EXPLAINING PORTFOLIO CHOICE IN SAVING FOR RETIREMENT

养老金固定缴款计划的普及和社会保障个人账户的可能性，使得退休后的财务保障更有可能依赖于良好的资产配置和投资组合选择。HRS不仅提供了关于投资组合行为的无与伦比的数据，而且还提供了可能影响投资组合行为的广泛因素的数据。传统经济理论中的投资组合选择特征（如风险承受能力和预期回报率）和行为经济学家提出的那些特征可能都很重要，尽管传统理论中没有这些特征。这个项目的目的是确定什么，实际上，支配投资组合选择的横截面差异。确定影响投资组合选择的因素将有助于我们确定人们的金融投资决策是否可以得到改善，以便在生命结束时提供更大的金融安全。

The spread of defined contribution pension plans and the possibility of individual accounts for Social Security make financial security in retirement ever more likely to depend on good asset allocation and portfolio choices. The HRS provides unparalleled data not only on portfolio behavior, but also on a wide range of things that might influence portfolio behavior?both those that are featured in traditional economic theories of portfolio choice (such as risk tolerance and rate of return expectations) and those that behavioral economists suggest might matter despite being absent from traditional theories. The aim of this project is to identify what, in fact, governs cross-sectional difference in portfolio choice. Identifying the factors that govern portfolio choice will help us determine whether people's financial investment decisions can be improved in order to provide for greater financial security toward the end of life.