FRB: Finance and Economics Discussion Series: Screen Reader Version - Stock Market Participation, Portfolio Choice and Pensions over the Life-Cycle*

Figure 1 A: Asset allocation profiles in the Survey of Consumer Finances: Share of households holding risky assets.
age	participation
under 30	0.452
30-39	0.646
40-49	0.672
50-59	0.645
60-69	0.55
over 70	0.388

The results for both graphs are taken from Bertaut and Starr-McCluer (2002), using weighted data from 1998 SCF. Risky assets include directly held stock; stock held through mutual funds, retirement accounts, trusts and other managed assets; corporate, foreign and mortgage-backed bonds; business equity; and investment real estate.

Return to Figure 1 A

Figure 1 B: Asset Allocation Profiles in the Survey of Consumer Finances: Portfolio Shares Conditional on Stock Market Participation.
age	shares
under 30	0.425
30-39	0.483
40-49	0.559
50-59	0.603
60-69	0.552
over 70	0.542

The results for both graphs are taken from Bertaut and Starr-McCluer (2002), using weighted data from 1998 SCF.

Return to Figure 1 B

Figure 2: Portfolio share policy functions for age 27, under different model specifications.
Normalized savings	baseline	high risk aversion	crash possibility
-17	0	0	0
0	1	1	1
0	1	1	1
0.079575597	1	1	1
0.159151194	1	1	1
0.23872679	1	1	1
0.318302387	1	1	1
0.397877984	1	1	1
0.477453581	1	1	1
0.557029178	1	1	0.916317916
0.636604775	1	1	0.818986597
0.716180371	1	1	0.742625216
0.795755968	1	1	0.679856969
0.875331565	1	1	0.628763285
0.954907162	1	1	0.587248969
1.034482759	1	1	0.552100684
1.114058355	1	1	0.521561524
1.193633952	1	0.99308086	0.494769356
1.273209549	1	0.943837082	0.471116251
1.352785146	1	0.900302902	0.450106827
1.432360743	1	0.861506325	0.431337464
1.51193634	1	0.826726994	0.414481265
1.591511936	1	0.795370521	0.39925819
1.671087533	1	0.766940181	0.385432425
1.75066313	1	0.741051711	0.372830163
1.830238727	1	0.717341428	0.361291152
1.909814324	1	0.69555634	0.35067844
1.98938992	1	0.675479938	0.34088595
2.068965517	1	0.65691322	0.331825367
2.148541114	1	0.639684633	0.323412692
2.228116711	1	0.623651734	0.315574502
2.307692308	1	0.608687715	0.308251351
2.387267905	1	0.594687208	0.301397395
2.466843501	1	0.581573084	0.294973642
2.546419098	1	0.569249772	0.288940056
2.625994695	1	0.557635093	0.283252488
2.705570292	1	0.546687316	0.277887322
2.785145889	1	0.536343148	0.272816428
2.864721485	1	0.526551999	0.268008642
2.944297082	1	0.517274893	0.263450791
3.023872679	1	0.508463325	0.259126285
3.103448276	1	0.500085707	0.255010002
3.183023873	1	0.492111261	0.251087988
3.262599469	1	0.484508879	0.247348425
3.342175066	1	0.477251973	0.243777794
3.421750663	1	0.470323761	0.240368686
3.50132626	1	0.463695933	0.237106527
3.580901857	1	0.457348356	0.233979568
3.660477454	1	0.451263495	0.23098186
3.74005305	1	0.445419316	0.228101863
3.819628647	1	0.439809871	0.225334498
3.899204244	1	0.434423591	0.222678968
3.978779841	1	0.429241091	0.220122757
4.058355438	1	0.424247277	0.217658892
4.137931034	1	0.41943932	0.215285367
4.217506631	1	0.414804498	0.212995083
4.297082228	1	0.410335603	0.210782414
4.376657825	1	0.406018559	0.208648053
4.456233422	1	0.40184533	0.206584341
4.535809019	1	0.397812694	0.204587745
4.615384615	1	0.393911991	0.20265682
4.694960212	1	0.390135688	0.200786188
4.774535809	1	0.386479904	0.198974721
4.854111406	1	0.382938976	0.197220742
4.933687003	1	0.379506133	0.195516449
5.013262599	1	0.376174698	0.193861433
5.092838196	1	0.372941071	0.192255996
5.172413793	1	0.369800758	0.190696534
5.25198939	1	0.366752003	0.189181664
5.331564987	1	0.363791398	0.187709778
5.411140584	1	0.360913366	0.186277721
5.49071618	1	0.358113642	0.184883085
5.570291777	1	0.355392364	0.183525714
5.649867374	1	0.352745098	0.182203498
5.729442971	1	0.350166295	0.180916491
5.809018568	1	0.347652208	0.179661652
5.888594164	1	0.34520053	0.1784377
5.968169761	1	0.342810993	0.177243935
6.047745358	1	0.340481024	0.17607967
6.127320955	1	0.338210913	0.174942924
6.206896552	1	0.335997639	0.173834092
6.286472149	1	0.333841158	0.172750518
6.366047745	1	0.331739591	0.171691127
6.445623342	1	0.329688772	0.170655444
6.525198939	1	0.327685261	0.169643661
6.604774536	1	0.325725526	0.168654979
6.684350133	1	0.323806464	0.167687427
6.763925729	1	0.321928505	0.166741524
6.843501326	1	0.320089908	0.165815393
6.923076923	1	0.318291543	0.164907988
7.00265252	1	0.316537359	0.164019296
7.082228117	1	0.314826515	0.163149778
7.161803714	1	0.313156507	0.162297652
7.24137931	1	0.311527627	0.161463025
7.320954907	1	0.30993745	0.160644848
7.400530504	1	0.308384286	0.159842634
7.480106101	1	0.306863614	0.159056638
7.559681698	1	0.30536928	0.15828573
7.639257294	1	0.303897631	0.157528704
7.718832891	1	0.30244604	0.156786305
7.798408488	1	0.301019138	0.156057664
7.877984085	1	0.299619899	0.155342078
7.957559682	1	0.298254239	0.15464023
8.037135279	1	0.296923302	0.15395142
8.116710875	1	0.295627516	0.15327443
8.196286472	1	0.294367021	0.152609414
8.275862069	1	0.293137133	0.151955439
8.355437666	1	0.291935708	0.151312921
8.435013263	1	0.290765248	0.150681793
8.514588859	1	0.289621565	0.150061507
8.594164456	1	0.288500553	0.149451615
8.673740053	1	0.287397508	0.148852099
8.75331565	1	0.286305621	0.148262031
8.832891247	1	0.285218156	0.147681456
8.912466844	1	0.284132511	0.147110825
8.99204244	1	0.28305376	0.146549135
9.071618037	1	0.281993523	0.145996159
9.151193634	1	0.280958814	0.145452106
9.230769231	1	0.279957442	0.144916428
9.310344828	1	0.278995777	0.144388662
9.389920424	1	0.278074561	0.14386975
9.469496021	1	0.277196445	0.143358929
9.549071618	1	0.276342097	0.142855425
9.628647215	1	0.275502207	0.142359169
9.708222812	1	0.274672899	0.141870162
9.787798408	1	0.273864548	0.141388274
9.867374005	1	0.27308052	0.140914027
9.946949602	1	0.272323416	0.140446507
10.026525199	1	0.271575077	0.139985688
10.106100796	1	0.27084485	0.139531491
10.185676393	1	0.270096684	0.139083407
10.265251989	1	0.2693156	0.138641255
10.344827586	1	0.268509165	0.138205784
10.424403183	1	0.26769516	0.137776291
