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



Figure 9: Welfare Losses, ∆W0 / W0, for German (EVS) Data; Gender = 0

(male), γ = 2, δ = 0.97, Age = 50, Education = Low, Middle, or High *

Education = Low


Education = Middle


Education = High


B
B
0.50 й B

B


AB


5

I
÷j
φ


0.40" B


0.30 й


A
A
A

A
A


0.20" AC

CCC


AB


AC A

C


BB


BB


AC AC AC A


. B

B

B

B

B

B

B


A

A
A
A


AB

BA

BA


BB

AC AC


BBB


AA

CCC


B

B

B

B

b B
B
B


A
A
A
A

A


BA

BAB

CCCAB

CAB


AC A

C


BB


BB


AA


CC


0       50,000    100,000    150,000    200,000

Net w orth


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

Net w orth


0       50,000    100,000    150,000    200,000

Net worth


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%).

52



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