT
fsr-3335	340	16	student	student	NOUN
fsr-3335	340	17	’s	’s	PART
fsr-3335	340	18	t	t	PROPN
fsr-3335	340	19	,	,	PUNCT
fsr-3335	340	20	etc	etc	X
fsr-3335	340	21	.	.	X
fsr-3335	340	22	)	)	PUNCT
fsr-3335	340	23	is	be	AUX
fsr-3335	340	24	often	often	ADV
fsr-3335	340	25	misleading	misleading	ADJ
fsr-3335	340	26	.	.	PUNCT
fsr-3335	341	1	furthermore	furthermore	ADV
fsr-3335	341	2	,	,	PUNCT
fsr-3335	341	3	monte	monte	PROPN
fsr-3335	341	4	carlo	carlo	PROPN
fsr-3335	341	5	simulations	simulation	NOUN
fsr-3335	341	6	based	base	VERB
fsr-3335	341	7	on	on	ADP
fsr-3335	341	8	a	a	DET
fsr-3335	341	9	normal	normal	ADJ
fsr-3335	341	10	distribution	distribution	NOUN
fsr-3335	341	11	can	can	AUX
fsr-3335	341	12	not	not	PART
fsr-3335	341	13	realistically	realistically	ADV
fsr-3335	341	14	capture	capture	VERB
fsr-3335	341	15	asymmetry	asymmetry	NOUN
fsr-3335	341	16	in	in	ADP
fsr-3335	341	17	the	the	DET
fsr-3335	341	18	distribution	distribution	NOUN
fsr-3335	341	19	(	(	PUNCT
fsr-3335	341	20	skew	skew	NOUN
fsr-3335	341	21	)	)	PUNCT
fsr-3335	341	22	or	or	CCONJ
fsr-3335	341	23	the	the	DET
fsr-3335	341	24	frequency	frequency	NOUN
fsr-3335	341	25	and	and	CCONJ
fsr-3335	341	26	magnitude	magnitude	NOUN
fsr-3335	341	27	of	of	ADP
fsr-3335	341	28	tail	tail	NOUN
fsr-3335	341	29	-	-	PUNCT
fsr-3335	341	30	risk	risk	NOUN
fsr-3335	341	31	events	event	NOUN
fsr-3335	341	32	(	(	PUNCT
fsr-3335	341	33	leptokurtosis	leptokurtosis	PROPN
fsr-3335	341	34	)	)	PUNCT
fsr-3335	341	35	.	.	PUNCT
fsr-3335	342	1	risk	risk	NOUN
fsr-3335	342	2	models	model	NOUN
fsr-3335	342	3	inputting	inputte	VERB
fsr-3335	342	4	return	return	NOUN
fsr-3335	342	5	distributions	distribution	NOUN
fsr-3335	342	6	with	with	ADP
fsr-3335	342	7	differing	differ	VERB
fsr-3335	342	8	assumptions	assumption	NOUN
fsr-3335	342	9	,	,	PUNCT
fsr-3335	342	10	operating	operate	VERB
fsr-3335	342	11	under	under	ADP
fsr-3335	342	12	different	different	ADJ
fsr-3335	342	13	stochastic	stochastic	ADJ
fsr-3335	342	14	processes	process	NOUN
fsr-3335	342	15	,	,	PUNCT
fsr-3335	342	16	often	often	ADV
fsr-3335	342	17	produce	produce	VERB
fsr-3335	342	18	significantly	significantly	ADV
fsr-3335	342	19	different	different	ADJ
fsr-3335	342	20	results	result	NOUN
fsr-3335	342	21	.	.	PUNCT
fsr-3335	343	1	to	to	PART
fsr-3335	343	2	mitigate	mitigate	VERB
fsr-3335	343	3	deficiencies	deficiency	NOUN
fsr-3335	343	4	,	,	PUNCT
fsr-3335	343	5	we	we	PRON
fsr-3335	343	6	use	use	VERB
fsr-3335	343	7	a	a	DET
fsr-3335	343	8	hybrid	hybrid	ADJ
fsr-3335	343	9	autoregressive	autoregressive	ADJ
fsr-3335	343	10	,	,	PUNCT
fsr-3335	343	11	regime	regime	NOUN
fsr-3335	343	12	-	-	PUNCT
fsr-3335	343	13	switching	switch	VERB
fsr-3335	343	14	risk	risk	NOUN
fsr-3335	343	15	model	model	NOUN
fsr-3335	343	16	using	use	VERB
fsr-3335	343	17	two	two	NUM
fsr-3335	343	18	state	state	NOUN
fsr-3335	343	19	-	-	PUNCT
fsr-3335	343	20	dependent	dependent	ADJ
fsr-3335	343	21	normal	normal	ADJ
fsr-3335	343	22	distributions	distribution	NOUN
fsr-3335	343	23	with	with	ADP
fsr-3335	343	24	separately	separately	ADV
fsr-3335	343	25	calculated	calculate	VERB
fsr-3335	343	26	means	mean	NOUN
fsr-3335	343	27	and	and	CCONJ
fsr-3335	343	28	variances	variance	NOUN
fsr-3335	343	29	.	.	PUNCT
fsr-3335	344	1	the	the	DET
fsr-3335	344	2	distributions	distribution	NOUN
fsr-3335	344	3	,	,	PUNCT
fsr-3335	344	4	according	accord	VERB
fsr-3335	344	5	to	to	ADP
fsr-3335	344	6	the	the	DET
fsr-3335	344	7	markov	markov	NOUN
fsr-3335	344	8	transition	transition	NOUN
fsr-3335	344	9	probabilities	probability	NOUN
fsr-3335	344	10	,	,	PUNCT
fsr-3335	344	11	capture	capture	VERB
fsr-3335	344	12	the	the	DET
fsr-3335	344	13	frequency	frequency	NOUN
fsr-3335	344	14	and	and	CCONJ
fsr-3335	344	15	magnitudes	magnitude	NOUN
fsr-3335	344	16	of	of	ADP
fsr-3335	344	17	outlier	outlier	NOUN
fsr-3335	344	18	results	result	NOUN
fsr-3335	344	19	better	well	ADV
fsr-3335	344	20	than	than	ADP
fsr-3335	344	21	distributions	distribution	NOUN
fsr-3335	344	22	produced	produce	VERB
fsr-3335	344	23	by	by	ADP
fsr-3335	344	24	single	single	ADJ
fsr-3335	344	25	-	-	PUNCT
fsr-3335	344	26	parameter	parameter	NOUN
fsr-3335	344	27	input	input	NOUN
fsr-3335	344	28	variables	variable	NOUN
fsr-3335	344	29	.	.	PUNCT
fsr-3335	345	1	given	give	VERB
fsr-3335	345	2	a	a	DET
fsr-3335	345	3	large	large	ADJ
fsr-3335	345	4	number	number	NOUN
fsr-3335	345	5	of	of	ADP
fsr-3335	345	6	simulation	simulation	NOUN
fsr-3335	345	7	paths	path	NOUN
fsr-3335	345	8	,	,	PUNCT
fsr-3335	345	9	our	our	PRON
fsr-3335	345	10	retirement	retirement	NOUN
fsr-3335	345	11	income	income	NOUN
fsr-3335	345	12	risk	risk	NOUN
fsr-3335	345	13	model	model	NOUN
fsr-3335	345	14	provides	provide	VERB
fsr-3335	345	15	a	a	DET
fsr-3335	345	16	rich	rich	ADJ
fsr-3335	345	17	set	set	NOUN
fsr-3335	345	18	of	of	ADP
fsr-3335	345	19	future	future	ADJ
fsr-3335	345	20	asset	asset	NOUN
fsr-3335	345	21	returns	return	NOUN
fsr-3335	345	22	.	.	PUNCT
fsr-3335	346	1	although	although	SCONJ
fsr-3335	346	2	no	no	DET
fsr-3335	346	3	investment	investment	NOUN
fsr-3335	346	4	risk	risk	NOUN
fsr-3335	346	5	model	model	NOUN
fsr-3335	346	6	can	can	AUX
fsr-3335	346	7	predict	predict	VERB
fsr-3335	346	8	the	the	DET
fsr-3335	346	9	future	future	NOUN
fsr-3335	346	10	,	,	PUNCT
fsr-3335	346	11	one	one	NUM
fsr-3335	346	12	hallmark	hallmark	NOUN
fsr-3335	346	13	of	of	ADP
fsr-3335	346	14	a	a	DET
fsr-3335	346	15	credible	credible	ADJ
fsr-3335	346	16	model	model	NOUN
fsr-3335	346	17	is	be	AUX
fsr-3335	346	18	that	that	SCONJ
fsr-3335	346	19	it	it	PRON
fsr-3335	346	20	enables	enable	VERB
fsr-3335	346	21	investors	investor	NOUN
fsr-3335	346	22	to	to	PART
fsr-3335	346	23	make	make	VERB
fsr-3335	346	24	good	good	ADJ
fsr-3335	346	25	decisions	decision	NOUN
fsr-3335	346	26	within	within	ADP
fsr-3335	346	27	a	a	DET
fsr-3335	346	28	wide	wide	ADJ
fsr-3335	346	29	range	range	NOUN
fsr-3335	346	30	of	of	ADP
fsr-3335	346	31	possible	possible	ADJ
fsr-3335	346	32	futures.24	futures.24	NOUN
fsr-3335	346	33	success	success	NOUN
fsr-3335	346	34	or	or	CCONJ
fsr-3335	346	35	failure	failure	NOUN
fsr-3335	346	36	should	should	AUX
fsr-3335	346	37	never	never	ADV
fsr-3335	346	38	be	be	AUX
fsr-3335	346	39	evaluated	evaluate	VERB
fsr-3335	346	40	in	in	ADP
fsr-3335	346	41	terms	term	NOUN
fsr-3335	346	42	of	of	ADP
fsr-3335	346	43	just	just	ADV
fsr-3335	346	44	a	a	DET
fsr-3335	346	45	single	single	ADJ
fsr-3335	346	46	model	model	NOUN
fsr-3335	346	47	—	—	PUNCT
fsr-3335	346	48	nor	nor	CCONJ
fsr-3335	346	49	in	in	ADP
fsr-3335	346	50	terms	term	NOUN
fsr-3335	346	51	of	of	ADP
fsr-3335	346	52	just	just	ADV
fsr-3335	346	53	a	a	DET
fsr-3335	346	54	single	single	ADJ
fsr-3335	346	55	metric	metric	NOUN
fsr-3335	346	56	.	.	PUNCT
fsr-3335	347	1	a	a	DET
fsr-3335	347	2	model	model	NOUN
fsr-3335	347	3	,	,	PUNCT
fsr-3335	347	4	in	in	ADP
fsr-3335	347	5	many	many	ADJ
fsr-3335	347	6	respects	respect	NOUN
fsr-3335	347	7	,	,	PUNCT
fsr-3335	347	8	is	be	AUX
fsr-3335	347	9	just	just	ADV
fsr-3335	347	10	one	one	NUM
fsr-3335	347	11	person’s	person’s	NOUN
fsr-3335	347	12	—	—	PUNCT
fsr-3335	347	13	that	that	ADV
fsr-3335	347	14	is	is	ADV
fsr-3335	347	15	,	,	PUNCT
fsr-3335	347	16	the	the	DET
fsr-3335	347	17	model	model	NOUN
fsr-3335	347	18	builder’s	builder’s	PROPN
fsr-3335	347	19	—	—	PUNCT
fsr-3335	347	20	opinion	opinion	NOUN
fsr-3335	347	21	about	about	ADP
fsr-3335	347	22	how	how	SCONJ
fsr-3335	347	23	the	the	DET
fsr-3335	347	24	future	future	NOUN
fsr-3335	347	25	may	may	AUX
fsr-3335	347	26	unfold	unfold	VERB
fsr-3335	347	27	.	.	PUNCT
fsr-3335	348	1	given	give	VERB
fsr-3335	348	2	the	the	DET
fsr-3335	348	3	computer	computer	NOUN
fsr-3335	348	4	power	power	NOUN
fsr-3335	348	5	currently	currently	ADV
fsr-3335	348	6	available	available	ADJ
fsr-3335	348	7	to	to	ADP
fsr-3335	348	8	investment	investment	NOUN
fsr-3335	348	9	advisors	advisor	NOUN
fsr-3335	348	10	,	,	PUNCT
fsr-3335	348	11	and	and	CCONJ
fsr-3335	348	12	given	give	VERB
fsr-3335	348	13	the	the	DET
fsr-3335	348	14	approximately	approximately	ADV
fsr-3335	348	15	30	30	NUM
fsr-3335	348	16	years	year	NOUN
fsr-3335	348	17	of	of	ADP
fsr-3335	348	18	research	research	NOUN
fsr-3335	348	19	into	into	ADP
fsr-3335	348	20	econometric	econometric	ADJ
fsr-3335	348	21	topics	topic	NOUN
fsr-3335	348	22	such	such	ADJ
fsr-3335	348	23	as	as	ADP
fsr-3335	348	24	time	time	NOUN
fsr-3335	348	25	series	series	PROPN
fsr-3335	348	26	analysis	analysis	NOUN
fsr-3335	348	27	,	,	PUNCT
fsr-3335	348	28	what	what	PRON
fsr-3335	348	29	accounts	account	VERB
fsr-3335	348	30	for	for	ADP
fsr-3335	348	31	the	the	DET
fsr-3335	348	32	propensity	propensity	NOUN
fsr-3335	348	33	to	to	PART
fsr-3335	348	34	use	use	VERB
fsr-3335	348	35	oversimplified	oversimplified	ADJ
fsr-3335	348	36	risk	risk	NOUN
fsr-3335	348	37	models	model	NOUN
fsr-3335	348	38	?	?	PUNCT
fsr-3335	349	1	perhaps	perhaps	ADV
fsr-3335	349	2	the	the	DET
fsr-3335	349	3	financial	financial	ADJ
fsr-3335	349	4	advice	advice	NOUN
fsr-3335	349	5	profession	profession	NOUN
fsr-3335	349	6	suffers	suffer	VERB
fsr-3335	349	7	from	from	ADP
fsr-3335	349	8	what	what	PRON
fsr-3335	349	9	paul	paul	PROPN
fsr-3335	349	10	kleindorfer	kleindorfer	PROPN
fsr-3335	349	11	(	(	PUNCT
fsr-3335	349	12	2010	2010	NUM
fsr-3335	349	13	)	)	PUNCT
fsr-3335	349	14	terms	term	NOUN
fsr-3335	349	15	“	"	PUNCT
fsr-3335	349	16	legitimation	legitimation	NOUN
fsr-3335	349	17	.	.	PUNCT
fsr-3335	349	18	”	"	PUNCT
fsr-3335	350	1	he	he	PRON
fsr-3335	350	2	defines	define	VERB
fsr-3335	350	3	the	the	DET
fsr-3335	350	4	term	term	NOUN
fsr-3335	350	5	as	as	SCONJ
fsr-3335	350	6	follows	follow	VERB
fsr-3335	350	7	:	:	PUNCT
fsr-3335	350	8	“	"	PUNCT
fsr-3335	350	9	.	.	PUNCT
fsr-3335	350	10	.	.	PUNCT
fsr-3335	350	11	.	.	PUNCT
fsr-3335	351	1	a	a	DET
fsr-3335	351	2	credible	credible	ADJ
fsr-3335	351	3	anticipation	anticipation	NOUN
fsr-3335	351	4	of	of	ADP
fsr-3335	351	5	being	be	AUX
fsr-3335	351	6	held	hold	VERB
fsr-3335	351	7	accountable	accountable	ADJ
fsr-3335	351	8	not	not	PART
fsr-3335	351	9	just	just	ADV
fsr-3335	351	10	for	for	ADP
fsr-3335	351	11	outcomes	outcome	NOUN
fsr-3335	351	12	but	but	CCONJ
fsr-3335	351	13	for	for	ADP
fsr-3335	351	14	the	the	DET
fsr-3335	351	15	logic	logic	NOUN
fsr-3335	351	16	that	that	PRON
fsr-3335	351	17	led	lead	VERB
fsr-3335	351	18	to	to	ADP
fsr-3335	351	19	them	they	PRON
fsr-3335	351	20	will	will	AUX
fsr-3335	351	21	have	have	VERB
fsr-3335	351	22	predictable	predictable	ADJ
fsr-3335	351	23	effects	effect	NOUN
fsr-3335	351	24	on	on	ADP
fsr-3335	351	25	the	the	DET
fsr-3335	351	26	nature	nature	NOUN
fsr-3335	351	27	of	of	ADP
fsr-3335	351	28	the	the	DET
fsr-3335	351	29	choice	choice	NOUN
fsr-3335	351	30	process	process	NOUN
fsr-3335	351	31	itself	itself	PRON
fsr-3335	351	32	.	.	PUNCT
fsr-3335	351	33	”	"	PUNCT
fsr-3335	352	1	a	a	DET
fsr-3335	352	2	disgruntled	disgruntled	ADJ
fsr-3335	352	3	investor	investor	NOUN
fsr-3335	352	4	’s	’s	PART
fsr-3335	352	5	demands	demand	NOUN
fsr-3335	352	6	for	for	ADP
fsr-3335	352	7	explanations	explanation	NOUN
fsr-3335	352	8	regarding	regard	VERB
fsr-3335	352	9	why	why	SCONJ
fsr-3335	352	10	and	and	CCONJ
fsr-3335	352	11	how	how	SCONJ
fsr-3335	352	12	an	an	DET
fsr-3335	352	13	advisor	advisor	NOUN
fsr-3335	352	14	’s	’s	PART
fsr-3335	352	15	recommendation	recommendation	NOUN
fsr-3335	352	16	went	go	VERB
fsr-3335	352	17	sour	sour	ADJ
fsr-3335	352	18	may	may	AUX
fsr-3335	352	19	lead	lead	VERB
fsr-3335	352	20	advisors	advisor	NOUN
fsr-3335	352	21	to	to	PART
fsr-3335	352	22	“	"	PUNCT
fsr-3335	352	23	play	play	VERB
fsr-3335	352	24	it	it	PRON
fsr-3335	352	25	safe	safe	ADJ
fsr-3335	352	26	.	.	PUNCT
fsr-3335	352	27	”	"	PUNCT
fsr-3335	353	1	in	in	ADP
fsr-3335	353	2	the	the	DET
fsr-3335	353	3	context	context	NOUN
fsr-3335	353	4	of	of	ADP
fsr-3335	353	5	this	this	DET
fsr-3335	353	6	article	article	NOUN
fsr-3335	353	7	,	,	PUNCT
fsr-3335	353	8	advisors	advisor	NOUN
fsr-3335	353	9	may	may	AUX
fsr-3335	353	10	tend	tend	VERB
fsr-3335	353	11	to	to	PART
fsr-3335	353	12	use	use	VERB
fsr-3335	353	13	only	only	ADJ
fsr-3335	353	14	models	model	NOUN
fsr-3335	353	15	commonly	commonly	ADV
fsr-3335	353	16	used	use	VERB
fsr-3335	353	17	throughout	throughout	ADP
fsr-3335	353	18	the	the	DET
fsr-3335	353	19	profession	profession	NOUN
fsr-3335	353	20	—	—	PUNCT
fsr-3335	353	21	for	for	ADP
fsr-3335	353	22	example	example	NOUN
fsr-3335	353	23	,	,	PUNCT
fsr-3335	353	24	historical	historical	ADJ
fsr-3335	353	25	back	back	ADJ
fsr-3335	353	26	testing	testing	NOUN
fsr-3335	353	27	or	or	CCONJ
fsr-3335	353	28	monte	monte	PROPN
fsr-3335	353	29	carlo	carlo	PROPN
fsr-3335	353	30	simulation	simulation	NOUN
fsr-3335	353	31	models	model	NOUN
fsr-3335	353	32	—	—	PUNCT
fsr-3335	353	33	so	so	SCONJ
fsr-3335	353	34	that	that	SCONJ
fsr-3335	353	35	if	if	SCONJ
fsr-3335	353	36	the	the	DET
fsr-3335	353	37	investment	investment	NOUN
fsr-3335	353	38	strategy	strategy	NOUN
fsr-3335	353	39	fails	fail	VERB
fsr-3335	353	40	to	to	PART
fsr-3335	353	41	produce	produce	VERB
fsr-3335	353	42	its	its	PRON
fsr-3335	353	43	intended	intended	ADJ
fsr-3335	353	44	result	result	NOUN
fsr-3335	353	45	,	,	PUNCT
fsr-3335	353	46	the	the	DET
fsr-3335	353	47	advisor	advisor	NOUN
fsr-3335	353	48	can	can	AUX
fsr-3335	353	49	take	take	VERB
fsr-3335	353	50	comfort	comfort	NOUN
fsr-3335	353	51	in	in	ADP
fsr-3335	353	52	the	the	DET
fsr-3335	353	53	fact	fact	NOUN
fsr-3335	353	54	that	that	SCONJ
fsr-3335	353	55	most	most	ADJ
fsr-3335	353	56	other	other	ADJ
fsr-3335	353	57	advisors	advisor	NOUN
fsr-3335	353	58	also	also	ADV
fsr-3335	353	59	got	get	VERB
fsr-3335	353	60	it	it	PRON
fsr-3335	353	61	wrong	wrong	ADJ
fsr-3335	353	62	:	:	PUNCT
fsr-3335	353	63	“	"	PUNCT
fsr-3335	353	64	.	.	PUNCT
fsr-3335	353	65	.	.	PUNCT
fsr-3335	353	66	.	.	PUNCT
fsr-3335	354	1	the	the	DET
fsr-3335	354	2	mere	mere	ADJ
fsr-3335	354	3	thought	thought	NOUN
fsr-3335	354	4	of	of	ADP
fsr-3335	354	5	making	make	VERB
fsr-3335	354	6	choices	choice	NOUN
fsr-3335	354	7	of	of	ADP
fsr-3335	354	8	consequence	consequence	NOUN
fsr-3335	354	9	under	under	ADP
fsr-3335	354	10	conditions	condition	NOUN
fsr-3335	354	11	of	of	ADP
fsr-3335	354	12	ambiguity	ambiguity	NOUN
fsr-3335	354	13	and	and	CCONJ
fsr-3335	354	14	ignorance	ignorance	NOUN
fsr-3335	354	15	calls	call	VERB
fsr-3335	354	16	out	out	ADP
fsr-3335	354	17	for	for	ADP
fsr-3335	354	18	company	company	NOUN
fsr-3335	354	19	.	.	PUNCT
fsr-3335	354	20	”	"	PUNCT
fsr-3335	355	1	undoubtedly	undoubtedly	ADV
fsr-3335	355	2	,	,	PUNCT
fsr-3335	355	3	there	there	PRON
fsr-3335	355	4	are	be	VERB
fsr-3335	355	5	other	other	ADJ
fsr-3335	355	6	explanations	explanation	NOUN
fsr-3335	355	7	for	for	ADP
fsr-3335	355	8	the	the	DET
fsr-3335	355	9	financial	financial	ADJ
fsr-3335	355	10	industry	industry	NOUN
fsr-3335	355	11	’s	’s	PART
fsr-3335	355	12	slow	slow	ADJ
fsr-3335	355	13	adoption	adoption	NOUN
fsr-3335	355	14	of	of	ADP
fsr-3335	355	15	academic	academic	ADJ
fsr-3335	355	16	advances	advance	NOUN
fsr-3335	355	17	in	in	ADP
fsr-3335	355	18	risk	risk	NOUN
fsr-3335	355	19	modeling	modeling	NOUN
fsr-3335	355	20	.	.	PUNCT
fsr-3335	356	1	however	however	ADV
fsr-3335	356	2	,	,	PUNCT
fsr-3335	356	3	if	if	SCONJ
fsr-3335	356	4	the	the	DET
fsr-3335	356	5	central	central	ADJ
fsr-3335	356	6	focus	focus	NOUN
fsr-3335	356	7	of	of	ADP
fsr-3335	356	8	each	each	DET
fsr-3335	356	9	investor	investor	NOUN
fsr-3335	356	10	remains	remain	VERB
fsr-3335	356	11	the	the	DET
fsr-3335	356	12	intelligent	intelligent	ADJ
fsr-3335	356	13	consideration	consideration	NOUN
fsr-3335	356	14	of	of	ADP
fsr-3335	356	15	risk	risk	NOUN
fsr-3335	356	16	/	/	SYM
fsr-3335	356	17	return	return	NOUN
fsr-3335	356	18	tradeoffs	tradeoff	NOUN
fsr-3335	356	19	,	,	PUNCT
fsr-3335	356	20	then	then	ADV
fsr-3335	356	21	the	the	DET
fsr-3335	356	22	tools	tool	NOUN
fsr-3335	356	23	of	of	ADP
fsr-3335	356	24	the	the	DET
fsr-3335	356	25	advisory	advisory	ADJ
fsr-3335	356	26	profession	profession	NOUN
fsr-3335	356	27	should	should	AUX
fsr-3335	356	28	be	be	AUX
fsr-3335	356	29	evaluated	evaluate	VERB
fsr-3335	356	30	in	in	ADP
fsr-3335	356	31	terms	term	NOUN
fsr-3335	356	32	of	of	ADP
fsr-3335	356	33	their	their	PRON
fsr-3335	356	34	ability	ability	NOUN
fsr-3335	356	35	to	to	PART
fsr-3335	356	36	indicate	indicate	VERB
fsr-3335	356	37	the	the	DET
fsr-3335	356	38	consequences	consequence	NOUN
fsr-3335	356	39	of	of	ADP
fsr-3335	356	40	portfolio	portfolio	NOUN
fsr-3335	356	41	management	management	NOUN
fsr-3335	356	42	elections	election	NOUN
fsr-3335	356	43	.	.	PUNCT
fsr-3335	357	1	a	a	DET
fsr-3335	357	2	model	model	NOUN
fsr-3335	357	3	is	be	AUX
fsr-3335	357	4	an	an	DET
fsr-3335	357	5	imperfect	imperfect	ADJ
fsr-3335	357	6	representation	representation	NOUN
fsr-3335	357	7	of	of	ADP
fsr-3335	357	8	a	a	DET
fsr-3335	357	9	more	more	ADV
fsr-3335	357	10	complex	complex	ADJ
fsr-3335	357	11	reality	reality	NOUN
fsr-3335	357	12	.	.	PUNCT
fsr-3335	358	1	in	in	ADP
fsr-3335	358	2	this	this	DET
fsr-3335	358	3	case	case	NOUN
fsr-3335	358	4	,	,	PUNCT
fsr-3335	358	5	there	there	PRON
fsr-3335	358	6	are	be	VERB
fsr-3335	358	7	(	(	PUNCT
fsr-3335	358	8	at	at	ADP
fsr-3335	358	9	least	least	ADJ
fsr-3335	358	10	)	)	PUNCT
fsr-3335	358	11	two	two	NUM
fsr-3335	358	12	embedded	embed	VERB
fsr-3335	358	13	“	"	PUNCT
fsr-3335	358	14	model	model	NOUN
fsr-3335	358	15	risks	risk	NOUN
fsr-3335	358	16	”	"	PUNCT
fsr-3335	358	17	to	to	PART
fsr-3335	358	18	consider	consider	VERB
fsr-3335	358	19	:	:	PUNCT
fsr-3335	358	20	1	1	X
fsr-3335	358	21	.	.	X
fsr-3335	359	1	investors	investor	NOUN
fsr-3335	359	2	are	be	AUX
fsr-3335	359	3	interested	interested	ADJ
