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http://hdl.handle.net/10419/25279
  

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dc.contributor.authorPost, Thomasen_US
dc.contributor.authorGründl, Helmuten_US
dc.contributor.authorSchmit, Joanen_US
dc.contributor.authorZimmer, Anjaen_US
dc.date.accessioned2008-07-14en_US
dc.date.accessioned2009-07-23T15:03:52Z-
dc.date.available2009-07-23T15:03:52Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/25279-
dc.description.abstractMuch of the industrialized world is undergoing a significant demographic shift, placing strain on public pension systems. Policymakers are responding with pension system reforms that put more weight on privately managed retirement funds. One concern with these changes is the effect on individual welfare if individuals invest suboptimally. Using micro-level data from the United States and Germany, we compare the optimal expected lifetime utility computed using a realistically calibrated model with the actual utility as reflected in empirical asset allocation choices. Through this analysis, we are able to identify the population subgroups with relatively large welfare losses. Our results should be helpful to public policymakers in designing programs to improve the performance of privately organized retirement systems.en_US
dc.language.isoengen_US
dc.publisherSFB 649, Economic Risk Berlinen_US
dc.relation.ispartofseriesSFB 649 discussion paper 2008,037en_US
dc.subject.jelD14en_US
dc.subject.jelD91en_US
dc.subject.jelG11en_US
dc.subject.jelG28en_US
dc.subject.jelI31en_US
dc.subject.ddc330en_US
dc.subject.keywordAsset allocationen_US
dc.subject.keywordretirement welfareen_US
dc.subject.keywordpension reformen_US
dc.subject.stwPrivate Rentenversicherungen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwErwartungsnutzenen_US
dc.subject.stwLebensverlaufen_US
dc.subject.stwWohlfahrtseffekten_US
dc.subject.stwDeutschlanden_US
dc.subject.stwUSAen_US
dc.titleThe impact of individual investment behavior for retirement welfare: evidence from the United States and Germanyen_US
dc.typeWorking Paperen_US
dc.identifier.ppn571742424en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:SFB 649 Discussion Papers, HU Berlin

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