How Households Adjust their Consumption and Investment Plans under Longevity Risk: An Experimental Approach-based Study in Taiwan
學年 102
學期 1
出版（發表）日期 2013-10-28
作品名稱 How Households Adjust their Consumption and Investment Plans under Longevity Risk: An Experimental Approach-based Study in Taiwan
作品名稱（其他語言）
著者 Tien, Joseph J; Miao, Jerry C Y
單位
出版者
著錄名稱、卷期、頁數 The Geneva Papers on Risk and Insurance Issues and Practice 38(4), pp.803-823
摘要 Longevity risk may be defined as the risk of outliving one’s accumulated wealth. Although many theoretical studies have suggested that individuals will increase their precautionary saving in order to mitigate longevity risk, only a few of such studies have used empirical data to test people’s decision-making behaviour in response to longevity risk. The main purpose of this paper is to investigate how households adjust their consumption and investment plans in response to longevity risk. We find that households reduce their consumption over their entire lifespan and increase the proportion of their risky assets before retirement when they face longevity risk. Furthermore, we also discover that households with females, more children, higher health expenditure and greater risk aversion change their risky assets to a lesser extent in their whole life period in the face of longevity risk, compared with other households.
關鍵字 longevity risk;consumption decisions;investment decision;ageing society
語言 en
ISSN 1018-5895
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者 Tien, Joseph J
審稿制度 否
國別 GBR
公開徵稿
出版型式 ,電子版,紙本
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機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/104230 )

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