Yogo Motohiro
Princeton University, Department of Economics, 26 Prospect Avenue, Princeton, NJ 08540-5296, United States, and NBER. Tel.: +1 609 258 4467.
J Monet Econ. 2016 Jun;80:17-34. doi: 10.1016/j.jmoneco.2016.04.008. Epub 2016 Apr 30.
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 share in stocks is low overall and is positively related to health, especially for younger retirees. The portfolio share in housing is negatively related to health for younger retirees and falls significantly in age. Finally, out-of-pocket health expenditure as a share of income is negatively related to health and rises in age.
在一个生命周期模型中，退休人员面临随机的健康折旧，并选择消费、健康支出以及财富在债券、股票和住房之间的配置。该模型解释了有关不同健康状况和年龄的资产配置及健康支出的关键事实。总体而言，股票的投资组合份额较低，且与健康呈正相关，尤其是对于年轻的退休人员。对于年轻退休人员来说，住房的投资组合份额与健康呈负相关，并且会随着年龄的增长而显著下降。最后，自付健康支出占收入的比例与健康呈负相关，且会随着年龄的增长而上升。
