Household Portfolio Choice and Retirement

• 成果类型: Article
• 署名作者: Addoum, Jawad M.
• 署名单位: Cornell University
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00643
• 发表日期: 2017-12
• 页码: 870-883
• 关键词: DECISION-MAKING; habit formation; equity premium; RISK; consumption; WEALTH; HEALTH; income; RESOLUTION; prices

摘要

This study examines household portfolio choice through the retirement transition. I show that couples significantly decrease their stock allocations after retirement, whereas singles' allocations remain relatively unchanged. Reallocations are concentrated among couples in which the wife is more risk averse than her husband. Husbands' and wives' respective retirement events are followed by opposite-signed changes in stock allocations. These findings are consistent with a model of collective household decision making in which spouses have heterogeneous risk preferences, and suggest that dynamics in the distribution of intrahousehold bargaining power generate time-varying household risk aversion.