ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)最新文献_第5页

What Drives Pension Worries in Europe? A Multilevel Analysis 是什么引发了欧洲对养老金的担忧?多层面分析

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-10-01 DOI: 10.2139/ssrn.1573557

D. Hershey, K. Henkens, H. van Dalen

{"title":"What Drives Pension Worries in Europe? A Multilevel Analysis","authors":"D. Hershey, K. Henkens, H. van Dalen","doi":"10.2139/ssrn.1573557","DOIUrl":"https://doi.org/10.2139/ssrn.1573557","url":null,"abstract":"Nations in Europe have been developing rapidly since the formation of the European Union (EU), not only socially and demographically, but economically as well. One question a number of countries will face during this period of structural transition will be how (and how well) they are able to support their citizens in old age. A related question involves whether individuals worry about their financial future in retirement, and the extent to which they take active steps to save in order to ensure an adequate standard of living. In this study, we analyze data from the third wave of the European Social Survey, which represents 22,609 working adults from 23 countries in Europe. We used multilevel modelling to focus on the explanatory factors that underlie individual and country-level effects in future pension worry and saving behavior. Findings suggest that once individual-level dimensions are taken into account, country-level predictors explain appreciable variance in worry, but not saving practices. Pension worries are more severe in countries with a low retirement age and a strong projected increase in future population aging. This suggests that the drive toward raising the retirement age in a number of EU countries may alleviate some of the worries of its citizens.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"356 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132543286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

What Replacement Rates Should Households Use? 家庭应该使用什么替代率?

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-09-01 DOI: 10.2139/ssrn.1513387

J. Scholz, Ananth Seshadri

引用次数: 46

House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis 房价、房屋净值借贷和美国家庭杠杆危机

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-08-01 DOI: 10.2139/ssrn.1397607

Atif R. Mian, Amir Sufi

{"title":"House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis","authors":"Atif R. Mian, Amir Sufi","doi":"10.2139/ssrn.1397607","DOIUrl":"https://doi.org/10.2139/ssrn.1397607","url":null,"abstract":"Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in defaults from 2006 to 2008. Employing land topology-based housing supply elasticity as an instrument for house price growth, we estimate that the average homeowner extracts 25 to 30 cents for every dollar increase in home equity. Money extracted from increased home equity is not used to purchase new real estate or pay down high credit card balances, which suggests that borrowed funds may be used for real outlays (i.e., consumption or home improvement). Home equity-based borrowing is stronger for younger households, households with low credit scores, and households with high initial credit card utilization rates. Homeowners in high house price appreciation areas experience a relative decline in default rates from 2002 to 2006 as they borrow heavily against their home equity, but experience very high default rates from 2006 to 2008. Our estimates suggest that home equity-based borrowing is equal to 2.8% of GDP every year from 2002 to 2006, and accounts for at least 34% of new defaults from 2006 to 2008.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127405198","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1293

Positive Affect Counters the Negative Effects of Choice Overload 积极影响抵消选择过多的消极影响

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-07-06 DOI: 10.2139/SSRN.1430542

Alice M. Isen, Guergana Spassova

引用次数: 1

Aging Asia’s Looming Pension Crisis 老龄化的亚洲迫在眉睫的养老金危机

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-07-01 DOI: 10.2139/ssrn.1616941

Donghyun Park

引用次数: 16

Shaping Returns in DC Pension Accounts: The Question of Rate of Return Guarantees 固定缴款型养老金账户的收益塑造:收益率保证问题

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-06-23 DOI: 10.2139/SSRN.1424482

David Mccarthy

{"title":"Shaping Returns in DC Pension Accounts: The Question of Rate of Return Guarantees","authors":"David Mccarthy","doi":"10.2139/SSRN.1424482","DOIUrl":"https://doi.org/10.2139/SSRN.1424482","url":null,"abstract":"While many economists have priced rate of return guarantees inside retirement accounts, in an incomplete market the value of a guarantee to individual investors may be different from its cost. Using a calibrated lifecycle model, we jointly estimate both lifetime asset allocation and asset location for individuals with DC retirement accounts who cannot trade dynamically, who face significant unhedgeable income risk and who receive means tested benefits and pay taxes. We use the model to estimate the demand for a 5 year guaranteed investment product which allows individuals to construct a wide variety of 5 year investment portfolio rate of return guarantees inside their DC retirement accounts. We find that the ability of investors to choose their asset allocation between equities and bonds largely eliminates any demand for 5 year portfolio return guarantees at fair prices for investors with standard preferences. Guarantees are most valuable for individuals who are pessimistic about future equity returns but who have low risk aversion and so choose not invest in bonds. We suggest that portfolio restrictions on asset allocation inside retirement accounts may consequently be a more cost effective way of managing risk exposure than explicit rate of return guarantees for most people in DC retirement systems.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125580444","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Driving for Fun? - A Comparison of Weekdays and Weekend Travel 为乐趣驾驶?-工作日和周末旅行的比较

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2009-04-01 DOI: 10.2139/ssrn.1430371

M. Frondel, Colin Vance

引用次数: 0

Do You Look to the Future or Focus on Today? The Impact of Life Experience on Intertemporal Decisions 你是着眼于未来还是专注于今天?生活经验对跨期决策的影响

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2007-03-01 DOI: 10.2139/ssrn.1292547

Jennifer L. Aaker, Wendy Liu

引用次数: 69

An Inter-Temporal Model of Dirty Money 黑钱的跨时间模型

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2005-07-01 DOI: 10.1108/13685200510700552

R. Araujo, T. Moreira

引用次数: 17

Do People Care About Relative Income? 人们关心相对收入吗?

ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic) Pub Date : 2004-04-23 DOI: 10.2139/ssrn.1805467

Claus Bjorn Jorgensen, J. Herby

引用次数: 5