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



Figure 8: Welfare Losses, ∆W0 / W0, for German (EVS) Data; Gender = 0 (male)
or 1 (female), γ = 2, δ = 0.97, Age = 50, Education = Middle *

Net worth

Net w orth


Noncapital Income

B 21,872

A 36,444

C 49,264

* 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%).

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