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Author: Youngwon Nam
Publisher:
ISBN:
Category : Home economics
Languages : en
Pages : 133
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Book Description
This dissertation consists of three related research studies on life insurance holdings and financial capability. The first research study investigates the association of risk aversion in single-parent households with at least one child under age 18 with life insurance ownership. Analyzing the 1992 to 2013 Survey of Consumer Finances datasets, it reveals that the probability of ownership of term life insurance declines as risk aversion increases, while the probability of owning cash-value life insurance increases as risk aversion increases. Smokers, an alternative measure of risk tolerance, are less likely to have term life insurance but more likely to have cash-value life insurance than comparable non-smokers.
Author: Youngwon Nam
Publisher:
ISBN:
Category : Home economics
Languages : en
Pages : 133
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Book Description
This dissertation consists of three related research studies on life insurance holdings and financial capability. The first research study investigates the association of risk aversion in single-parent households with at least one child under age 18 with life insurance ownership. Analyzing the 1992 to 2013 Survey of Consumer Finances datasets, it reveals that the probability of ownership of term life insurance declines as risk aversion increases, while the probability of owning cash-value life insurance increases as risk aversion increases. Smokers, an alternative measure of risk tolerance, are less likely to have term life insurance but more likely to have cash-value life insurance than comparable non-smokers.
Author: Sarah D. Asebedo
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
This dissertation employed a psychological framework to investigate the saving behavior of older pre-retirees through three essays using data from the Health and Retirement Study (HRS). Understanding the connection between psychological characteristics and saving behavior is critical as this population attempts to bridge the retirement saving gap. Of these characteristics, financial self-efficacy beliefs (FSE) are theoretically vital to saving behavior. With the FSE beliefs of older adults weak and vulnerable to decline, more research is needed to understand how FSE beliefs affect saving behavior and how FSE beliefs can be supported. Essay one investigated the psychological characteristics associated with FSE beliefs according to the Meta-Theoretic Model of Motivation and Personality (3M). Using a sample of 2,070 pre-retirees aged 50 to 70, essay one revealed that FSE beliefs can be supported through the frequent experience of positive affect, reduced negative affect, a stronger perception of mastery, and a higher task orientation, holding all else constant. Essay two investigated the relationship between FSE beliefs and saving behavior (i.e., change in net worth from 2008 to 2012) through the Social Cognitive Theory of Self-Regulation. Using a sample of 844 pre-retirees aged 50 to 70, results revealed that FSE beliefs are significantly and positively related to saving behavior, after controlling for the financial ability and motivation to save. Essay three employed a structural equation model to investigate an integrated psychological approach to saving behavior based upon the 3M. Using a sample of 1,370 pre-retired and partially retired adults aged 50 to 70, essay three revealed that FSE beliefs facilitated the connection between elemental traits (i.e., openness, conscientiousness, extroversion, agreeableness, and neuroticism), compound traits (i.e., positive affect, negative affect, mastery, and task orientation), and saving behavior. Overall, significant evidence was generated supporting a psychological approach to the saving behavior of older pre-retirees. Financial and mental health professionals can utilize this framework to provide holistic retirement saving advice that acknowledges the psychological roots of behavior. Moreover, results established empirical support for the role FSE beliefs play in executing saving behavior. Lastly, results supported the importance of domain specific measurement for self-efficacy beliefs in future research.
Author: Changcheng Song
Publisher:
ISBN:
Category :
Languages : en
Pages : 242
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Book Description
This dissertation studies retirement savings, weather insurance take-up and reference-dependent theory in the literature of development economics and behavioral economics. It consists of two field experiments and one laboratory experiment. In Chapter one, I uses a field experiment to study the relationship between financial literacy and retirement savings in China. When the Chinese government launched a highly subsidized pension system in rural areas in 2009, 73% of households chose to save at a level that is lower than that implied by a benchmark life-cycle model. We test to what extent the low contribution level is due to a fundamental misunderstanding of the nature of compound interest. In a field experiment with more than 1000 Chinese households, we randomly assigned some households to a financial education treatment, emphasizing the concept of compound interest. This treatment increased the pension contribution by roughly 40%. The increase accounts for 51% of the gap between contribution levels in the Control group and those implied by the benchmark model. To pinpoint mechanisms, we elicited financial literacy after the intervention, and added a third group in which we explain the pension benefit in general. We find that the neglect of compound interest is correlated with low contributions to the pension plans in the control group, and that financial education about compound interest does help households partially correct their erroneous understanding of compound interest. Moreover, explaining compound interest increases their ability to translate benefits into their own situation. Welfare analysis suggests that financial education increases total welfare, although the fact that the treatment effects are heterogeneous implies that some households end up saving more than the level implied by the benchmark model. In Chapter two (coauthored with Jing Cai), we use a novel experimental design to test the role of experience and information in insurance take-up in rural China, where weather insurance is a new and highly subsidized product. We randomly selected a group of poor households to play insurance games and find that it increases the actual insurance take-up by roughly 48%. To pinpoint mechanisms, we test whether the result is due to: (1) changes in risk attitudes, (2) changes in the perceived probability of future disasters, (3) learning the objective benefits of insurance, or (4) the experience of hypothetical disaster. We show that the overall effect is unlikely to be fully explained by mechanisms (1) to (3), and that the experience acquired in playing the insurance game matters. To explain these findings, we develop a descriptive model in which agents give less weight to disasters and benefits which they experienced infrequently. Our estimation also suggests that experience acquired in the recent insurance game has a stronger effect on the actual insurance take-up than that of real disasters in the previous year, implying that learning from experience displays a strong recency effect. In Chapter three, I conducted a controlled lab experiment to test to what extent expectations and the status quo determine the reference point. In the experiment, I explicitly manipulated stochastic expectations and exogenously varied expectations in different groups. In addition, I exogenously varied the time of receiving new information and tested whether individuals adjust their reference points to new information, and the speed of the adjustment. With this design, I jointly estimated the reference points and the preferences based on the reference points. I find that both expectations and the status quo influence the reference point but that expectations play a more important role. Structural estimation suggests that the model of the stochastic reference point fits my data better than that with expected utility certainty equivalent as the reference point. The result also suggests that subjects adjust reference points quickly, which further confirms the role of expectation as reference point.
