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Extending Life Cycle Models of Optimal Portfolio Choice: Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Mitchell, Olivia; Chai, Jingjing; Horneff, Wolfram; … - National Bureau of Economic Research (NBER) - 2009
This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic mortality and uncertain labor income, we extend the...
Persistent link: https://www.econbiz.de/10004980314
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Why Do Life Insurance Policyholders Lapse? The Roles of Income, Health and Bequest Motive Shocks
Fang, Hanming; Kung, Edward - National Bureau of Economic Research (NBER) - 2012
Previous research has shown that the reasons for lapsation have important implications regarding the effects of the emerging life settlement market on consumer welfare. We present and empirically implement a dynamic discrete choice model of life insurance decisions to assess the importance of...
Persistent link: https://www.econbiz.de/10009654185
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The Impact of State Tax Subsidies for Private Long-Term Care Insurance on Coverage and Medicaid Expenditures
Goda, Gopi Shah - National Bureau of Economic Research (NBER) - 2010
In spite of the large expected costs of needing long-term care, only 10-12 percent of the elderly population has private insurance coverage. Medicaid, which provides means-tested public assistance and pays for almost half of long-term care costs, spends more than $100 billion annually on...
Persistent link: https://www.econbiz.de/10008674239
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Empirical Determinants of Intertemporal Choice
Brown, Jeffrey Robert; Ivković, Zoran; Weisbenner, Scott - National Bureau of Economic Research (NBER) - 2013
We study the empirical determinants of intertemporal choice by analyzing a unique decision Croatian retirees made recently about whether to accept an immediate pension payment or a larger stream of delayed payments. Individual decisions are correlated in sensible ways with income, liquidity...
Persistent link: https://www.econbiz.de/10010969313
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Linking Benefits to Investment Performance in US Public Pension Systems
Novy-Marx, Robert; Rauh, Joshua D. - National Bureau of Economic Research (NBER) - 2012
This paper calculates the effect that introducing risk-sharing during either retirement or the working life would have on public sector pension liabilities. We begin by considering the introduction of a variable annuity for the retirement phase, modeled on the Wisconsin Retirement System, in...
Persistent link: https://www.econbiz.de/10010969448
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Social Security Programs and Retirement Around the World: Disability Insurance Programs and Retirement - Introduction and Summary
Coile, Courtney; Milligan, Kevin; Wise, David - National Bureau of Economic Research (NBER) - 2014
This is the introduction and summary to the sixth phase of an ongoing project on Social Security Programs and Retirement Around the World. The first phase described the retirement incentives inherent in plan provisions and documented the strong relationship across countries between social...
Persistent link: https://www.econbiz.de/10010950785
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Government Policy and Labor Supply with Myopic or Targeted Savings Decisions
Kaplow, Louis - National Bureau of Economic Research (NBER) - 2015
A central justification for social insurance and for other policies aimed at retirement savings is that individuals may fail to make adequate provision during their working years. Much research has focused on myopia and other behavioral limitations. Yet little attention has been devoted to how...
Persistent link: https://www.econbiz.de/10011271390
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Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds
Gomes, Francisco; Kotlikoff, Laurence; Viceira, Luis M. - National Bureau of Economic Research (NBER) - 2008
preferred asset for young households, with the optimal share of equities generally declining prior to retirement. However …
Persistent link: https://www.econbiz.de/10005085056
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Riester Pensions in Germany: Design, Dynamics, Targetting Success and Crowding-In
Börsch-Supan, Axel H.; Coppola, Michela; Reil-Held, Anette - National Bureau of Economic Research (NBER) - 2012
and low-income households has worked in practice. It documents the costs of the scheme, and collects circumstantial … associated cost of €3.5bn. One average one Euro of subsidies is thus associated with 2 Euros of households' own Riester saving …. There is no evidence that Riester pensions have crowded out other saving. While households who plan to purchase housing and …
Persistent link: https://www.econbiz.de/10011227937
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The Short-Term Mortality Consequences of Income Receipt
evans, william n.; Moore, Timothy J. - National Bureau of Economic Research (NBER) - 2009
Many studies find that households increase their consumption after the receipt of expected income payments, a result …
Persistent link: https://www.econbiz.de/10005059061