Portfolio choice in retirement: Health risk and the demand for annuities, housing, and risky assets

被引：115
作者：
Yogo, Motohiro [1 ,2 ]
机构：
[1] Princeton Univ, Dept Econ, 26 Prospect Ave, Princeton, NJ 08540 USA
[2] NBER, Cambridge, MA 02138 USA
来源：
JOURNAL OF MONETARY ECONOMICS | 2016年 / 80卷
基金：
美国国家卫生研究院;
关键词：
Aging; Asset allocation; Life-cycle model; Medical expenditure; Saving; LIFE-CYCLE; CONSUMPTION; INSURANCE; BEHAVIOR; MODEL; AVERSION; CARE;
D O I：
10.1016/j.jmoneco.2016.04.008
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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. (C) 2016 Elsevier B.V. All rights reserved.
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页码：17 / 34
页数：18
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