全球智库信息集成服务系统(G2TT): Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19732
来源ID	Working Paper 19732
	Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management
	Hugh Hoikwang Kim; Raimond Maurer; Olivia S. Mitchell
发表日期	2013-12-12
出版年	2013
语种	英语
摘要	This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision making varies with age. Our calibrated model demonstrates that both factors generate sensible portfolio inactivity patterns consistent with empirical evidence. We also analyze how people optimally choose between actively managing their assets versus delegating the task to financial advisors. Delegation proves valuable to both the young and the old. Our calibrated model quantifies welfare gains from including investment time and money costs as well as delegation in a life cycle setting.
主题	Microeconomics ; Households and Firms ; Behavioral Economics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Demography and Aging ; Labor Supply and Demand
URL	https://www.nber.org/papers/w19732
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577406
推荐引用方式 GB/T 7714	Hugh Hoikwang Kim,Raimond Maurer,Olivia S. Mitchell. Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management. 2013.