fsr-3335	359	4	in	in	ADP
fsr-3335	359	5	forecasts	forecast	NOUN
fsr-3335	359	6	of	of	ADP
fsr-3335	359	7	a	a	DET
fsr-3335	359	8	price	price	NOUN
fsr-3335	359	9	change	change	NOUN
fsr-3335	359	10	process	process	NOUN
fsr-3335	359	11	.	.	PUNCT
fsr-3335	360	1	however	however	ADV
fsr-3335	360	2	,	,	PUNCT
fsr-3335	360	3	the	the	DET
fsr-3335	360	4	time	time	NOUN
fsr-3335	360	5	series	series	NOUN
fsr-3335	360	6	of	of	ADP
fsr-3335	360	7	asset	asset	NOUN
fsr-3335	360	8	prices	price	NOUN
fsr-3335	360	9	is	be	AUX
fsr-3335	360	10	not	not	PART
fsr-3335	360	11	statistically	statistically	ADV
fsr-3335	360	12	stationary	stationary	ADJ
fsr-3335	360	13	(	(	PUNCT
fsr-3335	360	14	i.e.	i.e.	X
fsr-3335	360	15	,	,	PUNCT
fsr-3335	360	16	exhibits	exhibit	VERB
fsr-3335	360	17	the	the	DET
fsr-3335	360	18	potential	potential	NOUN
fsr-3335	360	19	for	for	ADP
fsr-3335	360	20	infinite	infinite	ADJ
fsr-3335	360	21	variance	variance	NOUN
fsr-3335	360	22	)	)	PUNCT
fsr-3335	360	23	.	.	PUNCT
fsr-3335	361	1	it	it	PRON
fsr-3335	361	2	is	be	AUX
fsr-3335	361	3	only	only	ADV
fsr-3335	361	4	by	by	ADP
fsr-3335	361	5	differentiating	differentiate	VERB
fsr-3335	361	6	the	the	DET
fsr-3335	361	7	logarithm	logarithm	NOUN
fsr-3335	361	8	of	of	ADP
fsr-3335	361	9	prices	price	NOUN
fsr-3335	361	10	on	on	ADP
fsr-3335	361	11	a	a	DET
fsr-3335	361	12	period	period	NOUN
fsr-3335	361	13	-	-	PUNCT
fsr-3335	361	14	by	by	ADP
fsr-3335	361	15	-	-	PUNCT
fsr-3335	361	16	period	period	NOUN
fsr-3335	361	17	basis	basis	NOUN
fsr-3335	361	18	that	that	SCONJ
fsr-3335	361	19	the	the	DET
fsr-3335	361	20	creation	creation	NOUN
fsr-3335	361	21	of	of	ADP
fsr-3335	361	22	a	a	DET
fsr-3335	361	23	stationary	stationary	ADJ
fsr-3335	361	24	series	series	NOUN
fsr-3335	361	25	of	of	ADP
fsr-3335	361	26	returns	return	NOUN
fsr-3335	361	27	is	be	AUX
fsr-3335	361	28	possible	possible	ADJ
fsr-3335	361	29	.	.	PUNCT
fsr-3335	362	1	that	that	PRON
fsr-3335	362	2	is	be	AUX
fsr-3335	362	3	to	to	PART
fsr-3335	362	4	say	say	VERB
fsr-3335	362	5	,	,	PUNCT
fsr-3335	362	6	it	it	PRON
fsr-3335	362	7	is	be	AUX
fsr-3335	362	8	210	210	NUM
fsr-3335	362	9	p.j	p.j	PROPN
fsr-3335	362	10	.	.	PROPN
fsr-3335	362	11	collins	collins	PROPN
fsr-3335	362	12	et	et	PROPN
fsr-3335	362	13	al	al	PROPN
fsr-3335	362	14	.	.	PUNCT
fsr-3335	362	15	/	/	SYM
fsr-3335	362	16	financial	financial	ADJ
fsr-3335	362	17	services	service	NOUN
fsr-3335	362	18	review	review	VERB
fsr-3335	362	19	24	24	NUM
fsr-3335	362	20	(	(	PUNCT
fsr-3335	362	21	2015	2015	NUM
fsr-3335	362	22	)	)	PUNCT
fsr-3335	362	23	193–216	193–216	NUM
fsr-3335	362	24	only	only	ADV
fsr-3335	362	25	possible	possible	ADJ
fsr-3335	362	26	to	to	PART
fsr-3335	362	27	model	model	VERB
fsr-3335	362	28	asset	asset	NOUN
fsr-3335	362	29	returns	return	NOUN
fsr-3335	362	30	;	;	PUNCT
fsr-3335	362	31	but	but	CCONJ
fsr-3335	362	32	an	an	DET
fsr-3335	362	33	investor	investor	NOUN
fsr-3335	362	34	measures	measure	VERB
fsr-3335	362	35	wealth	wealth	NOUN
fsr-3335	362	36	based	base	VERB
fsr-3335	362	37	on	on	ADP
fsr-3335	362	38	asset	asset	NOUN
fsr-3335	362	39	prices	price	NOUN
fsr-3335	362	40	.	.	PUNCT
fsr-3335	363	1	this	this	PRON
fsr-3335	363	2	is	be	AUX
fsr-3335	363	3	a	a	DET
fsr-3335	363	4	subtle	subtle	ADJ
fsr-3335	363	5	but	but	CCONJ
fsr-3335	363	6	important	important	ADJ
fsr-3335	363	7	distinction	distinction	NOUN
fsr-3335	363	8	.	.	PUNCT
fsr-3335	364	1	returns	return	NOUN
fsr-3335	364	2	are	be	AUX
fsr-3335	364	3	based	base	VERB
fsr-3335	364	4	on	on	ADP
fsr-3335	364	5	the	the	DET
fsr-3335	364	6	single	single	ADJ
fsr-3335	364	7	historical	historical	ADJ
fsr-3335	364	8	path	path	NOUN
fsr-3335	364	9	of	of	ADP
fsr-3335	364	10	price	price	NOUN
fsr-3335	364	11	changes	change	NOUN
fsr-3335	364	12	,	,	PUNCT
fsr-3335	364	13	the	the	DET
fsr-3335	364	14	realization	realization	NOUN
fsr-3335	364	15	of	of	ADP
fsr-3335	364	16	which	which	PRON
fsr-3335	364	17	is	be	AUX
fsr-3335	364	18	merely	merely	ADV
fsr-3335	364	19	a	a	DET
fsr-3335	364	20	manifestation	manifestation	NOUN
fsr-3335	364	21	of	of	ADP
fsr-3335	364	22	an	an	DET
fsr-3335	364	23	unknown	unknown	ADJ
fsr-3335	364	24	price	price	NOUN
fsr-3335	364	25	generating	generating	NOUN
fsr-3335	364	26	process	process	NOUN
fsr-3335	364	27	.	.	PUNCT
fsr-3335	365	1	simulation	simulation	NOUN
fsr-3335	365	2	analysis	analysis	NOUN
fsr-3335	365	3	greatly	greatly	ADV
fsr-3335	365	4	broadens	broaden	VERB
fsr-3335	365	5	our	our	PRON
fsr-3335	365	6	perspective	perspective	NOUN
fsr-3335	365	7	about	about	ADP
fsr-3335	365	8	possible	possible	ADJ
fsr-3335	365	9	future	future	ADJ
fsr-3335	365	10	outcomes	outcome	NOUN
fsr-3335	365	11	;	;	PUNCT
fsr-3335	365	12	but	but	CCONJ
fsr-3335	365	13	any	any	DET
fsr-3335	365	14	model	model	NOUN
fsr-3335	365	15	of	of	ADP
fsr-3335	365	16	such	such	DET
fsr-3335	365	17	a	a	DET
fsr-3335	365	18	process	process	NOUN
fsr-3335	365	19	must	must	AUX
fsr-3335	365	20	remain	remain	VERB
fsr-3335	365	21	only	only	ADV
fsr-3335	365	22	a	a	DET
fsr-3335	365	23	crude	crude	ADJ
fsr-3335	365	24	approximation	approximation	NOUN
fsr-3335	365	25	of	of	ADP
fsr-3335	365	26	reality	reality	NOUN
fsr-3335	365	27	.	.	PUNCT
fsr-3335	366	1	indeed	indeed	ADV
fsr-3335	366	2	,	,	PUNCT
fsr-3335	366	3	calculation	calculation	NOUN
fsr-3335	366	4	of	of	ADP
fsr-3335	366	5	investment	investment	NOUN
fsr-3335	366	6	return	return	NOUN
fsr-3335	366	7	is	be	AUX
fsr-3335	366	8	a	a	DET
fsr-3335	366	9	function	function	NOUN
fsr-3335	366	10	of	of	ADP
fsr-3335	366	11	the	the	DET
fsr-3335	366	12	measurement	measurement	NOUN
fsr-3335	366	13	interval	interval	NOUN
fsr-3335	366	14	(	(	PUNCT
fsr-3335	366	15	yearly	yearly	ADV
fsr-3335	366	16	,	,	PUNCT
fsr-3335	366	17	monthly	monthly	ADJ
fsr-3335	366	18	,	,	PUNCT
fsr-3335	366	19	daily	daily	ADJ
fsr-3335	366	20	,	,	PUNCT
fsr-3335	366	21	intraday	intraday	NOUN
fsr-3335	366	22	,	,	PUNCT
fsr-3335	366	23	continuous	continuous	ADJ
fsr-3335	366	24	time	time	NOUN
fsr-3335	366	25	)	)	PUNCT
fsr-3335	366	26	and	and	CCONJ
fsr-3335	366	27	,	,	PUNCT
fsr-3335	366	28	at	at	ADP
fsr-3335	366	29	the	the	DET
fsr-3335	366	30	limit	limit	NOUN
fsr-3335	366	31	,	,	PUNCT
fsr-3335	366	32	may	may	AUX
fsr-3335	366	33	be	be	AUX
fsr-3335	366	34	meaningless	meaningless	ADJ
fsr-3335	366	35	in	in	ADP
fsr-3335	366	36	a	a	DET
fsr-3335	366	37	statistical	statistical	ADJ
fsr-3335	366	38	context	context	NOUN
fsr-3335	366	39	.	.	PUNCT
fsr-3335	367	1	2	2	X
fsr-3335	367	2	.	.	X
fsr-3335	367	3	the	the	DET
fsr-3335	367	4	single	single	ADJ
fsr-3335	367	5	historically	historically	ADV
fsr-3335	367	6	realized	realize	VERB
fsr-3335	367	7	return	return	NOUN
fsr-3335	367	8	path	path	NOUN
fsr-3335	367	9	for	for	ADP
fsr-3335	367	10	each	each	DET
fsr-3335	367	11	asset	asset	NOUN
fsr-3335	367	12	class	class	NOUN
fsr-3335	367	13	may	may	AUX
fsr-3335	367	14	be	be	AUX
fsr-3335	367	15	“	"	PUNCT
fsr-3335	367	16	representative	representative	NOUN
fsr-3335	367	17	”	"	PUNCT
fsr-3335	367	18	of	of	ADP
fsr-3335	367	19	the	the	DET
fsr-3335	367	20	unknown	unknown	ADJ
fsr-3335	367	21	price	price	NOUN
fsr-3335	367	22	generating	generating	NOUN
fsr-3335	367	23	process	process	NOUN
fsr-3335	367	24	;	;	PUNCT
fsr-3335	367	25	or	or	CCONJ
fsr-3335	367	26	,	,	PUNCT
fsr-3335	367	27	may	may	AUX
fsr-3335	367	28	merely	merely	ADV
fsr-3335	367	29	be	be	AUX
fsr-3335	367	30	an	an	DET
fsr-3335	367	31	outlier	outlier	NOUN
fsr-3335	367	32	result	result	NOUN
fsr-3335	367	33	unlikely	unlikely	ADJ
fsr-3335	367	34	to	to	PART
fsr-3335	367	35	persist	persist	VERB
fsr-3335	367	36	.	.	PUNCT
fsr-3335	368	1	for	for	ADP
fsr-3335	368	2	example	example	NOUN
fsr-3335	368	3	,	,	PUNCT
fsr-3335	368	4	an	an	DET
fsr-3335	368	5	asset	asset	NOUN
fsr-3335	368	6	allocation	allocation	NOUN
fsr-3335	368	7	tilt	tilt	NOUN
fsr-3335	368	8	towards	towards	ADP
fsr-3335	368	9	small	small	ADJ
fsr-3335	368	10	and	and	CCONJ
fsr-3335	368	11	value	value	NOUN
fsr-3335	368	12	stocks	stock	NOUN
fsr-3335	368	13	is	be	AUX
fsr-3335	368	14	justified	justify	VERB
fsr-3335	368	15	based	base	VERB
fsr-3335	368	16	on	on	ADP
fsr-3335	368	17	historical	historical	ADJ
fsr-3335	368	18	return	return	NOUN
fsr-3335	368	19	data	datum	NOUN
fsr-3335	368	20	.	.	PUNCT
fsr-3335	369	1	if	if	SCONJ
fsr-3335	369	2	the	the	DET
fsr-3335	369	3	premium	premium	NOUN
fsr-3335	369	4	for	for	ADP
fsr-3335	369	5	investing	invest	VERB
fsr-3335	369	6	in	in	ADP
fsr-3335	369	7	small	small	ADJ
fsr-3335	369	8	and	and	CCONJ
fsr-3335	369	9	value	value	NOUN
fsr-3335	369	10	stocks	stock	NOUN
fsr-3335	369	11	reflects	reflect	VERB
fsr-3335	369	12	a	a	DET
fsr-3335	369	13	reward	reward	NOUN
fsr-3335	369	14	for	for	ADP
fsr-3335	369	15	systematic	systematic	ADJ
fsr-3335	369	16	risks	risk	NOUN
fsr-3335	369	17	,	,	PUNCT
fsr-3335	369	18	then	then	ADV
fsr-3335	369	19	investors	investor	NOUN
fsr-3335	369	20	have	have	VERB
fsr-3335	369	21	some	some	DET
fsr-3335	369	22	confidence	confidence	NOUN
fsr-3335	369	23	that	that	SCONJ
fsr-3335	369	24	they	they	PRON
fsr-3335	369	25	will	will	AUX
fsr-3335	369	26	continue	continue	VERB
fsr-3335	369	27	to	to	PART
fsr-3335	369	28	be	be	AUX
fsr-3335	369	29	rewarded	reward	VERB
fsr-3335	369	30	for	for	ADP
fsr-3335	369	31	making	make	VERB
fsr-3335	369	32	these	these	DET
fsr-3335	369	33	investments	investment	NOUN
fsr-3335	369	34	.	.	PUNCT
fsr-3335	370	1	if	if	SCONJ
fsr-3335	370	2	,	,	PUNCT
fsr-3335	370	3	however	however	ADV
fsr-3335	370	4	,	,	PUNCT
fsr-3335	370	5	the	the	DET
fsr-3335	370	6	premium	premium	NOUN
fsr-3335	370	7	for	for	ADP
fsr-3335	370	8	such	such	ADJ
fsr-3335	370	9	investments	investment	NOUN
fsr-3335	370	10	is	be	AUX
fsr-3335	370	11	merely	merely	ADV
fsr-3335	370	12	an	an	DET
fsr-3335	370	13	artifact	artifact	NOUN
fsr-3335	370	14	of	of	ADP
fsr-3335	370	15	a	a	DET
fsr-3335	370	16	chance	chance	NOUN
fsr-3335	370	17	historical	historical	ADJ
fsr-3335	370	18	price	price	NOUN
fsr-3335	370	19	change	change	NOUN
fsr-3335	370	20	process	process	NOUN
fsr-3335	370	21	,	,	PUNCT
fsr-3335	370	22	then	then	ADV
fsr-3335	370	23	investors	investor	NOUN
fsr-3335	370	24	may	may	AUX
fsr-3335	370	25	be	be	AUX
fsr-3335	370	26	increasing	increase	VERB
fsr-3335	370	27	risk	risk	NOUN
fsr-3335	370	28	as	as	SCONJ
fsr-3335	370	29	they	they	PRON
fsr-3335	370	30	move	move	VERB
fsr-3335	370	31	their	their	PRON
fsr-3335	370	32	asset	asset	NOUN
fsr-3335	370	33	allocation	allocation	NOUN
fsr-3335	370	34	deeper	deeply	ADV
fsr-3335	370	35	into	into	ADP
fsr-3335	370	36	the	the	DET
fsr-3335	370	37	small	small	ADJ
fsr-3335	370	38	/	/	SYM
fsr-3335	370	39	value	value	NOUN
fsr-3335	370	40	gradient	gradient	NOUN
fsr-3335	370	41	.	.	PUNCT
fsr-3335	371	1	furthermore	furthermore	ADV
fsr-3335	371	2	,	,	PUNCT
fsr-3335	371	3	investment	investment	NOUN
fsr-3335	371	4	volatility	volatility	NOUN
fsr-3335	371	5	is	be	AUX
fsr-3335	371	6	measured	measure	VERB
fsr-3335	371	7	by	by	ADP
fsr-3335	371	8	the	the	DET
fsr-3335	371	9	variance	variance	NOUN
fsr-3335	371	10	statistic	statistic	NOUN
fsr-3335	371	11	—	—	PUNCT
fsr-3335	371	12	the	the	DET
fsr-3335	371	13	squared	square	VERB
fsr-3335	371	14	difference	difference	NOUN
fsr-3335	371	15	between	between	ADP
fsr-3335	371	16	actual	actual	ADJ
fsr-3335	371	17	returns	return	NOUN
fsr-3335	371	18	and	and	CCONJ
fsr-3335	371	19	average	average	ADJ
fsr-3335	371	20	return	return	NOUN
fsr-3335	371	21	.	.	PUNCT
fsr-3335	372	1	however	however	ADV
fsr-3335	372	2	,	,	PUNCT
fsr-3335	372	3	if	if	SCONJ
fsr-3335	372	4	the	the	DET
fsr-3335	372	5	historical	historical	ADJ
fsr-3335	372	6	return	return	NOUN
fsr-3335	372	7	path	path	NOUN
fsr-3335	372	8	is	be	AUX
fsr-3335	372	9	not	not	PART
fsr-3335	372	10	representative	representative	ADJ
fsr-3335	372	11	,	,	PUNCT
fsr-3335	372	12	then	then	ADV
fsr-3335	372	13	the	the	DET
fsr-3335	372	14	concept	concept	NOUN
fsr-3335	372	15	of	of	ADP
fsr-3335	372	16	average	average	ADJ
fsr-3335	372	17	becomes	become	VERB
fsr-3335	372	18	meaningless	meaningless	ADJ
fsr-3335	372	19	and	and	CCONJ
fsr-3335	372	20	statistical	statistical	ADJ
fsr-3335	372	21	measures	measure	NOUN
fsr-3335	372	22	are	be	AUX
fsr-3335	372	23	not	not	PART
fsr-3335	372	24	illuminating	illuminate	VERB
fsr-3335	372	25	.	.	PUNCT
fsr-3335	373	1	beyond	beyond	ADP
fsr-3335	373	2	this	this	PRON
fsr-3335	373	3	,	,	PUNCT
fsr-3335	373	4	a	a	DET
fsr-3335	373	5	savvy	savvy	ADJ
fsr-3335	373	6	investor	investor	NOUN
fsr-3335	373	7	should	should	AUX
fsr-3335	373	8	be	be	AUX
fsr-3335	373	9	aware	aware	ADJ
fsr-3335	373	10	of	of	ADP
fsr-3335	373	11	the	the	DET
fsr-3335	373	12	limitations	limitation	NOUN
fsr-3335	373	13	of	of	ADP
fsr-3335	373	14	basing	base	VERB
fsr-3335	373	15	decisions	decision	NOUN
fsr-3335	373	16	on	on	ADP
fsr-3335	373	17	the	the	DET
fsr-3335	373	18	outcome	outcome	NOUN
fsr-3335	373	19	of	of	ADP
fsr-3335	373	20	a	a	DET
fsr-3335	373	21	risk	risk	NOUN
fsr-3335	373	22	model	model	NOUN
fsr-3335	373	23	.	.	PUNCT
fsr-3335	374	1	if	if	SCONJ
fsr-3335	374	2	optimal	optimal	ADJ
fsr-3335	374	3	decisions	decision	NOUN
fsr-3335	374	4	are	be	AUX
fsr-3335	374	5	model	model	NOUN
fsr-3335	374	6	-	-	PUNCT
fsr-3335	374	7	dependent	dependent	ADJ
fsr-3335	374	8	,	,	PUNCT
fsr-3335	374	9	how	how	SCONJ
fsr-3335	374	10	does	do	AUX
fsr-3335	374	11	an	an	DET
fsr-3335	374	12	investor	investor	NOUN
fsr-3335	374	13	make	make	VERB
fsr-3335	374	14	the	the	DET
fsr-3335	374	15	best	good	ADJ
fsr-3335	374	16	decision	decision	NOUN
fsr-3335	374	17	when	when	SCONJ
fsr-3335	374	18	the	the	DET
fsr-3335	374	19	outputs	output	NOUN
fsr-3335	374	20	of	of	ADP
fsr-3335	374	21	various	various	ADJ
fsr-3335	374	22	models	model	NOUN
fsr-3335	374	23	differ	differ	VERB
fsr-3335	374	24	significantly	significantly	ADV
fsr-3335	374	25	?	?	PUNCT
fsr-3335	375	1	this	this	PRON
fsr-3335	375	2	means	mean	VERB
fsr-3335	375	3	that	that	SCONJ
fsr-3335	375	4	the	the	DET
fsr-3335	375	5	investor	investor	NOUN
fsr-3335	375	6	must	must	AUX
fsr-3335	375	7	consider	consider	VERB
fsr-3335	375	8	both	both	CCONJ
fsr-3335	375	9	the	the	DET
fsr-3335	375	10	credibility	credibility	NOUN
fsr-3335	375	11	of	of	ADP
fsr-3335	375	12	each	each	DET
fsr-3335	375	13	risk	risk	NOUN
fsr-3335	375	14	model	model	NOUN
fsr-3335	375	15	as	as	ADV
fsr-3335	375	16	well	well	ADV
fsr-3335	375	17	as	as	ADP
fsr-3335	375	18	the	the	DET
fsr-3335	375	19	economic	economic	ADJ
fsr-3335	375	20	consequences	consequence	NOUN
fsr-3335	375	21	of	of	ADP
fsr-3335	375	22	the	the	DET
fsr-3335	375	23	various	various	ADJ
fsr-3335	375	24	choices	choice	NOUN
fsr-3335	375	25	that	that	PRON
fsr-3335	375	26	the	the	DET
fsr-3335	375	27	risk	risk	NOUN
fsr-3335	375	28	models	model	NOUN
fsr-3335	375	29	present	present	ADJ
fsr-3335	375	30	.	.	PUNCT
fsr-3335	376	1	investors	investor	NOUN
fsr-3335	376	2	are	be	AUX
fsr-3335	376	3	rewarded	reward	VERB
fsr-3335	376	4	for	for	ADP
fsr-3335	376	5	taking	take	VERB
fsr-3335	376	6	prudent	prudent	ADJ
fsr-3335	376	7	and	and	CCONJ
fsr-3335	376	8	calculated	calculated	ADJ
fsr-3335	376	9	risks	risk	NOUN
fsr-3335	376	10	.	.	PUNCT
fsr-3335	377	1	investors	investor	NOUN
fsr-3335	377	2	may	may	AUX
fsr-3335	377	3	use	use	VERB
fsr-3335	377	4	historical	historical	ADJ
fsr-3335	377	5	data	datum	NOUN
fsr-3335	377	6	to	to	PART
fsr-3335	377	7	make	make	VERB
fsr-3335	377	8	inferences	inference	NOUN
fsr-3335	377	9	concerning	concern	VERB
fsr-3335	377	10	the	the	DET
fsr-3335	377	11	interrelationships	interrelationship	NOUN
fsr-3335	377	12	between	between	ADP
fsr-3335	377	13	asset	asset	NOUN
fsr-3335	377	14	allocation	allocation	NOUN
fsr-3335	377	15	,	,	PUNCT
fsr-3335	377	16	risk	risk	NOUN
fsr-3335	377	17	,	,	PUNCT
fsr-3335	377	18	and	and	CCONJ
fsr-3335	377	19	reward	reward	NOUN
fsr-3335	377	20	.	.	PUNCT
fsr-3335	378	1	however	however	ADV
fsr-3335	378	2	,	,	PUNCT
fsr-3335	378	3	in	in	ADP
fsr-3335	378	4	designing	design	VERB
fsr-3335	378	5	and	and	CCONJ
fsr-3335	378	6	implementing	implement	VERB
fsr-3335	378	7	a	a	DET
fsr-3335	378	8	portfolio	portfolio	NOUN
fsr-3335	378	9	,	,	PUNCT
fsr-3335	378	10	it	it	PRON
fsr-3335	378	11	is	be	AUX
fsr-3335	378	12	always	always	ADV
fsr-3335	378	13	wise	wise	ADJ
fsr-3335	378	14	to	to	PART
fsr-3335	378	15	remain	remain	VERB
fsr-3335	378	16	aware	aware	ADJ
fsr-3335	378	17	of	of	ADP
fsr-3335	378	18	uncertainties	uncertainty	NOUN
fsr-3335	378	19	in	in	ADP
fsr-3335	378	20	both	both	DET
fsr-3335	378	21	data	datum	NOUN
fsr-3335	378	22	and	and	CCONJ
fsr-3335	378	23	the	the	DET
fsr-3335	378	24	risk	risk	NOUN
fsr-3335	378	25	models	model	NOUN
fsr-3335	378	26	that	that	PRON
fsr-3335	378	27	incorporate	incorporate	VERB
fsr-3335	378	28	it	it	PRON
fsr-3335	378	29	.	.	PUNCT
fsr-3335	379	1	this	this	PRON
fsr-3335	379	2	is	be	AUX
fsr-3335	379	3	why	why	SCONJ
fsr-3335	379	4	it	it	PRON
fsr-3335	379	5	is	be	AUX
fsr-3335	379	6	important	important	ADJ
fsr-3335	379	7	to	to	PART
fsr-3335	379	8	track	track	VERB
fsr-3335	379	9	both	both	DET
fsr-3335	379	10	sustainability	sustainability	NOUN
fsr-3335	379	11	and	and	CCONJ
fsr-3335	379	12	feasibility	feasibility	NOUN
fsr-3335	379	13	as	as	ADP
fsr-3335	379	14	part	part	NOUN
fsr-3335	379	15	of	of	ADP
fsr-3335	379	16	a	a	DET
fsr-3335	379	17	prudent	prudent	ADJ
fsr-3335	379	18	assessment	assessment	NOUN
fsr-3335	379	19	of	of	ADP
fsr-3335	379	20	retirement	retirement	NOUN
fsr-3335	379	21	income	income	NOUN
fsr-3335	379	22	strategies	strategy	NOUN
fsr-3335	379	23	.	.	PUNCT
fsr-3335	380	1	past	past	ADJ
fsr-3335	380	2	performance	performance	NOUN
fsr-3335	380	3	is	be	AUX
fsr-3335	380	4	not	not	PART
fsr-3335	380	5	a	a	DET
fsr-3335	380	6	guarantee	guarantee	NOUN
fsr-3335	380	7	of	of	ADP