10.50397878	1	0.266894076	0.137352363
10.583554377	1	0.266112398	0.136934396
10.663129973	1	0.265372513	0.136522127
10.74270557	1	0.264671179	0.136115353
10.822281167	1	0.264052627	0.135714166
10.901856764	1	0.263507875	0.135317913
10.981432361	1	0.262998843	0.13492675
11.061007958	1	0.262555037	0.134540575
11.140583554	1	0.262005278	0.134159446
11.220159151	1	0.261461226	0.133783477
11.299734748	1	0.260946402	0.133412353
11.379310345	1	0.260450998	0.133045643
11.458885942	1	0.260021706	0.132683496
11.538461538	1	0.259612043	0.132325726
11.618037135	1	0.259366105	0.131972265
11.697612732	1	0.258949233	0.131623385
11.777188329	1	0.258656919	0.131278829
11.856763926	1	0.258076352	0.13093846
11.936339523	1	0.257447821	0.130601908
12.015915119	1	0.256798272	0.130269443
12.095490716	1	0.256131178	0.12994095
12.175066313	1	0.255446029	0.129616417
12.25464191	1	0.254766049	0.12929556
12.334217507	1	0.254135773	0.128978527
12.413793103	1	0.253536127	0.128665083
12.4933687	1	0.25309311	0.128355147
12.572944297	1	0.252763909	0.128048737
12.652519894	1	0.25245075	0.127746046
12.732095491	1	0.251982932	0.127446889
12.811671088	1	0.251540346	0.127150911
12.891246684	1	0.251094894	0.126857997
12.970822281	1	0.250675752	0.126568262
13.050397878	1	0.250280723	0.12628181
13.129973475	1	0.249963671	0.125998574
13.209549072	1	0.249850909	0.125718421
13.289124668	1	0.249585987	0.125441455
13.368700265	1	0.249626566	0.12516727
13.448275862	1	0.249249314	0.124895885
13.527851459	1	0.248729039	0.124627351
13.607427056	1	0.248199086	0.124361763
13.687002653	1	0.247620865	0.124098808
13.766578249	1	0.246984338	0.12383864
13.846153846	1	0.246271918	0.123581204
13.925729443	1	0.245503335	0.123326388
14.00530504	1	0.244622381	0.123074286
14.084880637	1	0.24374365	0.122824857
14.164456233	1	0.24294219	0.122577752
14.24403183	1	0.242164649	0.122333082
14.323607427	1	0.241726117	0.122090874
14.403183024	1	0.241181663	0.121851132
14.482758621	1	0.240635032	0.121613947
14.562334218	1	0.240099535	0.121379092
14.641909814	1	0.239543172	0.121146575
14.721485411	1	0.238944691	0.120916436
14.801061008	1	0.238295578	0.120688348
14.880636605	1	0.237636261	0.120462434
14.960212202	1	0.236866659	0.120238985
15.039787798	1	0.236308597	0.120017681
15.119363395	1	0.235624929	0.119798413
15.198938992	1	0.235256182	0.119581343
15.278514589	1	0.234741181	0.119366303
15.358090186	1	0.234215048	0.119153189
15.437665782	1	0.233696583	0.118942141
15.517241379	1	0.233174121	0.118732967
15.596816976	1	0.23262713	0.118525651
15.676392573	1	0.232035394	0.118320229
15.75596817	1	0.231431115	0.118116607
15.835543767	1	0.230699186	0.117914732
15.915119363	1	0.230009347	0.11771488
15.99469496	1	0.229262792	0.117516725
16.074270557	1	0.228538597	0.117320209
16.153846154	1	0.227932067	0.117125372
16.233421751	1	0.227345827	0.116932212
16.312997347	1	0.226800654	0.116740642
16.392572944	1	0.226263753	0.11655103
16.472148541	1	0.225743995	0.116363159
16.551724138	1	0.225218714	0.116176956
16.631299735	1	0.224659148	0.115992435
16.710875332	1	0.224107968	0.115809553
16.790450928	1	0.223404676	0.1156283
16.870026525	1	0.222809236	0.115448847
16.949602122	1	0.222138765	0.115271045
17.029177719	1	0.221518858	0.115094916
17.108753316	1	0.221024038	0.114920501
17.188328912	1	0.220532334	0.114747649
17.267904509	1	0.220073837	0.114576414
17.347480106	1	0.21960621	0.114406924
17.427055703	1	0.21915729	0.114238736
17.5066313	1	0.218724576	0.114072104
17.586206897	1	0.218300261	0.113907314
17.665782493	1	0.217875521	0.113744028
17.74535809	1	0.21744842	0.113581945
17.824933687	1	0.217018428	0.11342117
17.904509284	1	0.216584972	0.113261543
17.984084881	1	0.216119934	0.113102985
18.063660477	1	0.215676485	0.112945586
18.143236074	0.998953403	0.21520503	0.112789378
18.222811671	0.997435053	0.214746095	0.11263427
18.302387268	0.995929287	0.214303776	0.112480147
18.381962865	0.994436089	0.213870786	0.112326998
18.461538462	0.992955697	0.213445718	0.112174785
18.541114058	0.991487531	0.213035137	0.112023565
18.620689655	0.990031161	0.212636595	0.111873045
18.700265252	0.988585824	0.212245584	0.111723373
18.779840849	0.987152345	0.211858878	0.111574786
18.859416446	0.985734007	0.211477072	0.111427334
18.938992042	0.984325886	0.211094804	0.111280972
19.018567639	0.982927869	0.210695557	0.111135767
19.098143236	0.981539672	0.210322944	0.110991834
19.177718833	0.980169873	0.209922443	0.110849172
19.25729443	0.978811106	0.209540293	0.110707815
19.336870027	0.977459554	0.209166599	0.110567773
19.416445623	0.976115268	0.208799118	0.110429194
19.49602122	0.974779067	0.208432667	0.110292082
19.575596817	0.973451791	0.208074454	0.110156284
19.655172414	0.972134306	0.207725068	0.110022263
19.734748011	0.970826255	0.207382781	0.109889556
19.814323607	0.969528628	0.207045849	0.109758088
19.893899204	0.968241704	0.206714573	0.10962794
19.973474801	0.966965742	0.206388465	0.109499392
20.053050398	0.965699207	0.206064879	0.109372861
20.132625995	0.964440901	0.205744253	0.109247367
20.212201592	0.963189645	0.205424894	0.109122586
20.291777188	0.961945365	0.205113713	0.109004736
20.371352785	0.960708124	0.204803518	0.108887077
20.450928382	0.959477794	0.204493011	0.108769704
20.530503979	0.958253833	0.204184561	0.108652719
20.610079576	0.957057706	0.203875841	0.108536254
20.689655172	0.95587732	0.203570519	0.108419908
20.769230769	0.954702766	0.203266686	0.108303689
20.848806366	0.953534377	0.202966381	0.108189021
20.928381963	0.952372313	0.202669372	0.108075102
21.00795756	0.951216518	0.202376478	0.107961164
21.087533156	0.950066945	0.202087081	0.107847094
21.167108753	0.948923421	0.201800463	0.107732636
21.24668435	0.947785742	0.201515388	0.107617425
21.326259947	0.946653564	0.20122906	0.107502357
21.405835544	0.945526805	0.200945137	0.107387707
21.485411141	0.944405042	0.200663448	0.107267651
21.564986737	0.943288051	0.200384204	0.107148089
21.644562334	0.942187968	0.200106778	0.107029245
21.724137931	0.941097226	0.199830887	0.106911094
