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Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply
Chai, Jingjing - 2011
The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...
Persistent link: https://www.econbiz.de/10013123696
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Time is Money : Life Cycle Rational Inertia and Delegation of Investment Management
Kim, Hugh Hoikwang - 2013
This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...
Persistent link: https://www.econbiz.de/10013071793
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Extending Life Cycle Models of Optimal Portfolio Choice : Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts
Chai, Jingjing - 2010
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/10013152495
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Money in Motion : Dynamic Portfolio Choice in Retirement
Horneff, Wolfram J. - 2007
. Welfare gains from this strategy can amount to 40 percent of financial wealth (depending on risk parameters and other …
Persistent link: https://www.econbiz.de/10012777579
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The Effect of Uncertain Labor Income and Social Security on Life-Cycle Portfolios
Maurer, Raimond - 2010
with low income uncertainty; for the high income risk worker, equity exposure rises until retirement. We also evaluate how … annuities, and stocks as well as bonds. Higher labor income uncertainty and lower old-age benefits boost demand for stable … differences in social security benefits can influence retirement risk management …
Persistent link: https://www.econbiz.de/10013148650
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Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection
Horneff, Vanya - 2013
longevity risk, and partially-refundable premiums. Welfare rises since policyholders exercise the product's flexibility by …
Persistent link: https://www.econbiz.de/10013079212