Gaurav Khemka

Gaurav Khemka


Research School of Finance, Actuarial Studies & Statistics

Associate Professor
HDR Convenor
Phone number
+61 2 612 54642
Room 3.10, CBE Bld (26C)
Research areas

Actuarial studies; Computational economics; Numerical optimization techniques; Superannuation.


Gaurav Khemka is an Associate Professor of Actuarial Studies.  His research uses numerical stochastic dynamic programming to analyse the life-cycle decision-making process. With a particular focus on superannuation and retirement income modelling and policy, Gaurav is interested in the ways in which retirement outcomes for Australians can be improved through better product development and government policy. To this end, he made submissions to the Retirement Income Review and the Inquiry into the Implications of Removing Refundable Franking Credits. Gaurav’s research has been published in a number of top-ranked academic journals including Insurance: Mathematics and EconomicsThe Economic Record and Journal of Population Research. His work on existing decision support systems to improve financial wellbeing over an individual’s lifecycle was funded by the Centre for International Finance and Regulation.

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Research publications


Khemka, G., Pitt, D., & Zhang, J. (2023). On Fitting Probability Distribution to Univariate Grouped Actuarial Data with Both Group Mean and Relative Frequencies, North American Actuarial Journal, 27:1, 185-205.

Butt, A., Khemka, G., & Warren, G.J. (2022). Heterogeneity in optimal investment and drawdown strategies in retirement.  Pacific Basin Finance Journal, 74, 101798.

Donnelly, C., Khemka, G., & Lim, W. (2022). Investing for retirement: Terminal wealth constraints or a desired wealth target? European Financial Management, 28, 1283– 1307.

Chapman, B, & Khemka, G. (2022). Understanding recent HECS–HELP price misunderstandings. Australian Journal of Public Administration, 81: 53– 69. 

Khemka, G., Steffensen, M., & Warren, G.J. (2021). How sub-optimal are age-based life-cycle investment products?’. International Review of Financial Analysis, 73, 101619.

Khemka, G., Tang, Y., &Warren, G.J. (2021). The ‘right’ level for the superannuation guarantee: identifying the key considerations. Accounting and Finance, 61: 4435-4474.

Butt, A., Khemka, G., & Warren, G.J. (2019). What Dividend Imputation Means for Retirement Savers. Economic Record, 95: 181-199.

Lim, W., Khemka, G., Pitt, D., & Browne, B. (2019). A method for calculating the implied no-recovery three-state transition matrix using observable population mortality incidence and disability prevalence rates for the elderly. Journal of Population Research, 36(3), 245-282.

Butt, A., Khemka, G., & Strickland, L. (2018). How academic research can inform default superannuation fund design and individual financial decision-making.  AJAF (formerly known as JASSA): The Australasian Journal of Applied Finance, 1, 40-49.

Khemka, G., Roberts, S.P., & Higgins, T. (2017). The impact of changes to the unemployment rate on Australian disability income insurance claim incidence. Risks. 5(1), 17.

Khemka, G., & Butt, A. (2017). Non-parametric integral estimation using data clustering in stochastic dynamic programming: an introduction using lifetime financial modelling. Risks. 5(4), 57.

Khemka, G., & Roberts, S.P. (2015). Impact of Economic Cycles on Australian Mortality. Journal of Population Research, 32(2), 139-155.

Butt, A., & Khemka, G. (2015). The effect of objective formulation on retirement decision making. Insurance: Mathematics and Economics, 64, 385–395.

Working Papers (that will never be published) and Other unpublished

Asher, A., Khemka, G., & Roberts, S.P. (2020). Enhancing well-being in retirement: addressing negative shocks.

Asher, A., Butt, A., Khemka, G., & Kayande, U. (2016). Formulating appropriate utility functions and personal financial plans.

Butt, A., Khemka, G., & Warren, G.J. (2021).  Principles and Rules for Translating Retirement Objectives into Strategies.

Development of a prototype retirement planning calculator. Available at (with Anthony Asher, Adam Butt and Ujwal Kayande) 

Research grants and awards

Society of Actuaries, 'Primer on the Design and Evaluation of Strategies for Generating Retirement Income within Defined Contribution Pension Plans', 2022. (joint with Adam Butt, Geoff Warren and William Lim)

Centre for International Finance and Regulation Research Grant, 'Developing coherent and usable decision support systems to improve financial wellbeing over an individual’s lifecycle', 2014/15. (joint with Anthony Asher, Adam Butt and Ujwal Kayande).

Research engagement and outreach

Current Service Roles at ANU

Convenor of Bachelor of Actuarial Studies (Sem 2, 2021 - present)


Service Roles with the Actuaries Institute

Member of the Exemption Committee (CT3 Exemptions)


Gaurav Khemka teaches Actuarial studies.  He is also involved in teaching the Commercial Actuarial Practice course for the Institute of Actuaries. 


Current Teaching:

STAT 3058/6058: Risk Modelling 2

FINM 3003/6006: Continuous Time Finance


Other Teaching:

ACST4060/8060: Enterprise Risk Management 1

ACST4061/8061: Enterprise Risk Management 2

ACST 4033/ACST 8033: Actuarial Control Cycle B

FINM 3003/7003: Continuous Time Finance

FINM 7008: Applied Investments

STAT 1003: Statistical Techniques