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



Figure 10: Welfare Losses, ∆W0 / W0, for German (EVS) Data, Gender = 0
(male),
γ = 2, δ = 0.97, age = 30, 50, or 65, Education = Middle, Labor Income =
Median (age-specific) *

5

•—.

5
∏3

ω
∙σ


G

G

G
G
G


Q
Q
Q
Q


G

G

G

G

G

G

Q

Q


QQ


AAA


GAA
GG


A AAAA


GG
GG


Noncapital Income (age-specific median)

A 17,976 (age = 65)

Q 30,382 (age = 30)

G 36,444 (age = 50)


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

Net worth

* Age-specific quantiles for Net worth (25%, 50% and 75%) are for age = 30: 4,438; 15,433; 50,487;
for age = 50: 13,713; 56,397; 145,921; for age = 65: 15,580; 65,750; 191,312

53



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