| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19206 |
| 来源ID | Working Paper 19206 |
| Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection | |
| Vanya Horneff; Raimond Maurer; Olivia S. Mitchell; Ralph Rogalla | |
| 发表日期 | 2013-07-11 |
| 出版年 | 2013 |
| 语种 | 英语 |
| 摘要 | We evaluate lifecycle consumption and portfolio allocation patterns resulting from access to Guaranteed Minimum Withdrawal Benefit (GMWB) variable annuities, one of the most rapidly-growing financial innovations over the last two decades. A key feature of these products is that they offer access to equity investments with downside protection, hedging of longevity risk, and partially-refundable premiums. Welfare rises since policyholders exercise the product's flexibility by taking withdrawals and dynamically adjusting their portfolios and consumption streams. Consistent with observed behavior, differences across individuals' cash out and annuitization patterns result from variations in realized equity market returns and labor income trajectories. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w19206 |
| 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/576879 |
| 推荐引用方式 GB/T 7714 | Vanya Horneff,Raimond Maurer,Olivia S. Mitchell,et al. Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection. 2013. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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