Publikation:

Heuristic portfolio rules with labor income

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2025

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URI (zitierfähiger Link)
http://nbn-resolving.de/urn:nbn:de:bsz:352-2-u1liirpu2a2g7
DOI (zitierfähiger Link)
https://doi.org/10.1080/1351847x.2025.2491367
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CC BY-NC-ND 4.0

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Open Access-Veröffentlichung
Open Access Hybrid

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Wirtschaftswissenschaften: Publikationen
Core Facility der Universität Konstanz

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Published

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The European Journal of Finance. Taylor & Francis. 2025, 31(11), S. 1426-1444. ISSN 1351-847X. eISSN 1466-4364. Verfügbar unter: doi: 10.1080/1351847x.2025.2491367

Zusammenfassung

We propose a heuristic portfolio rule, which significantly simplifies individuals' asset allocation decisions over the life cycle. Under this heuristic, equity exposure is a linear function of the individual's labor-to-wealth ratio and age. When individuals follow our heuristic, welfare gains when switching to the optimal policy are only 0.35% of lifetime consumption (around USD 9,800). Relative to portfolio strategies used by individuals in the data, welfare gains from using our heuristic are about 2.2% (around USD 61,600). Our results are robust to different educational attainments and family structures.

Zusammenfassung in einer weiteren Sprache

Fachgebiet (DDC)
330 Wirtschaft

Schlagwörter

Consumption-savings decisions, heuristic portfolio choice, life cycle model, household finance

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ISO 690FISCHER, Marcel, Marlene KOCH, 2025. Heuristic portfolio rules with labor income. In: The European Journal of Finance. Taylor & Francis. 2025, 31(11), S. 1426-1444. ISSN 1351-847X. eISSN 1466-4364. Verfügbar unter: doi: 10.1080/1351847x.2025.2491367
BibTex
@article{Fischer2025-07-24Heuri-73241,
  title={Heuristic portfolio rules with labor income},
  year={2025},
  doi={10.1080/1351847x.2025.2491367},
  number={11},
  volume={31},
  issn={1351-847X},
  journal={The European Journal of Finance},
  pages={1426--1444},
  author={Fischer, Marcel and Koch, Marlene}
}
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