Private Wealth Over the Life Cycle: A Meeting Between Microsimulation and Structural Approaches

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-05-29 DOI:10.1111/roiw.12697

Lino Galiana, Lionel Wilner

引用次数: 0

Abstract

This paper embeds a structural model of private wealth accumulation over the life cycle within a dynamic microsimulation model designed for long‐run projections of pensions. In such an environment, the optimal savings path results from consumption smoothing and bequests motives, on top of the mortality risk. Preferences are estimated based on a longitudinal wealth survey through a method of simulated moments. Simulations issued from these estimations replicate quite well a private wealth that is more concentrated than labor income. They enable us to compute “augmented” standards of living including capital income, hence to quantify both the countervailing role played by private wealth to earnings dropout after retirement and the impact of the mortality risk in this regard.

查看原文本刊更多论文

生命周期中的私人财富：微观模拟与结构方法的结合

本文在为养老金长期预测而设计的动态微观模拟模型中嵌入了私人财富在生命周期中积累的结构模型。在这种环境下，除死亡率风险外，消费平滑和遗赠动机也会导致最佳储蓄路径。根据纵向财富调查，通过模拟矩方法对偏好进行估算。通过这些估算得出的模拟结果很好地再现了比劳动收入更为集中的私人财富。它们使我们能够计算包括资本收入在内的 "增强 "生活标准，从而量化私人财富对退休后收入减少所起的抵消作用，以及死亡率风险在这方面的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.