The Dissaving of Annuity Wealth and Marketable Wealth in Retirement
This paper compares the automatic dissaving of annuity wealth with the discretionary dissaving of marketable wealth that would result from life-cycle consumption behavior by retired persons. In simulations of a life-cycle model based on the isoelastic utility function and realistic parameter values, the author finds that marketable wealth normally would be dissaved more rapidly than annuity wealth. This suggests that empirical findings that show the opposite relation--slow dissaving of marketable wealth being accompanied by faster dissaving of annuity wealth (or total wealth)--should not be interpreted as evidence that supports the life-cycle theory. Copyright 1994 by The International Association for Research in Income and Wealth.
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Volume (Year): 40 (1994)
Issue (Month): 1 (March)
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