The Effect of Large Capital Gains or Losses on Retirement
The Effect of Large Capital Gains or Losses on Retirement
复制标题
巨额资本收益或损失对退休的影响
DOI：
10.7208/chicago/9780226903361.003.0005
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发表时间：
2009
影响因子：
6.3
通讯作者：
S. Rohwedder
中科院分区：
文献类型：
--
作者：
M. Hurd;M. Réti;S. Rohwedder
尽管人们很自然地认为退休年限是一种正常的好处，因此财富的增加会导致更早的退休，但研究人员一直很难估计退休后可能产生的财富效应。这种困难的部分原因是，财富的一些横截面差异是品味差异的结果：例如，特别厌恶风险的人往往比那些不太厌恶风险的人积累更多财富，退休时间也更晚。此外，工作质量也很难控制：收入更高的工作往往有让工作更愉快的便利设施，从而推迟退休，同时，收入更高与财富积累率更高相关。财富和退休年龄之间的这种正向横截面相关性显然足够大，足以抵消财富对退休的影响所产生的负相关。在面板数据中，观察到的财富变化可能与退休后的财富效应无关。财富积累和退休的经济模型表明，个人积累财富是为了在最佳年龄退休。只要环境没有不可预见的变化4.巨额资本损益对退休的影响
Although it is natural to suppose that years of retirement are a normal good, so that increases in wealth would lead to earlier retirement, it has been difficult for research to estimate plausible wealth effects on retirement. Part of the reason for the difficulty is that some of the cross-section variation in wealth is the result of taste variation: for example, people who are especially risk averse will tend to accumulate more wealth and to retire later than those who are less risk averse. Also, it is difficult to control for the quality of the job: higher paying jobs tend to have amenities that make work more pleasant, thus delaying retirement, and at the same time, higher incomes are associated with greater rates of wealth accumulation. Such positive cross-section correlations between wealth and retirement age are apparently large enough to offset negative correlations induced by a wealth effect on retirement. In panel data, observed wealth change may not be related to a wealth effect on retirement. Economic models of wealth accumulation and retirement imply that individuals accumulate wealth so that they can retire at an optimal age. As long as there are no unforeseen changes in the environment 4 The Effect of Large Capital Gains or Losses on Retirement