Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi - Statistisk Sentralbyrå, Government of Norway - 2013
We study the life cycle of portfolio allocation following for 15 years a large random sample of Norwegian households … stock market and the portfolio share in stocks, have important life cycle patterns. Participation is limited at all ages but … retirement. Existing calibrated life cycle models can account for the first behaviour but not the second. We show that …