Analyses in the Economics of Aging (National Bureau of by David A. Wise

By David A. Wise

Analyses within the Economics of getting older summarizes a big quantity of recent learn on numerous renowned and less-examined subject matters referring to the connection among economics and getting older. one of the issues explored during this quantity, substantial recognition is given to new examine on retirement discount rates, the fee and potency of clinical assets, and the predictors of overall healthiness events.The quantity starts off with a dialogue of the hazards and advantages of 401(k) plans. next chapters current contemporary research of the expansion of Medicare expenses; the various facets of incapacity; and the evolution of healthiness, wealth, and residing preparations over the lifestyles path. holding with the worldwide culture of earlier volumes, Analyses within the Economics of getting older additionally comprises comparative experiences on discount rates habit in Italy, the Netherlands, and the U.S.; an exam of loved ones rate reductions between diversified age teams in Germany; and a bankruptcy dedicated to inhabitants getting older and the plight of widows in India. conscientiously compiled and containing probably the most state of the art examine and research to be had, this quantity might be of curiosity to any professional or policymaker excited about ongoing alterations in reductions and retirement behaviors.

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Venti, and David A. 6 Investment strategy/risk aversion (alpha) This is only 10 percent higher than the certainty equivalent of the all-indexbond strategy, $230,400. 10. 2 times the values with the all index bond portfolio. 7 Conclusions and Directions for Further Work This paper presents new evidence on the valuation of risky retirement saving assets when investors have a choice between investing in corporate stocks and index bonds. We find that the historical return distribution for equities leads investors to earn higher expected utility, in most cases, if they invest primarily in stocks rather than in index bonds.

Poterba, Joshua Rauh, Steven F. Venti, and David A. Wise A B Fig. 6 A, Certainty equivalents and risk aversion for households with high school or some college education, baseline equity returns, and no wealth other than 401(k); B, certainty equivalents and risk aversion for households with high school or some college education, reduced equity premiums, and no wealth other than 401(k) needed for a household to prefer all index bonds to a fifty-fifty index bond– stock mix. 75, a household prefers the fifty-fifty mix to an allstock portfolio.

6 shows that the certainty equivalent of the 50 percent and 100 percent equity allocations declines if the expected return on Utility Evaluation of Risk in Retirement Savings Accounts 43 corporate stock is assumed to be 300 basis points lower than historical returns. The effects are most pronounced at high levels of risk aversion. 4 percent, the historical mean. 4 percent. When we reduce the average return by 300 basis points, the levels of ␣ for which stocks and the fifty-fifty mix are preferred to the index bond portfolio are lower.

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