NDLI: Predictors and Portfolios Over the Life Cycle

Content Provider	Scilit
Author	Kraft, Holger Munk, Claus Weiss, Farina
Copyright Year	2018
Description	Journal: SSRN Electronic Journal In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors who are able to take advantage of all sources of predictability with unskilled investors ignoring predictability. For an unskilled investor the certainty equivalent of wealth is 0.3-6.8% lower than for a skilled investor, depending on the market entry date. We also determine the effect of luck to enter the market at a favorable time. Across market entry dates, skilled but unlucky investors can lose up to 15.4% compared to unskilled but lucky investors.
Related Links	https://www.econstor.eu/bitstream/10419/203300/1/safe-wp-139_2.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=2787568
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.2787568
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2018-03-01
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Return Predictability
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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