fsr-3335	380	8	future	future	ADJ
fsr-3335	380	9	results	result	NOUN
fsr-3335	380	10	.	.	PUNCT
fsr-3335	381	1	we	we	PRON
fsr-3335	381	2	are	be	AUX
fsr-3335	381	3	grateful	grateful	ADJ
fsr-3335	381	4	to	to	ADP
fsr-3335	381	5	an	an	DET
fsr-3335	381	6	anonymous	anonymous	ADJ
fsr-3335	381	7	referee	referee	NOUN
fsr-3335	381	8	for	for	ADP
fsr-3335	381	9	a	a	DET
fsr-3335	381	10	series	series	NOUN
fsr-3335	381	11	of	of	ADP
fsr-3335	381	12	helpful	helpful	ADJ
fsr-3335	381	13	comments	comment	NOUN
fsr-3335	381	14	.	.	PUNCT
fsr-3335	382	1	notes	note	NOUN
fsr-3335	382	2	1	1	NUM
fsr-3335	382	3	technically	technically	ADV
fsr-3335	382	4	,	,	PUNCT
fsr-3335	382	5	crra	crra	VERB
fsr-3335	382	6	is	be	AUX
fsr-3335	382	7	nested	nest	VERB
fsr-3335	382	8	in	in	ADP
fsr-3335	382	9	hyperbolic	hyperbolic	ADJ
fsr-3335	382	10	risk	risk	NOUN
fsr-3335	382	11	aversion	aversion	NOUN
fsr-3335	382	12	functions	function	NOUN
fsr-3335	382	13	.	.	PUNCT
fsr-3335	383	1	the	the	DET
fsr-3335	383	2	critical	critical	ADJ
fsr-3335	383	3	distinction	distinction	NOUN
fsr-3335	383	4	is	be	AUX
fsr-3335	383	5	between	between	ADP
fsr-3335	383	6	relative	relative	ADJ
fsr-3335	383	7	and	and	CCONJ
fsr-3335	383	8	absolute	absolute	ADJ
fsr-3335	383	9	risk	risk	NOUN
fsr-3335	383	10	aversion	aversion	NOUN
fsr-3335	383	11	.	.	PUNCT
fsr-3335	384	1	hyperbolic	hyperbolic	ADJ
fsr-3335	384	2	risk	risk	NOUN
fsr-3335	384	3	aversion	aversion	NOUN
fsr-3335	384	4	functions	function	NOUN
fsr-3335	384	5	[	[	X
fsr-3335	384	6	hara	hara	X
fsr-3335	384	7	]	]	X
fsr-3335	384	8	encompass	encompass	VERB
fsr-3335	384	9	decreasing	decrease	VERB
fsr-3335	384	10	absolute	absolute	ADJ
fsr-3335	384	11	risk	risk	NOUN
fsr-3335	384	12	aversion	aversion	NOUN
fsr-3335	384	13	[	[	X
fsr-3335	384	14	dara]—as	dara]—as	NOUN
fsr-3335	384	15	wealth	wealth	NOUN
fsr-3335	384	16	increases	increase	VERB
fsr-3335	384	17	the	the	DET
fsr-3335	384	18	investor	investor	NOUN
fsr-3335	384	19	is	be	AUX
fsr-3335	384	20	more	more	ADV
fsr-3335	384	21	comfortable	comfortable	ADJ
fsr-3335	384	22	committing	commit	VERB
fsr-3335	384	23	dollars	dollar	NOUN
fsr-3335	384	24	to	to	ADP
fsr-3335	384	25	the	the	DET
fsr-3335	384	26	risky	risky	ADJ
fsr-3335	384	27	asset	asset	NOUN
fsr-3335	384	28	;	;	PUNCT
fsr-3335	384	29	increasing	increase	VERB
fsr-3335	384	30	absolute	absolute	ADJ
fsr-3335	384	31	risk	risk	NOUN
fsr-3335	384	32	aversion	aversion	NOUN
fsr-3335	384	33	[	[	X
fsr-3335	384	34	iara]—as	iara]—as	NOUN
fsr-3335	384	35	wealth	wealth	NOUN
fsr-3335	384	36	increases	increase	VERB
fsr-3335	384	37	the	the	DET
fsr-3335	384	38	investor	investor	NOUN
fsr-3335	384	39	pulls	pull	VERB
fsr-3335	384	40	back	back	ADV
fsr-3335	384	41	on	on	ADP
fsr-3335	384	42	the	the	DET
fsr-3335	384	43	number	number	NOUN
fsr-3335	384	44	of	of	ADP
fsr-3335	384	45	dollars	dollar	NOUN
fsr-3335	384	46	put	put	VERB
fsr-3335	384	47	at	at	ADP
fsr-3335	384	48	risk	risk	NOUN
fsr-3335	384	49	;	;	PUNCT
fsr-3335	384	50	and	and	CCONJ
fsr-3335	384	51	constant	constant	ADJ
fsr-3335	384	52	absolute	absolute	ADJ
fsr-3335	384	53	risk	risk	NOUN
fsr-3335	384	54	aversion	aversion	NOUN
fsr-3335	384	55	cara]—as	cara]—as	NUM
fsr-3335	384	56	wealth	wealth	NOUN
fsr-3335	384	57	increases	increase	VERB
fsr-3335	384	58	the	the	DET
fsr-3335	384	59	investor	investor	NOUN
fsr-3335	384	60	keeps	keep	VERB
fsr-3335	384	61	the	the	DET
fsr-3335	384	62	same	same	ADJ
fsr-3335	384	63	amount	amount	NOUN
fsr-3335	384	64	of	of	ADP
fsr-3335	384	65	dollars	dollar	NOUN
fsr-3335	384	66	at	at	ADP
fsr-3335	384	67	risk	risk	NOUN
fsr-3335	384	68	.	.	PUNCT
fsr-3335	385	1	whenever	whenever	SCONJ
fsr-3335	385	2	the	the	DET
fsr-3335	385	3	applicable	applicable	ADJ
fsr-3335	385	4	risk	risk	NOUN
fsr-3335	385	5	metric	metric	ADJ
fsr-3335	385	6	defines	define	VERB
fsr-3335	385	7	the	the	DET
fsr-3335	385	8	percentage	percentage	NOUN
fsr-3335	385	9	of	of	ADP
fsr-3335	385	10	wealth	wealth	NOUN
fsr-3335	385	11	put	put	VERB
fsr-3335	385	12	at	at	ADP
fsr-3335	385	13	risk	risk	NOUN
fsr-3335	385	14	,	,	PUNCT
fsr-3335	385	15	the	the	DET
fsr-3335	385	16	risk	risk	NOUN
fsr-3335	385	17	model	model	NOUN
fsr-3335	385	18	211p.j	211p.j	PROPN
fsr-3335	385	19	.	.	PUNCT
fsr-3335	386	1	collins	collins	PROPN
fsr-3335	386	2	et	et	PROPN
fsr-3335	386	3	al	al	PROPN
fsr-3335	386	4	.	.	PUNCT
fsr-3335	386	5	/	/	SYM
fsr-3335	386	6	financial	financial	ADJ
fsr-3335	386	7	services	service	NOUN
fsr-3335	386	8	review	review	VERB
fsr-3335	386	9	24	24	NUM
fsr-3335	386	10	(	(	PUNCT
fsr-3335	386	11	2015	2015	NUM
fsr-3335	386	12	)	)	PUNCT
fsr-3335	386	13	193–216	193–216	NUM
fsr-3335	386	14	incorporates	incorporate	VERB
fsr-3335	386	15	a	a	DET
fsr-3335	386	16	relative	relative	ADJ
fsr-3335	386	17	risk	risk	NOUN
fsr-3335	386	18	aversion	aversion	NOUN
fsr-3335	386	19	measure	measure	NOUN
fsr-3335	386	20	;	;	PUNCT
fsr-3335	386	21	whenever	whenever	SCONJ
fsr-3335	386	22	the	the	DET
fsr-3335	386	23	applicable	applicable	ADJ
fsr-3335	386	24	risk	risk	NOUN
fsr-3335	386	25	metric	metric	ADJ
fsr-3335	386	26	defines	define	NOUN
fsr-3335	386	27	the	the	DET
fsr-3335	386	28	level	level	NOUN
fsr-3335	386	29	of	of	ADP
fsr-3335	386	30	dollar	dollar	NOUN
fsr-3335	386	31	wealth	wealth	NOUN
fsr-3335	386	32	put	put	VERB
fsr-3335	386	33	at	at	ADP
fsr-3335	386	34	risk	risk	NOUN
fsr-3335	386	35	,	,	PUNCT
fsr-3335	386	36	the	the	DET
fsr-3335	386	37	risk	risk	NOUN
fsr-3335	386	38	model	model	NOUN
fsr-3335	386	39	incorporates	incorporate	VERB
fsr-3335	386	40	an	an	DET
fsr-3335	386	41	absolute	absolute	ADJ
fsr-3335	386	42	risk	risk	NOUN
fsr-3335	386	43	aversion	aversion	NOUN
fsr-3335	386	44	measure	measure	NOUN
fsr-3335	386	45	.	.	PUNCT
fsr-3335	387	1	it	it	PRON
fsr-3335	387	2	is	be	AUX
fsr-3335	387	3	,	,	PUNCT
fsr-3335	387	4	however	however	ADV
fsr-3335	387	5	,	,	PUNCT
fsr-3335	387	6	the	the	DET
fsr-3335	387	7	rare	rare	ADJ
fsr-3335	387	8	investor	investor	NOUN
fsr-3335	387	9	who	who	PRON
fsr-3335	387	10	remains	remain	VERB
fsr-3335	387	11	indifferent	indifferent	ADJ
fsr-3335	387	12	to	to	ADP
fsr-3335	387	13	changes	change	NOUN
fsr-3335	387	14	in	in	ADP
fsr-3335	387	15	the	the	DET
fsr-3335	387	16	level	level	NOUN
fsr-3335	387	17	of	of	ADP
fsr-3335	387	18	wealth	wealth	NOUN
fsr-3335	387	19	when	when	SCONJ
fsr-3335	387	20	evaluating	evaluate	VERB
fsr-3335	387	21	investment	investment	NOUN
fsr-3335	387	22	and	and	CCONJ
fsr-3335	387	23	distribution	distribution	NOUN
fsr-3335	387	24	strategies	strategy	NOUN
fsr-3335	387	25	.	.	PUNCT
fsr-3335	388	1	this	this	PRON
fsr-3335	388	2	is	be	AUX
fsr-3335	388	3	a	a	DET
fsr-3335	388	4	central	central	ADJ
fsr-3335	388	5	criticism	criticism	NOUN
fsr-3335	388	6	of	of	ADP
fsr-3335	388	7	incorporating	incorporate	VERB
fsr-3335	388	8	relative	relative	ADJ
fsr-3335	388	9	risk	risk	NOUN
fsr-3335	388	10	aversion	aversion	NOUN
fsr-3335	388	11	into	into	ADP
fsr-3335	388	12	a	a	DET
fsr-3335	388	13	retirement	retirement	NOUN
fsr-3335	388	14	income	income	NOUN
fsr-3335	388	15	model	model	NOUN
fsr-3335	388	16	.	.	PUNCT
fsr-3335	389	1	2	2	NUM
fsr-3335	389	2	the	the	DET
fsr-3335	389	3	society	society	NOUN
fsr-3335	389	4	of	of	ADP
fsr-3335	389	5	actuaries	actuary	NOUN
fsr-3335	389	6	and	and	CCONJ
fsr-3335	389	7	the	the	DET
fsr-3335	389	8	actuarial	actuarial	ADJ
fsr-3335	389	9	foundation	foundation	PROPN
fsr-3335	389	10	’s	’s	PART
fsr-3335	389	11	review	review	NOUN
fsr-3335	389	12	of	of	ADP
fsr-3335	389	13	a	a	DET
fsr-3335	389	14	cross	cross	NOUN
fsr-3335	389	15	-	-	NOUN
fsr-3335	389	16	section	section	NOUN
fsr-3335	389	17	of	of	ADP
fsr-3335	389	18	financial	financial	ADJ
fsr-3335	389	19	planning	planning	NOUN
fsr-3335	389	20	software	software	NOUN
fsr-3335	389	21	determined	determine	VERB
fsr-3335	389	22	that	that	SCONJ
fsr-3335	389	23	“	"	PUNCT
fsr-3335	389	24	.	.	PUNCT
fsr-3335	389	25	.	.	PUNCT
fsr-3335	389	26	.	.	PUNCT
fsr-3335	390	1	programs	program	NOUN
fsr-3335	390	2	vary	vary	VERB
fsr-3335	390	3	considerably	considerably	ADV
fsr-3335	390	4	regarding	regard	VERB
fsr-3335	390	5	when	when	SCONJ
fsr-3335	390	6	the	the	DET
fsr-3335	390	7	user	user	NOUN
fsr-3335	390	8	runs	run	VERB
fsr-3335	390	9	out	out	ADP
fsr-3335	390	10	of	of	ADP
fsr-3335	390	11	assets	asset	NOUN
fsr-3335	390	12	,	,	PUNCT
fsr-3335	390	13	if	if	SCONJ
fsr-3335	390	14	at	at	ADV
fsr-3335	390	15	all	all	ADV
fsr-3335	390	16	.	.	PUNCT
fsr-3335	391	1	because	because	SCONJ
fsr-3335	391	2	of	of	ADP
fsr-3335	391	3	this	this	DET
fsr-3335	391	4	finding	finding	NOUN
fsr-3335	391	5	,	,	PUNCT
fsr-3335	391	6	the	the	DET
fsr-3335	391	7	study	study	NOUN
fsr-3335	391	8	recommends	recommend	VERB
fsr-3335	391	9	that	that	SCONJ
fsr-3335	391	10	people	people	NOUN
fsr-3335	391	11	run	run	VERB
fsr-3335	391	12	multiple	multiple	ADJ
fsr-3335	391	13	programs	program	NOUN
fsr-3335	391	14	,	,	PUNCT
fsr-3335	391	15	use	use	VERB
fsr-3335	391	16	multiple	multiple	ADJ
fsr-3335	391	17	scenarios	scenario	NOUN
fsr-3335	391	18	within	within	ADP
fsr-3335	391	19	programs	program	NOUN
fsr-3335	391	20	,	,	PUNCT
fsr-3335	391	21	and	and	CCONJ
fsr-3335	391	22	rerun	rerun	VERB
fsr-3335	391	23	the	the	DET
fsr-3335	391	24	programs	program	NOUN
fsr-3335	391	25	every	every	DET
fsr-3335	391	26	few	few	ADJ
fsr-3335	391	27	years	year	NOUN
fsr-3335	391	28	to	to	PART
fsr-3335	391	29	reassess	reassess	VERB
fsr-3335	391	30	their	their	PRON
fsr-3335	391	31	financial	financial	ADJ
fsr-3335	391	32	position	position	NOUN
fsr-3335	391	33	”	"	PUNCT
fsr-3335	391	34	(	(	PUNCT
fsr-3335	391	35	turner	turner	NOUN
fsr-3335	391	36	and	and	CCONJ
fsr-3335	391	37	witte	witte	PROPN
fsr-3335	391	38	,	,	PUNCT
fsr-3335	391	39	2009	2009	NUM
fsr-3335	391	40	)	)	PUNCT
fsr-3335	391	41	.	.	PUNCT
fsr-3335	392	1	3	3	NUM
fsr-3335	392	2	an	an	DET
fsr-3335	392	3	excellent	excellent	ADJ
fsr-3335	392	4	review	review	NOUN
fsr-3335	392	5	of	of	ADP
fsr-3335	392	6	econometric	econometric	ADJ
fsr-3335	392	7	issues	issue	NOUN
fsr-3335	392	8	in	in	ADP
fsr-3335	392	9	the	the	DET
fsr-3335	392	10	modeling	modeling	NOUN
fsr-3335	392	11	of	of	ADP
fsr-3335	392	12	asset	asset	NOUN
fsr-3335	392	13	price	price	NOUN
fsr-3335	392	14	returns	return	NOUN
fsr-3335	392	15	is	be	AUX
fsr-3335	392	16	carol	carol	NOUN
fsr-3335	392	17	alexander	alexander	PROPN
fsr-3335	392	18	’s	’s	PART
fsr-3335	392	19	(	(	PUNCT
fsr-3335	392	20	2008	2008	NUM
fsr-3335	392	21	)	)	PUNCT
fsr-3335	392	22	four	four	NUM
fsr-3335	392	23	volume	volume	NOUN
fsr-3335	392	24	series	series	NOUN
fsr-3335	392	25	market	market	NOUN
fsr-3335	392	26	risk	risk	NOUN
fsr-3335	392	27	analysis	analysis	NOUN
fsr-3335	392	28	.	.	PUNCT
fsr-3335	393	1	4	4	NUM
fsr-3335	393	2	see	see	VERB
fsr-3335	393	3	,	,	PUNCT
fsr-3335	393	4	for	for	ADP
fsr-3335	393	5	example	example	NOUN
fsr-3335	393	6	,	,	PUNCT
fsr-3335	393	7	a.	a.	NOUN
fsr-3335	393	8	g.	g.	PROPN
fsr-3335	393	9	karolyi	karolyi	PROPN
fsr-3335	393	10	(	(	PUNCT
fsr-3335	393	11	2001	2001	NUM
fsr-3335	393	12	)	)	PUNCT
fsr-3335	393	13	“	"	PUNCT
fsr-3335	393	14	why	why	SCONJ
fsr-3335	393	15	stock	stock	NOUN
fsr-3335	393	16	return	return	NOUN
fsr-3335	393	17	volatility	volatility	NOUN
fsr-3335	393	18	really	really	ADV
fsr-3335	393	19	matters	matter	VERB
fsr-3335	393	20	,	,	PUNCT
fsr-3335	393	21	”	"	PUNCT
fsr-3335	393	22	strategic	strategic	ADJ
fsr-3335	393	23	investor	investor	NOUN
fsr-3335	393	24	relations	relation	NOUN
fsr-3335	393	25	.	.	PUNCT
fsr-3335	394	1	5	5	NUM
fsr-3335	394	2	analytic	analytic	ADJ
fsr-3335	394	3	models	model	NOUN
fsr-3335	394	4	often	often	ADV
fsr-3335	394	5	assume	assume	VERB
fsr-3335	394	6	lognormality	lognormality	NOUN
fsr-3335	394	7	when	when	SCONJ
fsr-3335	394	8	returns	return	NOUN
fsr-3335	394	9	are	be	AUX
fsr-3335	394	10	measured	measure	VERB
fsr-3335	394	11	in	in	ADP
fsr-3335	394	12	discrete	discrete	ADJ
fsr-3335	394	13	time	time	NOUN
fsr-3335	394	14	;	;	PUNCT
fsr-3335	394	15	when	when	SCONJ
fsr-3335	394	16	returns	return	NOUN
fsr-3335	394	17	are	be	AUX
fsr-3335	394	18	measured	measure	VERB
fsr-3335	394	19	in	in	ADP
fsr-3335	394	20	continuous	continuous	ADJ
fsr-3335	394	21	time	time	NOUN
fsr-3335	394	22	,	,	PUNCT
fsr-3335	394	23	the	the	DET
fsr-3335	394	24	models	model	NOUN
fsr-3335	394	25	often	often	ADV
fsr-3335	394	26	assume	assume	VERB
fsr-3335	394	27	that	that	SCONJ
fsr-3335	394	28	returns	return	NOUN
fsr-3335	394	29	follow	follow	VERB
fsr-3335	394	30	a	a	DET
fsr-3335	394	31	geometric	geometric	ADJ
fsr-3335	394	32	brownian	brownian	ADJ
fsr-3335	394	33	motion	motion	NOUN
fsr-3335	394	34	process	process	NOUN
fsr-3335	394	35	.	.	PUNCT
fsr-3335	395	1	many	many	ADJ
fsr-3335	395	2	analytical	analytical	ADJ
fsr-3335	395	3	models	model	NOUN
fsr-3335	395	4	must	must	AUX
fsr-3335	395	5	incorporate	incorporate	VERB
fsr-3335	395	6	geometric	geometric	ADJ
fsr-3335	395	7	brownian	brownian	ADJ
fsr-3335	395	8	motion	motion	NOUN
fsr-3335	395	9	as	as	ADP
fsr-3335	395	10	a	a	DET
fsr-3335	395	11	pre	pre	NOUN
fsr-3335	395	12	-	-	NOUN
fsr-3335	395	13	condition	condition	NOUN
fsr-3335	395	14	to	to	ADP
fsr-3335	395	15	using	use	VERB
fsr-3335	395	16	the	the	DET
fsr-3335	395	17	techniques	technique	NOUN
fsr-3335	395	18	of	of	ADP
fsr-3335	395	19	integral	integral	ADJ
fsr-3335	395	20	calculus	calculus	NOUN
fsr-3335	395	21	.	.	PUNCT
fsr-3335	396	1	over	over	ADP
fsr-3335	396	2	the	the	DET
fsr-3335	396	3	small	small	ADJ
fsr-3335	396	4	intervals	interval	NOUN
fsr-3335	396	5	serving	serve	VERB
fsr-3335	396	6	as	as	ADP
fsr-3335	396	7	units	unit	NOUN
fsr-3335	396	8	of	of	ADP
fsr-3335	396	9	time	time	NOUN
fsr-3335	396	10	for	for	ADP
fsr-3335	396	11	continuous	continuous	ADJ
fsr-3335	396	12	finance	finance	NOUN
fsr-3335	396	13	models	model	NOUN
fsr-3335	396	14	,	,	PUNCT
fsr-3335	396	15	return	return	VERB
fsr-3335	396	16	differences	difference	NOUN
fsr-3335	396	17	between	between	ADP
fsr-3335	396	18	normal	normal	ADJ
fsr-3335	396	19	and	and	CCONJ
fsr-3335	396	20	non	non	ADJ
fsr-3335	396	21	-	-	ADJ
fsr-3335	396	22	normal	normal	ADJ
fsr-3335	396	23	distributions	distribution	NOUN
fsr-3335	396	24	are	be	AUX
fsr-3335	396	25	minimal	minimal	ADJ
fsr-3335	396	26	and	and	CCONJ
fsr-3335	396	27	seemingly	seemingly	ADV
fsr-3335	396	28	inconsequential	inconsequential	ADJ
fsr-3335	396	29	.	.	PUNCT
fsr-3335	397	1	aggregation	aggregation	NOUN
fsr-3335	397	2	of	of	ADP
fsr-3335	397	3	results	result	NOUN
fsr-3335	397	4	over	over	ADP
fsr-3335	397	5	time	time	NOUN
fsr-3335	397	6	often	often	ADV
fsr-3335	397	7	relies	rely	VERB
fsr-3335	397	8	on	on	ADP
fsr-3335	397	9	the	the	DET
fsr-3335	397	10	central	central	ADJ
fsr-3335	397	11	limit	limit	NOUN
fsr-3335	397	12	theorem	theorem	VERB
fsr-3335	397	13	’s	’s	PART
fsr-3335	397	14	tenet	tenet	NOUN
fsr-3335	397	15	that	that	SCONJ
fsr-3335	397	16	the	the	DET
fsr-3335	397	17	mean	mean	NOUN
fsr-3335	397	18	of	of	ADP
fsr-3335	397	19	a	a	DET
fsr-3335	397	20	sequence	sequence	NOUN
fsr-3335	397	21	of	of	ADP
fsr-3335	397	22	normal	normal	ADJ
fsr-3335	397	23	random	random	ADJ
fsr-3335	397	24	variables	variable	NOUN
fsr-3335	397	25	is	be	AUX
fsr-3335	397	26	,	,	PUNCT
fsr-3335	397	27	itself	itself	PRON
fsr-3335	397	28	,	,	PUNCT
fsr-3335	397	29	a	a	DET
fsr-3335	397	30	normal	normal	ADJ
fsr-3335	397	31	random	random	ADJ
fsr-3335	397	32	variable	variable	NOUN
fsr-3335	397	33	that	that	PRON
fsr-3335	397	34	,	,	PUNCT
fsr-3335	397	35	at	at	ADP
fsr-3335	397	36	the	the	DET
fsr-3335	397	37	limit	limit	NOUN
fsr-3335	397	38	,	,	PUNCT
fsr-3335	397	39	exhibits	exhibit	VERB
fsr-3335	397	40	the	the	DET
fsr-3335	397	41	mathematical	mathematical	ADJ
fsr-3335	397	42	property	property	NOUN
fsr-3335	397	43	of	of	ADP
fsr-3335	397	44	convergence	convergence	NOUN
fsr-3335	397	45	.	.	PUNCT
fsr-3335	398	1	however	however	ADV
fsr-3335	398	2	,	,	PUNCT
fsr-3335	398	3	for	for	ADP
fsr-3335	398	4	longer	long	ADJ
fsr-3335	398	5	term	term	NOUN
fsr-3335	398	6	planning	planning	NOUN
fsr-3335	398	7	horizons	horizon	NOUN
fsr-3335	398	8	,	,	PUNCT
fsr-3335	398	9	assuming	assume	VERB
fsr-3335	398	10	normality	normality	NOUN
fsr-3335	398	11	in	in	ADP
fsr-3335	398	12	the	the	DET
fsr-3335	398	13	distribution	distribution	NOUN
fsr-3335	398	14	of	of	ADP
fsr-3335	398	15	investment	investment	NOUN
fsr-3335	398	16	returns	return	NOUN
fsr-3335	398	17	may	may	AUX
fsr-3335	398	18	have	have	VERB
fsr-3335	398	19	severe	severe	ADJ
fsr-3335	398	20	economic	economic	ADJ
fsr-3335	398	21	consequences	consequence	NOUN
fsr-3335	398	22	if	if	SCONJ
fsr-3335	398	23	returns	return	NOUN
fsr-3335	398	24	are	be	AUX
fsr-3335	398	25	,	,	PUNCT
fsr-3335	398	26	in	in	ADP
fsr-3335	398	27	fact	fact	NOUN
fsr-3335	398	28	,	,	PUNCT
fsr-3335	398	29	not	not	PART
fsr-3335	398	30	normally	normally	ADV
fsr-3335	398	31	distributed	distribute	VERB
fsr-3335	398	32	.	.	PUNCT
fsr-3335	399	1	additionally	additionally	ADV
fsr-3335	399	2	,	,	PUNCT
fsr-3335	399	3	the	the	DET
fsr-3335	399	4	central	central	ADJ
fsr-3335	399	5	limit	limit	NOUN
fsr-3335	399	6	theorem	theorem	NOUN
fsr-3335	399	7	characterizes	characterize	VERB
fsr-3335	399	8	the	the	DET
fsr-3335	399	9	distribution	distribution	NOUN
fsr-3335	399	10	of	of	ADP
fsr-3335	399	11	sample	sample	NOUN
fsr-3335	399	12	means	mean	VERB
fsr-3335	399	13	and	and	CCONJ
fsr-3335	399	14	provides	provide	VERB
fsr-3335	399	15	only	only	ADV
fsr-3335	399	16	limited	limited	ADJ
fsr-3335	399	17	insight	insight	NOUN
fsr-3335	399	18	into	into	ADP
fsr-3335	399	19	the	the	DET
fsr-3335	399	20	value	value	NOUN
fsr-3335	399	21	of	of	ADP
fsr-3335	399	22	the	the	DET
fsr-3335	399	23	variance	variance	NOUN
fsr-3335	399	24	statistic	statistic	NOUN
fsr-3335	399	25	.	.	PUNCT
fsr-3335	400	1	6	6	NUM
