Stock Market Returns and Annuitization
Stock Market Returns and Annuitization
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股票市场回报和年金化
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Alessandro Previtero
中科院分区：
文献类型：
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作者：
Alessandro Previtero
我使用包含超过 100,000 个实际支付决策的新颖数据集调查了近期股票回报率与退休储蓄年金化之间的强烈负相关关系。在控制了几种标准解释（例如财富效应）后，我提供了支持天真的信念和从过去的回报进行推断的证据。近期回报对年金的影响随着年龄的增长而急剧增加，这证实了老年人最依赖近期信息。我的研究结果提供了关于老年信念如何形成的见解，并对旨在促进年金化的公共政策的设计产生了影响。
I investigate the strong negative relation between recent stock returns and the annuitization of retirement savings using a novel data set with over 100,000 actual payout decisions. After controlling for several standard explanations (e.g., wealth effects), I present evidence supporting naive beliefs and extrapolation from past returns. The effect of recent returns on annuitization dramatically increases with age, confirming that the elderly rely most heavily on recent information. My results provide insights into how beliefs are formed in old age and have implications for the design of public policies seeking to promote annuitization.