Risky Asset Ownership Decisions by the Elderly in the UK: Evidence from the Retirement Survey
AbstractIn this paper we shed more light on the portfolio behaviour of the older part of the UK population over the period 1988-94. We employ data from the Retirement Survey and different econometric specifications in order to model the risky asset ownership decisions over time. The unique nature of the dataset allows us to control for a variety of factors that may be important for the portfolio behaviour of people that are about to or they have recently retired. Our results are indicative for the role of the fixed participation costs and inertial behaviour in risky asset ownership decisions.
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Bibliographic InfoPaper provided by Royal Economic Society in its series Royal Economic Society Annual Conference 2003 with number 84.
Date of creation: 04 Jun 2003
Date of revision:
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Postal: Office of the Secretary-General, School of Economics and Finance, University of St. Andrews, St. Andrews, Fife, KY16 9AL, UK
Phone: +44 1334 462479
Web page: http://www.res.org.uk/society/annualconf.asp
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household portfolios; risky asset ownership decisions; random effects probit; bivariate probit; transition rates;
Find related papers by JEL classification:
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Longitudinal Data; Spatial Time Series
- C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-06-16 (All new papers)
- NEP-CFN-2003-06-16 (Corporate Finance)
- NEP-RMG-2003-06-16 (Risk Management)
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