21.803713528	0.940009498	0.199557492	0.106793606
21.883289125	0.938925694	0.199286036	0.106676778
21.962864721	0.937846332	0.199020677	0.10656081
22.042440318	0.936772592	0.198760459	0.106446173
22.122015915	0.935703852	0.198502029	0.106332768
22.201591512	0.934640263	0.198245853	0.10622013
22.281167109	0.933582159	0.197991382	0.106108386
22.360742706	0.932529519	0.197737718	0.105998621
22.440318302	0.931482132	0.197481839	0.105889966
22.519893899	0.930439035	0.19722804	0.105782227
22.599469496	0.929400569	0.196976686	0.105675498
22.679045093	0.928363253	0.196727539	0.105570354
22.75862069	0.927330689	0.196480488	0.105467249
22.838196286	0.926303265	0.196235352	0.105365413
22.917771883	0.925279771	0.195992192	0.105263906
22.99734748	0.924263918	0.195750851	0.105165999
23.076923077	0.923258324	0.195525154	0.105080549
23.156498674	0.922258262	0.195300067	0.104994481
23.236074271	0.921263215	0.195075827	0.104908089
23.315649867	0.920272077	0.194852446	0.104821449
23.395225464	0.919290197	0.194630235	0.104733277
23.474801061	0.918330841	0.194408938	0.104644003
23.554376658	0.91737525	0.19418866	0.104554257
23.633952255	0.916423472	0.193969543	0.104464864
23.713527851	0.915475115	0.193751892	0.104379771
23.793103448	0.914530217	0.193535241	0.104294002
23.872679045	0.913588513	0.193319588	0.104207446
23.952254642	0.912649686	0.19310459	0.104119713
24.031830239	0.911713588	0.192889545	0.104030515
24.111405836	0.91078014	0.192673182	0.103939996
24.190981432	0.909849605	0.192449114	0.103849146
24.270557029	0.908921926	0.192226015	0.103758121
24.350132626	0.907997328	0.192004209	0.103656255
24.429708223	0.907075646	0.191783792	0.103550272
24.50928382	0.906156527	0.19156725	0.103444669
24.588859416	0.905239996	0.191353328	0.103339393
24.668435013	0.904326163	0.19114073	0.103234465
24.74801061	0.903421943	0.190929481	0.10312986
24.827586207	0.902527867	0.19072002	0.103025585
24.907161804	0.901635617	0.190513125	0.102922423
24.986737401	0.900745886	0.190309978	0.102820018
25.066312997	0.89985896	0.190107658	0.102718311
25.145888594	0.8989741	0.189905932	0.102615154
25.225464191	0.898090766	0.189704415	0.102512462
25.305039788	0.897209136	0.189503054	0.102410525
25.384615385	0.896329127	0.18929363	0.102309522
25.464190981	0.895451309	0.189084128	0.102208916
25.543766578	0.894576195	0.188875916	0.102108657
25.623342175	0.893698731	0.18867098	0.10201349
25.702917772	0.892813327	0.188474358	0.101923338
25.782493369	0.891931273	0.188278884	0.101834314
25.862068966	0.891052646	0.18808453	0.101745759
25.941644562	0.890177377	0.187891253	0.101657363
26.021220159	0.889305511	0.187699102	0.101568962
26.100795756	0.888436767	0.187513326	0.101489017
26.180371353	0.887571314	0.187331159	0.101409086
26.25994695	0.886726398	0.187149838	0.101329111
26.339522546	0.885904305	0.186969393	0.10125144
26.419098143	0.885085235	0.186789819	0.10117292
26.49867374	0.884268811	0.186611061	0.10109165
26.578249337	0.883458441	0.18643334	0.101010486
26.657824934	0.88265885	0.186256535	0.10092939
26.737400531	0.881864081	0.186080494	0.10084869
26.816976127	0.881073338	0.185903158	0.100770822
26.896551724	0.880285042	0.185722853	0.100693077
26.976127321	0.879499206	0.185543378	0.10061525
27.055702918	0.878716016	0.185364591	0.100531511
27.135278515	0.877935317	0.185186307	0.100445005
27.214854111	0.877157163	0.185008221	0.100357854
27.294429708	0.87638147	0.184827447	0.100270698
27.374005305	0.875608419	0.184645238	0.100183686
27.453580902	0.874838025	0.184463879	0.100096861
27.533156499	0.874071338	0.184283466	0.100002446
27.612732095	0.873308002	0.184104027	0.099907886
27.692307692	0.872546941	0.183925555	0.099813721
27.771883289	0.871788312	0.183748031	0.099719953
27.851458886	0.871032086	0.183571437	0.099626309
27.931034483	0.870278308	0.183405033	0.099532191
28.01061008	0.869529797	0.183240499	0.099438409
28.090185676	0.86878477	0.183076639	0.099344977
28.169761273	0.868040315	0.182907683	0.099251945
28.24933687	0.867296933	0.182739428	0.099159315
28.328912467	0.86655502	0.182572031	0.099067715
28.408488064	0.86581483	0.182405749	0.098976421
28.48806366	0.86507342	0.182240055	0.098885559
28.567639257	0.864333492	0.182074567	0.098795098
28.647214854	0.863595776	0.181904552	0.098705015
28.726790451	0.862860702	0.181735421	0.098615277
28.806366048	0.862128362	0.18156717	0.098525987
28.885941645	0.861396957	0.181399808	0.098437148
28.965517241	0.860657558	0.18123334	0.098348702
29.045092838	0.859921115	0.181067767	0.09826065
29.124668435	0.859187553	0.180905684	0.098183241
29.204244032	0.858456893	0.180764689	0.098117908
29.283819629	0.857726001	0.180624419	0.098051908
29.363395225	0.85699654	0.180484871	0.097984754
29.442970822	0.856269704	0.180345833	0.097917716
29.522546419	0.855545501	0.180207481	0.09785084
29.602122016	0.854823852	0.18006986	0.097784395
29.681697613	0.854104584	0.179933651	0.097719132
29.76127321	0.853387472	0.179800796	0.097653444
29.840848806	0.852684209	0.179668628	0.097586292
29.920424403	0.85199988	0.179537109	0.097526443
30	0.851317921	0.179406232	0.097467536
36.315789474	0.804950147	0.170148076	0.092711124
42.631578947	0.770114426	0.163611683	0.089320039
48.947368421	0.743101279	0.158661899	0.086715971
55.263157895	0.721331598	0.154720188	0.084591893
61.578947368	0.703276668	0.151512313	0.082862731
67.894736842	0.688031813	0.148860028	0.081438139
74.210526316	0.675058027	0.146620085	0.08022224
80.526315789	0.663845423	0.144691009	0.079178303
86.842105263	0.65396761	0.142989993	0.078257014
93.157894737	0.645260565	0.141482225	0.077438633
99.473684211	0.637516067	0.140144807	0.076709135
105.789473684	0.630569883	0.13893938	0.076047069
112.105263158	0.624286248	0.137843294	0.075441353
118.421052632	0.618581965	0.136845469	0.074886835
124.736842105	0.613367423	0.13592795	0.074380848
131.052631579	0.608573936	0.135072881	0.073910624
137.368421053	0.604139789	0.134275623	0.073470824
143.684210526	0.600029695	0.133527792	0.073055973
150	0.596212178	0.132816085	0.072654936
156.315789474	0.592651847	0.13214402	0.072272907

