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

• 成果类型: Article
• 署名作者: Yogo, Motohiro
• 署名单位: Princeton University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2016.04.008
• 发表日期: 2016
• 页码: 17-34
• 关键词: Aging; asset allocation; Life-cycle model; Medical expenditure; Saving

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.