Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
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时间就是金钱：生命周期理性惯性与投资管理委托
DOI：
10.2139/ssrn.2350785
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发表时间：
2013
期刊：
影响因子：
--
通讯作者：
Olivia S. Mitchell
中科院分区：
文献类型：
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作者：
Hugh Hoikwang Kim;Raimond Maurer;Olivia S. Mitchell
许多家庭在其生命周期中表现出投资管理的惰性。我们经过校准的动态生命周期投资组合选择模型可以解释这种明显的“非理性”结果，因为它纳入了这样一个事实，即投资者在花时间管理自己的资金时必须放弃获取特定于工作的技能，而且他们在金融决策方面的效率因年龄而异。由此产生的惯性模式与先前研究的结果和我们自己的收入动态小组研究(PSID)数据的经验结果很好地吻合。我们还分析了人们如何在积极管理资产和将任务委托给财务顾问之间进行最佳选择。事实证明，委派对年轻人和老年人都很有价值。我们的校准模型量化了包括投资、时间和金钱成本在内的福利收益，以及在生命周期设置中的授权。
Many households display inertia in investment management over their life cycles. Our calibrated dynamic life cycle portfolio choice model can account for such an apparently 'irrational' outcome, by incorporating the fact that investors must forgo acquiring job-specific skills when they spend time managing their money, and their efficiency in financial decision making varies with age. Resulting inertia patterns mesh well with findings from prior studies and our own empirical results from Panel Study of Income Dynamics (PSID) data. We also analyze how people optimally choose between actively managing their assets versus delegating the task to financial advisors. Delegation proves valuable to both the young and the old. Our calibrated model quantifies welfare gains from including investment time and money costs as well as delegation in a life cycle setting.