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Strategic Financial Planning over the Lifecycle
A Conceptual Approach to Personal Risk Management


  • Date Published: May 2012
  • availability: In stock
  • format: Hardback
  • isbn: 9780521764568


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About the Authors
  • This book on personal financial planning and wealth management employs the lifecycle model of financial economics. The central idea of “consumption smoothing” is used to connect chapters and topics such as saving and investment, debt management, risk management, and retirement planning. The first part of the book is nontechnical and aimed at a wide audience with no special technical background. The second part of the book provides a rigorous presentation of the lifecycle model from first principles using the calculus of variations. The accompanying website is found at

    • Uses the lifecycle model of Nobel Laureate Franco Modigliani as the unifying theme for understanding finance
    • Blends practical advice with technical rigor on all features of strategic financial planning
    • Slides for teaching the book and a solutions manual will be available to instructors
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    Product details

    • Date Published: May 2012
    • format: Hardback
    • isbn: 9780521764568
    • length: 382 pages
    • dimensions: 236 x 157 x 24 mm
    • weight: 0.54kg
    • contains: 20 b/w illus. 59 tables
    • availability: In stock
  • Table of Contents

    1. Introduction and motivation
    2. Mathematical preliminaries – working with interest rates
    3. Personal balance sheet and human capital
    4. Consumption smoothing and optimal savings
    5. Debts, loans, and mortgages [Canadian content]
    6. Personal income taxes [Canadian content]
    7. Risk, utility, and insurance
    8. Mortality risk and life insurance
    9. Investment and diversification
    10. The mathematics of portfolio diversification
    11. Housing decisions
    12. Pensions and retirement [Canadian content]
    13. Advanced material*: Part I. Continuous time and the calculus of variations
    14. Advanced material*: Part II. Stochastic optimal control and the HJB equation
    15. Concluding thoughts and next steps.

  • Authors

    Narat Charupat, York University, Toronto

    Huaxiong Huang, York University, Toronto

    Moshe A. Milevsky, York University, Toronto

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