Stated Product Choices of Heterogeneous Agents are Largely Consistent with Standard Models

Bart Dees (), Theo Nijman () and Arthur Soest ()
Additional contact information
Bart Dees: Tilburg University, Nationale Nederlanden and Netspar
Theo Nijman: Tilburg University and Nestpar
Arthur Soest: Tilburg University and Nestpar

De Economist, 2023, vol. 171, issue 3, No 3, 267-302

Abstract: Abstract In this paper we analyze how stated choices for the amount of risk in pension assets of Dutch participants in DC pension products vary with their characteristics. We find strong evidence that this variation is in line with standard portfolio choice models. Heterogeneity in age, risk aversion, loss aversion, non-pension financial wealth, the relative importance of DC pension wealth and educational attainment leads to differences in product choice that are largely in line with standard theory. This applies to investment choices in the accumulation phase as well as in the retirement phase.

Keywords: Investment risk; DC pensions; Personal finance (search for similar items in EconPapers)
JEL-codes: D14 G11 G23 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s10645-023-09424-0 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:kap:decono:v:171:y:2023:i:3:d:10.1007_s10645-023-09424-0

Ordering information: This journal article can be ordered from
http://www.springer. ... cs/journal/10645/PS2

DOI: 10.1007/s10645-023-09424-0

Access Statistics for this article

De Economist is currently edited by Rob Alessie, Bas ter Weel, Casper van Ewijk, Jan C. van Ours and Frank de Jong

More articles in De Economist from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().