| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14055 |
| 来源ID | Working Paper 14055 |
| Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts | |
| Wolfram J. Horneff; Raimond H. Maurer; Olivia S. Mitchell; Michael Z. Stamos | |
| 发表日期 | 2008-06-06 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper shows how lifelong survival-contingent payouts can enhance investor wellbeing in the context of a portfolio choice model which integrates uninsurable labor income and asymmetric mortality expectations. Our model generates optimal asset location patterns indicating how much to hold in liquid versus illiquid survival-contingent payouts over the lifetime, and also asset allocation paths, showing how to invest in stocks versus bonds. We confirm that the investor will gradually move money out of her liquid saving into survival-contingent assets to retirement and beyond, thereby enhancing her welfare by as much as 50 percent. The results are also robust to the introduction of uninsurable consumption shocks in housing expenses, income flows during the worklife and retirement, sudden changes in health status, and medical expenses. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions ; Public Economics ; National Fiscal Issues ; Labor Economics ; Labor Supply and Demand ; Labor Compensation |
| URL | https://www.nber.org/papers/w14055 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/571730 |
| 推荐引用方式 GB/T 7714 | Wolfram J. Horneff,Raimond H. Maurer,Olivia S. Mitchell,et al. Asset Allocation and Location over the Life Cycle with Survival-Contingent Payouts. 2008. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w14055.pdf（666KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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