WEALTH AND RETIREMENT

股票市场的繁荣和萧条导致了一些人口群体的巨大财富变化。这些变化可能在很大程度上是意料之外的，因为股票估值大幅偏离了历史趋势。这些财富变化对那些即将退休的人来说尤其重要，因为他们无法在很长一段时间内重新优化;因此，财富变化应该以可衡量的方式影响行为。在这项拟议的研究中，我们将把与繁荣和萧条相关的财富变化视为 让部分市民的财富有意外的增加或损失，我们会研究其后果。我们将这些结果与传统的面板估计，如退休风险，采取财富是外生的。我们将使用生命周期模型作为分析退休和储蓄决策的框架。财富的增加或损失对退休或储蓄的一个重要的间接影响可能是通过健康的变化：社会经济地位和健康之间的联系是明确的，但因果机制是， 这是一个相当有争议的话题。我们将发现股票市场的收益或损失是否会影响自我评估的健康状况，这可能会对退休和储蓄产生后续影响。我们将发现是否存在不对称的反应：也就是说，退休、消费和健康的变化是否因股市上涨而异。

The boom and bust in the stock market resulted in large wealth changes for some groups of the population. The changes were likely largely unanticipated in that the stock valuations deviated substantially from historical trends. These wealth changes were particularly important to those approaching retirement because of their inability to re-optimize over a long time horizon; thus, the wealth changes should have affected behavior in a measurable way. In this proposed research we will treat the wealth changes associated with the boom and bust like the experiment of giving some part of the population a windfall gain or loss of wealth, and we will study the consequences. We will compare these results with those from conventional panel estimation such as retirement hazards which take wealth to be exogenous. We will use a life-cycle model as the framework for analyzing the retirement and saving decisions. An important indirect effect of the wealth gains or losses on retirement or saving could be via changes in health: the link between socio-economic status and health is well-established, but the causal mechanism is the subject of considerable dispute. We will find whether the gains or losses in the stock market affected self-assessed health, which could have a subsequent affect on retirement and saving. We will find whether there are asymmetries in response: that is, do retirement, consumption and health change differently for stock market gains than for losses.