Optimal life-cycle investing with flexible labor supply: A welfare analysis of life-cycle funds

American Economic Review

Volumn 98, Issue 2, 2008, Pages 297-303

  Gomes, Francisco J ^a,b   Kotlikoff, Laurence J ^b,c   Viceira, Luis M ^b,d  

^a LONDON BUSINESS SCHOOL   (United Kingdom)

^b CEPR ^*

^c USA   (United States)

^d HARVARD BUSINESS SCHOOL   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 44949239520     PISSN: 00028282     EISSN: None     Source Type: Journal    
DOI: 10.1257/aer.98.2.297     Document Type: Conference Paper

References (13)

1. Bodie, Zvi, Robert C. Merton, and William F. Samuelson. 1992. "Labor Supply Flexibility and Portfolio Choice in a Life Cycle Model." Journal of Economic Dynamics and Control, 16(3-4): 427-49.
2. Bodie, Zvi, and Jonathan Treussard. 2007. "Making Investment Choices as Simple as Possible, But Not Simpler." Financial Analysts Journal, 63(3): 42-47.
3. Bodie, Zvi, Jérôme B. Detemple, Sussane Otruba, and Stephan Walter. 2004. "Optimal Consumption Portfolio Choices and Retirement Planning." Journal of Economic Dynamics and Control, 28(6): 1115-48.
4. Chan, Yeung Lewis, and Luis M. Viceira. 2000. "Asset Allocation with Endogenous Labor Income: The Case of Incomplete Markets." Unpublished.
5. Cocco, Joao, Francisco Gomes, and Pascal Maenhout. 2005. "Consumption and Portfolio Choice over the Life Cycle." Review of Financial Studies, 18(2): 491-533.
6. Dammon, Robert M., Chester S. Spatt, and Harold H. Zhang. 2004. "Optimal Asset Location and Allocation with Taxable and Tax-Deferred Investing." Journal of Finance, 59(3): 999-1037.
7. Fehr, Hans, Sabine Jokisch, and Larry Kotlikoff. 2006. "Will China Eat Our Lunch or Take Us Out to Dinner? Simulating the Transition Paths of the U.S., EU, Japan, and China." In Fiscal Policy and Management in East Asia, ed. Takatoshi Ito and Andrew K. Rose, 133-98. Chicago: University of Chicago Press.
8. French, Eric. 2005. "The Effects of Health, Wealth, and Wages on Labor Supply and Retirement Behaviour." Review of Economic Studies, 72(2): 395-427.
9. Gomes, Francisco, Larry Kotlikoff, and Luis M. Viceira. 2007. "The Excess Burden of Government Indecision." Unpublished.
10. Gomes, Francisco, and Alexander Michaelides. 2005. "Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence." Journal of Finance, 60(2): 869-904.
11. Low, Hamish W. 2005. "Self-Insurance in a Life-Cycle Model of Labour Supply and Savings." Review of Economic Dynamics, 8(4): 945-75.
12. Viceira, Luis M. 2001. "Optimal Portfolio Choice for Long-Horizon Investors with Nontradable Labor Income." Journal of Finance, 56(2): 433-70.
13. Viceira, Luis M. Forthcoming. "Life-Cycle Funds." In Overcoming the Saving Slump: How to Increase the Effectiveness of Financial Education and Saving Program, ed. Annamaria Lusardi. Chicago: University of Chicago Press.