Get Analyses in the Economics of Aging (National Bureau of PDF

By David A. Wise

ISBN-10: 0226902862

ISBN-13: 9780226902869

ISBN-10: 0226903214

ISBN-13: 9780226903217

Analyses within the Economics of getting older summarizes a major quantity of latest study on a number of renowned and less-examined issues touching on the connection among economics and getting older. one of several topics explored during this quantity, enormous recognition is given to new learn on retirement rate reductions, the associated fee and potency of scientific assets, and the predictors of health and wellbeing events.The quantity starts off with a dialogue of the hazards and benefits of 401(k) plans. next chapters current contemporary research of the expansion of Medicare expenses; the various facets of incapacity; and the evolution of overall healthiness, wealth, and dwelling preparations over the lifestyles direction. maintaining with the worldwide culture of earlier volumes, Analyses within the Economics of getting older additionally contains comparative stories on discounts habit in Italy, the Netherlands, and the USA; an exam of loved ones discounts between various 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 examine and research to be had, this quantity can be of curiosity to any expert or policymaker involved in ongoing adjustments in reductions and retirement behaviors.

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Extra info for Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report)

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For this group, we find the median value of a DB pension of $35,400. The mean value, $182,600, is much greater, reflecting the right skewness of the distribution of pension values. For Social Security wealth, the median ($242,000) is actually greater than the mean ($228,900), which reflects the upper limit on Social Security benefits. 3 also shows several wealth aggregates. First, we compute annuitized wealth as the sum of the present discount values of Social Security, DB pensions, and other annuities.

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. We have explored the robustness of this finding to reducing the expected return on corporate stocks by 300 basis points per year. While this shifts the distribution of re- Utility Evaluation of Risk in Retirement Savings Accounts 47 A B Fig. 8 A, Certainty equivalents and risk aversion for households with high school or some college education, baseline equity returns, and all non-401(k) wealth; B, certainty equivalents and risk aversion for households with high school or some college education, reduced equity premiums, and all non-401(k) wealth tirement balances to lower values and reduces the expected utility of holding stocks, we still find that only highly risk-averse investors would choose not to hold corporate stocks.

5 Cumulative density functions of different utility functions for households with high school or some college education Notes: This figure shows the cumulative distribution of the utility values of the wealth outcomes in the simulated distribution for four different levels of risk aversion. The scale of the utility values depends on the risk aversion parameter. In this figure, all utility values are scaled so that 0 is the worst outcome, and 1 is the best outcome, for a given alpha. The Von-Neumann Morgenstern (VNM) utility function over which expected utility is calculated is unique up to an affine transformation.

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Analyses in the Economics of Aging (National Bureau of Economic Research Conference Report) by David A. Wise

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