| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w3043
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| 来源ID | Working Paper 3043
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| Labor Supply Flexibility and Portfolio Choice |
| Zvi Bodie; William Samuelson
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| 发表日期 | 1989-07-01
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| 出版年 | 1989
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| 语种 | 英语
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| 摘要 | This paper develops a model showing that people who have flexibility in choosing how much to work will prefer to invest substantially more of their money in risky assets than if they had no such flexibility. Viewed in this way, labor supply flexibility offers insurance against adverse investment outcomes. The model provides support for the conventional wisdom that the young can tolerate more risk in their investment portfolios than the old. The model has other implications for the study of household financial behavior over the life cycle. It implies that households will take account of the value of labor supply flexibility in deciding how much to invest in their own human capital and when to retire. At the macro level it implies that people will have a labor supply response to shocks in the financial markets. |
| 主题 | Financial Economics
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| URL | https://www.nber.org/papers/w3043
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/560318
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推荐引用方式
GB/T 7714 |
Zvi Bodie,William Samuelson. Labor Supply Flexibility and Portfolio Choice. 1989.
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文件名：
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w3043.pdf
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格式：
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Adobe PDF
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