{ "149578-21906720": { "datetime_modified":"20260727T104702", "datetime_start":"20260923T160000", "datetime_end":"20260923T170000", "has_end_time":1, "date_start":"2026-09-23", "date_end":"2026-09-23", "time_start":"16:00:00", "time_end":"17:00:00", "time_zone":"America\/Detroit", "event_title":"Buying Time: Optimal Service Purchase and Retirement Timing in Defined Benefit Plans", "occurrence_title":"", "combined_title":"Buying Time: Optimal Service Purchase and Retirement Timing in Defined Benefit Plans: Kristen Moore, UM", "event_subtitle":"Kristen Moore, UM", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"We study retirement timing decisions in a defined benefit (DB) pension plan with a service-purchase\noption. An employee who would otherwise retire at a fixed time T may elect to purchase L additional\nyears of service and retire early. Earlier retirement provides additional leisure but requires an upfront\npayment and typically results in a reduced post-retirement income stream. We model this trade-off in\na continuous-time retirement framework by allowing the employee to choose L to maximize the value\nof wealth and leisure at retirement in both deterministic and life-contingent settings. Our model\ncaptures a common feature of public pension systems: early retirement is often accompanied by both\nan upfront cost and a permanent reduction in benefits. We show that this structure yields tractable\nand intuitive results in several benchmark cases, including settings without mortality risk and settings\nwith mortality risk under simplifying assumptions. In more general cases, we characterize optimal\nbehavior through comparative statics and numerical examples. A key insight is that the interaction\nbetween the finite-horizon value of leisure and the lifetime cost embedded in pension pricing can\ngenerate a range of behaviors, including monotone strategies and interior optima. While many results\nalign with economic intuition, others require more careful interpretation. We also extend the model to\nallow for dynamic decision-making via a multi-period service-purchase option, solved by backward\ninduction. The results provide insight into optimal retirement timing and the role of plan design in\nshaping participant behavior. This is joint work with David Kausch and Virginia Young.", "occurrence_notes":null, "guid":"149578-21906720@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149578", "building_id":"1000166", "building_name":"East Hall", "campus_maps_id":"53", "room":"1360", "location_name":"East Hall", "has_livestream":0, "cost":"", "tags":["Mathematics"], "website":"", "sponsors":[ { "group_name":"Financial\/Actuarial Mathematics Seminar - Department of Mathematics", "group_id":"4890", "website":"" }, { "group_name":"Department of Mathematics", "group_id":"3791", "website":"" } ], "image_url":"", "styled_images":{ "event_thumb":"", "event_large":"", "event_large_2x":"", "event_large_lightbox":"", "group_thumb":"", "group_thumb_square":"", "group_large":"", "group_large_lightbox":"", "event_large_crop":"", "event_list":"", "event_list_2x":"", "event_grid":"", "event_grid_2x":"", "event_feature_large":"", "event_feature_thumb":"" }, "occurrence_count":1, "first_occurrence":21906720 } , "150239-21908439": { "datetime_modified":"20260813T150121", "datetime_start":"20260923T160000", "datetime_end":"20260923T170000", "has_end_time":1, "date_start":"2026-09-23", "date_end":"2026-09-23", "time_start":"16:00:00", "time_end":"17:00:00", "time_zone":"America\/Detroit", "event_title":"CCMB\/DCMB Weekly Bioinformatics Seminar Series featuring Feng Yue, PhD (Director, Institute for Artificial Intelligence in Medicine - Center for Advanced Molecular Analysis at Northwestern Medicine)", "occurrence_title":"", "combined_title":"CCMB\/DCMB Weekly Bioinformatics Seminar Series featuring Feng Yue, PhD (Director, Institute for Artificial Intelligence in Medicine - Center for Advanced Molecular Analysis at Northwestern Medicine)", "event_subtitle":"", "event_type":"Workshop \/ Seminar", "event_type_id":"21", "description":"Dr. Yue is the founding director of the Center for Cancer Genomics at the Robert H. Lurie Comprehensive Cancer Center of Northwestern University, director of the Center for Advanced Molecular Analysis at Northwestern Institute for Augmented Intelligence in Medicine, the Duane and Susan Burnham Professor of Molecular Medicine, Professor of Biochemistry and Molecular Genetics, and Professor of Pathology. He serves in the editorial board of Genome Research and Science Advances.", "occurrence_notes":null, "guid":"150239-21908439@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/150239", "building_id":"1000190", "building_name":"Medical Science Unit I", "campus_maps_id":"104", "room":"4B700", "location_name":"Medical Science Unit I", "has_livestream":0, "cost":"", "tags":["Artificial Intelligence","Life Science","Basic Science","Bioinformatics","Biology","Biosciences","cancer","Computational Science"], "website":"https:\/\/medschool.umich.edu\/departments\/computational-medicine-bioinformatics\/ccmb-seminar-feng-yue-phd", "sponsors":[ { "group_name":"DCMB Seminar Series", "group_id":"3754", "website":"" }, { "group_name":"Department of Computational Medicine and Bioinformatics DCMB", "group_id":"5384", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/08\/event_150239_original-1.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_2x\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/08\/event_150239_original-1.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/08\/event_150239_original-1.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/08\/event_150239_original-1.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/08\/event_150239_original-1.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/08\/event_150239_original-1.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_thumb\/media\/attachments\/2026\/08\/event_150239_original-1.png" }, "occurrence_count":1, "first_occurrence":21908439 } }