fsr-3335	400	2	see	see	VERB
fsr-3335	400	3	dicarlo	dicarlo	PROPN
fsr-3335	400	4	jr	jr	PROPN
fsr-3335	400	5	.	.	PROPN
fsr-3335	400	6	and	and	CCONJ
fsr-3335	400	7	fast	fast	ADJ
fsr-3335	400	8	(	(	PUNCT
fsr-3335	400	9	2008	2008	NUM
fsr-3335	400	10	)	)	PUNCT
fsr-3335	400	11	for	for	ADP
fsr-3335	400	12	a	a	DET
fsr-3335	400	13	survey	survey	NOUN
fsr-3335	400	14	of	of	ADP
fsr-3335	400	15	opinions	opinion	NOUN
fsr-3335	400	16	found	find	VERB
fsr-3335	400	17	in	in	ADP
fsr-3335	400	18	financial	financial	ADJ
fsr-3335	400	19	advice	advice	NOUN
fsr-3335	400	20	literature	literature	NOUN
fsr-3335	400	21	regarding	regard	VERB
fsr-3335	400	22	the	the	DET
fsr-3335	400	23	acceptability	acceptability	NOUN
fsr-3335	400	24	of	of	ADP
fsr-3335	400	25	various	various	ADJ
fsr-3335	400	26	levels	level	NOUN
fsr-3335	400	27	of	of	ADP
fsr-3335	400	28	portfolio	portfolio	NOUN
fsr-3335	400	29	shortfall	shortfall	NOUN
fsr-3335	400	30	risk	risk	NOUN
fsr-3335	400	31	.	.	PUNCT
fsr-3335	401	1	the	the	DET
fsr-3335	401	2	article	article	NOUN
fsr-3335	401	3	focuses	focus	VERB
fsr-3335	401	4	primarily	primarily	ADV
fsr-3335	401	5	on	on	ADP
fsr-3335	401	6	standards	standard	NOUN
fsr-3335	401	7	of	of	ADP
fsr-3335	401	8	prudence	prudence	NOUN
fsr-3335	401	9	for	for	ADP
fsr-3335	401	10	management	management	NOUN
fsr-3335	401	11	of	of	ADP
fsr-3335	401	12	trust	trust	NOUN
fsr-3335	401	13	-	-	PUNCT
fsr-3335	401	14	owned	own	VERB
fsr-3335	401	15	investment	investment	NOUN
fsr-3335	401	16	portfolios	portfolio	NOUN
fsr-3335	401	17	.	.	PUNCT
fsr-3335	402	1	7	7	NUM
fsr-3335	402	2	we	we	PRON
fsr-3335	402	3	note	note	VERB
fsr-3335	402	4	additional	additional	ADJ
fsr-3335	402	5	complications	complication	NOUN
fsr-3335	402	6	surrounding	surround	VERB
fsr-3335	402	7	continuous	continuous	ADJ
fsr-3335	402	8	index	index	NOUN
fsr-3335	402	9	availability	availability	NOUN
fsr-3335	402	10	throughout	throughout	ADP
fsr-3335	402	11	the	the	DET
fsr-3335	402	12	planning	planning	NOUN
fsr-3335	402	13	period	period	NOUN
fsr-3335	402	14	as	as	ADV
fsr-3335	402	15	well	well	ADV
fsr-3335	402	16	as	as	ADP
fsr-3335	402	17	portfolio	portfolio	NOUN
fsr-3335	402	18	drift	drift	NOUN
fsr-3335	402	19	in	in	ADP
fsr-3335	402	20	the	the	DET
fsr-3335	402	21	absence	absence	NOUN
fsr-3335	402	22	of	of	ADP
fsr-3335	402	23	constant	constant	ADJ
fsr-3335	402	24	rebalancing	rebalancing	NOUN
fsr-3335	402	25	to	to	ADP
fsr-3335	402	26	the	the	DET
fsr-3335	402	27	designated	designate	VERB
fsr-3335	402	28	asset	asset	NOUN
fsr-3335	402	29	allocation	allocation	NOUN
fsr-3335	402	30	target	target	NOUN
fsr-3335	402	31	.	.	PUNCT
fsr-3335	403	1	8	8	NUM
fsr-3335	403	2	mcgoun	mcgoun	NOUN
fsr-3335	403	3	(	(	PUNCT
fsr-3335	403	4	1995	1995	NUM
fsr-3335	403	5	)	)	PUNCT
fsr-3335	403	6	argues	argue	VERB
fsr-3335	403	7	that	that	SCONJ
fsr-3335	403	8	the	the	DET
fsr-3335	403	9	empirical	empirical	ADJ
fsr-3335	403	10	distribution	distribution	NOUN
fsr-3335	403	11	of	of	ADP
fsr-3335	403	12	financial	financial	ADJ
fsr-3335	403	13	asset	asset	NOUN
fsr-3335	403	14	price	price	NOUN
fsr-3335	403	15	returns	return	NOUN
fsr-3335	403	16	is	be	AUX
fsr-3335	403	17	not	not	PART
fsr-3335	403	18	a	a	DET
fsr-3335	403	19	measure	measure	NOUN
fsr-3335	403	20	of	of	ADP
fsr-3335	403	21	risk	risk	NOUN
fsr-3335	403	22	.	.	PUNCT
fsr-3335	404	1	it	it	PRON
fsr-3335	404	2	is	be	AUX
fsr-3335	404	3	merely	merely	ADV
fsr-3335	404	4	a	a	DET
fsr-3335	404	5	measure	measure	NOUN
fsr-3335	404	6	of	of	ADP
fsr-3335	404	7	historical	historical	ADJ
fsr-3335	404	8	realizations	realization	NOUN
fsr-3335	404	9	that	that	PRON
fsr-3335	404	10	may	may	AUX
fsr-3335	404	11	or	or	CCONJ
fsr-3335	404	12	may	may	AUX
fsr-3335	404	13	not	not	PART
fsr-3335	404	14	be	be	AUX
fsr-3335	404	15	applicable	applicable	ADJ
fsr-3335	404	16	to	to	ADP
fsr-3335	404	17	the	the	DET
fsr-3335	404	18	current	current	ADJ
fsr-3335	404	19	economic	economic	ADJ
fsr-3335	404	20	situation	situation	NOUN
fsr-3335	404	21	.	.	PUNCT
fsr-3335	405	1	mcgoun	mcgoun	PROPN
fsr-3335	405	2	’s	’s	PART
fsr-3335	405	3	article	article	NOUN
fsr-3335	405	4	presents	present	VERB
fsr-3335	405	5	a	a	DET
fsr-3335	405	6	history	history	NOUN
fsr-3335	405	7	of	of	ADP
fsr-3335	405	8	risk	risk	NOUN
fsr-3335	405	9	measurement	measurement	NOUN
fsr-3335	405	10	by	by	ADP
fsr-3335	405	11	economists	economist	NOUN
fsr-3335	405	12	.	.	PUNCT
fsr-3335	406	1	it	it	PRON
fsr-3335	406	2	provides	provide	VERB
fsr-3335	406	3	a	a	DET
fsr-3335	406	4	good	good	ADJ
fsr-3335	406	5	theoretical	theoretical	ADJ
fsr-3335	406	6	basis	basis	NOUN
fsr-3335	406	7	for	for	ADP
fsr-3335	406	8	a	a	DET
fsr-3335	406	9	monitoring	monitoring	NOUN
fsr-3335	406	10	and	and	CCONJ
fsr-3335	406	11	surveillance	surveillance	NOUN
fsr-3335	406	12	system	system	NOUN
fsr-3335	406	13	using	use	VERB
fsr-3335	406	14	current	current	ADJ
fsr-3335	406	15	observables	observable	NOUN
fsr-3335	406	16	to	to	PART
fsr-3335	406	17	supplement	supplement	VERB
fsr-3335	406	18	shortfall	shortfall	NOUN
fsr-3335	406	19	risk	risk	NOUN
fsr-3335	406	20	measures	measure	NOUN
fsr-3335	406	21	.	.	PUNCT
fsr-3335	407	1	9	9	NUM
fsr-3335	407	2	milevsky	milevsky	NOUN
fsr-3335	407	3	and	and	CCONJ
fsr-3335	407	4	abaimova	abaimova	PROPN
fsr-3335	407	5	(	(	PUNCT
fsr-3335	407	6	2006	2006	NUM
fsr-3335	407	7	)	)	PUNCT
fsr-3335	407	8	observe	observe	VERB
fsr-3335	407	9	that	that	SCONJ
fsr-3335	407	10	different	different	ADJ
fsr-3335	407	11	commercially	commercially	ADV
fsr-3335	407	12	-	-	PUNCT
fsr-3335	407	13	available	available	ADJ
fsr-3335	407	14	monte	monte	PROPN
fsr-3335	407	15	carol	carol	PROPN
fsr-3335	407	16	simulation	simulation	NOUN
fsr-3335	407	17	programs	program	NOUN
fsr-3335	407	18	produce	produce	VERB
fsr-3335	407	19	different	different	ADJ
fsr-3335	407	20	solutions	solution	NOUN
fsr-3335	407	21	even	even	ADV
fsr-3335	407	22	when	when	SCONJ
fsr-3335	407	23	given	give	VERB
fsr-3335	407	24	the	the	DET
fsr-3335	407	25	same	same	ADJ
fsr-3335	407	26	inputs	input	NOUN
fsr-3335	407	27	.	.	PUNCT
fsr-3335	408	1	212	212	NUM
fsr-3335	408	2	p.j	p.j	PROPN
fsr-3335	408	3	.	.	PROPN
fsr-3335	408	4	collins	collins	PROPN
fsr-3335	408	5	et	et	PROPN
fsr-3335	408	6	al	al	PROPN
fsr-3335	408	7	.	.	PUNCT
fsr-3335	408	8	/	/	SYM
fsr-3335	408	9	financial	financial	ADJ
fsr-3335	408	10	services	service	NOUN
fsr-3335	408	11	review	review	VERB
fsr-3335	408	12	24	24	NUM
fsr-3335	408	13	(	(	PUNCT
fsr-3335	408	14	2015	2015	NUM
fsr-3335	408	15	)	)	PUNCT
fsr-3335	408	16	193–216	193–216	NUM
fsr-3335	408	17	10	10	NUM
fsr-3335	408	18	research	research	NOUN
fsr-3335	408	19	by	by	ADP
fsr-3335	408	20	kopcke	kopcke	PROPN
fsr-3335	408	21	,	,	PUNCT
fsr-3335	408	22	webb	webb	PROPN
fsr-3335	408	23	,	,	PUNCT
fsr-3335	408	24	hurwitz	hurwitz	PROPN
fsr-3335	408	25	,	,	PUNCT
fsr-3335	408	26	and	and	CCONJ
fsr-3335	408	27	li	li	PROPN
fsr-3335	408	28	(	(	PUNCT
fsr-3335	408	29	2013	2013	NUM
fsr-3335	408	30	)	)	PUNCT
fsr-3335	408	31	compares	compare	VERB
fsr-3335	408	32	outputs	output	NOUN
fsr-3335	408	33	generated	generate	VERB
fsr-3335	408	34	by	by	ADP
fsr-3335	408	35	three	three	NUM
fsr-3335	408	36	vector	vector	NOUN
fsr-3335	408	37	autoregressive	autoregressive	ADJ
fsr-3335	408	38	models	model	NOUN
fsr-3335	408	39	.	.	PUNCT
fsr-3335	409	1	11	11	NUM
fsr-3335	409	2	for	for	ADP
fsr-3335	409	3	an	an	DET
fsr-3335	409	4	introduction	introduction	NOUN
fsr-3335	409	5	to	to	ADP
fsr-3335	409	6	markov	markov	NOUN
fsr-3335	409	7	chain	chain	NOUN
fsr-3335	409	8	transition	transition	NOUN
fsr-3335	409	9	probability	probability	NOUN
fsr-3335	409	10	matrices	matrix	NOUN
fsr-3335	409	11	,	,	PUNCT
fsr-3335	409	12	see	see	VERB
fsr-3335	409	13	laverty	laverty	NOUN
fsr-3335	409	14	,	,	PUNCT
fsr-3335	409	15	miket	miket	NOUN
fsr-3335	409	16	,	,	PUNCT
fsr-3335	409	17	and	and	CCONJ
fsr-3335	409	18	kelly	kelly	PROPN
fsr-3335	409	19	(	(	PUNCT
fsr-3335	409	20	2002	2002	NUM
fsr-3335	409	21	)	)	PUNCT
fsr-3335	409	22	.	.	PUNCT
fsr-3335	410	1	hybrid	hybrid	NOUN
fsr-3335	410	2	models	model	NOUN
fsr-3335	410	3	utilize	utilize	VERB
fsr-3335	410	4	a	a	DET
fsr-3335	410	5	regime	regime	NOUN
fsr-3335	410	6	switching	switch	VERB
fsr-3335	410	7	mechanism	mechanism	NOUN
fsr-3335	410	8	in	in	ADP
fsr-3335	410	9	conjunction	conjunction	NOUN
fsr-3335	410	10	with	with	ADP
fsr-3335	410	11	a	a	DET
fsr-3335	410	12	vector	vector	NOUN
fsr-3335	410	13	autoregressive	autoregressive	ADJ
fsr-3335	410	14	conditional	conditional	ADJ
fsr-3335	410	15	heteroskedastic	heteroskedastic	ADJ
fsr-3335	410	16	process	process	NOUN
fsr-3335	410	17	.	.	PUNCT
fsr-3335	411	1	for	for	ADP
fsr-3335	411	2	example	example	NOUN
fsr-3335	411	3	,	,	PUNCT
fsr-3335	411	4	a	a	DET
fsr-3335	411	5	variety	variety	NOUN
fsr-3335	411	6	of	of	ADP
fsr-3335	411	7	autoregressive	autoregressive	ADJ
fsr-3335	411	8	processes	process	NOUN
fsr-3335	411	9	are	be	AUX
fsr-3335	411	10	incorporated	incorporate	VERB
fsr-3335	411	11	into	into	ADP
fsr-3335	411	12	regime	regime	NOUN
fsr-3335	411	13	switching	switching	NOUN
fsr-3335	411	14	models	model	NOUN
fsr-3335	411	15	by	by	ADP
fsr-3335	411	16	hamilton	hamilton	PROPN
fsr-3335	411	17	and	and	CCONJ
fsr-3335	411	18	susmel	susmel	NOUN
fsr-3335	411	19	(	(	PUNCT
fsr-3335	411	20	1994	1994	NUM
fsr-3335	411	21	)	)	PUNCT
fsr-3335	411	22	.	.	PUNCT
fsr-3335	412	1	litzenberger	litzenberger	NOUN
fsr-3335	412	2	and	and	CCONJ
fsr-3335	412	3	modest	modest	ADJ
fsr-3335	412	4	(	(	PUNCT
fsr-3335	412	5	2010	2010	NUM
fsr-3335	412	6	)	)	PUNCT
fsr-3335	412	7	develop	develop	VERB
fsr-3335	412	8	a	a	DET
fsr-3335	412	9	model	model	NOUN
fsr-3335	412	10	with	with	ADP
fsr-3335	412	11	eight	eight	NUM
fsr-3335	412	12	different	different	ADJ
fsr-3335	412	13	states	state	NOUN
fsr-3335	412	14	in	in	ADP
fsr-3335	412	15	which	which	PRON
fsr-3335	412	16	the	the	DET
fsr-3335	412	17	financial	financial	ADJ
fsr-3335	412	18	asset	asset	NOUN
fsr-3335	412	19	behavior	behavior	NOUN
fsr-3335	412	20	within	within	ADP
fsr-3335	412	21	each	each	DET
fsr-3335	412	22	state	state	NOUN
fsr-3335	412	23	is	be	AUX
fsr-3335	412	24	modeled	model	VERB
fsr-3335	412	25	by	by	ADP
fsr-3335	412	26	a	a	DET
fsr-3335	412	27	normal	normal	ADJ
fsr-3335	412	28	distribution	distribution	NOUN
fsr-3335	412	29	with	with	ADP
fsr-3335	412	30	state	state	NOUN
fsr-3335	412	31	-	-	PUNCT
fsr-3335	412	32	dependent	dependent	ADJ
fsr-3335	412	33	means	mean	NOUN
fsr-3335	412	34	and	and	CCONJ
fsr-3335	412	35	standard	standard	ADJ
fsr-3335	412	36	deviations	deviation	NOUN
fsr-3335	412	37	.	.	PUNCT
fsr-3335	413	1	ameriks	ameriks	PROPN
fsr-3335	413	2	,	,	PUNCT
fsr-3335	413	3	caplin	caplin	PROPN
fsr-3335	413	4	,	,	PUNCT
fsr-3335	413	5	and	and	CCONJ
fsr-3335	413	6	van	van	PROPN
fsr-3335	413	7	nieuwerburgh	nieuwerburgh	PROPN
fsr-3335	413	8	(	(	PUNCT
fsr-3335	413	9	2008	2008	NUM
fsr-3335	413	10	)	)	PUNCT
fsr-3335	413	11	utilize	utilize	VERB
fsr-3335	413	12	a	a	DET
fsr-3335	413	13	four	four	NUM
fsr-3335	413	14	-	-	PUNCT
fsr-3335	413	15	state	state	NOUN
fsr-3335	413	16	health	health	NOUN
fsr-3335	413	17	model	model	NOUN
fsr-3335	413	18	to	to	PART
fsr-3335	413	19	examine	examine	VERB
fsr-3335	413	20	issues	issue	NOUN
fsr-3335	413	21	in	in	ADP
fsr-3335	413	22	retirement	retirement	NOUN
fsr-3335	413	23	income	income	NOUN
fsr-3335	413	24	planning	planning	NOUN
fsr-3335	413	25	that	that	PRON
fsr-3335	413	26	seeks	seek	VERB
fsr-3335	413	27	to	to	PART
fsr-3335	413	28	preserve	preserve	VERB
fsr-3335	413	29	a	a	DET
fsr-3335	413	30	threshold	threshold	NOUN
fsr-3335	413	31	income	income	NOUN
fsr-3335	413	32	level	level	NOUN
fsr-3335	413	33	.	.	PUNCT
fsr-3335	414	1	the	the	DET
fsr-3335	414	2	matrix	matrix	NOUN
fsr-3335	414	3	is	be	AUX
fsr-3335	414	4	a	a	DET
fsr-3335	414	5	markov	markov	NOUN
fsr-3335	414	6	chain	chain	NOUN
fsr-3335	414	7	transition	transition	NOUN
fsr-3335	414	8	matrix	matrix	NOUN
fsr-3335	414	9	with	with	ADP
fsr-3335	414	10	an	an	DET
fsr-3335	414	11	age	age	NOUN
fsr-3335	414	12	-	-	PUNCT
fsr-3335	414	13	varying	varying	NOUN
fsr-3335	414	14	,	,	PUNCT
fsr-3335	414	15	one	one	NUM
fsr-3335	414	16	-	-	PUNCT
fsr-3335	414	17	period	period	NOUN
fsr-3335	414	18	”	"	PUNCT
fsr-3335	414	19	transition	transition	NOUN
fsr-3335	414	20	probability	probability	NOUN
fsr-3335	414	21	.	.	PUNCT
fsr-3335	415	1	the	the	DET
fsr-3335	415	2	evolution	evolution	NOUN
fsr-3335	415	3	of	of	ADP
fsr-3335	415	4	health	health	NOUN
fsr-3335	415	5	status	status	NOUN
fsr-3335	415	6	is	be	AUX
fsr-3335	415	7	also	also	ADV
fsr-3335	415	8	an	an	DET
fsr-3335	415	9	important	important	ADJ
fsr-3335	415	10	variable	variable	NOUN
fsr-3335	415	11	in	in	ADP
fsr-3335	415	12	the	the	DET
fsr-3335	415	13	model	model	NOUN
fsr-3335	415	14	described	describe	VERB
fsr-3335	415	15	by	by	ADP
fsr-3335	415	16	gupta	gupta	PROPN
fsr-3335	415	17	and	and	CCONJ
fsr-3335	415	18	li	li	PROPN
fsr-3335	415	19	(	(	PUNCT
fsr-3335	415	20	2013	2013	NUM
fsr-3335	415	21	)	)	PUNCT
fsr-3335	415	22	.	.	PUNCT
fsr-3335	416	1	12	12	NUM
fsr-3335	416	2	smith	smith	PROPN
fsr-3335	416	3	and	and	CCONJ
fsr-3335	416	4	gould	gould	PROPN
fsr-3335	416	5	(	(	PUNCT
fsr-3335	416	6	2006	2006	NUM
fsr-3335	416	7	)	)	PUNCT
fsr-3335	416	8	discuss	discuss	VERB
fsr-3335	416	9	the	the	DET
fsr-3335	416	10	differences	difference	NOUN
fsr-3335	416	11	between	between	ADP
fsr-3335	416	12	unlucky	unlucky	ADJ
fsr-3335	416	13	draws	draw	NOUN
fsr-3335	416	14	from	from	ADP
fsr-3335	416	15	a	a	DET
fsr-3335	416	16	stable	stable	ADJ
fsr-3335	416	17	probability	probability	NOUN
fsr-3335	416	18	distribution	distribution	NOUN
fsr-3335	416	19	versus	versus	ADP
fsr-3335	416	20	a	a	DET
fsr-3335	416	21	substantial	substantial	ADJ
fsr-3335	416	22	change	change	NOUN
fsr-3335	416	23	(	(	PUNCT
fsr-3335	416	24	for	for	ADP
fsr-3335	416	25	the	the	DET
fsr-3335	416	26	worse	bad	ADJ
fsr-3335	416	27	)	)	PUNCT
fsr-3335	416	28	in	in	ADP
fsr-3335	416	29	the	the	DET
fsr-3335	416	30	probability	probability	NOUN
fsr-3335	416	31	distribution	distribution	NOUN
fsr-3335	416	32	itself	itself	PRON
fsr-3335	416	33	.	.	PUNCT
fsr-3335	417	1	13	13	NUM
fsr-3335	417	2	the	the	DET
fsr-3335	417	3	50th	50th	ADJ
fsr-3335	417	4	percentile	percentile	ADJ
fsr-3335	417	5	value	value	NOUN
fsr-3335	417	6	of	of	ADP
fsr-3335	417	7	the	the	DET
fsr-3335	417	8	distribution	distribution	NOUN
fsr-3335	417	9	when	when	SCONJ
fsr-3335	417	10	ranking	ranking	ADJ
fsr-3335	417	11	outputs	output	NOUN
fsr-3335	417	12	(	(	PUNCT
fsr-3335	417	13	trials	trial	NOUN
fsr-3335	417	14	)	)	PUNCT
fsr-3335	417	15	according	accord	VERB
fsr-3335	417	16	to	to	ADP
fsr-3335	417	17	terminal	terminal	ADJ
fsr-3335	417	18	value	value	NOUN
fsr-3335	417	19	from	from	ADP
fsr-3335	417	20	low	low	ADJ
fsr-3335	417	21	(	(	PUNCT
fsr-3335	417	22	1st	1st	ADJ
fsr-3335	417	23	percentile	percentile	NOUN
fsr-3335	417	24	)	)	PUNCT
fsr-3335	417	25	to	to	ADP
fsr-3335	417	26	high	high	ADJ
fsr-3335	417	27	(	(	PUNCT
fsr-3335	417	28	100th	100th	ADJ
fsr-3335	417	29	percentile	percentile	NOUN
fsr-3335	417	30	)	)	PUNCT
fsr-3335	417	31	.	.	PUNCT
fsr-3335	418	1	14	14	NUM
fsr-3335	418	2	our	our	PRON
fsr-3335	418	3	risk	risk	NOUN
fsr-3335	418	4	model	model	NOUN
fsr-3335	418	5	also	also	ADV
fsr-3335	418	6	incorporates	incorporate	VERB
fsr-3335	418	7	cpi	cpi	NOUN
fsr-3335	418	8	into	into	ADP
fsr-3335	418	9	the	the	DET
fsr-3335	418	10	variance	variance	NOUN
fsr-3335	418	11	/	/	SYM
fsr-3335	418	12	co	co	NOUN
fsr-3335	418	13	-	-	NOUN
fsr-3335	418	14	variance	variance	NOUN
fsr-3335	418	15	matrix	matrix	NOUN
fsr-3335	418	16	of	of	ADP
fsr-3335	418	17	asset	asset	NOUN
fsr-3335	418	18	classes	class	NOUN
fsr-3335	418	19	used	use	VERB
fsr-3335	418	20	to	to	PART
fsr-3335	418	21	generate	generate	VERB
fsr-3335	418	22	asset	asset	NOUN
fsr-3335	418	23	price	price	NOUN
fsr-3335	418	24	evolutions	evolution	NOUN
fsr-3335	418	25	.	.	PUNCT
fsr-3335	419	1	this	this	PRON
fsr-3335	419	2	means	mean	VERB
fsr-3335	419	3	that	that	SCONJ
fsr-3335	419	4	there	there	PRON
fsr-3335	419	5	is	be	VERB
fsr-3335	419	6	a	a	DET
fsr-3335	419	7	complex	complex	ADJ
fsr-3335	419	8	interaction	interaction	NOUN
fsr-3335	419	9	between	between	ADP
fsr-3335	419	10	increases	increase	NOUN
fsr-3335	419	11	in	in	ADP
fsr-3335	419	12	cpi	cpi	NOUN
fsr-3335	419	13	—	—	PUNCT
fsr-3335	419	14	that	that	PRON
fsr-3335	419	15	are	be	AUX
fsr-3335	419	16	more	more	ADV
fsr-3335	419	17	probable	probable	ADJ
fsr-3335	419	18	under	under	ADP
fsr-3335	419	19	a	a	DET
fsr-3335	419	20	mean	mean	ADJ
fsr-3335	419	21	-	-	PUNCT
fsr-3335	419	22	reversionary	reversionary	ADJ
fsr-3335	419	23	process	process	NOUN
fsr-3335	419	24	when	when	SCONJ
fsr-3335	419	25	the	the	DET
fsr-3335	419	26	inflation	inflation	NOUN
fsr-3335	419	27	rate	rate	NOUN
fsr-3335	419	28	is	be	AUX
fsr-3335	419	29	below	below	ADP
fsr-3335	419	30	its	its	PRON
fsr-3335	419	31	historical	historical	ADJ
fsr-3335	419	32	average	average	NOUN
fsr-3335	419	33	—	—	PUNCT
fsr-3335	419	34	and	and	CCONJ
fsr-3335	419	35	asset	asset	NOUN
fsr-3335	419	36	price	price	NOUN
fsr-3335	419	37	evolutions	evolution	NOUN
fsr-3335	419	38	which	which	PRON
fsr-3335	419	39	may	may	AUX
fsr-3335	419	40	be	be	AUX
fsr-3335	419	41	negatively	negatively	ADV
fsr-3335	419	42	correlated	correlate	VERB
fsr-3335	419	43	to	to	ADP
fsr-3335	419	44	inflation	inflation	NOUN
fsr-3335	419	45	rate	rate	NOUN
fsr-3335	419	46	increases	increase	NOUN
fsr-3335	419	47	.	.	PUNCT
fsr-3335	419	48	15	15	NUM
fsr-3335	419	49	since	since	SCONJ
fsr-3335	419	50	the	the	DET
fsr-3335	419	51	realized	realize	VERB
fsr-3335	419	52	path	path	NOUN
fsr-3335	419	53	of	of	ADP
fsr-3335	419	54	history	history	NOUN
