Hyperbolic discounting and life-cycle portfolio choice
نویسندگان
چکیده
منابع مشابه
Hyperbolic Discounting and Life-Cycle Portfolio Choice
This paper studies how hyperbolic discounting affects stock market participation, asset allocation, and saving decisions over the life cycle in an economy with Epstein-Zin preferences. Hyperbolic discounting affects saving and portfolio decisions through at least two channels: (1) it lowers desired saving, which decreases financial wealth relative to future earnings; and (2) it lowers the incen...
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ژورنال
عنوان ژورنال: Journal of Pension Economics and Finance
سال: 2015
ISSN: 1474-7472,1475-3022
DOI: 10.1017/s1474747215000220