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



Figure 3: Welfare Losses,   ∆W0 / W0,   for U.S. (SCF) Data;

Gender = 0 (male) or 1 (female), γ = 2, δ = 0.97, Age = 50, Education = Middle *

Male


Female

0.60'


A
BA

C

BC

C
CB

CC B
B


S
~~~
S

Ч-*
φ
B


0.50'


0.40'


0.30'


C
AC

A

A

B

B

B


C

C

A A CCC

A AA

B

B

BBB


50,000     100,000     150,000     200,000     250,000


50,000     100,000     150,000     200,000     250,000


Net worth

Net worth


Noncapital Income

B 20,000

A 36,000

C 49,000

* Dotted vertical lines indicate age-specific quantiles for Net worth (25%, 50% and 75%); age-specific
quantiles for Labor Income are labeled by
(25%), O (50%) and V (75%).

46



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