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Labor Supply Flexibility and Portfolio Choice: An Empirical Analysis

dc.contributor.authorBenítez-Silva, Hugo A.
dc.date.accessioned2007-04-25T17:50:19Z
dc.date.available2007-04-25T17:50:19Z
dc.date.issued2003-06
dc.identifier.urihttps://hdl.handle.net/2027.42/50563
dc.description.abstractThis paper uses panel data from the Health and Retirement Study to estimate the relationship between measures of labor supply flexibility and portfolio-choice decisions by utility-maximizing individuals. Seminal research on portfolio decisions over the lifecycle, and recent research on stochastic dynamic programming models with endogenous labor supply and savings decisions suggest that, other things equal, individuals with more labor supply flexibility are likely to invest more in risky assets, regardless of their age, because of the insurance component that flexible labor supply provides. After controlling for panel sample selection and unobserved heterogeneity I find that labor supply flexibility leads to holding between 12% and 14% more wealth in stocks.en
dc.description.sponsorshipSocial Security Administrationen
dc.format.extent319161 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen
dc.publisherMichigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104en
dc.relation.ispartofseriesWP 2003-056en
dc.titleLabor Supply Flexibility and Portfolio Choice: An Empirical Analysisen
dc.typeWorking Paperen
dc.subject.hlbsecondlevelPopulation and Demography
dc.subject.hlbtoplevelSocial Sciences
dc.contributor.affiliationotherSUNY-Stony Brooken
dc.contributor.affiliationumcampusAnn Arboren
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/50563/1/wp056.pdfen_US
dc.owningcollnameRetirement and Disability Research Center, Michigan (MRDRC)


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