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...notwithstanding rather daunting title--The Calculus Retirement Income--is refreshingly written in a conversational first person voice and surpasses the already high expectations that his previous work has fostered.

Professor Milevsky does a remarkable job at melding several disciplines in his text: financial economics, insurance, mathematics, and actuarial science. The text serves as a bridge for actuaries into the world of finance, and for financial economists into the world of pensions, insurance, and actuarial science. This user-friendly bridge is not only a notable achievement but an essential step toward joining the insights achievable through the various disciplines and equipping researchers to make further advances in the fields of pensions and retirement income.

Milevsky introduces and develops, from the financial economics perspective, the basic actuarial models that underlie the pricing and risk analysis of life-contingent annuities, pensions, and life insurance. He handles the mathematical and actuarial models so deftly that a person with a basic understanding of calculus and finance would find his text quite accessible. Moreover, he sprinkles his analysis with practical and witty examples (such as folk wisdom from the famous Brazilian playboy, the late Jorge Guinle) that demonstrate to the reader their...

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