A Study of Life Expectancy,Motivations of Bequests and Allocation of Risk Assets
- 2015年 
【中文摘要】预期寿命的延长和遗赠动机的增强将影响个人的资产选择。新的生命周期资产选择模型在统一框架下可对预期寿命延长和遗赠动机对最优风险资产配置的影响进行分析。校准分析的结论显示：不论是预期寿命的延长还是遗赠动机的增强，都会使得投资更为谨慎，降低风险资产投资比率；预期寿命和遗赠动机对风险资产配置的影响相互增强，而不是相互抵消。当放宽模型中其他重要参数（如劳动收入增长均值和波动性和风险厌恶系数等）赋值区间后，上述结论仍然成立。 【Abstract】 Prolonged life expectancy and enhanced motivations of bequests will affect individuals’ portfolios. This study uses a new dynamic life-cycle model within a uniform framework to analyze the impact of longer life expectancy and motivations of bequests on the optimal allocation of risk assets. Our results show that prolonged life expectancy and enhanced motivations of bequests can both make investors more cautious and therefore reduce the proportion of investment in risk assets, and that life expectancy and motivations of bequests have mutually enhanced rather than reduced impact on the allocation of risk assets. This conclusion is still valid even when we change the values of other important parameters in our model, such as labor income growth rate and volatility, relative risk reverse coefficients, and subjective discount rates.