Adema, Yvonne; Bonenkamp, Jan; Meijdam, Lex - Tinbergen Instituut - 2011
This paper explores the interaction between retirement flexibility and portfolio choice in an overlapping …-generations model of a closed economy. Retirement flexibility is often seen as a hedge against capital market risks which justifies more … risky asset portfolios. We show, however, that this positive relationship between risk taking and retirement flexibility is …