Hofburg-Redoutensäle, Josefsplatz 2, Vienna
“Portfolio solutions and the life-cycle”

Thursday 29 November
Time Activity
9.30 - 9.45 Giordano Lombardo, Deputy CEO Pioneer Investments
Increasing responsibilities of financial institutions in a rapidly evolving environment
9.45 - 11.15 Vernon Smith, Nobel Laureate 2002
What experimental economics teach us about how to improve the outcome of individual choice

Joseph Stiglitz, Nobel Laureate 2001
Uncertainties in the life cycle and how they should be addressed

Q & A
11.15 - 11.45 Coffee Break
11.45 - 12.45 Mid Morning Session

Robert Engle, Nobel Laureate 2003
Downside risk and long term investing

Q & A
12.45 - 14.00 Lunch
14.00 - 14.30 Afternoon Session

Address by Klaus Liebscher, Governor of Oesterreichische Nationalbank
14.30 - 16.00 Panel Discussion on Long Term Investments

Introduction
Stephen Zeldes, Columbia University
Asset Allocation over the Life-Cycle: Theory and Practice


David Laibson, Harvard University
Behavioral Finance, Defaults and Financial Regulation


Discussion
Peter Zöllner, Member of the Governing Board, Oesterreichische Nationalbank


Dario Frigerio, CEO Pioneer Investments



Luigi Spaventa, Professor University of Rome




Moderator: Simon Targett, Associate Editor, Financial Times
16.00 - 16.30 Coffee Break
16.30 - 17.30 Final Round Table

Marco Onado, Chairman of Pioneer Investments &Professor at Bocconi University Milan with the three Nobel Laureates
17.30 - 17.45 Conclusions by Giordano Lombardo