Return to Figure 2

Figure 3 A: The Effect of Introducing per Period Fixed Costs: Assets Normalized by Permanent Income.
Calibrated fixed costs	0.297	0.279	0.271	0.275	0.286
Calibrated fixed costs	0.312	0.343	0.384	0.438	0.495
Calibrated fixed costs	0.554	0.624	0.699	0.773	0.846
Calibrated fixed costs	0.926	1.006	1.09	1.18	1.268
Calibrated fixed costs	1.352	1.451	1.541	1.639	1.74
Calibrated fixed costs	1.827	1.927	2.027	2.123	2.214
Calibrated fixed costs	2.296	2.395	2.484	2.574	2.66
Calibrated fixed costs	2.759	2.86	2.947	3.054	3.151
Calibrated fixed costs	3.239	3.336	3.515	3.449	3.37
Calibrated fixed costs	3.256	3.133	2.992	2.821	2.636
Calibrated fixed costs	2.421	2.193	1.94	1.658	1.356
Calibrated fixed costs	1.032	0.696	0.353
no fixed costs	0.297	0.318	0.344	0.375	0.408
no fixed costs	0.453	0.495	0.542	0.597	0.652
no fixed costs	0.705	0.765	0.827	0.888	0.945
no fixed costs	1.006	1.066	1.129	1.197	1.263
no fixed costs	1.322	1.395	1.464	1.539	1.615
no fixed costs	1.676	1.752	1.823	1.895	1.965
no fixed costs	2.029	2.106	2.177	2.247	2.317
no fixed costs	2.4	2.49	2.567	2.663	2.756
no fixed costs	2.847	2.947	3.125	3.061	2.989
no fixed costs	2.889	2.787	2.67	2.527	2.371
no fixed costs	2.192	1.999	1.787	1.554	1.301
no fixed costs	1.016	0.706

The discount rate is calibrated separately in each scenario such that median assets match the data. For the scenario with fixed costs (represented by the solid line in the graphs), the costs are calibrated to match mean participation.

Return to Figure 3 A

Figure 3 B: The Effect of Introducing per Period Fixed Costs: Shows Stock Market Participation by Age.
Calibrated fixed costs	0.077	0.089	0.111	0.133	0.173
Calibrated fixed costs	0.219	0.285	0.339	0.41	0.454
Calibrated fixed costs	0.503	0.543	0.583	0.618	0.648
Calibrated fixed costs	0.659	0.687	0.709	0.718	0.737
Calibrated fixed costs	0.755	0.759	0.775	0.784	0.794
Calibrated fixed costs	0.801	0.816	0.819	0.828	0.833
Calibrated fixed costs	0.844	0.854	0.851	0.856	0.857
Calibrated fixed costs	0.867	0.871	0.868	0.871	0.868
Calibrated fixed costs	0.856	0.842	0.796	0.751	0.706
Calibrated fixed costs	0.655	0.604	0.554	0.496	0.443
Calibrated fixed costs	0.368	0.291	0.208	0.121	0.049
Calibrated fixed costs	0.01	0
no fixed costs	0.72	0.746	0.774	0.805	0.833
no fixed costs	0.857	0.877	0.905	0.922	0.938
no fixed costs	0.949	0.958	0.969	0.976	0.981
no fixed costs	0.985	0.99	0.992	0.994	0.996
no fixed costs	0.997	0.997	0.998	0.999	0.999
no fixed costs	0.999	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1

Return to Figure 3 B

Figure 3 C: The Effect of Introducing per Period Fixed Costs: Conditional Portfolio Shares at Each Age.
Calibrated fixed costs	0.998	0.998	0.998	0.999	0.999
Calibrated fixed costs	0.999	0.999	0.999	0.999	0.999
Calibrated fixed costs	0.999	0.999	0.999	0.999	1
Calibrated fixed costs	1	1	1	1	1
Calibrated fixed costs	1	1	0.999	0.999	0.999
Calibrated fixed costs	0.999	0.999	0.999	0.999	0.999
Calibrated fixed costs	0.999	0.998	0.998	0.998	0.997
Calibrated fixed costs	0.996	0.995	0.994	0.991	0.988
Calibrated fixed costs	0.984	0.978	0.974	0.968	0.962
Calibrated fixed costs	0.956	0.948	0.939	0.927	0.913
Calibrated fixed costs	0.89	0.853	0.785	0.717	0.653
Calibrated fixed costs	0.597	0.549
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	1
no fixed costs	1	1	1	1	0.999
no fixed costs	0.999	0.999	0.999	0.999	0.999
no fixed costs	0.998	0.998	0.998	0.997	0.996
no fixed costs	0.994	0.99	0.989	0.987	0.985
no fixed costs	0.983	0.981	0.979	0.977	0.974
no fixed costs	0.972	0.97	0.967	0.965	0.962
no fixed costs	0.959	0.957

Return to Figure 3 C

Figure 4 A: The Effect of Varying the Generosity of Public Pension Provision, keeping the discount rate constant (calibrated to the 30% tax rate): Normalized Assets.
TAX = 0.3	0.297	0.279	0.271	0.275	0.286
TAX = 0.3	0.312	0.343	0.384	0.438	0.495
TAX = 0.3	0.554	0.624	0.699	0.773	0.846
TAX = 0.3	0.926	1.006	1.09	1.18	1.268
TAX = 0.3	1.352	1.451	1.541	1.639	1.74
TAX = 0.3	1.827	1.927	2.027	2.123	2.214
TAX = 0.3	2.296	2.395	2.484	2.574	2.66
TAX = 0.3	2.759	2.86	2.947	3.054	3.151
TAX = 0.3	3.239	3.336	3.515	3.449	3.37
TAX = 0.3	3.256	3.133	2.992	2.821	2.636
TAX = 0.3	2.421	2.193	1.94	1.658	1.356
TAX = 0.3	1.032	0.696	0.353
TAX = 0.2	0.297	0.311	0.338	0.376	0.424
TAX = 0.2	0.489	0.559	0.641	0.738	0.842
TAX = 0.2	0.949	1.071	1.199	1.329	1.462
TAX = 0.2	1.604	1.752	1.902	2.061	2.222
TAX = 0.2	2.374	2.548	2.716	2.895	3.079
TAX = 0.2	3.239	3.425	3.608	3.79	3.966
TAX = 0.2	4.132	4.328	4.506	4.681	4.851
TAX = 0.2	5.045	5.243	5.416	5.616	5.8
TAX = 0.2	5.971	6.141	6.441	6.255	6.053
TAX = 0.2	5.795	5.522	5.225	4.882	4.513
TAX = 0.2	4.104	3.675	3.215	2.731	2.22
TAX = 0.2	1.685	1.136	0.575
TAX = 0	0.297	0.396	0.51	0.639	0.781
TAX = 0	0.942	1.115	1.308	1.518	1.743
TAX = 0	1.971	2.225	2.483	2.745	3.012
TAX = 0	3.288	3.579	3.865	4.166	4.471
TAX = 0	4.765	5.098	5.423	5.775	6.128
TAX = 0	6.443	6.804	7.162	7.531	7.881
TAX = 0	8.218	8.599	8.948	9.278	9.588
TAX = 0	9.929	10.257	10.529	10.82	11.065
TAX = 0	11.286	11.481	11.919	11.434	10.915
TAX = 0	10.348	9.751	9.132	8.465	7.766
TAX = 0	7.021	6.251	5.444	4.606	3.738
TAX = 0	2.837	1.912	0.967

The fixed costs are calibrated separately to match mean participation.

