Personalized Target-Date Funds
回顾了对目标日期基金的批评并为其辩护，构建模型加入个性化和动态配置，估计改进后每年风险调整后支出可额外增加5%至6%。
The simplicity and regulatory protection (when used as a default investment) of target-date funds (TDFs) offer advantages to both employers and employees saving for retirement in defined-contribution plans. But despite their commercial success, TDFs have faced criticism. The authors review the attacks on TDFs, argue in defense of them, and build a model to accommodate important extensions to traditional TDFs: further personalization and dynamic allocations and spending. They estimate that the benefits of these improvements average an additional 5%–6% in annual, risk-adjusted spending.