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Analyses in the Economics of Aging (National Bureau of - download pdf or read online

By David A. Wise

Analyses within the Economics of getting older summarizes an enormous quantity of latest study on numerous well known and less-examined themes relating the connection among economics and getting older. one of several issues explored during this quantity, substantial awareness is given to new examine on retirement discount rates, the fee and potency of scientific assets, and the predictors of future health events.The quantity starts off with a dialogue of the dangers and advantages of 401(k) plans. next chapters current contemporary research of the expansion of Medicare charges; the several points of incapacity; and the evolution of future health, wealth, and residing preparations over the existence direction. preserving with the worldwide culture of prior volumes, Analyses within the Economics of getting older additionally contains comparative experiences on reductions habit in Italy, the Netherlands, and the us; an exam of loved ones discount rates between varied age teams in Germany; and a bankruptcy dedicated to inhabitants getting older and the plight of widows in India. conscientiously compiled and containing essentially the most state-of-the-art learn and research to be had, this quantity may be of curiosity to any professional or policymaker thinking about ongoing adjustments in rate reductions and retirement behaviors.

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We compute the expected utility generated by the distribution of retirement resources for each portfolio strategy, using a standard household utility function. We then convert this expected utility to a certainty equivalent wealth measure to value the potential outcomes of different portfolio strategies. 8 presents these results assuming that the 401(k) balance is the household’s only wealth. By excluding other wealth and assuming that the household is dependent on 401(k) wealth only, these calculations exaggerate the true level of risk faced by the household.

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.

In an earlier simulation analysis of 401(k) wealth accumulation, Poterba, Venti, and Wise (2004) considered investments in nominal bonds and corporate stock. We consider investments in index bonds rather than corporate bonds in the current project because they are likely to provide a less risky source of long-term returns and, therefore, to provide a more natural benchmark for analyzing the risks of corporate stock from the vantage point of retirement income accumulation. On each iteration of our simulation algorithm, we draw a sequence of thirty-five real stock returns from the empirical return distribution.

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