Return to Figure 4 A

Figure 4 B: The Effect of Varying the Generosity of Public Pension Provision, Keeping the Discount Rate Constant (calibrated to the 30% tax rate): Stock Market Participation by Age.
TAX = 0.3	0.077	0.089	0.111	0.133	0.173
TAX = 0.3	0.219	0.285	0.339	0.41	0.454
TAX = 0.3	0.503	0.543	0.583	0.618	0.648
TAX = 0.3	0.659	0.687	0.709	0.718	0.737
TAX = 0.3	0.755	0.759	0.775	0.784	0.794
TAX = 0.3	0.801	0.816	0.819	0.828	0.833
TAX = 0.3	0.844	0.854	0.851	0.856	0.857
TAX = 0.3	0.867	0.871	0.868	0.871	0.868
TAX = 0.3	0.856	0.842	0.796	0.751	0.706
TAX = 0.3	0.655	0.604	0.554	0.496	0.443
TAX = 0.3	0.368	0.291	0.208	0.121	0.049
TAX = 0.3	0.01	0
TAX = 0.2	0.069	0.074	0.082	0.098	0.114
TAX = 0.2	0.159	0.198	0.256	0.324	0.397
TAX = 0.2	0.44	0.509	0.584	0.631	0.693
TAX = 0.2	0.748	0.782	0.806	0.847	0.866
TAX = 0.2	0.884	0.906	0.913	0.923	0.93
TAX = 0.2	0.935	0.939	0.944	0.946	0.946
TAX = 0.2	0.941	0.944	0.946	0.934	0.939
TAX = 0.2	0.926	0.924	0.907	0.896	0.879
TAX = 0.2	0.843	0.783	0.725	0.66	0.595
TAX = 0.2	0.536	0.475	0.415	0.348	0.282
TAX = 0.2	0.215	0.153	0.102	0.051	0.018
TAX = 0.2	0.003	0
TAX = 0	0.048	0.055	0.068	0.101	0.155
TAX = 0	0.245	0.382	0.47	0.602	0.726
TAX = 0	0.81	0.841	0.898	0.909	0.94
TAX = 0	0.943	0.956	0.961	0.964	0.965
TAX = 0	0.965	0.965	0.967	0.968	0.965
TAX = 0	0.964	0.96	0.961	0.956	0.95
TAX = 0	0.936	0.93	0.915	0.89	0.857
TAX = 0	0.81	0.751	0.686	0.627	0.565
TAX = 0	0.504	0.439	0.402	0.365	0.332
TAX = 0	0.302	0.27	0.236	0.202	0.161
TAX = 0	0.125	0.09	0.057	0.029	0.013
TAX = 0	0.002	0

The fixed costs are calibrated separately to match mean participation.

Return to Figure 4 B

Figure 4 C: The Effect of Varying the Generosity of Public Pension Provision, Keeping the Discount Rate Constant (calibrated to the 30% tax rate): Conditional Portfolio Shares at Each Age.
TAX = 0.3	0.998	0.998	0.998	0.999	0.999
TAX = 0.3	0.999	0.999	0.999	0.999	0.999
TAX = 0.3	0.999	0.999	0.999	0.999	1
TAX = 0.3	1	1	1	1	1
TAX = 0.3	1	1	0.999	0.999	0.999
TAX = 0.3	0.999	0.999	0.999	0.999	0.999
TAX = 0.3	0.999	0.998	0.998	0.998	0.997
TAX = 0.3	0.996	0.995	0.994	0.991	0.988
TAX = 0.3	0.984	0.978	0.974	0.968	0.962
TAX = 0.3	0.956	0.948	0.939	0.927	0.913
TAX = 0.3	0.89	0.853	0.785	0.717	0.653
TAX = 0.3	0.597	0.549
TAX = 0.2	0.998	0.998	0.998	0.998	0.998
TAX = 0.2	0.999	0.999	0.999	0.999	0.999
TAX = 0.2	0.999	0.999	0.999	0.999	1
TAX = 0.2	1	1	1	1	1
TAX = 0.2	1	1	0.999	0.999	0.999
TAX = 0.2	0.999	0.998	0.998	0.997	0.997
TAX = 0.2	0.996	0.994	0.992	0.988	0.984
TAX = 0.2	0.978	0.97	0.958	0.942	0.919
TAX = 0.2	0.885	0.834	0.814	0.791	0.763
TAX = 0.2	0.741	0.719	0.699	0.678	0.657
TAX = 0.2	0.638	0.618	0.6	0.579	0.559
TAX = 0.2	0.539	0.519
TAX = 0	0.997	0.998	0.998	0.999	0.999
TAX = 0	0.999	1	1	1	1
TAX = 0	1	1	1	1	1
TAX = 0	1	1	1	0.999	0.999
TAX = 0	0.999	0.999	0.998	0.996	0.994
TAX = 0	0.992	0.988	0.982	0.975	0.965
TAX = 0	0.952	0.935	0.913	0.883	0.845
TAX = 0	0.792	0.725	0.667	0.618	0.575
TAX = 0	0.538	0.506	0.506	0.506	0.506
TAX = 0	0.506	0.507	0.507	0.507	0.507
TAX = 0	0.507	0.506	0.505	0.505	0.504
TAX = 0	0.503	0.503

The fixed costs are calibrated separately to match mean participation.

Return to Figure 4 C

Figure 5 A: Calibrating Risk Aversion: Normalized Assets.
Crash Possibility	0.297	0.328	0.365	0.406	0.445
Crash Possibility	0.491	0.538	0.582	0.628	0.679
Crash Possibility	0.724	0.773	0.824	0.873	0.917
Crash Possibility	0.964	1.008	1.05	1.093	1.134
Crash Possibility	1.172	1.212	1.25	1.286	1.321
Crash Possibility	1.349	1.38	1.41	1.436	1.462
Crash Possibility	1.484	1.512	1.533	1.555	1.576
Crash Possibility	1.601	1.626	1.647	1.676	1.701
Crash Possibility	1.723	1.745	1.806	1.654	1.506
Crash Possibility	1.362	1.222	1.087	0.957	0.832
Crash Possibility	0.713	0.6	0.493	0.392	0.299
Crash Possibility	0.213	0.136	0.066
gamma = 9.5	0.297	0.422	0.548	0.677	0.804
gamma = 9.5	0.941	1.08	1.213	1.346	1.482
gamma = 9.5	1.604	1.731	1.854	1.97	2.077
gamma = 9.5	2.182	2.285	2.38	2.473	2.559
gamma = 9.5	2.639	2.72	2.792	2.865	2.93
gamma = 9.5	2.976	3.031	3.078	3.118	3.154
gamma = 9.5	3.178	3.211	3.229	3.24	3.244
gamma = 9.5	3.25	3.25	3.235	3.223	3.198
gamma = 9.5	3.17	3.135	3.166	2.978	2.787
gamma = 9.5	2.594	2.4	2.203	2.005	1.805
gamma = 9.5	1.605	1.404	1.203	1.001	0.8
gamma = 9.5	0.6	0.4	0.202
gamma = 12.1	0.297	0.342	0.389	0.439	0.485
gamma = 12.1	0.533	0.583	0.631	0.682	0.735
gamma = 12.1	0.783	0.834	0.886	0.935	0.98
gamma = 12.1	1.025	1.069	1.11	1.151	1.189
gamma = 12.1	1.223	1.259	1.291	1.323	1.352
gamma = 12.1	1.372	1.397	1.418	1.437	1.455
gamma = 12.1	1.467	1.486	1.498	1.508	1.516
gamma = 12.1	1.528	1.54	1.548	1.562	1.574
gamma = 12.1	1.585	1.594	1.633	1.46	1.292
gamma = 12.1	1.129	0.977	0.835	0.703	0.582
gamma = 12.1	0.472	0.373	0.285	0.21	0.146
gamma = 12.1	0.094	0.053	0.024

The fixed costs, discount rates and risk aversion are calibrated separately to match mean participation, asset holdings and portfolio shares respectively.

