Lecture 24 - Risk, Return, and Social Security

author: John Geanakoplos, Yale University
recorded by: Yale University
published: March 17, 2012,   recorded: December 2009,   views: 3387
released under terms of: Creative Commons Attribution No Derivatives (CC-BY-ND)
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Description

This lecture addresses some final points about the CAPM. How would one test the theory? Given the theory, what's the right way to think about evaluating fund managers' performance? Should the manager of a hedge fund and the manager of a university endowment be judged by the same performance criteria? More generally, how should we think about the return differential between stocks and bonds? Lastly, looking back to the lectures on Social Security earlier in the semester, how should the CAPM inform our thinking about the role of stocks and bonds in Social Security? Can the views of Democrats and Republicans be reconciled? What if Social Security were privatized, but workers were forced to hold their assets in a new kind of asset called PAAWS, which pay the holder more if the wage of young workers is higher?

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