Household Portfolio Choice and Retirement
研究了退休对家庭股票投资比例的影响，发现夫妻在退休后显著降低股票配置，而单身者变化不大，且这种调整与夫妻间风险偏好差异和家庭内部谈判权力变化有关。
This study examines household portfolio choice through the retirement transition. I show that couples significantly decrease their stock allocations after retirement, whereas singles’ allocations remain relatively unchanged. Reallocations are concentrated among couples in which the wife is more risk averse than her husband. Husbands’ and wives’ respective retirement events are followed by opposite-signed changes in stock allocations. These findings are consistent with a model of collective household decision making in which spouses have heterogeneous risk preferences, and suggest that dynamics in the distribution of intrahousehold bargaining power generate time-varying household risk aversion.