A welfare comparison of life-cycle investment strategies for Turkey

Khodzhimatov, Ravshanbek.

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dc.contributor	Graduate Program in Economics.
dc.contributor.advisor	Kuzubaş, Tolga Umut.
dc.contributor.author	Khodzhimatov, Ravshanbek.
dc.date.accessioned	2023-03-16T12:00:12Z
dc.date.available	2023-03-16T12:00:12Z
dc.date.issued	2019.
dc.identifier.other	EC 2019 K47
dc.identifier.uri	http://digitalarchive.boun.edu.tr/handle/123456789/16322
dc.description.abstract	We perform an in-depth welfare comparison of the most common life-cycle investment strategies provided by retirement funds or suggested by classical portfolio theory in the case of households in Turkey. To perform our benchmarking, we construct heterogeneous agents who work and invest throughout their lifetime, using parameters calibrated from the historical data. We ﬁnd that to households with upper-to-middle income, individually customized portfolios result in considerable welfare gains, while “off-the-shelf” life-cycle portfolio allocations perform better for households with lower income. We also show that life-cycle investment options outperform “ﬁxed over the lifetime” options. Finally, we ﬁnd that risk-averse individuals with volatile wages, can maximize their welfare by investing in housing as suggested by Munk (2016).
dc.format.extent	30 cm.
dc.publisher	Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2019.
dc.subject.lcsh	Investments -- Econometric models.
dc.subject.lcsh	Welfare economics -- Turkey.
dc.title	A welfare comparison of life-cycle investment strategies for Turkey
dc.format.pages	ix, 29 leaves ;