Author: Margaret S. Sherraden
Publisher: Oxford University Press, USA
ISBN: 0199374309
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
In Financial Capability and Asset Holding in Later Life: A Life Course Perspective the concept of Financial Capability is used to underscore the importance of acquiring knowledge and skills while addressing policies and services than can build financial security.
Author:
Publisher: Elsevier
ISBN: 0444633898
Category : Business & Economics
Languages : en
Pages : 749
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Book Description
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics
Author: John O.S. Wilson
Publisher: Taylor & Francis
ISBN: 1000404528
Category : Business & Economics
Languages : en
Pages : 161
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Book Description
A growing body of evidence suggests that financial literacy plays an important role in financial well-being, and that differences in financial knowledge acquired early in life can explain a significant part of financial and more general well-being in adult life. Financial technology (FinTech) is revolutionizing the financial services industry at an unrivalled pace. Views differ regarding the impact that FinTech is likely to have on personal financial planning, well-being and societal welfare. In an era of mounting student debt, increased (digital) financial inclusion and threats arising from instances of (online) financial fraud, financial education and enlightened financial advising are appropriate policy interventions that enhance financial and overall well-being. Financial Literacy and Responsible Finance in the FinTech Era: Capabilities and Challenges engages in this important academic and policy agenda by presenting a set of seven chapters emanating from four parallel streams of literature related to financial literacy and responsible finance. The chapters in this book were originally published as a special issue of The European Journal of Finance.
Author: Gunther Kraut
Publisher: VVW GmbH
ISBN: 3862983269
Category : Business & Economics
Languages : en
Pages : 137
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Book Description
Das Buch erscheint in englischer Sprache. Das Buch widmet sich verschiedenen aktuellen Themen der Lebensversicherung, insbesondere dem Management von extremen Mortalitätsrisiken und dem Versicherungsnehmerverhalten. Am Beispiel illiquider Märkte für Katastrophenrisiken wird ein axiomatisch hergeleiteter Mechanismus entwickelt, der die Poolanteilsbestimmung in Risikotragegemeinschaften von mehreren Versicherungsunternehmen auf eindeutig bestimmte Weise fairer macht. Ein solcher Mechanismus könnte in bestimmten Marktsituationen dazu beitragen, vorhandene Marktkapazitäten effizienter zu nutzen und die sogenannte Grenze der Versicherbarkeit auszuweiten. Des Weiteren wird qualitativ untersucht, wie die Entwicklung solcher neuartigen Risikotransfertechniken durch die Versicherungsregulierung befördert oder behindert werden kann. Am Beispiel des Aufsichtsregimes Solvency II wird als Resultat dieser Analyse ein generisches internes Partialmodell entwickelt, das die Anerkennung gerade nicht-proportionaler Risikotransferinstrumente erleichtert und - wo sinnvoll - durch eine entsprechende Anreizsetzung erstrebenswert macht. Nach einem thematischen Sprung in die Welt der Sparprodukte wird zuletzt das dynamische Stornoverhalten von Versicherungsnehmern für sogenannte Variable-Annuity-Produkte empirisch untersucht. Auf verhaltensökonomischer Theorie aufbauend können Aussagen zur Finanzrationalität der Versicherungsnehmer gewonnen werden, die auch generelle Rückschlüsse auf die Bewertung von in Finanzprodukte eingebetteten Optionen durch Individuen zulassen. Durch diese breite thematische Aufstellung richtet sich das Buch sowohl an die Wissenschaft als auch an die Praxis. Insbesondere für Produktentwickler, Risikomanager und Aufseher sollten die gewonnenen Erkenntnisse von direktem Nutzen sein.
Author:
Publisher:
ISBN:
Category : Dissertation abstracts
Languages : en
Pages : 776
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Book Description
Author:
Publisher:
ISBN:
Category : Dissertations, Academic
Languages : en
Pages : 978
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Book Description
Author: National Academies of Sciences, Engineering, and Medicine
Publisher: National Academies Press
ISBN: 0309452961
Category : Medical
Languages : en
Pages : 583
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Book Description
In the United States, some populations suffer from far greater disparities in health than others. Those disparities are caused not only by fundamental differences in health status across segments of the population, but also because of inequities in factors that impact health status, so-called determinants of health. Only part of an individual's health status depends on his or her behavior and choice; community-wide problems like poverty, unemployment, poor education, inadequate housing, poor public transportation, interpersonal violence, and decaying neighborhoods also contribute to health inequities, as well as the historic and ongoing interplay of structures, policies, and norms that shape lives. When these factors are not optimal in a community, it does not mean they are intractable: such inequities can be mitigated by social policies that can shape health in powerful ways. Communities in Action: Pathways to Health Equity seeks to delineate the causes of and the solutions to health inequities in the United States. This report focuses on what communities can do to promote health equity, what actions are needed by the many and varied stakeholders that are part of communities or support them, as well as the root causes and structural barriers that need to be overcome.
