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Staff directory

Dr Gaurav Khemka

Dr Gaurav Khemka

Research School of Finance, Actuarial Studies & Statistics

Senior Lecturer
Email: gaurav.khemka@anu.edu.au
Phone: +61 2 612 54642
Office: Room 3.04, CBE Bld (26C)
CV: CV (.PDF, 223KB)

Research areas

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


Gaurav Khemka is a Senior Lecturer 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 Economics, The 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.

View ORCID profile



Research publications

(with Adam Butt and Geoffrey Warren) 2019, ‘What dividend imputation means to Australian retirees?’.  Economic Record, Forthcoming.

(with Bridget Browne, William Lim and David Pitt) 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, Forthcoming.

(with Adam Butt and Luke Strickland), 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, Issue 1, Pages 40-49.

(with Adam Butt), ‘Non-parametric integral estimation using data clustering in stochastic dynamic programming: an introduction using lifetime financial modelling’. Risks. Volume 5 no 4, Issue 57. 

(with Steven Roberts and Timothy Higgins) 2017, ‘The impact of changes to the unemployment rate on Australian disability income insurance claim incidence’. Risks. Volume 5 no 1, Issue 17.

(with Steven Roberts) 2015, ‘Impact of Economic Cycles on Australian Mortality’, Journal of Population Research, Volume 32, Issue 2 (2015), Pages 139-155.

(with Adam Butt) 2015, ‘The effect of objective formulation on retirement decision making’, Insurance: Mathematics and Economics, Volume 64, September 2015, Pages 385–395

(with Anthony Asher, Adam Butt and Ujwal Kayande), ‘Formulating appropriate utility functions and personal financial plans’. Working Paper.

(with Anthony Asher, Adam Butt and Ujwal Kayande) Development of a prototype retirement planning calculator. The final product is aimed at providing an industry benchmark. Available at https://draftfinplancalc.com/


Research grants and awards

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

Service Roles at ANU

Actuarial Seminar Convenor (commencing Sem 2, 2017)


Service Roles with the Actuaries Institute

Course Leader for Investments in Commercial Actuarial Practice

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:

ACST4061/8061: Enterprise Risk Management 2

STAT 8058: Risk Modelling 2


Other Teaching:

ACST4060/8060: Enterprise Risk Management 1

ACST 4033/ACST 8033: Actuarial Control Cycle B

FINM 3003/7003: Continuous Time Finance

FINM 7008: Applied Investments

STAT 1003: Statistical Techniques


Updated:   1 March 2017 / Responsible Officer:  CBE Communications and Outreach / Page Contact:  College Web Team