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Life Insurance Demand under Health Shock Risk 

Kraft, Holger; Schendel, Lorenz S.; Steffensen, Mogens (2015-06-03)
This paper studies the life cycle consumption-investment-insurance problem of a family. The wage earner faces the risk of a health shock that significantly increases his probability of dying. The family can buy long-term ...
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Consumption-Investment Problems with Stochastic Mortality Risk 

Schendel, Lorenz S. (2014-03-03)
I numerically solve realistically calibrated life cycle consumption-investment problems in continuous time featuring stochastic mortality risk driven by jumps, unspanned labor income as well as short-sale and liquidity ...
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Critical Illness Insurance in Life Cycle Portfolio Problems 

Schendel, Lorenz S. (2014-03-03)
I analyze a critical illness insurance in a consumption-investment model over the life cycle. I solve a model with stochastic mortality risk and health shock risk numerically. These shocks are interpreted as critical illness ...
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Peer Effects and Risk Sharing in Experimental Asset Markets 

Baghestanian, Sascha; Gortner, Paul J.; van der Weele, Joël J. (2015-02-02)
Previous research has documented strong peer effects in risk taking, but little is known about how such social influences affect market outcomes. Since the consequences of social interactions are hard to isolate in financial ...
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Predictors and Portfolios Over the Life Cycle 

Kraft, Holger; Munk, Claus; Weiss, Farina (2018-06-08)
In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors ...
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Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities 

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. (2016-09-29)
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into ...
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Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence 

Maurer, Raimond; Mitchell, Olivia S.; Rogalla, Ralph; Schimetschek, Tatjana (2017-01-31)
People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity ...
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Consumption-Portfolio Choice with Preferences for Cash 

Kraft, Holger; Weiss, Farina (2018-07-12)
This paper studies a consumption-portfolio problem where money enters the agent's utility function. We solve the corresponding Hamilton-Jacobi-Bellman equation and provide closed-form solutions for the optimal consumption ...
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How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior 

Horneff, Vanya; Maurer, Raimond; Mitchell, Olivia S. (2017-06-23)
This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more “normal” financial conditions. Our ...
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Smoking Hot Portfolios? Self-Control and Investor Decisions 

Uhr, Charline; Meyer, Steffen; Hackethal, Andreas (2019-09-01)
Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from ...
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AuthorKraft, Holger (4)Maurer, Raimond (4)Mitchell, Olivia S. (4)... View MoreResearch Area
Household Finance (27)
Macro Finance (5)Financial Markets (3)... View MoreJEL Classification
G11 (27)
D14 (20)D91 (14)... View MoreTopic
Monetary Policy (27)
Household Finance (21)Consumption (13)... View MoreKeywordportfolio choice (8)labor income risk (6)retirement income (6)... View MoreDate Issued2014 (2)2015 (2)2017 (2)Has File(s)Yes (21)No (6)
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Leibniz Gemeinschaft
About  Data Protection