A new measure of risk is introduced for a sequence of random incomes adapted to some ltration This measure is formulated as the optimal net present value of a stream of adaptively planned commitments for consump tion The calculation of the new measure is done by solving a stochastic dy namic

of income streams. We present a general dynamic programming framework in a discrete-time fashion to solve various optimization problems such as maximizing the expected utility over wealth, consumptions, and consumptions-wealth for evaluating uncertain income streams. We then prove that two approaches

The new Simplified Superannuation regulations for Australian superannuation provide tax concessions to retirement income streams which comply with legislated minimum drawdown rules. We evaluate these new drawdown rules against four alternatives, including three formula-based ‘rules of thumb ’ used

by recording their reactions to documents they read. The reactions are called annotations; they can be accessed by other people’s filters. Tapestry is intended to handle any incoming stream of electronic documents and serves both as a mail filter and repository; its components are the indexer, document store

Abstract: Multisets are collections of objects which may include several copies of the same object. They may represent bundles of goods, committees formed of members of several political parties, or income streams. In this paper we investigate the ways in which a linear order on a finite set A can

of multimedia information systems. Information filtering systems also involve a large amount of data and streams of incoming data, whether broadcast from a remote source or sent directly by other sources. Filtering is based on descriptions of individual or group information preferences, or profiles

We examine issues surrounding the value of military retirement income. We then provide estimates of the expected present value of this income stream after taxes for singles, married couples, widows and widowers of military retirees. Finally, we contend that individuals should treat the aftertax

I am grateful for helpful discussions with Guillermo Calvo and Robert Mundell and for comments from Robert Cumby. The research reported here is part of the NBER's research program in International Studies. Any opinions expressed are those of the

the respondents' remembered utility. The evaluation of remembered utility requires the individual to remember a stream of experiences and to aggregate them in some way. Ideally, one would hope that the individual who reports his or her overall remembered utility for a period performs the task of summing

Abstract This paper studies optimal fiscal and monetary policy under sticky product prices. The theoretical framework is a stochastic production economy without capital. The government finances an exogenous stream of purchases by levying distortionary income taxes, printing money, and issuing one