Return to Figure 5 A

Figure 5 B: Calibrating Risk Aversion: Stock Market Participation by Age.
Crash Possibility	0.146	0.183	0.256	0.347	0.439
Crash Possibility	0.53	0.611	0.724	0.779	0.822
Crash Possibility	0.858	0.883	0.907	0.926	0.959
Crash Possibility	0.964	0.971	0.976	0.979	0.982
Crash Possibility	0.984	0.987	0.99	0.992	0.989
Crash Possibility	0.99	0.991	0.991	0.992	0.992
Crash Possibility	0.994	0.994	0.993	0.993	0.991
Crash Possibility	0.988	0.95	0.907	0.755	0.429
Crash Possibility	0.15	0.033	0.006	0.005	0.001
Crash Possibility	0	0	0	0	0
Crash Possibility	0	0	0	0	0
Crash Possibility	0	0
gamma = 9.5	0.097	0.124	0.216	0.418	0.644
gamma = 9.5	0.799	0.892	0.938	0.963	0.966
gamma = 9.5	0.976	0.984	0.991	0.991	0.992
gamma = 9.5	0.992	0.994	0.996	0.996	0.997
gamma = 9.5	0.997	0.997	0.997	0.996	0.997
gamma = 9.5	0.996	0.996	0.995	0.992	0.988
gamma = 9.5	0.973	0.966	0.94	0.895	0.817
gamma = 9.5	0.719	0.588	0.428	0.268	0.146
gamma = 9.5	0.068	0.029	0.013	0.006	0.003
gamma = 9.5	0.002	0.001	0	0	0
gamma = 9.5	0	0	0	0	0
gamma = 9.5	0	0
gamma = 12.1	0.097	0.107	0.128	0.155	0.203
gamma = 12.1	0.265	0.413	0.496	0.578	0.648
gamma = 12.1	0.709	0.803	0.838	0.87	0.896
gamma = 12.1	0.918	0.93	0.942	0.951	0.96
gamma = 12.1	0.966	0.972	0.975	0.978	0.98
gamma = 12.1	0.981	0.984	0.985	0.988	0.99
gamma = 12.1	0.993	0.993	0.99	0.992	0.989
gamma = 12.1	0.988	0.977	0.96	0.926	0.837
gamma = 12.1	0.699	0.517	0.323	0.125	0.013
gamma = 12.1	0.006	0.001	0	0	0
gamma = 12.1	0	0	0	0	0
gamma = 12.1	0	0

The fixed costs, discount rates and risk aversion are calibrated separately to match mean participation, asset holdings and portfolio shares respectively.

Return to Figure 5 B

Figure 5 C: Calibrating Risk Aversion: Conditional Portfolio Shares at Each Age.
Crash Possibility	0.681	0.734	0.792	0.827	0.839
Crash Possibility	0.836	0.825	0.819	0.798	0.774
Crash Possibility	0.752	0.726	0.701	0.677	0.661
Crash Possibility	0.637	0.615	0.595	0.576	0.559
Crash Possibility	0.541	0.526	0.512	0.498	0.482
Crash Possibility	0.471	0.459	0.447	0.436	0.426
Crash Possibility	0.416	0.405	0.394	0.384	0.372
Crash Possibility	0.36	0.338	0.318	0.287	0.244
Crash Possibility	0.203	0.168	0.147	0.144	0.131
Crash Possibility	0.116	0.108	0.1	0.101
gamma = 9.5	0.781	0.804	0.867	0.916	0.923
gamma = 9.5	0.904	0.87	0.83	0.789	0.745
gamma = 9.5	0.71	0.676	0.647	0.619	0.595
gamma = 9.5	0.573	0.554	0.537	0.521	0.507
gamma = 9.5	0.494	0.482	0.471	0.46	0.451
gamma = 9.5	0.444	0.435	0.428	0.419	0.412
gamma = 9.5	0.401	0.394	0.382	0.369	0.351
gamma = 9.5	0.333	0.312	0.289	0.264	0.241
gamma = 9.5	0.22	0.203	0.191	0.182	0.174
gamma = 9.5	0.167	0.163	0.154	0.149
gamma = 12.1	0.563	0.588	0.625	0.655	0.691
gamma = 12.1	0.71	0.762	0.749	0.735	0.718
gamma = 12.1	0.702	0.7	0.678	0.66	0.643
gamma = 12.1	0.628	0.61	0.594	0.581	0.569
gamma = 12.1	0.557	0.546	0.536	0.526	0.517
gamma = 12.1	0.51	0.503	0.496	0.49	0.486
gamma = 12.1	0.482	0.475	0.468	0.465	0.458
gamma = 12.1	0.451	0.442	0.43	0.415	0.393
gamma = 12.1	0.366	0.338	0.322	0.286	0.234
gamma = 12.1	0.223	0.195	0.174	0.17

The fixed costs, discount rates and risk aversion are calibrated separately to match mean participation, asset holdings and portfolio shares respectively.

