投资行为对个人福利的影响

Thomas Post, Helmut Gründl, Joan T. Schmit, Anja Zimmer
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引用次数: 2

摘要

工业化国家正在经历人口结构的转变,这给公共养老金体系带来了压力。雇主资助的养老金计划由固定收益改为固定缴款。更强调个人管理的退休基金。对这一运动的一个担忧是,如果家庭的投资行为不是最优的,对个人福利的潜在负面影响。使用微观层面的美国数据,我们比较了使用生命周期模型计算的最佳效用与反映在经验资产配置选择中的实际效用。估计的平均福利成本低于家庭禀赋(资产和人力资本)的3%;然而,特定人群的福利成本更高。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Impact of Investment Behavior for Individual Welfare
The industrialized world experiences a demographic shift that is straining public pension systems. Employer-sponsored pension plans change from defined benefit to defined contribution. More emphasis is put on individually managed retirement funds. One concern with this movement is the potential negative effect on individual welfare if households’ investment behavior is suboptimal. Using micro-level U.S. data, we compare the optimal utility computed using a life-cycle model with the actual utility as reflected in empirical asset allocation choices. Average estimated welfare costs estimated are below three percent of households’ endowment (assets and human capital); yet specific population groups experience higher welfare costs.
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