fsr-3335	419	55	is	be	AUX
fsr-3335	419	56	a	a	DET
fsr-3335	419	57	single	single	ADJ
fsr-3335	419	58	vector	vector	NOUN
fsr-3335	419	59	of	of	ADP
fsr-3335	419	60	results	result	NOUN
fsr-3335	419	61	—	—	PUNCT
fsr-3335	419	62	a	a	DET
fsr-3335	419	63	sample	sample	NOUN
fsr-3335	419	64	of	of	ADP
fsr-3335	419	65	one	one	NUM
fsr-3335	419	66	—	—	PUNCT
fsr-3335	419	67	the	the	DET
fsr-3335	419	68	nh	nh	PROPN
fsr-3335	419	69	model	model	NOUN
fsr-3335	419	70	produces	produce	VERB
fsr-3335	419	71	a	a	DET
fsr-3335	419	72	credible	credible	ADJ
fsr-3335	419	73	distribution	distribution	NOUN
fsr-3335	419	74	of	of	ADP
fsr-3335	419	75	investment	investment	NOUN
fsr-3335	419	76	outcomes	outcome	NOUN
fsr-3335	419	77	only	only	ADV
fsr-3335	419	78	under	under	ADP
fsr-3335	419	79	the	the	DET
fsr-3335	419	80	assumption	assumption	NOUN
fsr-3335	419	81	that	that	SCONJ
fsr-3335	419	82	future	future	ADJ
fsr-3335	419	83	investment	investment	NOUN
fsr-3335	419	84	conditions	condition	NOUN
fsr-3335	419	85	will	will	AUX
fsr-3335	419	86	mirror	mirror	VERB
fsr-3335	419	87	previous	previous	ADJ
fsr-3335	419	88	economic	economic	ADJ
fsr-3335	419	89	environments	environment	NOUN
fsr-3335	419	90	.	.	PUNCT
fsr-3335	420	1	16	16	NUM
fsr-3335	420	2	in	in	ADP
fsr-3335	420	3	this	this	DET
fsr-3335	420	4	example	example	NOUN
fsr-3335	420	5	,	,	PUNCT
fsr-3335	420	6	we	we	PRON
fsr-3335	420	7	arbitrarily	arbitrarily	ADV
fsr-3335	420	8	fix	fix	VERB
fsr-3335	420	9	the	the	DET
fsr-3335	420	10	planning	planning	NOUN
fsr-3335	420	11	horizon	horizon	NOUN
fsr-3335	420	12	at	at	ADP
fsr-3335	420	13	30	30	NUM
fsr-3335	420	14	years	year	NOUN
fsr-3335	420	15	.	.	PUNCT
fsr-3335	421	1	we	we	PRON
fsr-3335	421	2	later	later	ADV
fsr-3335	421	3	expand	expand	VERB
fsr-3335	421	4	the	the	DET
fsr-3335	421	5	example	example	NOUN
fsr-3335	421	6	to	to	PART
fsr-3335	421	7	incorporate	incorporate	VERB
fsr-3335	421	8	the	the	DET
fsr-3335	421	9	force	force	NOUN
fsr-3335	421	10	of	of	ADP
fsr-3335	421	11	mortality	mortality	NOUN
fsr-3335	421	12	.	.	PUNCT
fsr-3335	422	1	17	17	NUM
fsr-3335	422	2	the	the	DET
fsr-3335	422	3	risk	risk	NOUN
fsr-3335	422	4	that	that	SCONJ
fsr-3335	422	5	the	the	DET
fsr-3335	422	6	combination	combination	NOUN
fsr-3335	422	7	of	of	ADP
fsr-3335	422	8	(	(	PUNCT
fsr-3335	422	9	1	1	NUM
fsr-3335	422	10	)	)	PUNCT
fsr-3335	422	11	unfavorable	unfavorable	ADJ
fsr-3335	422	12	portfolio	portfolio	NOUN
fsr-3335	422	13	returns	return	NOUN
fsr-3335	422	14	realized	realize	VERB
fsr-3335	422	15	early	early	ADV
fsr-3335	422	16	in	in	ADP
fsr-3335	422	17	retirement	retirement	NOUN
fsr-3335	422	18	and	and	CCONJ
fsr-3335	422	19	,	,	PUNCT
fsr-3335	422	20	(	(	PUNCT
fsr-3335	422	21	2	2	X
fsr-3335	422	22	)	)	PUNCT
fsr-3335	422	23	portfolio	portfolio	NOUN
fsr-3335	422	24	withdrawals	withdrawal	NOUN
fsr-3335	422	25	will	will	AUX
fsr-3335	422	26	deplete	deplete	VERB
fsr-3335	422	27	the	the	DET
fsr-3335	422	28	portfolio	portfolio	NOUN
fsr-3335	422	29	’s	’s	PART
fsr-3335	422	30	dollar	dollar	NOUN
fsr-3335	422	31	value	value	NOUN
fsr-3335	422	32	to	to	ADP
fsr-3335	422	33	the	the	DET
fsr-3335	422	34	point	point	NOUN
fsr-3335	422	35	where	where	SCONJ
fsr-3335	422	36	future	future	ADJ
fsr-3335	422	37	favorable	favorable	ADJ
fsr-3335	422	38	returns	return	NOUN
fsr-3335	422	39	operating	operate	VERB
fsr-3335	422	40	on	on	ADP
fsr-3335	422	41	smaller	small	ADJ
fsr-3335	422	42	dollar	dollar	NOUN
fsr-3335	422	43	values	value	NOUN
fsr-3335	422	44	are	be	AUX
fsr-3335	422	45	insufficient	insufficient	ADJ
fsr-3335	422	46	to	to	PART
fsr-3335	422	47	offset	offset	VERB
fsr-3335	422	48	the	the	DET
fsr-3335	422	49	early	early	ADJ
fsr-3335	422	50	losses	loss	NOUN
fsr-3335	422	51	.	.	PUNCT
fsr-3335	423	1	18	18	NUM
fsr-3335	423	2	the	the	DET
fsr-3335	423	3	diversified	diversified	ADJ
fsr-3335	423	4	portfolio	portfolio	NOUN
fsr-3335	423	5	invests	invest	NOUN
fsr-3335	423	6	in	in	ADP
fsr-3335	423	7	broad	broad	ADJ
fsr-3335	423	8	range	range	NOUN
fsr-3335	423	9	of	of	ADP
fsr-3335	423	10	domestic	domestic	ADJ
fsr-3335	423	11	and	and	CCONJ
fsr-3335	423	12	developed	develop	VERB
fsr-3335	423	13	foreign	foreign	ADJ
fsr-3335	423	14	equities	equity	NOUN
fsr-3335	423	15	with	with	ADP
fsr-3335	423	16	a	a	DET
fsr-3335	423	17	tilt	tilt	NOUN
fsr-3335	423	18	towards	towards	ADP
fsr-3335	423	19	value	value	NOUN
fsr-3335	423	20	oriented	orient	VERB
fsr-3335	423	21	and	and	CCONJ
fsr-3335	423	22	small	small	ADJ
fsr-3335	423	23	capitalization	capitalization	NOUN
fsr-3335	423	24	stocks	stock	NOUN
fsr-3335	423	25	.	.	PUNCT
fsr-3335	424	1	for	for	ADP
fsr-3335	424	2	fixed	fix	VERB
fsr-3335	424	3	income	income	NOUN
fsr-3335	424	4	,	,	PUNCT
fsr-3335	424	5	the	the	DET
fsr-3335	424	6	portfolio	portfolio	NOUN
fsr-3335	424	7	invests	invest	VERB
fsr-3335	424	8	in	in	ADP
fsr-3335	424	9	diversified	diversified	ADJ
fsr-3335	424	10	pools	pool	NOUN
fsr-3335	424	11	of	of	ADP
fsr-3335	424	12	high	high	ADJ
fsr-3335	424	13	quality	quality	NOUN
fsr-3335	424	14	domestic	domestic	ADJ
fsr-3335	424	15	and	and	CCONJ
fsr-3335	424	16	foreign	foreign	ADJ
fsr-3335	424	17	bonds	bond	NOUN
fsr-3335	424	18	with	with	ADP
fsr-3335	424	19	short	short	ADJ
fsr-3335	424	20	and	and	CCONJ
fsr-3335	424	21	intermediate	intermediate	ADJ
fsr-3335	424	22	maturities	maturity	NOUN
fsr-3335	424	23	.	.	PUNCT
fsr-3335	425	1	other	other	ADJ
fsr-3335	425	2	holdings	holding	NOUN
fsr-3335	425	3	in	in	ADP
fsr-3335	425	4	the	the	DET
fsr-3335	425	5	portfolio	portfolio	NOUN
fsr-3335	425	6	include	include	VERB
fsr-3335	425	7	positions	position	NOUN
fsr-3335	425	8	in	in	ADP
fsr-3335	425	9	diversified	diversified	ADJ
fsr-3335	425	10	baskets	basket	NOUN
fsr-3335	425	11	of	of	ADP
fsr-3335	425	12	us	us	PROPN
fsr-3335	425	13	reits	reit	NOUN
fsr-3335	425	14	(	(	PUNCT
fsr-3335	425	15	real	real	ADJ
fsr-3335	425	16	estate	estate	NOUN
fsr-3335	425	17	investment	investment	NOUN
fsr-3335	425	18	trusts	trust	NOUN
fsr-3335	425	19	)	)	PUNCT
fsr-3335	425	20	and	and	CCONJ
fsr-3335	425	21	emerging	emerge	VERB
fsr-3335	425	22	market	market	NOUN
fsr-3335	425	23	stocks	stock	NOUN
fsr-3335	425	24	.	.	PUNCT
fsr-3335	426	1	19	19	NUM
fsr-3335	426	2	an	an	DET
fsr-3335	426	3	early	early	ADJ
fsr-3335	426	4	study	study	NOUN
fsr-3335	426	5	of	of	ADP
fsr-3335	426	6	the	the	DET
fsr-3335	426	7	effect	effect	NOUN
fsr-3335	426	8	of	of	ADP
fsr-3335	426	9	diversification	diversification	NOUN
fsr-3335	426	10	on	on	ADP
fsr-3335	426	11	portfolio	portfolio	NOUN
fsr-3335	426	12	sustainability	sustainability	NOUN
fsr-3335	426	13	is	be	AUX
fsr-3335	426	14	collins	collin	NOUN
fsr-3335	426	15	,	,	PUNCT
fsr-3335	426	16	savage	savage	NOUN
fsr-3335	426	17	,	,	PUNCT
fsr-3335	426	18	and	and	CCONJ
fsr-3335	426	19	stampfli	stampfli	NOUN
fsr-3335	426	20	(	(	PUNCT
fsr-3335	426	21	2000	2000	NUM
fsr-3335	426	22	)	)	PUNCT
fsr-3335	426	23	.	.	PUNCT
fsr-3335	427	1	this	this	DET
fsr-3335	427	2	article	article	NOUN
fsr-3335	427	3	presents	present	VERB
fsr-3335	427	4	results	result	NOUN
fsr-3335	427	5	from	from	ADP
fsr-3335	427	6	simulating	simulate	VERB
fsr-3335	427	7	multiasset	multiasset	NOUN
fsr-3335	427	8	class	class	NOUN
fsr-3335	427	9	portfolios	portfolio	NOUN
fsr-3335	427	10	consisting	consist	VERB
fsr-3335	427	11	of	of	ADP
fsr-3335	427	12	globally	globally	ADV
fsr-3335	427	13	diversified	diversify	VERB
fsr-3335	427	14	stock	stock	NOUN
fsr-3335	427	15	,	,	PUNCT
fsr-3335	427	16	bond	bond	NOUN
fsr-3335	427	17	and	and	CCONJ
fsr-3335	427	18	real	real	ADJ
fsr-3335	427	19	estate	estate	NOUN
fsr-3335	427	20	investments	investment	NOUN
fsr-3335	427	21	.	.	PUNCT
fsr-3335	428	1	213p.j	213p.j	X
fsr-3335	428	2	.	.	PUNCT
fsr-3335	429	1	collins	collins	PROPN
fsr-3335	429	2	et	et	PROPN
fsr-3335	429	3	al	al	PROPN
fsr-3335	429	4	.	.	PUNCT
fsr-3335	429	5	/	/	SYM
fsr-3335	429	6	financial	financial	ADJ
fsr-3335	429	7	services	service	NOUN
fsr-3335	429	8	review	review	VERB
fsr-3335	429	9	24	24	NUM
fsr-3335	429	10	(	(	PUNCT
fsr-3335	429	11	2015	2015	NUM
fsr-3335	429	12	)	)	PUNCT
fsr-3335	429	13	193–216	193–216	NUM
fsr-3335	429	14	20	20	NUM
fsr-3335	429	15	one	one	NUM
fsr-3335	429	16	half	half	NOUN
fsr-3335	429	17	of	of	ADP
fsr-3335	429	18	the	the	DET
fsr-3335	429	19	population	population	NOUN
fsr-3335	429	20	will	will	AUX
fsr-3335	429	21	live	live	VERB
fsr-3335	429	22	longer	long	ADV
fsr-3335	429	23	than	than	ADP
fsr-3335	429	24	the	the	DET
fsr-3335	429	25	average	average	ADJ
fsr-3335	429	26	life	life	NOUN
fsr-3335	429	27	span	span	NOUN
fsr-3335	429	28	;	;	PUNCT
fsr-3335	429	29	and	and	CCONJ
fsr-3335	429	30	,	,	PUNCT
fsr-3335	429	31	in	in	ADP
fsr-3335	429	32	some	some	DET
fsr-3335	429	33	cases	case	NOUN
fsr-3335	429	34	,	,	PUNCT
fsr-3335	429	35	the	the	DET
fsr-3335	429	36	individual	individual	NOUN
fsr-3335	429	37	’s	’s	PART
fsr-3335	429	38	life	life	NOUN
fsr-3335	429	39	span	span	NOUN
fsr-3335	429	40	may	may	AUX
fsr-3335	429	41	be	be	AUX
fsr-3335	429	42	many	many	ADJ
fsr-3335	429	43	years	year	NOUN
fsr-3335	429	44	above	above	ADP
fsr-3335	429	45	the	the	DET
fsr-3335	429	46	average	average	NOUN
fsr-3335	429	47	.	.	PUNCT
fsr-3335	430	1	distributions	distribution	NOUN
fsr-3335	430	2	of	of	ADP
fsr-3335	430	3	life	life	NOUN
fsr-3335	430	4	spans	span	NOUN
fsr-3335	430	5	approach	approach	NOUN
fsr-3335	430	6	exponential	exponential	NOUN
fsr-3335	430	7	distributions	distribution	NOUN
fsr-3335	430	8	with	with	ADP
fsr-3335	430	9	long	long	ADJ
fsr-3335	430	10	tails	tail	NOUN
fsr-3335	430	11	.	.	PUNCT
fsr-3335	431	1	the	the	DET
fsr-3335	431	2	research	research	NOUN
fsr-3335	431	3	of	of	ADP
fsr-3335	431	4	brown	brown	PROPN
fsr-3335	431	5	&	&	CCONJ
fsr-3335	431	6	mcdaid	mcdaid	PROPN
fsr-3335	431	7	(	(	PUNCT
fsr-3335	431	8	2003	2003	NUM
fsr-3335	431	9	)	)	PUNCT
fsr-3335	431	10	,	,	PUNCT
fsr-3335	431	11	sponsored	sponsor	VERB
fsr-3335	431	12	by	by	ADP
fsr-3335	431	13	the	the	DET
fsr-3335	431	14	soa	soa	PROPN
fsr-3335	431	15	,	,	PUNCT
fsr-3335	431	16	reviews	review	VERB
fsr-3335	431	17	45	45	NUM
fsr-3335	431	18	research	research	NOUN
fsr-3335	431	19	articles	article	NOUN
fsr-3335	431	20	that	that	PRON
fsr-3335	431	21	examine	examine	VERB
fsr-3335	431	22	factors	factor	NOUN
fsr-3335	431	23	,	,	PUNCT
fsr-3335	431	24	including	include	VERB
fsr-3335	431	25	preand	preand	VERB
fsr-3335	431	26	post	post	ADJ
fsr-3335	431	27	-	-	ADJ
fsr-3335	431	28	retirement	retirement	ADJ
fsr-3335	431	29	income	income	NOUN
fsr-3335	431	30	,	,	PUNCT
fsr-3335	431	31	that	that	PRON
fsr-3335	431	32	affect	affect	VERB
fsr-3335	431	33	mortality	mortality	NOUN
fsr-3335	431	34	.	.	PUNCT
fsr-3335	432	1	21	21	NUM
fsr-3335	432	2	in	in	ADP
fsr-3335	432	3	place	place	NOUN
fsr-3335	432	4	of	of	ADP
fsr-3335	432	5	a	a	DET
fsr-3335	432	6	simple	simple	ADJ
fsr-3335	432	7	flat	flat	ADJ
fsr-3335	432	8	percentage	percentage	NOUN
fsr-3335	432	9	fee	fee	NOUN
fsr-3335	432	10	,	,	PUNCT
fsr-3335	432	11	we	we	PRON
fsr-3335	432	12	elect	elect	VERB
fsr-3335	432	13	to	to	PART
fsr-3335	432	14	use	use	VERB
fsr-3335	432	15	the	the	DET
fsr-3335	432	16	following	following	ADJ
fsr-3335	432	17	progressive	progressive	ADJ
fsr-3335	432	18	fee	fee	NOUN
fsr-3335	432	19	schedule	schedule	NOUN
fsr-3335	432	20	:	:	PUNCT
fsr-3335	432	21	1	1	NUM
fsr-3335	432	22	%	%	NOUN
fsr-3335	432	23	on	on	ADP
fsr-3335	432	24	the	the	DET
fsr-3335	432	25	first	first	ADJ
fsr-3335	432	26	million	million	NUM
fsr-3335	432	27	,	,	PUNCT
fsr-3335	432	28	65	65	NUM
fsr-3335	432	29	basis	basis	NOUN
fsr-3335	432	30	points	point	NOUN
fsr-3335	432	31	(	(	PUNCT
fsr-3335	432	32	bps	bps	NOUN
fsr-3335	432	33	)	)	PUNCT
fsr-3335	432	34	on	on	ADP
fsr-3335	432	35	the	the	DET
fsr-3335	432	36	second	second	ADJ
fsr-3335	432	37	million	million	NUM
fsr-3335	432	38	,	,	PUNCT
fsr-3335	432	39	35	35	NUM
fsr-3335	432	40	bps	bps	NOUN
fsr-3335	432	41	on	on	ADP
fsr-3335	432	42	each	each	DET
fsr-3335	432	43	dollar	dollar	NOUN
fsr-3335	432	44	between	between	ADP
fsr-3335	432	45	two	two	NUM
fsr-3335	432	46	and	and	CCONJ
fsr-3335	432	47	five	five	NUM
fsr-3335	432	48	-	-	PUNCT
fsr-3335	432	49	million	million	NUM
fsr-3335	432	50	,	,	PUNCT
fsr-3335	432	51	and	and	CCONJ
fsr-3335	432	52	finally	finally	ADV
fsr-3335	432	53	25	25	NUM
fsr-3335	432	54	bps	bps	NOUN
fsr-3335	432	55	on	on	ADP
fsr-3335	432	56	any	any	DET
fsr-3335	432	57	amount	amount	NOUN
fsr-3335	432	58	above	above	ADP
fsr-3335	432	59	five	five	NUM
fsr-3335	432	60	-	-	PUNCT
fsr-3335	432	61	million	million	NUM
fsr-3335	432	62	.	.	PUNCT
fsr-3335	433	1	if	if	SCONJ
fsr-3335	433	2	the	the	DET
fsr-3335	433	3	portfolio	portfolio	NOUN
fsr-3335	433	4	grows	grow	VERB
fsr-3335	433	5	,	,	PUNCT
fsr-3335	433	6	this	this	DET
fsr-3335	433	7	laddered	ladder	VERB
fsr-3335	433	8	fee	fee	NOUN
fsr-3335	433	9	structure	structure	NOUN
fsr-3335	433	10	is	be	AUX
fsr-3335	433	11	less	less	ADV
fsr-3335	433	12	detrimental	detrimental	ADJ
fsr-3335	433	13	to	to	ADP
fsr-3335	433	14	the	the	DET
fsr-3335	433	15	portfolio	portfolio	NOUN
fsr-3335	433	16	than	than	ADP
fsr-3335	433	17	a	a	DET
fsr-3335	433	18	flat	flat	ADJ
fsr-3335	433	19	1	1	NUM
fsr-3335	433	20	%	%	NOUN
fsr-3335	433	21	fee	fee	NOUN
fsr-3335	433	22	.	.	PUNCT
fsr-3335	434	1	a	a	DET
fsr-3335	434	2	minimum	minimum	ADJ
fsr-3335	434	3	fee	fee	NOUN
fsr-3335	434	4	of	of	ADP
fsr-3335	434	5	$	$	SYM
fsr-3335	434	6	5,000	5,000	NUM
fsr-3335	434	7	is	be	AUX
fsr-3335	434	8	charged	charge	VERB
fsr-3335	434	9	to	to	ADP
fsr-3335	434	10	the	the	DET
fsr-3335	434	11	portfolio	portfolio	NOUN
fsr-3335	434	12	if	if	SCONJ
fsr-3335	434	13	it	it	PRON
fsr-3335	434	14	ever	ever	ADV
fsr-3335	434	15	falls	fall	VERB
fsr-3335	434	16	below	below	ADP
fsr-3335	434	17	half	half	DET
fsr-3335	434	18	a	a	DET
fsr-3335	434	19	million	million	NUM
fsr-3335	434	20	dollars	dollar	NOUN
fsr-3335	434	21	.	.	PUNCT
fsr-3335	435	1	the	the	DET
fsr-3335	435	2	portfolio	portfolio	NOUN
fsr-3335	435	3	is	be	AUX
fsr-3335	435	4	passively	passively	ADV
fsr-3335	435	5	managed	manage	VERB
fsr-3335	435	6	with	with	ADP
fsr-3335	435	7	index	index	NOUN
fsr-3335	435	8	funds	fund	NOUN
fsr-3335	435	9	and	and	CCONJ
fsr-3335	435	10	rebalanced	rebalance	VERB
fsr-3335	435	11	annually	annually	ADV
fsr-3335	435	12	.	.	PUNCT
fsr-3335	436	1	22	22	NUM
fsr-3335	436	2	these	these	DET
fsr-3335	436	3	assumptions	assumption	NOUN
fsr-3335	436	4	allow	allow	VERB
fsr-3335	436	5	us	we	PRON
fsr-3335	436	6	to	to	PART
fsr-3335	436	7	bypass	bypass	VERB
fsr-3335	436	8	the	the	DET
fsr-3335	436	9	issue	issue	NOUN
fsr-3335	436	10	of	of	ADP
fsr-3335	436	11	asset	asset	NOUN
fsr-3335	436	12	location	location	NOUN
fsr-3335	436	13	.	.	PUNCT
fsr-3335	437	1	gordon	gordon	PROPN
fsr-3335	437	2	pye	pye	PROPN
fsr-3335	437	3	(	(	PUNCT
fsr-3335	437	4	2001	2001	NUM
fsr-3335	437	5	)	)	PUNCT
fsr-3335	437	6	discusses	discuss	VERB
fsr-3335	437	7	at	at	ADP
fsr-3335	437	8	length	length	NOUN
fsr-3335	437	9	how	how	SCONJ
fsr-3335	437	10	a	a	DET
fsr-3335	437	11	portfolio	portfolio	NOUN
fsr-3335	437	12	’s	’s	PART
fsr-3335	437	13	asset	asset	NOUN
fsr-3335	437	14	location	location	NOUN
fsr-3335	437	15	affects	affect	VERB
fsr-3335	437	16	the	the	DET
fsr-3335	437	17	withdrawal	withdrawal	NOUN
fsr-3335	437	18	rate	rate	NOUN
fsr-3335	437	19	adjustment	adjustment	NOUN
fsr-3335	437	20	amount	amount	NOUN
fsr-3335	437	21	necessary	necessary	ADJ
fsr-3335	437	22	to	to	PART
fsr-3335	437	23	maintain	maintain	VERB
fsr-3335	437	24	portfolio	portfolio	NOUN
fsr-3335	437	25	sustainability	sustainability	NOUN
fsr-3335	437	26	in	in	ADP
fsr-3335	437	27	after	after	ADP
fsr-3335	437	28	tax	tax	NOUN
fsr-3335	437	29	dollars	dollar	NOUN
fsr-3335	437	30	.	.	PUNCT
fsr-3335	438	1	incorporating	incorporate	VERB
fsr-3335	438	2	asset	asset	NOUN
fsr-3335	438	3	location	location	NOUN
fsr-3335	438	4	into	into	ADP
fsr-3335	438	5	a	a	DET
fsr-3335	438	6	risk	risk	NOUN
fsr-3335	438	7	model	model	NOUN
fsr-3335	438	8	adds	add	VERB
fsr-3335	438	9	another	another	DET
fsr-3335	438	10	dimension	dimension	NOUN
fsr-3335	438	11	of	of	ADP
fsr-3335	438	12	analysis	analysis	NOUN
fsr-3335	438	13	,	,	PUNCT
fsr-3335	438	14	and	and	CCONJ
fsr-3335	438	15	model	model	NOUN
fsr-3335	438	16	risk	risk	NOUN
fsr-3335	438	17	,	,	PUNCT
fsr-3335	438	18	to	to	ADP
fsr-3335	438	19	retirement	retirement	NOUN
fsr-3335	438	20	planning	planning	NOUN
fsr-3335	438	21	.	.	PUNCT
fsr-3335	439	1	although	although	SCONJ
fsr-3335	439	2	there	there	PRON
fsr-3335	439	3	are	be	VERB
fsr-3335	439	4	well	well	ADV
fsr-3335	439	5	known	know	VERB
fsr-3335	439	6	rules	rule	NOUN
fsr-3335	439	7	of	of	ADP
fsr-3335	439	8	“	"	PUNCT
fsr-3335	439	9	conventional	conventional	ADJ
fsr-3335	439	10	wisdom	wisdom	NOUN
fsr-3335	439	11	”	"	PUNCT
fsr-3335	439	12	that	that	PRON
fsr-3335	439	13	address	address	VERB
fsr-3335	439	14	withdrawal	withdrawal	NOUN
fsr-3335	439	15	strategies	strategy	NOUN
fsr-3335	439	16	from	from	ADP
fsr-3335	439	17	various	various	ADJ
fsr-3335	439	18	accounts	account	NOUN
fsr-3335	439	19	,	,	PUNCT
fsr-3335	439	20	such	such	ADJ
fsr-3335	439	21	as	as	ADP
fsr-3335	439	22	“	"	PUNCT
fsr-3335	439	23	draw	draw	VERB
fsr-3335	439	24	down	down	ADP
fsr-3335	439	25	taxable	taxable	ADJ
fsr-3335	439	26	accounts	account	NOUN
fsr-3335	439	27	first	first	ADV
fsr-3335	439	28	,	,	PUNCT
fsr-3335	439	29	then	then	ADV
fsr-3335	439	30	turn	turn	VERB
fsr-3335	439	31	to	to	ADP
fsr-3335	439	32	taxed	tax	VERB
fsr-3335	439	33	-	-	PUNCT
fsr-3335	439	34	deferred	defer	VERB
fsr-3335	439	35	accounts	account	NOUN
fsr-3335	439	36	,	,	PUNCT
fsr-3335	439	37	”	"	PUNCT
fsr-3335	439	38	coopersmith	coopersmith	NOUN
fsr-3335	439	39	and	and	CCONJ
fsr-3335	439	40	sumutka	sumutka	ADJ
fsr-3335	439	41	(	(	PUNCT