Return to Figure 5 C

Figure B1: Portfolio Share Policy Functions for Three Different Ages, under Baseline Parameters.
Normalized savings	age=77	age=57	age=27
-17	0	0	0
0	0	0	0
0	1	1	1
0.079575597	1	1	1
0.159151194	1	1	1
0.23872679	1	1	1
0.318302387	1	1	1
0.397877984	1	1	1
0.477453581	1	1	1
0.557029178	1	1	1
0.636604775	1	1	1
0.716180371	1	1	1
0.795755968	1	1	1
0.875331565	1	1	1
0.954907162	1	1	1
1.034482759	1	1	1
1.114058355	1	1	1
1.193633952	1	1	1
1.273209549	1	1	1
1.352785146	0.984703241	1	1
1.432360743	0.957931464	1	1
1.51193634	0.933977768	1	1
1.591511936	0.912419442	1	1
1.671087533	0.89291429	1	1
1.75066313	0.875182333	1	1
1.830238727	0.858992286	1	1
1.909814324	0.84415141	1	1
1.98938992	0.830497803	1	1
2.068965517	0.817894474	1	1
2.148541114	0.806224725	1	1
2.228116711	0.795388529	1	1
2.307692308	0.785299657	1	1
2.387267905	0.775883377	1	1
2.466843501	0.767074599	1	1
2.546419098	0.758816369	1	1
2.625994695	0.751058638	1	1
2.705570292	0.743757244	1	1
2.785145889	0.736873073	1	1
2.864721485	0.730371355	1	1
2.944297082	0.724221082	1	1
3.023872679	0.718394507	1	1
3.103448276	0.712866732	1	1
3.183023873	0.707615344	1	1
3.262599469	0.702620122	1	1
3.342175066	0.697862768	1	1
3.421750663	0.693326686	1	1
3.50132626	0.68899679	1	1
3.580901857	0.684859334	1	1
3.660477454	0.680901766	1	1
3.74005305	0.677112606	1	1
3.819628647	0.673481328	1	1
3.899204244	0.669998265	1	1
3.978779841	0.666654525	1	1
4.058355438	0.663441912	1	1
4.137931034	0.66035286	1	1
4.217506631	0.657380377	1	1
4.297082228	0.654517986	1	1
4.376657825	0.651759681	1	1
4.456233422	0.649099888	1	1
4.535809019	0.64653342	1	1
4.615384615	0.644055452	1	1
4.694960212	0.641661482	1	1
4.774535809	0.639347312	1	1
4.854111406	0.637109016	1	1
4.933687003	0.634942923	1	1
5.013262599	0.632845594	1	1
5.092838196	0.630813808	1	1
5.172413793	0.628844538	1	1
5.25198939	0.626934942	1	1
5.331564987	0.62508235	1	1
5.411140584	0.623284245	1	1
5.49071618	0.62153826	1	1
5.570291777	0.61984216	1	1
5.649867374	0.618193837	1	1
5.729442971	0.616591301	1	1
5.809018568	0.61503267	1	1
5.888594164	0.613516164	1	1
5.968169761	0.612040099	1	1
6.047745358	0.610602877	1	1
6.127320955	0.609202986	1	1
6.206896552	0.607838989	1	1
6.286472149	0.606509524	1	1
6.366047745	0.605213295	1	1
6.445623342	0.603949073	1	1
6.525198939	0.602715685	1	1
6.604774536	0.601512017	1	1
6.684350133	0.600337007	1	1
6.763925729	0.599189646	1	1
6.843501326	0.598068966	1	1
6.923076923	0.59697405	1	1
7.00265252	0.595904018	1	1
7.082228117	0.594858032	1	1
7.161803714	0.59383529	1	1
7.24137931	0.592835026	1	1
7.320954907	0.591856507	1	1
7.400530504	0.590899031	1	1
7.480106101	0.589961927	1	1
7.559681698	0.589044551	1	1
7.639257294	0.588146287	1	1
7.718832891	0.587266545	1	1
7.798408488	0.586404756	1	1
7.877984085	0.585560377	1	1
7.957559682	0.584732886	1	1
8.037135279	0.58392178	1	1
8.116710875	0.583126579	1	1
8.196286472	0.582346819	1	1
8.275862069	0.581582053	1	1
8.355437666	0.580831855	1	1
8.435013263	0.580095812	1	1
8.514588859	0.579373526	1	1
8.594164456	0.578664616	1	1
8.673740053	0.577968714	1	1
8.75331565	0.577285464	1	1
8.832891247	0.576614525	1	1
8.912466844	0.575955567	1	1
8.99204244	0.575308272	1	1
9.071618037	0.574672334	1	1
9.151193634	0.574047455	1	1
9.230769231	0.573433349	1	1
9.310344828	0.572829742	1	1
9.389920424	0.572236364	1	1
9.469496021	0.57165296	1	1
9.549071618	0.571079279	0.99749054	1
9.628647215	0.570515081	0.993218232	1
9.708222812	0.569960131	0.989072335	1
9.787798408	0.569414205	0.98518856	1
9.867374005	0.568877085	0.98135568	1
9.946949602	0.568348558	0.977611105	1
10.026525199	0.56782842	0.973967058	1
10.106100796	0.567316474	0.97038108	1
10.185676393	0.566812527	0.966850003	1
10.265251989	0.566316393	0.963337855	1
10.344827586	0.565827892	0.959869703	1
10.424403183	0.565346849	0.956452927	1
10.50397878	0.564873094	0.953127894	1
10.583554377	0.564495229	0.949870183	1
10.663129973	0.564034297	0.946661733	1
10.74270557	0.563580195	0.943503911	1
10.822281167	0.563132771	0.940396186	1
10.901856764	0.562691879	0.93732523	1
10.981432361	0.562257376	0.934296395	1
11.061007958	0.561829126	0.931310173	1
11.140583554	0.561406993	0.928365154	1
11.220159151	0.560990849	0.925463208	1
11.299734748	0.560580565	0.922608552	1
11.379310345	0.56017602	0.919801635	1
11.458885942	0.559777094	0.917034479	1
11.538461538	0.559383671	0.914301305	1
11.618037135	0.558995636	0.911599121	1
11.697612732	0.558612882	0.908928688	1
11.777188329	0.5582353	0.906289408	1
11.856763926	0.557862786	0.903681307	1
11.936339523	0.558936753	0.901103745	1
12.015915119	0.559363302	0.898556657	1
12.095490716	0.558977186	0.896039815	1
12.175066313	0.558596118	0.89355544	1
12.25464191	0.558220001	0.891104177	1
12.334217507	0.557848738	0.888687045	1
12.413793103	0.557482237	0.886303062	1
12.4933687	0.557120405	0.883951569	1
12.572944297	0.556763155	0.881629896	1
12.652519894	0.556410401	0.879335861	1
12.732095491	0.556062056	0.877068335	1
12.811671088	0.555718041	0.874823401	1
12.891246684	0.555378274	0.872597205	1
12.970822281	0.555042676	0.870393669	1
13.050397878	0.554711172	0.868212534	1
13.129973475	0.554383688	0.866053643	1
13.209549072	0.554060151	0.863915687	1
13.289124668	0.553740489	0.861797959	1
13.368700265	0.553424634	0.859700359	1
13.448275862	0.553700043	0.857623197	1
13.527851459	0.557770373	0.855568034	1
13.607427056	0.557409761	0.853535648	1
13.687002653	0.557053342	0.851526205	1
13.766578249	0.556701041	0.84954066	1
13.846153846	0.55635279	0.847579623	1
13.925729443	0.556008518	0.845642495	1
14.00530504	0.555668158	0.843728963	1
14.084880637	0.555331643	0.841837328	1
14.164456233	0.554998907	0.83996565	1
14.24403183	0.55466989	0.83811206	1
14.323607427	0.554344527	0.836272488	1
14.403183024	0.554022759	0.834449923	1
14.482758621	0.553704525	0.832644446	1
14.562334218	0.55338977	0.83085594	1
14.641909814	0.553078435	0.829083929	1
14.721485411	0.552770465	0.827327581	1
14.801061008	0.552465806	0.825586212	1
14.880636605	0.552164405	0.823859568	1
14.960212202	0.551866211	0.822148186	1
15.039787798	0.55157117	0.82045293	1
15.119363395	0.551279235	0.818774338	1
15.198938992	0.550990357	0.817112758	1
15.278514589	0.550704486	0.815468669	1
15.358090186	0.549033311	0.813842437	1
15.437665782	0.546955803	0.812233733	1
15.517241379	0.546710327	0.810642235	1
15.596816976	0.546467354	0.809067692	1
15.676392573	0.546226849	0.807509557	1
15.75596817	0.545988771	0.805966675	1
15.835543767	0.545753086	0.804439051	1
15.915119363	0.545519756	0.802926119	1
15.99469496	0.545288748	0.801426787	1
16.074270557	0.545060028	0.799941366	1
