主  题:Optimal Post-Retirement Planning for Couples with Dependent Mortality

内容简介: This  paper proposes a multi-period consumption and portfolio choice model  for retired couples with dependent mortality rates. The analysis  indicates that the correlation in mortality rates of spouses affects  optimal retirement decisions. We find that retired couples who consider  mortality dependence in their financial planning achieve a higher  utility than those who ignore the dependence. In particular, retired  couples who take into account mortality correlation optimally adopt a  more risky investment strategy and have a smoother utility trajectory.  Moreover, the demand for annuities will be substantially lower if they  ignore dependence in mortality rates. Using the optimal level suggested  by our model as a benchmark, we show that the prevalence of ignorance  and indifference about mortality dependency observed in reality is one  important factor that explains the annuity puzzle. (Coauthor with Baiyi  Wu and Yijia Lin)

报告人:曾燕      教授    博导

时  间:2018-10-12    15:00

地  点:竞慧东楼302