fsr-3335	439	42	2011	2011	NUM
fsr-3335	439	43	)	)	PUNCT
fsr-3335	439	44	demonstrate	demonstrate	VERB
fsr-3335	439	45	the	the	DET
fsr-3335	439	46	benefits	benefit	NOUN
fsr-3335	439	47	of	of	ADP
fsr-3335	439	48	a	a	DET
fsr-3335	439	49	tax	tax	NOUN
fsr-3335	439	50	-	-	PUNCT
fsr-3335	439	51	efficient	efficient	ADJ
fsr-3335	439	52	optimization	optimization	NOUN
fsr-3335	439	53	approach	approach	NOUN
fsr-3335	439	54	over	over	ADP
fsr-3335	439	55	conventional	conventional	ADJ
fsr-3335	439	56	wisdom	wisdom	NOUN
fsr-3335	439	57	.	.	PUNCT
fsr-3335	440	1	23	23	NUM
fsr-3335	440	2	hughen	hughen	ADV
fsr-3335	440	3	,	,	PUNCT
fsr-3335	440	4	laatsch	laatsch	NOUN
fsr-3335	440	5	,	,	PUNCT
fsr-3335	440	6	and	and	CCONJ
fsr-3335	440	7	klein	klein	PROPN
fsr-3335	440	8	(	(	PUNCT
fsr-3335	440	9	2002	2002	NUM
fsr-3335	440	10	)	)	PUNCT
fsr-3335	440	11	view	view	VERB
fsr-3335	440	12	positive	positive	ADJ
fsr-3335	440	13	terminal	terminal	ADJ
fsr-3335	440	14	wealth	wealth	NOUN
fsr-3335	440	15	as	as	ADP
fsr-3335	440	16	a	a	DET
fsr-3335	440	17	potential	potential	ADJ
fsr-3335	440	18	“	"	PUNCT
fsr-3335	440	19	opportunity	opportunity	NOUN
fsr-3335	440	20	cost	cost	NOUN
fsr-3335	440	21	.	.	PUNCT
fsr-3335	440	22	”	"	PUNCT
fsr-3335	441	1	the	the	DET
fsr-3335	441	2	authors	author	NOUN
fsr-3335	441	3	develop	develop	VERB
fsr-3335	441	4	a	a	DET
fsr-3335	441	5	concept	concept	NOUN
fsr-3335	441	6	called	call	VERB
fsr-3335	441	7	“	"	PUNCT
fsr-3335	441	8	the	the	DET
fsr-3335	441	9	equivalent	equivalent	ADJ
fsr-3335	441	10	payment	payment	NOUN
fsr-3335	441	11	value	value	NOUN
fsr-3335	441	12	.	.	PUNCT
fsr-3335	441	13	”	"	PUNCT
fsr-3335	442	1	this	this	PRON
fsr-3335	442	2	is	be	AUX
fsr-3335	442	3	a	a	DET
fsr-3335	442	4	way	way	NOUN
fsr-3335	442	5	to	to	PART
fsr-3335	442	6	convert	convert	VERB
fsr-3335	442	7	terminal	terminal	ADJ
fsr-3335	442	8	wealth	wealth	NOUN
fsr-3335	442	9	into	into	ADP
fsr-3335	442	10	extra	extra	ADJ
fsr-3335	442	11	monthly	monthly	ADJ
fsr-3335	442	12	payments	payment	NOUN
fsr-3335	442	13	throughout	throughout	ADP
fsr-3335	442	14	the	the	DET
fsr-3335	442	15	planning	planning	NOUN
fsr-3335	442	16	horizon	horizon	NOUN
fsr-3335	442	17	.	.	PUNCT
fsr-3335	443	1	blanchett	blanchett	PROPN
fsr-3335	443	2	,	,	PUNCT
fsr-3335	443	3	kowara	kowara	PROPN
fsr-3335	443	4	,	,	PUNCT
fsr-3335	443	5	and	and	CCONJ
fsr-3335	443	6	chen	chen	PROPN
fsr-3335	443	7	(	(	PUNCT
fsr-3335	443	8	2012	2012	NUM
fsr-3335	443	9	)	)	PUNCT
fsr-3335	443	10	optimize	optimize	NOUN
fsr-3335	443	11	based	base	VERB
fsr-3335	443	12	on	on	ADP
fsr-3335	443	13	a	a	DET
fsr-3335	443	14	utility	utility	NOUN
fsr-3335	443	15	function	function	NOUN
fsr-3335	443	16	that	that	PRON
fsr-3335	443	17	penalizes	penalize	VERB
fsr-3335	443	18	portfolio	portfolio	NOUN
fsr-3335	443	19	depletion	depletion	NOUN
fsr-3335	443	20	more	more	ADV
fsr-3335	443	21	heavily	heavily	ADV
fsr-3335	443	22	than	than	SCONJ
fsr-3335	443	23	it	it	PRON
fsr-3335	443	24	penalizes	penalize	VERB
fsr-3335	443	25	excess	excess	ADJ
fsr-3335	443	26	bequests	bequest	NOUN
fsr-3335	443	27	.	.	PUNCT
fsr-3335	444	1	see	see	VERB
fsr-3335	444	2	also	also	ADV
fsr-3335	444	3	,	,	PUNCT
fsr-3335	444	4	scott	scott	PROPN
fsr-3335	444	5	,	,	PUNCT
fsr-3335	444	6	sharpe	sharpe	PROPN
fsr-3335	444	7	,	,	PUNCT
fsr-3335	444	8	and	and	CCONJ
fsr-3335	444	9	watson	watson	PROPN
fsr-3335	444	10	(	(	PUNCT
fsr-3335	444	11	2009	2009	NUM
fsr-3335	444	12	)	)	PUNCT
fsr-3335	444	13	,	,	PUNCT
fsr-3335	444	14	which	which	PRON
fsr-3335	444	15	advances	advance	VERB
fsr-3335	444	16	the	the	DET
fsr-3335	444	17	proposition	proposition	NOUN
fsr-3335	444	18	that	that	SCONJ
fsr-3335	444	19	investors	investor	NOUN
fsr-3335	444	20	should	should	AUX
fsr-3335	444	21	not	not	PART
fsr-3335	444	22	try	try	VERB
fsr-3335	444	23	to	to	PART
fsr-3335	444	24	generate	generate	VERB
fsr-3335	444	25	“	"	PUNCT
fsr-3335	444	26	unneeded”/low	unneeded”/low	ADJ
fsr-3335	444	27	-	-	PUNCT
fsr-3335	444	28	utility	utility	NOUN
fsr-3335	444	29	surplus	surplus	NOUN
fsr-3335	444	30	.	.	PUNCT
fsr-3335	445	1	24	24	NUM
fsr-3335	445	2	thomas	thomas	PROPN
fsr-3335	445	3	j.	j.	PROPN
fsr-3335	445	4	sargent	sargent	PROPN
fsr-3335	445	5	’s	’s	PART
fsr-3335	445	6	noble	noble	ADJ
fsr-3335	445	7	prize	prize	NOUN
fsr-3335	445	8	winning	win	VERB
fsr-3335	445	9	research	research	NOUN
fsr-3335	445	10	deals	deal	NOUN
fsr-3335	445	11	with	with	ADP
fsr-3335	445	12	how	how	SCONJ
fsr-3335	445	13	investors	investor	NOUN
fsr-3335	445	14	make	make	VERB
fsr-3335	445	15	decisions	decision	NOUN
fsr-3335	445	16	when	when	SCONJ
fsr-3335	445	17	they	they	PRON
fsr-3335	445	18	doubt	doubt	VERB
fsr-3335	445	19	the	the	DET
fsr-3335	445	20	accuracy	accuracy	NOUN
fsr-3335	445	21	of	of	ADP
fsr-3335	445	22	their	their	PRON
fsr-3335	445	23	model	model	NOUN
fsr-3335	445	24	.	.	PUNCT
fsr-3335	446	1	when	when	SCONJ
fsr-3335	446	2	confronted	confront	VERB
fsr-3335	446	3	with	with	ADP
fsr-3335	446	4	ambiguity	ambiguity	NOUN
fsr-3335	446	5	,	,	PUNCT
fsr-3335	446	6	they	they	PRON
fsr-3335	446	7	tend	tend	VERB
fsr-3335	446	8	to	to	PART
fsr-3335	446	9	use	use	VERB
fsr-3335	446	10	a	a	DET
fsr-3335	446	11	family	family	NOUN
fsr-3335	446	12	of	of	ADP
fsr-3335	446	13	models	model	NOUN
fsr-3335	446	14	and	and	CCONJ
fsr-3335	446	15	to	to	ADP
fsr-3335	446	16	over	over	ADP
fsr-3335	446	17	-	-	PUNCT
fsr-3335	446	18	weight	weight	NOUN
fsr-3335	446	19	bad	bad	ADJ
fsr-3335	446	20	outcomes	outcome	NOUN
fsr-3335	446	21	as	as	ADP
fsr-3335	446	22	a	a	DET
fsr-3335	446	23	mechanism	mechanism	NOUN
fsr-3335	446	24	for	for	ADP
fsr-3335	446	25	exercising	exercise	VERB
fsr-3335	446	26	caution	caution	NOUN
fsr-3335	446	27	:	:	PUNCT
fsr-3335	446	28	see	see	VERB
fsr-3335	446	29	hansen	hansen	PROPN
fsr-3335	446	30	and	and	CCONJ
fsr-3335	446	31	sargent	sargent	PROPN
fsr-3335	446	32	(	(	PUNCT
fsr-3335	446	33	2008	2008	NUM
fsr-3335	446	34	)	)	PUNCT
fsr-3335	446	35	for	for	ADP
fsr-3335	446	36	example	example	NOUN
fsr-3335	446	37	.	.	PUNCT
fsr-3335	447	1	for	for	ADP
fsr-3335	447	2	a	a	DET
fsr-3335	447	3	discussion	discussion	NOUN
fsr-3335	447	4	on	on	ADP
fsr-3335	447	5	the	the	DET
fsr-3335	447	6	wisdom	wisdom	NOUN
fsr-3335	447	7	of	of	ADP
fsr-3335	447	8	using	use	VERB
fsr-3335	447	9	multiple	multiple	ADJ
fsr-3335	447	10	models	model	NOUN
fsr-3335	447	11	for	for	ADP
fsr-3335	447	12	security	security	NOUN
fsr-3335	447	13	valuation	valuation	NOUN
fsr-3335	447	14	,	,	PUNCT
fsr-3335	447	15	see	see	VERB
fsr-3335	447	16	collins	collins	PROPN
fsr-3335	447	17	(	(	PUNCT
fsr-3335	447	18	2007	2007	NUM
fsr-3335	447	19	)	)	PUNCT
fsr-3335	447	20	.	.	PUNCT
fsr-3335	448	1	references	reference	NOUN
fsr-3335	448	2	alexander	alexander	PROPN
fsr-3335	448	3	,	,	PUNCT
fsr-3335	448	4	c.	c.	PROPN
fsr-3335	448	5	(	(	PUNCT
fsr-3335	448	6	2008	2008	NUM
fsr-3335	448	7	)	)	PUNCT
fsr-3335	448	8	.	.	PUNCT
fsr-3335	449	1	market	market	NOUN
fsr-3335	449	2	risk	risk	NOUN
fsr-3335	449	3	analysis	analysis	NOUN
fsr-3335	449	4	.	.	PUNCT
fsr-3335	450	1	chichester	chichester	PROPN
fsr-3335	450	2	:	:	PUNCT
fsr-3335	450	3	john	john	PROPN
fsr-3335	450	4	wiley	wiley	PROPN
fsr-3335	450	5	&	&	CCONJ
fsr-3335	450	6	sons	son	NOUN
fsr-3335	450	7	.	.	PUNCT
fsr-3335	451	1	ameriks	ameriks	PROPN
fsr-3335	451	2	,	,	PUNCT
fsr-3335	451	3	j.	j.	PROPN
fsr-3335	451	4	,	,	PUNCT
fsr-3335	451	5	caplin	caplin	PROPN
fsr-3335	451	6	,	,	PUNCT
fsr-3335	451	7	a.	a.	PROPN
fsr-3335	451	8	,	,	PUNCT
fsr-3335	451	9	&	&	CCONJ
fsr-3335	451	10	van	van	PROPN
fsr-3335	451	11	nieuwerburgh	nieuwerburgh	PROPN
fsr-3335	451	12	,	,	PUNCT
fsr-3335	451	13	s.	s.	PROPN
fsr-3335	451	14	(	(	PUNCT
fsr-3335	451	15	2008	2008	NUM
fsr-3335	451	16	)	)	PUNCT
fsr-3335	451	17	.	.	PUNCT
fsr-3335	452	1	annuity	annuity	NOUN
fsr-3335	452	2	valuation	valuation	NOUN
fsr-3335	452	3	,	,	PUNCT
fsr-3335	452	4	long	long	ADJ
fsr-3335	452	5	-	-	PUNCT
fsr-3335	452	6	term	term	NOUN
fsr-3335	452	7	care	care	NOUN
fsr-3335	452	8	,	,	PUNCT
fsr-3335	452	9	and	and	CCONJ
fsr-3335	452	10	bequest	bequest	NOUN
fsr-3335	452	11	motives	motive	NOUN
fsr-3335	452	12	.	.	PUNCT
fsr-3335	453	1	in	in	ADP
fsr-3335	453	2	j.	j.	PROPN
fsr-3335	453	3	ameriks	ameriks	PROPN
fsr-3335	453	4	&	&	CCONJ
fsr-3335	453	5	o.	o.	PROPN
fsr-3335	453	6	mitchell	mitchell	PROPN
fsr-3335	453	7	(	(	PUNCT
fsr-3335	453	8	eds	eds	PROPN
fsr-3335	453	9	.	.	PUNCT
fsr-3335	453	10	)	)	PUNCT
fsr-3335	453	11	,	,	PUNCT
fsr-3335	453	12	recalibrating	recalibrate	VERB
fsr-3335	453	13	retirement	retirement	NOUN
fsr-3335	453	14	spending	spending	NOUN
fsr-3335	453	15	and	and	CCONJ
fsr-3335	453	16	saving	save	VERB
fsr-3335	453	17	(	(	PUNCT
fsr-3335	453	18	pp	pp	ADJ
fsr-3335	453	19	.	.	PUNCT
fsr-3335	454	1	251–275	251–275	NUM
fsr-3335	454	2	)	)	PUNCT
fsr-3335	454	3	.	.	PUNCT
fsr-3335	455	1	oxford	oxford	NOUN
fsr-3335	455	2	:	:	PUNCT
fsr-3335	455	3	oxford	oxford	PROPN
fsr-3335	455	4	university	university	PROPN
fsr-3335	455	5	press	press	NOUN
fsr-3335	455	6	.	.	PUNCT
fsr-3335	456	1	ang	ang	PROPN
fsr-3335	456	2	,	,	PUNCT
fsr-3335	456	3	a.	a.	PROPN
fsr-3335	456	4	,	,	PUNCT
fsr-3335	456	5	&	&	CCONJ
fsr-3335	456	6	bekaert	bekaert	PROPN
fsr-3335	456	7	,	,	PUNCT
fsr-3335	456	8	g.	g.	PROPN
fsr-3335	456	9	(	(	PUNCT
fsr-3335	456	10	2004	2004	NUM
fsr-3335	456	11	)	)	PUNCT
fsr-3335	456	12	.	.	PUNCT
fsr-3335	457	1	how	how	SCONJ
fsr-3335	457	2	regimes	regime	NOUN
fsr-3335	457	3	affect	affect	VERB
fsr-3335	457	4	asset	asset	NOUN
fsr-3335	457	5	allocation	allocation	NOUN
fsr-3335	457	6	.	.	PUNCT
fsr-3335	458	1	financial	financial	ADJ
fsr-3335	458	2	analyst	analyst	NOUN
fsr-3335	458	3	journal	journal	NOUN
fsr-3335	458	4	,	,	PUNCT
fsr-3335	458	5	60	60	NUM
fsr-3335	458	6	,	,	PUNCT
fsr-3335	458	7	86–99	86–99	NUM
fsr-3335	458	8	.	.	PUNCT
fsr-3335	459	1	athavale	athavale	PROPN
fsr-3335	459	2	,	,	PUNCT
fsr-3335	459	3	m.	m.	NOUN
fsr-3335	459	4	,	,	PUNCT
fsr-3335	459	5	&	&	CCONJ
fsr-3335	459	6	goebel	goebel	PROPN
fsr-3335	459	7	,	,	PUNCT
fsr-3335	459	8	j.	j.	PROPN
fsr-3335	459	9	m.	m.	PROPN
fsr-3335	459	10	(	(	PUNCT
fsr-3335	459	11	2011	2011	NUM
fsr-3335	459	12	)	)	PUNCT
fsr-3335	459	13	.	.	PUNCT
fsr-3335	460	1	a	a	DET
fsr-3335	460	2	safe	safe	ADJ
fsr-3335	460	3	withdrawal	withdrawal	NOUN
fsr-3335	460	4	rate	rate	NOUN
fsr-3335	460	5	using	use	VERB
fsr-3335	460	6	various	various	ADJ
fsr-3335	460	7	return	return	NOUN
fsr-3335	460	8	distributions	distribution	NOUN
fsr-3335	460	9	.	.	PUNCT
fsr-3335	461	1	journal	journal	NOUN
fsr-3335	461	2	of	of	ADP
fsr-3335	461	3	financial	financial	ADJ
fsr-3335	461	4	planning	planning	NOUN
fsr-3335	461	5	,	,	PUNCT
fsr-3335	461	6	24	24	NUM
fsr-3335	461	7	,	,	PUNCT
fsr-3335	461	8	36–43	36–43	NUM
fsr-3335	461	9	.	.	PUNCT
fsr-3335	462	1	214	214	NUM
fsr-3335	462	2	p.j	p.j	PROPN
fsr-3335	462	3	.	.	PROPN
fsr-3335	462	4	collins	collins	PROPN
fsr-3335	462	5	et	et	PROPN
fsr-3335	462	6	al	al	PROPN
fsr-3335	462	7	.	.	PUNCT
fsr-3335	462	8	/	/	SYM
fsr-3335	462	9	financial	financial	ADJ
fsr-3335	462	10	services	service	NOUN
fsr-3335	462	11	review	review	VERB
fsr-3335	462	12	24	24	NUM
fsr-3335	462	13	(	(	PUNCT
fsr-3335	462	14	2015	2015	NUM
fsr-3335	462	15	)	)	PUNCT
fsr-3335	462	16	193–216	193–216	NUM
fsr-3335	462	17	bierwirth	bierwirth	NOUN
fsr-3335	462	18	,	,	PUNCT
fsr-3335	462	19	l.	l.	PROPN
fsr-3335	462	20	(	(	PUNCT
fsr-3335	462	21	1994	1994	NUM
fsr-3335	462	22	)	)	PUNCT
fsr-3335	462	23	.	.	PUNCT
fsr-3335	463	1	investing	invest	VERB
fsr-3335	463	2	for	for	ADP
fsr-3335	463	3	retirement	retirement	NOUN
fsr-3335	463	4	:	:	PUNCT
fsr-3335	463	5	using	use	VERB
fsr-3335	463	6	the	the	DET
fsr-3335	463	7	past	past	NOUN
fsr-3335	463	8	to	to	PART
fsr-3335	463	9	model	model	VERB
fsr-3335	463	10	the	the	DET
fsr-3335	463	11	future	future	NOUN
fsr-3335	463	12	.	.	PUNCT
fsr-3335	464	1	journal	journal	NOUN
fsr-3335	464	2	of	of	ADP
fsr-3335	464	3	financial	financial	ADJ
fsr-3335	464	4	planning	planning	NOUN
fsr-3335	464	5	,	,	PUNCT
fsr-3335	464	6	7	7	NUM
fsr-3335	464	7	,	,	PUNCT
fsr-3335	464	8	14–24	14–24	NUM
fsr-3335	464	9	.	.	PUNCT
fsr-3335	465	1	blanchett	blanchett	PROPN
fsr-3335	465	2	,	,	PUNCT
fsr-3335	465	3	d.	d.	PROPN
fsr-3335	465	4	m.	m.	PROPN
fsr-3335	465	5	,	,	PUNCT
fsr-3335	465	6	&	&	CCONJ
fsr-3335	465	7	blanchett	blanchett	PROPN
fsr-3335	465	8	,	,	PUNCT
fsr-3335	465	9	b.	b.	PROPN
fsr-3335	465	10	c.	c.	PROPN
fsr-3335	465	11	(	(	PUNCT
fsr-3335	465	12	2008	2008	NUM
fsr-3335	465	13	)	)	PUNCT
fsr-3335	465	14	.	.	PUNCT
fsr-3335	466	1	data	datum	NOUN
fsr-3335	466	2	dependence	dependence	NOUN
fsr-3335	466	3	and	and	CCONJ
fsr-3335	466	4	sustainable	sustainable	ADJ
fsr-3335	466	5	real	real	ADJ
fsr-3335	466	6	withdrawal	withdrawal	NOUN
fsr-3335	466	7	rates	rate	NOUN
fsr-3335	466	8	.	.	PUNCT
fsr-3335	467	1	journal	journal	NOUN
fsr-3335	467	2	of	of	ADP
fsr-3335	467	3	financial	financial	ADJ
fsr-3335	467	4	planning	planning	NOUN
fsr-3335	467	5	,	,	PUNCT
fsr-3335	467	6	21	21	NUM
fsr-3335	467	7	,	,	PUNCT
fsr-3335	467	8	70–84	70–84	PROPN
fsr-3335	467	9	.	.	PUNCT
fsr-3335	468	1	blanchett	blanchett	PROPN
fsr-3335	468	2	,	,	PUNCT
fsr-3335	468	3	d.	d.	PROPN
fsr-3335	468	4	,	,	PUNCT
fsr-3335	468	5	kowara	kowara	PROPN
fsr-3335	468	6	,	,	PUNCT
fsr-3335	468	7	m.	m.	NOUN
fsr-3335	468	8	,	,	PUNCT
fsr-3335	468	9	&	&	CCONJ
fsr-3335	468	10	chen	chen	PROPN
fsr-3335	468	11	,	,	PUNCT
fsr-3335	468	12	p.	p.	NOUN
fsr-3335	468	13	(	(	PUNCT
fsr-3335	468	14	2012	2012	NUM
fsr-3335	468	15	)	)	PUNCT
fsr-3335	468	16	.	.	PUNCT
fsr-3335	469	1	optimal	optimal	ADJ
fsr-3335	469	2	withdrawal	withdrawal	NOUN
fsr-3335	469	3	strategy	strategy	NOUN
fsr-3335	469	4	for	for	ADP
fsr-3335	469	5	retirement	retirement	NOUN
fsr-3335	469	6	income	income	NOUN
fsr-3335	469	7	portfolios	portfolio	NOUN
fsr-3335	469	8	.	.	PUNCT
fsr-3335	470	1	chicago	chicago	PROPN
fsr-3335	470	2	,	,	PUNCT
fsr-3335	470	3	il	il	PROPN
fsr-3335	470	4	:	:	SYM
fsr-3335	470	5	morningstar	morningstar	PROPN
fsr-3335	470	6	.	.	PUNCT
fsr-3335	470	7	brown	brown	PROPN
fsr-3335	470	8	,	,	PUNCT
fsr-3335	470	9	r.	r.	PROPN
fsr-3335	470	10	l.	l.	PROPN
fsr-3335	470	11	,	,	PUNCT
fsr-3335	470	12	&	&	CCONJ
fsr-3335	470	13	mcdaid	mcdaid	PROPN
fsr-3335	470	14	,	,	PUNCT
fsr-3335	470	15	j.	j.	PROPN
fsr-3335	470	16	(	(	PUNCT
fsr-3335	470	17	2003	2003	NUM
fsr-3335	470	18	)	)	PUNCT
fsr-3335	470	19	.	.	PUNCT
fsr-3335	471	1	factors	factor	NOUN
fsr-3335	471	2	affecting	affect	VERB
fsr-3335	471	3	retirement	retirement	NOUN
fsr-3335	471	4	mortality	mortality	NOUN
fsr-3335	471	5	.	.	PUNCT
fsr-3335	472	1	north	north	ADJ
fsr-3335	472	2	american	american	ADJ
fsr-3335	472	3	actuarial	actuarial	ADJ
fsr-3335	472	4	journal	journal	NOUN
fsr-3335	472	5	,	,	PUNCT
fsr-3335	472	6	7	7	NUM
fsr-3335	472	7	,	,	PUNCT
fsr-3335	472	8	24–43	24–43	NUM
fsr-3335	472	9	.	.	PUNCT
fsr-3335	473	1	campbell	campbell	PROPN
fsr-3335	473	2	,	,	PUNCT
fsr-3335	473	3	j.	j.	PROPN
fsr-3335	473	4	y.	y.	PROPN
fsr-3335	473	5	,	,	PUNCT
fsr-3335	473	6	&	&	CCONJ
fsr-3335	473	7	viceira	viceira	PROPN
fsr-3335	473	8	,	,	PUNCT
fsr-3335	473	9	l.	l.	PROPN
fsr-3335	473	10	m.	m.	PROPN
fsr-3335	473	11	(	(	PUNCT
fsr-3335	473	12	2005	2005	NUM
fsr-3335	473	13	)	)	PUNCT
fsr-3335	473	14	.	.	PUNCT
fsr-3335	474	1	long	long	ADJ
fsr-3335	474	2	-	-	PUNCT
fsr-3335	474	3	horizon	horizon	NOUN
fsr-3335	474	4	mean	mean	ADJ
fsr-3335	474	5	-	-	PUNCT
fsr-3335	474	6	variance	variance	NOUN
fsr-3335	474	7	analysis	analysis	NOUN
fsr-3335	474	8	:	:	PUNCT
fsr-3335	474	9	a	a	DET
fsr-3335	474	10	user	user	NOUN
fsr-3335	474	11	guide	guide	NOUN
fsr-3335	474	12	,	,	PUNCT
fsr-3335	474	13	appendix	appendix	VERB
fsr-3335	474	14	for	for	ADP
fsr-3335	474	15	“	"	PUNCT
fsr-3335	474	16	the	the	DET
fsr-3335	474	17	term	term	NOUN
fsr-3335	474	18	structure	structure	NOUN
fsr-3335	474	19	of	of	ADP
fsr-3335	474	20	the	the	DET
fsr-3335	474	21	risk	risk	NOUN
fsr-3335	474	22	-	-	PUNCT
fsr-3335	474	23	return	return	NOUN
fsr-3335	474	24	tradeoff	tradeoff	NOUN
fsr-3335	474	25	.	.	PUNCT
fsr-3335	474	26	”	"	PUNCT
fsr-3335	475	1	financial	financial	ADJ
fsr-3335	475	2	analysis	analysis	NOUN
fsr-3335	475	3	journal	journal	NOUN
fsr-3335	475	4	.	.	PUNCT
fsr-3335	476	1	(	(	PUNCT
fsr-3335	476	2	available	available	ADJ
fsr-3335	476	3	at	at	ADP
fsr-3335	476	4	http://scholar	http://scholar	ADJ
fsr-3335	476	5	.	.	PUNCT
fsr-3335	477	1	harvard.edu/files/campbell/files/long-horizon_appendix_2005.pdf	harvard.edu/files/campbell/files/long-horizon_appendix_2005.pdf	NOUN
fsr-3335	477	2	)	)	PUNCT
fsr-3335	477	3	.	.	PUNCT
fsr-3335	478	1	campbell	campbell	PROPN
fsr-3335	478	2	,	,	PUNCT
fsr-3335	478	3	j.	j.	PROPN
fsr-3335	478	4	y.	y.	PROPN
fsr-3335	478	5	,	,	PUNCT
fsr-3335	478	6	&	&	CCONJ
fsr-3335	478	7	viceira	viceira	PROPN
fsr-3335	478	8	,	,	PUNCT
fsr-3335	478	9	l.	l.	PROPN
fsr-3335	478	10	m.	m.	PROPN
fsr-3335	478	11	(	(	PUNCT
fsr-3335	478	12	2005	2005	NUM
fsr-3335	478	13	)	)	PUNCT
fsr-3335	478	14	.	.	PUNCT
fsr-3335	479	1	the	the	DET
fsr-3335	479	2	term	term	NOUN
fsr-3335	479	3	structure	structure	NOUN
fsr-3335	479	4	of	of	ADP
fsr-3335	479	5	the	the	DET
fsr-3335	479	6	risk	risk	NOUN
fsr-3335	479	7	-	-	PUNCT
fsr-3335	479	8	return	return	NOUN
fsr-3335	479	9	trade	trade	NOUN
fsr-3335	479	10	-	-	PUNCT
fsr-3335	479	11	off	off	NOUN
fsr-3335	479	12	.	.	PUNCT
fsr-3335	480	1	financial	financial	ADJ
fsr-3335	480	2	analysts	analyst	NOUN
fsr-3335	480	3	journal	journal	NOUN
fsr-3335	480	4	,	,	PUNCT
fsr-3335	480	5	61	61	NUM
fsr-3335	480	6	,	,	PUNCT
fsr-3335	480	7	34–44	34–44	NUM
fsr-3335	480	8	.	.	PUNCT
fsr-3335	481	1	collins	collins	PROPN
fsr-3335	481	2	,	,	PUNCT
fsr-3335	481	3	p.	p.	PROPN
fsr-3335	481	4	j.	j.	PROPN
fsr-3335	481	5	(	(	PUNCT
