Stated product choices of heterogeneous agents are largely consistent with standard models

Research output: Contribution to journalArticleScientificpeer-review

Abstract

In this paper we analyze how stated choices for the amount of risk in pension assets of Dutch participants in DC pension products vary with their characteristics. We find strong evidence that this variation is in line with standard portfolio choice models. Heterogeneity in age, risk aversion, loss aversion, non-pension financial wealth, the relative importance of DC pension wealth and educational attainment leads to differences in product choice that are largely in line with standard theory. This applies to investment choices in the accumulation phase as well as in the retirement phase.
Original languageEnglish
Pages (from-to)267-302
JournalDe Economist
Volume171
Issue number3
DOIs
Publication statusPublished - Sept 2023

Keywords

  • Investment risk
  • DC pensions
  • Personal finance

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