5408114: C20 Pension Finance

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Semester:WS 22/23
Type:Module
Language:English
ECTS-Credits:3.0
Scheduled in semester:3
Semester Hours per Week / Contact Hours:28.0 L / 21.0 h
Self-directed study time:69.0 h

Module coordination/Lecturers

Curricula

Master's degree programme in Finance (01.09.2015)
Master's degree programme in Finance (01.09.2020)

Description

  • Modelling the Human Life Cycle
  • Models of Human Mortality
  • Valuation Models of Deterministic Interest
  • Models of Risky Financial Investments
  • Models of Pension Life Annuities
  • Models of Life Insurance
  • Models of DB vs. DC Pensions
  • Sustainable Spending at Retirement
  • The Liechtenstein Pension System

Learning Outcomes

Students …

  • have a solid background in financial decisions regarding longevity and retirement,
  • combine valuation techniques from finance with those from actuarial mathematics,
  • understand the effects of longevity, bequest motive, and risk-return trade-off on the corresponding choices made by individual investors,
  • understand and apply life-cycle models of individual investors,
  • distinguish between DB and DC pension plans and understand their respective implications,
  • combine financial models with models for longevity risk,
  • select appropriate financial instruments for individual pension planning and justify this selection economically,
  • understand the Liechtenstein pension system and can compare it to systems in other countries.

Qualifications

Lectures Method

Lecture

Literature

Milevsky, M.A. (2006). The Calculus of Retirement Income. Cambridge University Press