fsr-3335	481	6	2007	2007	NUM
fsr-3335	481	7	)	)	PUNCT
fsr-3335	481	8	.	.	PUNCT
fsr-3335	482	1	prudence	prudence	NOUN
fsr-3335	482	2	.	.	PUNCT
fsr-3335	483	1	the	the	DET
fsr-3335	483	2	banking	banking	NOUN
fsr-3335	483	3	law	law	NOUN
fsr-3335	483	4	journal	journal	NOUN
fsr-3335	483	5	,	,	PUNCT
fsr-3335	483	6	124	124	NUM
fsr-3335	483	7	,	,	PUNCT
fsr-3335	483	8	29–96	29–96	NUM
fsr-3335	483	9	.	.	PUNCT
fsr-3335	483	10	collins	collins	PROPN
fsr-3335	483	11	,	,	PUNCT
fsr-3335	483	12	p.	p.	PROPN
fsr-3335	483	13	j.	j.	PROPN
fsr-3335	483	14	,	,	PUNCT
fsr-3335	483	15	savage	savage	NOUN
fsr-3335	483	16	,	,	PUNCT
fsr-3335	483	17	s.	s.	PROPN
fsr-3335	483	18	l.	l.	PROPN
fsr-3335	483	19	,	,	PUNCT
fsr-3335	483	20	&	&	CCONJ
fsr-3335	483	21	stampfli	stampfli	PROPN
fsr-3335	483	22	,	,	PUNCT
fsr-3335	483	23	j.	j.	PROPN
fsr-3335	483	24	(	(	PUNCT
fsr-3335	483	25	2000	2000	NUM
fsr-3335	483	26	)	)	PUNCT
fsr-3335	483	27	.	.	PUNCT
fsr-3335	484	1	financial	financial	ADJ
fsr-3335	484	2	consequences	consequence	NOUN
fsr-3335	484	3	of	of	ADP
fsr-3335	484	4	distribution	distribution	NOUN
fsr-3335	484	5	elections	election	NOUN
fsr-3335	484	6	from	from	ADP
fsr-3335	484	7	total	total	ADJ
fsr-3335	484	8	return	return	NOUN
fsr-3335	484	9	trusts	trust	NOUN
fsr-3335	484	10	.	.	PUNCT
fsr-3335	485	1	real	real	ADJ
fsr-3335	485	2	property	property	NOUN
fsr-3335	485	3	,	,	PUNCT
fsr-3335	485	4	probate	probate	NOUN
fsr-3335	485	5	,	,	PUNCT
fsr-3335	485	6	and	and	CCONJ
fsr-3335	485	7	trust	trust	PROPN
fsr-3335	485	8	journal	journal	NOUN
fsr-3335	485	9	,	,	PUNCT
fsr-3335	485	10	35	35	NUM
fsr-3335	485	11	,	,	PUNCT
fsr-3335	485	12	243–304	243–304	NUM
fsr-3335	485	13	.	.	PUNCT
fsr-3335	486	1	cooley	cooley	PROPN
fsr-3335	486	2	,	,	PUNCT
fsr-3335	486	3	p.	p.	PROPN
fsr-3335	486	4	l.	l.	PROPN
fsr-3335	486	5	,	,	PUNCT
fsr-3335	486	6	hubbard	hubbard	PROPN
fsr-3335	486	7	,	,	PUNCT
fsr-3335	486	8	c.	c.	PROPN
fsr-3335	486	9	m.	m.	PROPN
fsr-3335	486	10	,	,	PUNCT
fsr-3335	486	11	&	&	CCONJ
fsr-3335	486	12	walz	walz	PROPN
fsr-3335	486	13	,	,	PUNCT
fsr-3335	486	14	d.	d.	PROPN
fsr-3335	486	15	t.	t.	PROPN
fsr-3335	486	16	(	(	PUNCT
fsr-3335	486	17	2011	2011	NUM
fsr-3335	486	18	)	)	PUNCT
fsr-3335	486	19	.	.	PUNCT
fsr-3335	487	1	portfolio	portfolio	NOUN
fsr-3335	487	2	success	success	NOUN
fsr-3335	487	3	rates	rate	NOUN
fsr-3335	487	4	:	:	PUNCT
fsr-3335	487	5	where	where	SCONJ
fsr-3335	487	6	to	to	PART
fsr-3335	487	7	draw	draw	VERB
fsr-3335	487	8	the	the	DET
fsr-3335	487	9	line	line	NOUN
fsr-3335	487	10	.	.	PUNCT
fsr-3335	488	1	journal	journal	NOUN
fsr-3335	488	2	of	of	ADP
fsr-3335	488	3	financial	financial	ADJ
fsr-3335	488	4	planning	planning	NOUN
fsr-3335	488	5	,	,	PUNCT
fsr-3335	488	6	24	24	NUM
fsr-3335	488	7	,	,	PUNCT
fsr-3335	488	8	48–60	48–60	PROPN
fsr-3335	488	9	.	.	PUNCT
fsr-3335	489	1	coopersmith	coopersmith	PROPN
fsr-3335	489	2	,	,	PUNCT
fsr-3335	489	3	l.	l.	PROPN
fsr-3335	489	4	w.	w.	PROPN
fsr-3335	489	5	,	,	PUNCT
fsr-3335	489	6	&	&	CCONJ
fsr-3335	489	7	sumutka	sumutka	PROPN
fsr-3335	489	8	,	,	PUNCT
fsr-3335	489	9	a.	a.	PROPN
fsr-3335	489	10	r.	r.	PROPN
fsr-3335	489	11	(	(	PUNCT
fsr-3335	489	12	2011	2011	NUM
fsr-3335	489	13	)	)	PUNCT
fsr-3335	489	14	.	.	PUNCT
fsr-3335	490	1	tax	tax	NOUN
fsr-3335	490	2	efficient	efficient	ADJ
fsr-3335	490	3	retirement	retirement	NOUN
fsr-3335	490	4	withdrawal	withdrawal	NOUN
fsr-3335	490	5	planning	planning	NOUN
fsr-3335	490	6	using	use	VERB
fsr-3335	490	7	a	a	DET
fsr-3335	490	8	linear	linear	ADJ
fsr-3335	490	9	programming	programming	NOUN
fsr-3335	490	10	model	model	NOUN
fsr-3335	490	11	.	.	PUNCT
fsr-3335	491	1	journal	journal	PROPN
fsr-3335	491	2	of	of	ADP
fsr-3335	491	3	financial	financial	ADJ
fsr-3335	491	4	planning	planning	NOUN
fsr-3335	491	5	,	,	PUNCT
fsr-3335	491	6	24	24	NUM
fsr-3335	491	7	,	,	PUNCT
fsr-3335	491	8	50–59	50–59	NUM
fsr-3335	491	9	.	.	PUNCT
fsr-3335	492	1	davis	davis	PROPN
fsr-3335	492	2	,	,	PUNCT
fsr-3335	492	3	j.	j.	PROPN
fsr-3335	492	4	h.	h.	PROPN
fsr-3335	492	5	,	,	PUNCT
fsr-3335	492	6	wicas	wica	NOUN
fsr-3335	492	7	,	,	PUNCT
fsr-3335	492	8	n.	n.	PROPN
fsr-3335	492	9	w.	w.	PROPN
fsr-3335	492	10	,	,	PUNCT
fsr-3335	492	11	&	&	CCONJ
fsr-3335	492	12	kinniry	kinniry	PROPN
fsr-3335	492	13	,	,	PUNCT
fsr-3335	492	14	f.	f.	PROPN
fsr-3335	492	15	m.	m.	PROPN
fsr-3335	492	16	(	(	PUNCT
fsr-3335	492	17	2004	2004	NUM
fsr-3335	492	18	)	)	PUNCT
fsr-3335	492	19	.	.	PUNCT
fsr-3335	493	1	the	the	DET
fsr-3335	493	2	strengths	strength	NOUN
fsr-3335	493	3	and	and	CCONJ
fsr-3335	493	4	weaknesses	weakness	NOUN
fsr-3335	493	5	of	of	ADP
fsr-3335	493	6	various	various	ADJ
fsr-3335	493	7	financial	financial	ADJ
fsr-3335	493	8	simulation	simulation	NOUN
fsr-3335	493	9	methods	method	NOUN
fsr-3335	493	10	.	.	PUNCT
fsr-3335	494	1	journal	journal	PROPN
fsr-3335	494	2	of	of	ADP
fsr-3335	494	3	wealth	wealth	NOUN
fsr-3335	494	4	management	management	NOUN
fsr-3335	494	5	,	,	PUNCT
fsr-3335	494	6	6	6	NUM
fsr-3335	494	7	,	,	PUNCT
fsr-3335	494	8	33–42	33–42	NUM
fsr-3335	494	9	.	.	PUNCT
fsr-3335	495	1	dicarlo	dicarlo	PROPN
fsr-3335	495	2	jr	jr	PROPN
fsr-3335	495	3	.	.	PROPN
fsr-3335	495	4	,	,	PUNCT
fsr-3335	495	5	d.	d.	PROPN
fsr-3335	495	6	p.	p.	PROPN
fsr-3335	495	7	,	,	PUNCT
fsr-3335	495	8	&	&	CCONJ
fsr-3335	495	9	fast	fast	ADV
fsr-3335	495	10	,	,	PUNCT
fsr-3335	495	11	s.	s.	PROPN
fsr-3335	495	12	m.	m.	PROPN
fsr-3335	495	13	(	(	PUNCT
fsr-3335	495	14	2008	2008	NUM
fsr-3335	495	15	)	)	PUNCT
fsr-3335	495	16	.	.	PUNCT
fsr-3335	496	1	prudence	prudence	NOUN
fsr-3335	496	2	:	:	PUNCT
fsr-3335	496	3	what	what	PRON
fsr-3335	496	4	are	be	AUX
fsr-3335	496	5	the	the	DET
fsr-3335	496	6	odds	odd	NOUN
fsr-3335	496	7	?	?	PUNCT
fsr-3335	497	1	ali	ali	PROPN
fsr-3335	497	2	-	-	PUNCT
fsr-3335	497	3	aba	aba	PROPN
fsr-3335	497	4	course	course	NOUN
fsr-3335	497	5	of	of	ADP
fsr-3335	497	6	study	study	NOUN
fsr-3335	497	7	:	:	PUNCT
fsr-3335	497	8	representing	represent	VERB
fsr-3335	497	9	estate	estate	NOUN
fsr-3335	497	10	and	and	CCONJ
fsr-3335	497	11	trust	trust	NOUN
fsr-3335	497	12	beneficiaries	beneficiary	NOUN
fsr-3335	497	13	and	and	CCONJ
fsr-3335	497	14	fiduciaries	fiduciary	NOUN
fsr-3335	497	15	,	,	PUNCT
fsr-3335	497	16	477–479	477–479	NUM
fsr-3335	497	17	.	.	PUNCT
fsr-3335	498	1	finke	finke	PROPN
fsr-3335	498	2	,	,	PUNCT
fsr-3335	498	3	m.	m.	NOUN
fsr-3335	498	4	,	,	PUNCT
fsr-3335	498	5	pfau	pfau	NOUN
fsr-3335	498	6	,	,	PUNCT
fsr-3335	498	7	w.	w.	PROPN
fsr-3335	498	8	d.	d.	PROPN
fsr-3335	498	9	,	,	PUNCT
fsr-3335	498	10	&	&	CCONJ
fsr-3335	498	11	williams	williams	PROPN
fsr-3335	498	12	,	,	PUNCT
fsr-3335	498	13	d.	d.	PROPN
fsr-3335	498	14	(	(	PUNCT
fsr-3335	498	15	2012	2012	NUM
fsr-3335	498	16	)	)	PUNCT
fsr-3335	498	17	.	.	PUNCT
fsr-3335	499	1	spending	spend	VERB
fsr-3335	499	2	flexibility	flexibility	NOUN
fsr-3335	499	3	and	and	CCONJ
fsr-3335	499	4	safe	safe	ADJ
fsr-3335	499	5	withdrawal	withdrawal	NOUN
fsr-3335	499	6	rates	rate	NOUN
fsr-3335	499	7	.	.	PUNCT
fsr-3335	500	1	journal	journal	NOUN
fsr-3335	500	2	of	of	ADP
fsr-3335	500	3	financial	financial	ADJ
fsr-3335	500	4	planning	planning	NOUN
fsr-3335	500	5	,	,	PUNCT
fsr-3335	500	6	25	25	NUM
fsr-3335	500	7	,	,	PUNCT
fsr-3335	500	8	44–51	44–51	NUM
fsr-3335	500	9	.	.	PUNCT
fsr-3335	501	1	gupta	gupta	PROPN
fsr-3335	501	2	,	,	PUNCT
fsr-3335	501	3	a.	a.	PROPN
fsr-3335	501	4	,	,	PUNCT
fsr-3335	501	5	&	&	CCONJ
fsr-3335	501	6	li	li	PROPN
fsr-3335	501	7	,	,	PUNCT
fsr-3335	501	8	z.	z.	PROPN
fsr-3335	501	9	(	(	PUNCT
fsr-3335	501	10	2013	2013	NUM
fsr-3335	501	11	)	)	PUNCT
fsr-3335	501	12	.	.	PUNCT
fsr-3335	502	1	optimal	optimal	ADJ
fsr-3335	502	2	annuity	annuity	NOUN
fsr-3335	502	3	purchase	purchase	NOUN
fsr-3335	502	4	decisions	decision	NOUN
fsr-3335	502	5	under	under	ADP
fsr-3335	502	6	uncertain	uncertain	ADJ
fsr-3335	502	7	lifetime	lifetime	NOUN
fsr-3335	502	8	.	.	PUNCT
fsr-3335	503	1	journal	journal	PROPN
fsr-3335	503	2	of	of	ADP
fsr-3335	503	3	family	family	NOUN
fsr-3335	503	4	economics	economic	NOUN
fsr-3335	503	5	,	,	PUNCT
fsr-3335	503	6	34	34	NUM
fsr-3335	503	7	,	,	PUNCT
fsr-3335	503	8	447–459	447–459	PROPN
fsr-3335	503	9	.	.	PUNCT
fsr-3335	504	1	hamilton	hamilton	PROPN
fsr-3335	504	2	,	,	PUNCT
fsr-3335	504	3	j.	j.	PROPN
fsr-3335	504	4	,	,	PUNCT
fsr-3335	504	5	&	&	CCONJ
fsr-3335	504	6	susmel	susmel	PROPN
fsr-3335	504	7	,	,	PUNCT
fsr-3335	504	8	r.	r.	PROPN
fsr-3335	504	9	(	(	PUNCT
fsr-3335	504	10	1994	1994	NUM
fsr-3335	504	11	)	)	PUNCT
fsr-3335	504	12	.	.	PUNCT
fsr-3335	505	1	autoregressive	autoregressive	ADJ
fsr-3335	505	2	conditional	conditional	ADJ
fsr-3335	505	3	heteroskedasticity	heteroskedasticity	NOUN
fsr-3335	505	4	and	and	CCONJ
fsr-3335	505	5	changes	change	NOUN
fsr-3335	505	6	in	in	ADP
fsr-3335	505	7	regime	regime	NOUN
fsr-3335	505	8	.	.	PUNCT
fsr-3335	506	1	journal	journal	PROPN
fsr-3335	506	2	of	of	ADP
fsr-3335	506	3	econometrics	econometric	NOUN
fsr-3335	506	4	,	,	PUNCT
fsr-3335	506	5	64	64	NUM
fsr-3335	506	6	,	,	PUNCT
fsr-3335	506	7	307–333	307–333	NUM
fsr-3335	506	8	.	.	PUNCT
fsr-3335	507	1	hansen	hansen	PROPN
fsr-3335	507	2	,	,	PUNCT
fsr-3335	507	3	l.	l.	PROPN
fsr-3335	507	4	p.	p.	PROPN
fsr-3335	507	5	,	,	PUNCT
fsr-3335	507	6	&	&	CCONJ
fsr-3335	507	7	sargent	sargent	PROPN
fsr-3335	507	8	,	,	PUNCT
fsr-3335	507	9	t.	t.	PROPN
fsr-3335	507	10	j.	j.	PROPN
fsr-3335	507	11	(	(	PUNCT
fsr-3335	507	12	2008	2008	NUM
fsr-3335	507	13	)	)	PUNCT
fsr-3335	507	14	.	.	PUNCT
fsr-3335	508	1	robustness	robustness	NOUN
fsr-3335	508	2	.	.	PUNCT
fsr-3335	509	1	princeton	princeton	PROPN
fsr-3335	509	2	,	,	PUNCT
fsr-3335	509	3	nj	nj	PROPN
fsr-3335	509	4	:	:	PUNCT
fsr-3335	509	5	princeton	princeton	PROPN
fsr-3335	509	6	university	university	PROPN
fsr-3335	509	7	press	press	NOUN
fsr-3335	509	8	.	.	PUNCT
fsr-3335	510	1	hardy	hardy	ADJ
fsr-3335	510	2	,	,	PUNCT
fsr-3335	510	3	m.	m.	NOUN
fsr-3335	510	4	(	(	PUNCT
fsr-3335	510	5	2003	2003	NUM
fsr-3335	510	6	)	)	PUNCT
fsr-3335	510	7	.	.	PUNCT
fsr-3335	511	1	investment	investment	NOUN
fsr-3335	511	2	guarantees	guarantee	NOUN
fsr-3335	511	3	:	:	PUNCT
fsr-3335	511	4	modeling	modeling	NOUN
fsr-3335	511	5	and	and	CCONJ
fsr-3335	511	6	risk	risk	NOUN
fsr-3335	511	7	management	management	NOUN
fsr-3335	511	8	for	for	ADP
fsr-3335	511	9	equity	equity	NOUN
fsr-3335	511	10	-	-	PUNCT
fsr-3335	511	11	linked	link	VERB
fsr-3335	511	12	life	life	NOUN
fsr-3335	511	13	insurance	insurance	NOUN
fsr-3335	511	14	.	.	PUNCT
fsr-3335	512	1	new	new	PROPN
fsr-3335	512	2	york	york	PROPN
fsr-3335	512	3	,	,	PUNCT
fsr-3335	512	4	ny	ny	PROPN
fsr-3335	512	5	:	:	PUNCT
fsr-3335	512	6	john	john	PROPN
fsr-3335	512	7	wiley	wiley	PROPN
fsr-3335	512	8	&	&	CCONJ
fsr-3335	512	9	sons	sons	PROPN
fsr-3335	512	10	.	.	PUNCT
fsr-3335	513	1	huang	huang	PROPN
fsr-3335	513	2	,	,	PUNCT
fsr-3335	513	3	h.	h.	PROPN
fsr-3335	513	4	,	,	PUNCT
fsr-3335	513	5	milevsky	milevsky	NOUN
fsr-3335	513	6	,	,	PUNCT
fsr-3335	513	7	m.	m.	NOUN
fsr-3335	513	8	a.	a.	PROPN
fsr-3335	513	9	,	,	PUNCT
fsr-3335	513	10	&	&	CCONJ
fsr-3335	513	11	wang	wang	PROPN
fsr-3335	513	12	,	,	PUNCT
fsr-3335	513	13	j.	j.	PROPN
fsr-3335	513	14	(	(	PUNCT
fsr-3335	513	15	2004	2004	NUM
fsr-3335	513	16	)	)	PUNCT
fsr-3335	513	17	.	.	PUNCT
fsr-3335	514	1	ruined	ruin	VERB
fsr-3335	514	2	moments	moment	NOUN
fsr-3335	514	3	in	in	ADP
fsr-3335	514	4	your	your	PRON
fsr-3335	514	5	life	life	NOUN
fsr-3335	514	6	:	:	PUNCT
fsr-3335	514	7	how	how	SCONJ
fsr-3335	514	8	good	good	ADJ
fsr-3335	514	9	are	be	AUX
fsr-3335	514	10	the	the	DET
fsr-3335	514	11	approximations	approximation	NOUN
fsr-3335	514	12	?	?	PUNCT
fsr-3335	515	1	insurance	insurance	NOUN
fsr-3335	515	2	:	:	PUNCT
fsr-3335	515	3	mathematics	mathematic	NOUN
fsr-3335	515	4	and	and	CCONJ
fsr-3335	515	5	economics	economic	NOUN
fsr-3335	515	6	,	,	PUNCT
fsr-3335	515	7	34	34	NUM
fsr-3335	515	8	,	,	PUNCT
fsr-3335	515	9	421–447	421–447	NUM
fsr-3335	515	10	.	.	PUNCT
fsr-3335	516	1	hughen	hughen	ADV
fsr-3335	516	2	,	,	PUNCT
fsr-3335	516	3	c.	c.	PROPN
fsr-3335	516	4	j.	j.	PROPN
fsr-3335	516	5	,	,	PUNCT
fsr-3335	516	6	laatsch	laatsch	PROPN
fsr-3335	516	7	,	,	PUNCT
fsr-3335	516	8	f.	f.	PROPN
fsr-3335	516	9	e.	e.	PROPN
fsr-3335	516	10	,	,	PUNCT
fsr-3335	516	11	&	&	CCONJ
fsr-3335	516	12	klein	klein	PROPN
fsr-3335	516	13	,	,	PUNCT
fsr-3335	516	14	d.	d.	PROPN
fsr-3335	516	15	p.	p.	PROPN
fsr-3335	516	16	(	(	PUNCT
fsr-3335	516	17	2002	2002	NUM
fsr-3335	516	18	)	)	PUNCT
fsr-3335	516	19	.	.	PUNCT
fsr-3335	517	1	withdrawal	withdrawal	NOUN
fsr-3335	517	2	patterns	pattern	NOUN
fsr-3335	517	3	and	and	CCONJ
fsr-3335	517	4	rebalancing	rebalancing	NOUN
fsr-3335	517	5	costs	cost	NOUN
fsr-3335	517	6	for	for	ADP
fsr-3335	517	7	taxable	taxable	ADJ
fsr-3335	517	8	portfolios	portfolio	NOUN
fsr-3335	517	9	.	.	PUNCT
fsr-3335	518	1	financial	financial	ADJ
fsr-3335	518	2	services	service	NOUN
fsr-3335	518	3	review	review	PROPN
fsr-3335	518	4	,	,	PUNCT
fsr-3335	518	5	11	11	NUM
fsr-3335	518	6	,	,	PUNCT
fsr-3335	518	7	341–366	341–366	NUM
fsr-3335	518	8	.	.	PUNCT
fsr-3335	519	1	kaplan	kaplan	PROPN
fsr-3335	519	2	,	,	PUNCT
fsr-3335	519	3	p.	p.	PROPN
fsr-3335	519	4	d.	d.	PROPN
fsr-3335	519	5	(	(	PUNCT
fsr-3335	519	6	2006	2006	NUM
fsr-3335	519	7	)	)	PUNCT
fsr-3335	519	8	.	.	PUNCT
fsr-3335	520	1	asset	asset	NOUN
fsr-3335	520	2	allocation	allocation	NOUN
fsr-3335	520	3	with	with	ADP
fsr-3335	520	4	annuities	annuity	NOUN
fsr-3335	520	5	for	for	ADP
fsr-3335	520	6	retirement	retirement	NOUN
fsr-3335	520	7	income	income	NOUN
fsr-3335	520	8	management	management	NOUN
fsr-3335	520	9	.	.	PUNCT
fsr-3335	521	1	the	the	DET
fsr-3335	521	2	journal	journal	NOUN
fsr-3335	521	3	of	of	ADP
fsr-3335	521	4	wealth	wealth	NOUN
fsr-3335	521	5	management	management	NOUN
fsr-3335	521	6	,	,	PUNCT
fsr-3335	521	7	8	8	NUM
fsr-3335	521	8	,	,	PUNCT
fsr-3335	521	9	27–40	27–40	NUM
fsr-3335	521	10	.	.	PUNCT
fsr-3335	521	11	karolyi	karolyi	PROPN
fsr-3335	521	12	,	,	PUNCT
fsr-3335	521	13	a.	a.	NOUN
fsr-3335	521	14	g.	g.	PROPN
fsr-3335	521	15	(	(	PUNCT
fsr-3335	521	16	2001	2001	NUM
fsr-3335	521	17	)	)	PUNCT
fsr-3335	521	18	.	.	PUNCT
fsr-3335	522	1	why	why	SCONJ
fsr-3335	522	2	stock	stock	NOUN
fsr-3335	522	3	return	return	NOUN
fsr-3335	522	4	volatility	volatility	NOUN
fsr-3335	522	5	really	really	ADV
fsr-3335	522	6	matters	matter	VERB
fsr-3335	522	7	.	.	PUNCT
fsr-3335	523	1	strategic	strategic	ADJ
fsr-3335	523	2	investor	investor	NOUN
fsr-3335	523	3	relations	relation	NOUN
fsr-3335	523	4	,	,	PUNCT
fsr-3335	523	5	1	1	NUM
fsr-3335	523	6	,	,	PUNCT
fsr-3335	523	7	1–20	1–20	PROPN
fsr-3335	523	8	.	.	PUNCT
fsr-3335	523	9	kleindorfer	kleindorfer	PROPN
fsr-3335	523	10	,	,	PUNCT
fsr-3335	523	11	p.	p.	PROPN
fsr-3335	523	12	r.	r.	PROPN
fsr-3335	523	13	(	(	PUNCT
fsr-3335	523	14	2010	2010	NUM
fsr-3335	523	15	)	)	PUNCT
fsr-3335	523	16	.	.	PUNCT
fsr-3335	524	1	reflections	reflection	NOUN
fsr-3335	524	2	on	on	ADP
fsr-3335	524	3	decision	decision	NOUN
fsr-3335	524	4	-	-	PUNCT
fsr-3335	524	5	making	making	NOUN
fsr-3335	524	6	under	under	ADP
fsr-3335	524	7	uncertainty	uncertainty	NOUN
fsr-3335	524	8	.	.	PUNCT
fsr-3335	525	1	in	in	ADP
fsr-3335	525	2	f.	f.	PROPN
fsr-3335	525	3	x.	x.	PROPN
fsr-3335	525	4	diebold	diebold	PROPN
fsr-3335	525	5	,	,	PUNCT
fsr-3335	525	6	n.	n.	PROPN
fsr-3335	525	7	a.	a.	PROPN
fsr-3335	525	8	doherty	doherty	PROPN
fsr-3335	525	9	,	,	PUNCT
fsr-3335	525	10	&	&	CCONJ
fsr-3335	525	11	r.	r.	PROPN
fsr-3335	525	12	j.	j.	PROPN
fsr-3335	525	13	herring	herring	PROPN
fsr-3335	525	14	(	(	PUNCT
fsr-3335	525	15	eds	eds	PROPN
fsr-3335	525	16	.	.	PUNCT
fsr-3335	525	17	)	)	PUNCT
fsr-3335	525	18	,	,	PUNCT
fsr-3335	525	19	the	the	DET
fsr-3335	525	20	known	know	VERB
fsr-3335	525	21	,	,	PUNCT
fsr-3335	525	22	the	the	DET
fsr-3335	525	23	unknown	unknown	ADJ
fsr-3335	525	24	,	,	PUNCT
fsr-3335	525	25	and	and	CCONJ
fsr-3335	525	26	the	the	DET
fsr-3335	525	27	unknowable	unknowable	ADJ
fsr-3335	525	28	in	in	ADP
fsr-3335	525	29	financial	financial	ADJ
fsr-3335	525	30	risk	risk	NOUN
fsr-3335	525	31	management	management	NOUN
fsr-3335	525	32	.	.	PUNCT
fsr-3335	526	1	princeton	princeton	PROPN
fsr-3335	526	2	,	,	PUNCT
fsr-3335	526	3	nj	nj	PROPN
fsr-3335	526	4	:	:	PUNCT
fsr-3335	526	5	princeton	princeton	PROPN
fsr-3335	526	6	university	university	PROPN
fsr-3335	526	7	press	press	NOUN
fsr-3335	526	8	.	.	PUNCT
fsr-3335	527	1	klinger	klinger	PROPN
fsr-3335	527	2	,	,	PUNCT
fsr-3335	527	3	w.	w.	PROPN
fsr-3335	527	4	(	(	PUNCT
fsr-3335	527	5	2011	2011	NUM
fsr-3335	527	6	)	)	PUNCT
fsr-3335	527	7	.	.	PUNCT
fsr-3335	528	1	in	in	ADP
fsr-3335	528	2	search	search	NOUN
fsr-3335	528	3	of	of	ADP
fsr-3335	528	4	the	the	DET
fsr-3335	528	5	“	"	PUNCT
fsr-3335	528	6	best	good	ADJ
fsr-3335	528	7	”	"	PUNCT
fsr-3335	528	8	retirement	retirement	NOUN
fsr-3335	528	9	strategy	strategy	NOUN
fsr-3335	528	10	.	.	PUNCT
fsr-3335	529	1	journal	journal	NOUN
fsr-3335	529	2	of	of	ADP
fsr-3335	529	3	financial	financial	ADJ
fsr-3335	529	4	service	service	NOUN
fsr-3335	529	5	professionals	professional	NOUN
fsr-3335	529	6	,	,	PUNCT
fsr-3335	529	7	65	65	NUM
fsr-3335	529	8	,	,	PUNCT
fsr-3335	529	9	62–73	62–73	NOUN
fsr-3335	529	10	.	.	PUNCT
fsr-3335	530	1	kopcke	kopcke	PROPN
fsr-3335	530	2	,	,	PUNCT
fsr-3335	530	3	r.	r.	PROPN
fsr-3335	530	4	w.	w.	PROPN
fsr-3335	530	5	,	,	PUNCT
fsr-3335	530	6	webb	webb	PROPN
fsr-3335	530	7	,	,	PUNCT
fsr-3335	530	8	a.	a.	PROPN
fsr-3335	530	9	,	,	PUNCT
fsr-3335	530	10	hurwitz	hurwitz	PROPN
fsr-3335	530	11	,	,	PUNCT
fsr-3335	530	12	j.	j.	PROPN
fsr-3335	530	13	,	,	PUNCT
fsr-3335	530	14	&	&	CCONJ
fsr-3335	530	15	li	li	PROPN
fsr-3335	530	16	,	,	PUNCT
fsr-3335	530	17	z.	z.	PROPN
fsr-3335	530	18	(	(	PUNCT
