The Impact of Individual Investment Behavior for Retirement Welfare: Evidence from the United States and Germany



Figures

Figure 1: Investment into the risky asset as a function in the labor income-to-
cash on hand ratio for German (EVS) data, Gender = 0 (male), γ = 2, δ = 0.97,

Figure 2: Investment into the risky asset as a function in age for German (EVS)
data, Gender = 0 (male), γ = 2, δ = 0.97, Education = Middle

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