Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/25279 
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dc.contributor.authorPost, Thomasen
dc.contributor.authorGründl, Helmuten
dc.contributor.authorSchmit, Joanen
dc.contributor.authorZimmer, Anjaen
dc.date.accessioned2008-07-14-
dc.date.accessioned2009-07-23T15:03:52Z-
dc.date.available2009-07-23T15:03:52Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aHumboldt University of Berlin, Collaborative Research Center 649 - Economic Risk |cBerlinen
dc.relation.ispartofseries|aSFB 649 Discussion Paper |x2008,037en
dc.subject.jelD14en
dc.subject.jelD91en
dc.subject.jelG11en
dc.subject.jelG28en
dc.subject.jelI31en
dc.subject.ddc330en
dc.subject.keywordAsset allocationen
dc.subject.keywordretirement welfareen
dc.subject.keywordpension reformen
dc.subject.stwPrivate Rentenversicherungen
dc.subject.stwAnlageverhaltenen
dc.subject.stwErwartungsnutzenen
dc.subject.stwLebensverlaufen
dc.subject.stwWohlfahrtseffekten
dc.subject.stwDeutschlanden
dc.subject.stwUSAen
dc.titleThe impact of individual investment behavior for retirement welfare: evidence from the United States and Germany-
dc.type|aWorking Paperen
dc.identifier.ppn571742424en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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