fsr-3335	530	19	2013	2013	NUM
fsr-3335	530	20	)	)	PUNCT
fsr-3335	530	21	.	.	PUNCT
fsr-3335	531	1	rethinking	rethink	VERB
fsr-3335	531	2	optimal	optimal	ADJ
fsr-3335	531	3	wealth	wealth	NOUN
fsr-3335	531	4	accumulation	accumulation	NOUN
fsr-3335	531	5	and	and	CCONJ
fsr-3335	531	6	decumulation	decumulation	NOUN
fsr-3335	531	7	strategies	strategy	NOUN
fsr-3335	531	8	in	in	ADP
fsr-3335	531	9	the	the	DET
fsr-3335	531	10	wake	wake	NOUN
fsr-3335	531	11	of	of	ADP
fsr-3335	531	12	the	the	DET
fsr-3335	531	13	financial	financial	ADJ
fsr-3335	531	14	crisis	crisis	NOUN
fsr-3335	531	15	.	.	PUNCT
fsr-3335	532	1	center	center	NOUN
fsr-3335	532	2	for	for	ADP
fsr-3335	532	3	retirement	retirement	NOUN
fsr-3335	532	4	research	research	NOUN
fsr-3335	532	5	at	at	ADP
fsr-3335	532	6	boston	boston	PROPN
fsr-3335	532	7	college	college	PROPN
fsr-3335	532	8	crr	crr	PROPN
fsr-3335	532	9	wp	wp	PROPN
fsr-3335	532	10	2013	2013	NUM
fsr-3335	532	11	-	-	SYM
fsr-3335	532	12	1	1	NUM
fsr-3335	532	13	.	.	PUNCT
fsr-3335	533	1	kritzman	kritzman	PROPN
fsr-3335	533	2	,	,	PUNCT
fsr-3335	533	3	m.	m.	NOUN
fsr-3335	533	4	,	,	PUNCT
fsr-3335	533	5	page	page	NOUN
fsr-3335	533	6	,	,	PUNCT
fsr-3335	533	7	s.	s.	PROPN
fsr-3335	533	8	,	,	PUNCT
fsr-3335	533	9	&	&	CCONJ
fsr-3335	533	10	turkington	turkington	PROPN
fsr-3335	533	11	,	,	PUNCT
fsr-3335	533	12	d.	d.	PROPN
fsr-3335	533	13	(	(	PUNCT
fsr-3335	533	14	2012	2012	NUM
fsr-3335	533	15	)	)	PUNCT
fsr-3335	533	16	.	.	PUNCT
fsr-3335	534	1	regime	regime	NOUN
fsr-3335	534	2	shifts	shift	NOUN
fsr-3335	534	3	:	:	PUNCT
fsr-3335	534	4	implications	implication	NOUN
fsr-3335	534	5	for	for	ADP
fsr-3335	534	6	dynamic	dynamic	ADJ
fsr-3335	534	7	strategies	strategy	NOUN
fsr-3335	534	8	.	.	PUNCT
fsr-3335	535	1	financial	financial	ADJ
fsr-3335	535	2	analysts	analyst	NOUN
fsr-3335	535	3	journal	journal	NOUN
fsr-3335	535	4	,	,	PUNCT
fsr-3335	535	5	68	68	NUM
fsr-3335	535	6	,	,	PUNCT
fsr-3335	535	7	22–39	22–39	NUM
fsr-3335	535	8	.	.	PUNCT
fsr-3335	536	1	215p.j	215p.j	X
fsr-3335	536	2	.	.	PUNCT
fsr-3335	537	1	collins	collins	PROPN
fsr-3335	537	2	et	et	PROPN
fsr-3335	537	3	al	al	PROPN
fsr-3335	537	4	.	.	PUNCT
fsr-3335	537	5	/	/	SYM
fsr-3335	537	6	financial	financial	ADJ
fsr-3335	537	7	services	service	NOUN
fsr-3335	537	8	review	review	VERB
fsr-3335	537	9	24	24	NUM
fsr-3335	537	10	(	(	PUNCT
fsr-3335	537	11	2015	2015	NUM
fsr-3335	537	12	)	)	PUNCT
fsr-3335	537	13	193–216	193–216	NUM
fsr-3335	537	14	laverty	laverty	NOUN
fsr-3335	537	15	,	,	PUNCT
fsr-3335	537	16	w.	w.	PROPN
fsr-3335	537	17	h.	h.	PROPN
fsr-3335	537	18	,	,	PUNCT
fsr-3335	537	19	miket	miket	PROPN
fsr-3335	537	20	,	,	PUNCT
fsr-3335	537	21	m.	m.	NOUN
fsr-3335	537	22	j.	j.	PROPN
fsr-3335	537	23	,	,	PUNCT
fsr-3335	537	24	&	&	CCONJ
fsr-3335	537	25	kelly	kelly	PROPN
fsr-3335	537	26	,	,	PUNCT
fsr-3335	537	27	i.	i.	PROPN
fsr-3335	537	28	w.	w.	PROPN
fsr-3335	537	29	(	(	PUNCT
fsr-3335	537	30	2002	2002	NUM
fsr-3335	537	31	)	)	PUNCT
fsr-3335	537	32	.	.	PUNCT
fsr-3335	538	1	simulation	simulation	NOUN
fsr-3335	538	2	of	of	ADP
fsr-3335	538	3	hidden	hide	VERB
fsr-3335	538	4	markov	markov	NOUN
fsr-3335	538	5	models	model	NOUN
fsr-3335	538	6	with	with	ADP
fsr-3335	538	7	excel	excel	NOUN
fsr-3335	538	8	.	.	PUNCT
fsr-3335	539	1	journal	journal	NOUN
fsr-3335	539	2	of	of	ADP
fsr-3335	539	3	the	the	DET
fsr-3335	539	4	royal	royal	ADJ
fsr-3335	539	5	statistical	statistical	ADJ
fsr-3335	539	6	society	society	NOUN
fsr-3335	539	7	:	:	PUNCT
fsr-3335	539	8	series	series	PROPN
fsr-3335	539	9	d	d	PROPN
fsr-3335	539	10	(	(	PUNCT
fsr-3335	539	11	the	the	DET
fsr-3335	539	12	statisticican	statisticican	NOUN
fsr-3335	539	13	)	)	PUNCT
fsr-3335	539	14	.	.	PUNCT
fsr-3335	540	1	51	51	NUM
fsr-3335	540	2	,	,	PUNCT
fsr-3335	540	3	31–40	31–40	NUM
fsr-3335	540	4	.	.	PUNCT
fsr-3335	541	1	lee	lee	PROPN
fsr-3335	541	2	,	,	PUNCT
fsr-3335	541	3	m.	m.	NOUN
fsr-3335	541	4	i.	i.	PROPN
fsr-3335	541	5	(	(	PUNCT
fsr-3335	541	6	2009	2009	NUM
fsr-3335	541	7	)	)	PUNCT
fsr-3335	541	8	.	.	PUNCT
fsr-3335	542	1	model	model	NOUN
fsr-3335	542	2	risk	risk	NOUN
fsr-3335	542	3	in	in	ADP
fsr-3335	542	4	retirement	retirement	NOUN
fsr-3335	542	5	simulations	simulation	NOUN
fsr-3335	542	6	(	(	PUNCT
fsr-3335	542	7	available	available	ADJ
fsr-3335	542	8	at	at	ADP
fsr-3335	542	9	http://us.dimensional.com/pdf/model_risk	http://us.dimensional.com/pdf/model_risk	ADJ
fsr-3335	542	10	_	_	PRON
fsr-3335	542	11	in_retirement_simulations.pdf	in_retirement_simulations.pdf	NOUN
fsr-3335	542	12	)	)	PUNCT
fsr-3335	542	13	.	.	PUNCT
fsr-3335	543	1	levy	levy	NOUN
fsr-3335	543	2	,	,	PUNCT
fsr-3335	543	3	h.	h.	PROPN
fsr-3335	543	4	,	,	PUNCT
fsr-3335	543	5	&	&	CCONJ
fsr-3335	543	6	duchin	duchin	PROPN
fsr-3335	543	7	,	,	PUNCT
fsr-3335	543	8	r.	r.	PROPN
fsr-3335	543	9	(	(	PUNCT
fsr-3335	543	10	2004	2004	NUM
fsr-3335	543	11	)	)	PUNCT
fsr-3335	543	12	.	.	PUNCT
fsr-3335	544	1	asset	asset	NOUN
fsr-3335	544	2	return	return	NOUN
fsr-3335	544	3	distributions	distribution	NOUN
fsr-3335	544	4	and	and	CCONJ
fsr-3335	544	5	the	the	DET
fsr-3335	544	6	investment	investment	NOUN
fsr-3335	544	7	horizon	horizon	NOUN
fsr-3335	544	8	.	.	PUNCT
fsr-3335	545	1	journal	journal	PROPN
fsr-3335	545	2	of	of	ADP
fsr-3335	545	3	portfolio	portfolio	PROPN
fsr-3335	545	4	management	management	NOUN
fsr-3335	545	5	,	,	PUNCT
fsr-3335	545	6	30	30	NUM
fsr-3335	545	7	,	,	PUNCT
fsr-3335	545	8	47–62	47–62	NUM
fsr-3335	545	9	.	.	PUNCT
fsr-3335	545	10	litzenberger	litzenberger	NOUN
fsr-3335	545	11	,	,	PUNCT
fsr-3335	545	12	r.	r.	PROPN
fsr-3335	545	13	h.	h.	PROPN
fsr-3335	545	14	,	,	PUNCT
fsr-3335	545	15	&	&	CCONJ
fsr-3335	545	16	modest	modest	ADJ
fsr-3335	545	17	,	,	PUNCT
fsr-3335	545	18	d.	d.	PROPN
fsr-3335	545	19	m.	m.	PROPN
fsr-3335	545	20	(	(	PUNCT
fsr-3335	545	21	2010	2010	NUM
fsr-3335	545	22	)	)	PUNCT
fsr-3335	545	23	.	.	PUNCT
fsr-3335	546	1	crisis	crisis	NOUN
fsr-3335	546	2	and	and	CCONJ
fsr-3335	546	3	noncrisis	noncrisis	NOUN
fsr-3335	546	4	risk	risk	NOUN
fsr-3335	546	5	in	in	ADP
fsr-3335	546	6	financial	financial	ADJ
fsr-3335	546	7	markets	market	NOUN
fsr-3335	546	8	.	.	PUNCT
fsr-3335	547	1	in	in	ADP
fsr-3335	547	2	f.	f.	PROPN
fsr-3335	547	3	x.	x.	PROPN
fsr-3335	547	4	diebold	diebold	PROPN
fsr-3335	547	5	,	,	PUNCT
fsr-3335	547	6	n.	n.	PROPN
fsr-3335	547	7	a.	a.	PROPN
fsr-3335	547	8	doherty	doherty	PROPN
fsr-3335	547	9	,	,	PUNCT
fsr-3335	547	10	&	&	CCONJ
fsr-3335	547	11	r.	r.	PROPN
fsr-3335	547	12	j.	j.	PROPN
fsr-3335	547	13	herring	herring	PROPN
fsr-3335	547	14	(	(	PUNCT
fsr-3335	547	15	eds	eds	PROPN
fsr-3335	547	16	.	.	PUNCT
fsr-3335	547	17	)	)	PUNCT
fsr-3335	547	18	,	,	PUNCT
fsr-3335	547	19	the	the	DET
fsr-3335	547	20	known	know	VERB
fsr-3335	547	21	,	,	PUNCT
fsr-3335	547	22	the	the	DET
fsr-3335	547	23	unknown	unknown	ADJ
fsr-3335	547	24	and	and	CCONJ
fsr-3335	547	25	the	the	DET
fsr-3335	547	26	unknowable	unknowable	ADJ
fsr-3335	547	27	in	in	ADP
fsr-3335	547	28	financial	financial	ADJ
fsr-3335	547	29	risk	risk	NOUN
fsr-3335	547	30	management	management	NOUN
fsr-3335	547	31	(	(	PUNCT
fsr-3335	547	32	pp	pp	ADJ
fsr-3335	547	33	.	.	PUNCT
fsr-3335	548	1	74–102	74–102	NUM
fsr-3335	548	2	)	)	PUNCT
fsr-3335	548	3	.	.	PUNCT
fsr-3335	549	1	princeton	princeton	PROPN
fsr-3335	549	2	,	,	PUNCT
fsr-3335	549	3	nj	nj	PROPN
fsr-3335	549	4	:	:	PUNCT
fsr-3335	549	5	princeton	princeton	PROPN
fsr-3335	549	6	university	university	PROPN
fsr-3335	549	7	press	press	NOUN
fsr-3335	549	8	.	.	PUNCT
fsr-3335	550	1	mcgoun	mcgoun	PROPN
fsr-3335	550	2	,	,	PUNCT
fsr-3335	550	3	e.	e.	PROPN
fsr-3335	550	4	g.	g.	PROPN
fsr-3335	550	5	(	(	PUNCT
fsr-3335	550	6	1995	1995	NUM
fsr-3335	550	7	)	)	PUNCT
fsr-3335	550	8	.	.	PUNCT
fsr-3335	551	1	the	the	DET
fsr-3335	551	2	history	history	NOUN
fsr-3335	551	3	of	of	ADP
fsr-3335	551	4	risk	risk	NOUN
fsr-3335	551	5	“	"	PUNCT
fsr-3335	551	6	measurement	measurement	NOUN
fsr-3335	551	7	.	.	PUNCT
fsr-3335	551	8	”	"	PUNCT
fsr-3335	552	1	critical	critical	ADJ
fsr-3335	552	2	perspectives	perspective	NOUN
fsr-3335	552	3	on	on	ADP
fsr-3335	552	4	accounting	account	VERB
fsr-3335	552	5	,	,	PUNCT
fsr-3335	552	6	6	6	NUM
fsr-3335	552	7	,	,	PUNCT
fsr-3335	552	8	511–532	511–532	NUM
fsr-3335	552	9	.	.	PUNCT
fsr-3335	553	1	milevsky	milevsky	NOUN
fsr-3335	553	2	,	,	PUNCT
fsr-3335	553	3	m.	m.	NOUN
fsr-3335	553	4	a.	a.	PROPN
fsr-3335	553	5	,	,	PUNCT
fsr-3335	553	6	&	&	CCONJ
fsr-3335	553	7	abaimova	abaimova	PROPN
fsr-3335	553	8	,	,	PUNCT
fsr-3335	553	9	a.	a.	NOUN
fsr-3335	553	10	(	(	PUNCT
fsr-3335	553	11	2006	2006	NUM
fsr-3335	553	12	)	)	PUNCT
fsr-3335	553	13	.	.	PUNCT
fsr-3335	554	1	will	will	AUX
fsr-3335	554	2	the	the	DET
fsr-3335	554	3	true	true	ADJ
fsr-3335	554	4	monte	monte	PROPN
fsr-3335	554	5	carlo	carlo	NOUN
fsr-3335	554	6	number	number	NOUN
fsr-3335	554	7	please	please	INTJ
fsr-3335	554	8	stand	stand	VERB
fsr-3335	554	9	up	up	ADP
fsr-3335	554	10	?	?	PUNCT
fsr-3335	555	1	journal	journal	NOUN
fsr-3335	555	2	of	of	ADP
fsr-3335	555	3	financial	financial	ADJ
fsr-3335	555	4	planning	planning	NOUN
fsr-3335	555	5	,	,	PUNCT
fsr-3335	555	6	online	online	PROPN
fsr-3335	555	7	edition	edition	NOUN
fsr-3335	555	8	.	.	PUNCT
fsr-3335	556	1	o’flinn	o’flinn	PROPN
fsr-3335	556	2	,	,	PUNCT
fsr-3335	556	3	c.	c.	PROPN
fsr-3335	556	4	,	,	PUNCT
fsr-3335	556	5	&	&	CCONJ
fsr-3335	556	6	schirripa	schirripa	PROPN
fsr-3335	556	7	,	,	PUNCT
fsr-3335	556	8	f.	f.	PROPN
fsr-3335	556	9	(	(	PUNCT
fsr-3335	556	10	2010	2010	NUM
fsr-3335	556	11	)	)	PUNCT
fsr-3335	556	12	.	.	PUNCT
fsr-3335	557	1	social	social	ADJ
fsr-3335	557	2	science	science	PROPN
fsr-3335	557	3	research	research	NOUN
fsr-3335	557	4	network	network	NOUN
fsr-3335	557	5	(	(	PUNCT
fsr-3335	557	6	available	available	ADJ
fsr-3335	557	7	at	at	ADP
fsr-3335	557	8	http://papers.ssrn.com/sol3/	http://papers.ssrn.com/sol3/	PROPN
fsr-3335	557	9	papers.cfm?abstract_id�1641382	papers.cfm?abstract_id�1641382	NOUN
fsr-3335	557	10	)	)	PUNCT
fsr-3335	557	11	.	.	PUNCT
fsr-3335	558	1	orszag	orszag	PROPN
fsr-3335	558	2	,	,	PUNCT
fsr-3335	558	3	m.	m.	NOUN
fsr-3335	558	4	(	(	PUNCT
fsr-3335	558	5	2002	2002	NUM
fsr-3335	558	6	)	)	PUNCT
fsr-3335	558	7	.	.	PUNCT
fsr-3335	559	1	ruin	ruin	NOUN
fsr-3335	559	2	in	in	ADP
fsr-3335	559	3	retirement	retirement	NOUN
fsr-3335	559	4	:	:	PUNCT
fsr-3335	559	5	running	run	VERB
fsr-3335	559	6	out	out	ADP
fsr-3335	559	7	of	of	ADP
fsr-3335	559	8	money	money	NOUN
fsr-3335	559	9	in	in	ADP
fsr-3335	559	10	drawdown	drawdown	ADJ
fsr-3335	559	11	programs	program	NOUN
fsr-3335	559	12	.	.	PUNCT
fsr-3335	560	1	watson	watson	PROPN
fsr-3335	560	2	wyatt	wyatt	PROPN
fsr-3335	560	3	worldwide	worldwide	PROPN
fsr-3335	560	4	technical	technical	ADJ
fsr-3335	560	5	report	report	NOUN
fsr-3335	560	6	ru06	ru06	PROPN
fsr-3335	560	7	.	.	PUNCT
fsr-3335	561	1	pang	pang	NOUN
fsr-3335	561	2	,	,	PUNCT
fsr-3335	561	3	g.	g.	PROPN
fsr-3335	561	4	,	,	PUNCT
fsr-3335	561	5	&	&	CCONJ
fsr-3335	561	6	warshawsky	warshawsky	PROPN
fsr-3335	561	7	,	,	PUNCT
fsr-3335	561	8	m.	m.	NOUN
fsr-3335	561	9	j.	j.	PROPN
fsr-3335	561	10	(	(	PUNCT
fsr-3335	561	11	2009	2009	NUM
fsr-3335	561	12	)	)	PUNCT
fsr-3335	561	13	.	.	PUNCT
fsr-3335	562	1	comparing	compare	VERB
fsr-3335	562	2	strategies	strategy	NOUN
fsr-3335	562	3	for	for	ADP
fsr-3335	562	4	retirement	retirement	NOUN
fsr-3335	562	5	wealth	wealth	NOUN
fsr-3335	562	6	management	management	NOUN
fsr-3335	562	7	:	:	PUNCT
fsr-3335	562	8	mutual	mutual	ADJ
fsr-3335	562	9	funds	fund	NOUN
fsr-3335	562	10	and	and	CCONJ
fsr-3335	562	11	annuities	annuity	NOUN
fsr-3335	562	12	.	.	PUNCT
fsr-3335	563	1	journal	journal	NOUN
fsr-3335	563	2	of	of	ADP
fsr-3335	563	3	financial	financial	ADJ
fsr-3335	563	4	planning	planning	NOUN
fsr-3335	563	5	,	,	PUNCT
fsr-3335	563	6	22	22	NUM
fsr-3335	563	7	,	,	PUNCT
fsr-3335	563	8	36–47	36–47	NUM
fsr-3335	563	9	.	.	PUNCT
fsr-3335	563	10	pye	pye	PROPN
fsr-3335	563	11	,	,	PUNCT
fsr-3335	563	12	g.	g.	PROPN
fsr-3335	563	13	b.	b.	PROPN
fsr-3335	563	14	(	(	PUNCT
fsr-3335	563	15	2001	2001	NUM
fsr-3335	563	16	)	)	PUNCT
fsr-3335	563	17	.	.	PUNCT
fsr-3335	564	1	adjusting	adjust	VERB
fsr-3335	564	2	withdrawal	withdrawal	NOUN
fsr-3335	564	3	rates	rate	NOUN
fsr-3335	564	4	for	for	ADP
fsr-3335	564	5	taxes	taxis	NOUN
fsr-3335	564	6	and	and	CCONJ
fsr-3335	564	7	expenses	expense	NOUN
fsr-3335	564	8	.	.	PUNCT
fsr-3335	565	1	journal	journal	NOUN
fsr-3335	565	2	of	of	ADP
fsr-3335	565	3	financial	financial	ADJ
fsr-3335	565	4	planning	planning	NOUN
fsr-3335	565	5	,	,	PUNCT
fsr-3335	565	6	14	14	NUM
fsr-3335	565	7	,	,	PUNCT
fsr-3335	565	8	126–136	126–136	NUM
fsr-3335	565	9	.	.	PUNCT
fsr-3335	566	1	scott	scott	PROPN
fsr-3335	566	2	,	,	PUNCT
fsr-3335	566	3	j.	j.	PROPN
fsr-3335	566	4	,	,	PUNCT
fsr-3335	566	5	sharpe	sharpe	PROPN
fsr-3335	566	6	,	,	PUNCT
fsr-3335	566	7	w.	w.	PROPN
fsr-3335	566	8	,	,	PUNCT
fsr-3335	566	9	&	&	CCONJ
fsr-3335	566	10	watson	watson	PROPN
fsr-3335	566	11	,	,	PUNCT
fsr-3335	566	12	j.	j.	PROPN
fsr-3335	566	13	(	(	PUNCT
fsr-3335	566	14	2009	2009	NUM
fsr-3335	566	15	)	)	PUNCT
fsr-3335	566	16	.	.	PUNCT
fsr-3335	567	1	the	the	DET
fsr-3335	567	2	4	4	NUM
fsr-3335	567	3	%	%	NOUN
fsr-3335	567	4	rule	rule	NOUN
fsr-3335	567	5	:	:	PUNCT
fsr-3335	567	6	at	at	ADP
fsr-3335	567	7	what	what	DET
fsr-3335	567	8	price	price	NOUN
fsr-3335	567	9	?	?	PUNCT
fsr-3335	568	1	journal	journal	NOUN
fsr-3335	568	2	of	of	ADP
fsr-3335	568	3	investment	investment	NOUN
fsr-3335	568	4	management	management	NOUN
fsr-3335	568	5	,	,	PUNCT
fsr-3335	568	6	7	7	NUM
fsr-3335	568	7	,	,	PUNCT
fsr-3335	568	8	31–48	31–48	NUM
fsr-3335	568	9	.	.	PUNCT
fsr-3335	569	1	smith	smith	PROPN
fsr-3335	569	2	,	,	PUNCT
fsr-3335	569	3	g.	g.	PROPN
fsr-3335	569	4	,	,	PUNCT
fsr-3335	569	5	&	&	CCONJ
fsr-3335	569	6	gould	gould	PROPN
fsr-3335	569	7	,	,	PUNCT
fsr-3335	569	8	d.	d.	PROPN
fsr-3335	569	9	(	(	PUNCT
fsr-3335	569	10	2006	2006	NUM
fsr-3335	569	11	)	)	PUNCT
fsr-3335	569	12	.	.	PUNCT
fsr-3335	570	1	measuring	measure	VERB
fsr-3335	570	2	and	and	CCONJ
fsr-3335	570	3	controlling	control	VERB
fsr-3335	570	4	shortfall	shortfall	NOUN
fsr-3335	570	5	risk	risk	NOUN
fsr-3335	570	6	in	in	ADP
fsr-3335	570	7	retirement	retirement	NOUN
fsr-3335	570	8	.	.	PUNCT
fsr-3335	571	1	the	the	DET
fsr-3335	571	2	journal	journal	NOUN
fsr-3335	571	3	of	of	ADP
fsr-3335	571	4	investing	investing	NOUN
fsr-3335	571	5	,	,	PUNCT
fsr-3335	571	6	16	16	NUM
fsr-3335	571	7	,	,	PUNCT
fsr-3335	571	8	82–95	82–95	NUM
fsr-3335	571	9	.	.	PUNCT
fsr-3335	572	1	spitzer	spitzer	PROPN
fsr-3335	572	2	,	,	PUNCT
fsr-3335	572	3	j.	j.	PROPN
fsr-3335	572	4	j.	j.	PROPN
fsr-3335	572	5	(	(	PUNCT
fsr-3335	572	6	2008	2008	NUM
fsr-3335	572	7	)	)	PUNCT
fsr-3335	572	8	.	.	PUNCT
fsr-3335	573	1	retirement	retirement	NOUN
fsr-3335	573	2	withdrawals	withdrawal	NOUN
fsr-3335	573	3	:	:	PUNCT
fsr-3335	573	4	an	an	DET
fsr-3335	573	5	analysis	analysis	NOUN
fsr-3335	573	6	of	of	ADP
fsr-3335	573	7	the	the	DET
fsr-3335	573	8	benefits	benefit	NOUN
fsr-3335	573	9	of	of	ADP
fsr-3335	573	10	periodic	periodic	ADJ
fsr-3335	573	11	“	"	PUNCT
fsr-3335	573	12	midcourse	midcourse	NOUN
fsr-3335	573	13	”	"	PUNCT
fsr-3335	573	14	adjustments	adjustment	NOUN
fsr-3335	573	15	.	.	PUNCT
fsr-3335	574	1	financial	financial	ADJ
fsr-3335	574	2	services	service	NOUN
fsr-3335	574	3	review	review	PROPN
fsr-3335	574	4	,	,	PUNCT
fsr-3335	574	5	17	17	NUM
fsr-3335	574	6	,	,	PUNCT
fsr-3335	574	7	17–29	17–29	NUM
fsr-3335	574	8	.	.	PUNCT
fsr-3335	575	1	tomlinson	tomlinson	PROPN
fsr-3335	575	2	,	,	PUNCT
fsr-3335	575	3	j.	j.	PROPN
fsr-3335	575	4	a.	a.	PROPN
fsr-3335	575	5	(	(	PUNCT
fsr-3335	575	6	2012	2012	NUM
fsr-3335	575	7	)	)	PUNCT
fsr-3335	575	8	.	.	PUNCT
fsr-3335	576	1	a	a	DET
fsr-3335	576	2	utility	utility	NOUN
fsr-3335	576	3	-	-	PUNCT
fsr-3335	576	4	based	base	VERB
fsr-3335	576	5	approach	approach	NOUN
fsr-3335	576	6	to	to	ADP
fsr-3335	576	7	evaluating	evaluate	VERB
fsr-3335	576	8	investment	investment	NOUN
fsr-3335	576	9	strategies	strategy	NOUN
fsr-3335	576	10	.	.	PUNCT
fsr-3335	577	1	journal	journal	NOUN
fsr-3335	577	2	of	of	ADP
fsr-3335	577	3	financial	financial	ADJ
fsr-3335	577	4	planning	planning	NOUN
fsr-3335	577	5	,	,	PUNCT
fsr-3335	577	6	25	25	NUM
fsr-3335	577	7	,	,	PUNCT
fsr-3335	577	8	53–60	53–60	PROPN
fsr-3335	577	9	.	.	PUNCT
fsr-3335	577	10	turner	turner	PROPN
fsr-3335	577	11	,	,	PUNCT
fsr-3335	577	12	j.	j.	PROPN
fsr-3335	577	13	a.	a.	PROPN
fsr-3335	577	14	,	,	PUNCT
fsr-3335	577	15	&	&	CCONJ
fsr-3335	577	16	witte	witte	PROPN
fsr-3335	577	17	,	,	PUNCT
fsr-3335	577	18	h.	h.	PROPN
fsr-3335	577	19	a.	a.	PROPN
fsr-3335	577	20	(	(	PUNCT
fsr-3335	577	21	2009	2009	NUM
fsr-3335	577	22	)	)	PUNCT
fsr-3335	577	23	.	.	PUNCT
fsr-3335	578	1	retirement	retirement	NOUN
fsr-3335	578	2	planning	planning	NOUN
fsr-3335	578	3	software	software	NOUN
fsr-3335	578	4	and	and	CCONJ
fsr-3335	578	5	post	post	ADJ
fsr-3335	578	6	-	-	ADJ
fsr-3335	578	7	retirement	retirement	ADJ
fsr-3335	578	8	risks	risk	NOUN
fsr-3335	578	9	.	.	PUNCT
fsr-3335	579	1	society	society	NOUN
fsr-3335	579	2	of	of	ADP
fsr-3335	579	3	actuaries	actuary	NOUN
fsr-3335	579	4	,	,	PUNCT
fsr-3335	579	5	p.	p.	NOUN
fsr-3335	579	6	20	20	NUM
fsr-3335	579	7	.	.	PUNCT
fsr-3335	580	1	216	216	NUM
fsr-3335	580	2	p.j	p.j	PROPN
fsr-3335	580	3	.	.	PROPN
fsr-3335	580	4	collins	collins	PROPN
fsr-3335	580	5	et	et	PROPN
fsr-3335	580	6	al	al	PROPN
fsr-3335	580	7	.	.	PUNCT
fsr-3335	580	8	/	/	SYM
fsr-3335	580	9	financial	financial	ADJ
fsr-3335	580	10	services	service	NOUN
fsr-3335	580	11	review	review	VERB
fsr-3335	580	12	24	24	NUM
fsr-3335	580	13	(	(	PUNCT
fsr-3335	580	14	2015	2015	NUM
fsr-3335	580	15	)	)	PUNCT
fsr-3335	580	16	193–216	193–216	NUM