Portfolio Choice in Retirement: Health Risk and the Demand for Annuities, Housing, and Risky Assets
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In a life-cycle model, a retiree faces stochastic health depreciation and chooses consumption, health expenditure, and the allocation of wealth between bonds, stocks, and housing. The model explains key facts about asset allocation and health expenditure across health status and age. The portfolio
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美国国家经济研究局创建时间：
2009-09-01
