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Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets / Motohiro Yogo.
- Format:
- Book
- Author/Creator:
- Yogo, Motohiro.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15307.
- NBER working paper series no. w15307
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Portfolio Choice in Retirement
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The portfolio share in stocks is low overall and is positively related to health, especially for younger retirees. The portfolio share in housing is negatively related to health for younger retirees and falls significantly in age. Finally, out-of-pocket health expenditure as a share of income is negatively related to health and rises in age.
- Notes:
- Print version record
- September 2009.
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