Avoid Retirement and Stay Alive: Why You Should Never Retire and How Not To. David Bogan and Keith Davies. HarperCollins Publishers (New Zealand) Limited, 2007, ISBN 1-86950-626-X, 272 pages.

Abstract

As the investor's risk aversion increases, the combined (variable and fixed) amount of annuitization decreases. While the authors proffer an explanation, I believe that the underlying cause of this curious finding is due to the one-period structure of their model and the relative sparseness of their economic model.