16.153846154	0.544833621	0.798469428	1
16.233421751	0.544609389	0.797010656	1
16.312997347	0.544387326	0.795564614	1
16.392572944	0.544167419	0.794130756	1
16.472148541	0.543949635	0.792708742	1
16.551724138	0.543733946	0.791298519	1
16.631299735	0.54352032	0.789899972	1
16.710875332	0.543308727	0.78851328	1
16.790450928	0.54309914	0.78713864	1
16.870026525	0.542891529	0.785776234	1
16.949602122	0.542685867	0.784426231	1
17.029177719	0.542482127	0.783088658	1
17.108753316	0.542280282	0.781763519	1
17.188328912	0.542080304	0.780450721	1
17.267904509	0.54188217	0.779150096	1
17.347480106	0.541685853	0.777861406	1
17.427055703	0.541491328	0.776584452	1
17.5066313	0.541298572	0.775319114	1
17.586206897	0.541107559	0.774065309	1
17.665782493	0.540918266	0.772822838	1
17.74535809	0.540730671	0.771591418	1
17.824933687	0.54054475	0.770370732	1
17.904509284	0.536675893	0.76916051	1
17.984084881	0.536525091	0.767960404	1
18.063660477	0.536375723	0.766769352	1
18.143236074	0.536227658	0.765587045	0.998953403
18.222811671	0.536082049	0.764414425	0.997435053
18.302387268	0.535937461	0.763251281	0.995929287
18.381962865	0.535793211	0.76209755	0.994436089
18.461538462	0.535650205	0.760953175	0.992955697
18.541114058	0.535508427	0.759818037	0.991487531
18.620689655	0.53536786	0.758692016	0.990031161
18.700265252	0.535228489	0.757574246	0.988585824
18.779840849	0.5350903	0.756465563	0.987152345
18.859416446	0.534953276	0.755365941	0.985734007
18.938992042	0.534817404	0.754275177	0.984325886
19.018567639	0.534682668	0.753193263	0.982927869
19.098143236	0.534549055	0.752120201	0.981539672
19.177718833	0.534416551	0.751055893	0.980169873
19.25729443	0.534285141	0.750000475	0.978811106
19.336870027	0.534154813	0.748953863	0.977459554
19.416445623	0.534025553	0.747915954	0.976115268
19.49602122	0.533897348	0.746886648	0.974779067
19.575596817	0.533770185	0.745865802	0.973451791
19.655172414	0.533644052	0.744853207	0.972134306
19.734748011	0.533518936	0.743848735	0.970826255
19.814323607	0.533394824	0.742852241	0.969528628
19.893899204	0.533271705	0.741863637	0.968241704
19.973474801	0.533149567	0.740882857	0.966965742
20.053050398	0.533028399	0.739909838	0.965699207
20.132625995	0.532908187	0.738944377	0.964440901
20.212201592	0.532791477	0.737986379	0.963189645
20.291777188	0.532680191	0.737035453	0.961945365
20.371352785	0.532569769	0.736091647	0.960708124
20.450928382	0.5324612	0.735155085	0.959477794
20.530503979	0.53235614	0.734225687	0.958253833
20.610079576	0.532248216	0.733303405	0.957057706
20.689655172	0.532141142	0.732386903	0.95587732
20.769230769	0.532034888	0.731477328	0.954702766
20.848806366	0.531929445	0.730574735	0.953534377
20.928381963	0.531824805	0.729678973	0.952372313
21.00795756	0.531720956	0.728790016	0.951216518
21.087533156	0.531617891	0.727907797	0.950066945
21.167108753	0.531515602	0.727032254	0.948923421
21.24668435	0.531414078	0.72616304	0.947785742
21.326259947	0.531313312	0.725297273	0.946653564
21.405835544	0.531213295	0.724438155	0.945526805
21.485411141	0.531114019	0.723585559	0.944405042
21.564986737	0.531015476	0.722739356	0.943288051
21.644562334	0.530917657	0.721899463	0.942187968
21.724137931	0.530820555	0.721065885	0.941097226
21.803713528	0.530502643	0.720238568	0.940009498
21.883289125	0.530348596	0.719417439	0.938925694
21.962864721	0.530255568	0.718602403	0.937846332
22.042440318	0.530163212	0.717793392	0.936772592
22.122015915	0.53007152	0.716990348	0.935703852
22.201591512	0.529980486	0.716193325	0.934640263
22.281167109	0.529890102	0.715402609	0.933582159
22.360742706	0.529800362	0.714617717	0.932529519
22.440318302	0.529711258	0.713838569	0.931482132
22.519893899	0.529622783	0.713065154	0.930439035
22.599469496	0.529534933	0.712297423	0.929400569
22.679045093	0.529448219	0.711535331	0.928363253
22.75862069	0.529375739	0.710778732	0.927330689
22.838196286	0.529303783	0.710027568	0.926303265
22.917771883	0.529232325	0.709281784	0.925279771
22.99734748	0.529161362	0.708541339	0.924263918
23.076923077	0.529090889	0.707806181	0.923258324
23.156498674	0.529020856	0.70707626	0.922258262
23.236074271	0.528950144	0.706351089	0.921263215
23.315649867	0.52887938	0.705629686	0.920272077
23.395225464	0.528810843	0.704913371	0.919290197
23.474801061	0.528742762	0.704202088	0.918330841
23.554376658	0.52867514	0.703495769	0.91737525
23.633952255	0.528607974	0.702794346	0.916423472
23.713527851	0.528541259	0.702097476	0.915475115
23.793103448	0.52847499	0.701404507	0.914530217
23.872679045	0.528409162	0.700716326	0.913588513
23.952254642	0.528343772	0.7000329	0.912649686
24.031830239	0.528278815	0.699354185	0.911713588
24.111405836	0.528214287	0.698680106	0.91078014
24.190981432	0.528150183	0.698008408	0.909849605
24.270557029	0.528086499	0.697340949	0.908921926
24.350132626	0.528023232	0.696678155	0.907997328
24.429708223	0.527960377	0.696019953	0.907075646
24.50928382	0.52789793	0.695366207	0.906156527
24.588859416	0.527835887	0.694716875	0.905239996
24.668435013	0.527774244	0.694071912	0.904326163
24.74801061	0.527712998	0.693431298	0.903421943
24.827586207	0.527652144	0.69279496	0.902527867
24.907161804	0.527591679	0.692162697	0.901635617
24.986737401	0.527531599	0.691534705	0.900745886
25.066312997	0.5274719	0.690910944	0.89985896
25.145888594	0.527412579	0.690291466	0.8989741
25.225464191	0.527353633	0.689677984	0.898090766
25.305039788	0.527295057	0.689068572	0.897209136
25.384615385	0.527236849	0.688463177	0.896329127
25.464190981	0.527179004	0.687861825	0.895451309
25.543766578	0.527121519	0.687264422	0.894576195
25.623342175	0.527064986	0.686670947	0.893698731
25.702917772	0.527008805	0.686081307	0.892813327
25.782493369	0.526946425	0.685495452	0.891931273
25.862068966	0.526882895	0.684913357	0.891052646
25.941644562	0.526819754	0.684335003	0.890177377
26.021220159	0.526756999	0.683760372	0.889305511
26.100795756	0.526694626	0.683189421	0.888436767
26.180371353	0.526632633	0.6826221	0.887571314
26.25994695	0.526571016	0.682058377	0.886726398
26.339522546	0.52650977	0.681498224	0.885904305
26.419098143	0.526448894	0.680941592	0.885085235
26.49867374	0.526388383	0.680388186	0.884268811
26.578249337	0.526328235	0.679837071	0.883458441
26.657824934	0.526268445	0.679289376	0.88265885
26.737400531	0.526209012	0.678745075	0.881864081
26.816976127	0.526149936	0.678204133	0.881073338
26.896551724	0.526090605	0.677666539	0.880285042
26.976127321	0.526030228	0.677132398	0.879499206
27.055702918	0.525971342	0.676600471	0.878716016
27.135278515	0.525913666	0.676069846	0.877935317
27.214854111	0.525856322	0.675542522	0.877157163
27.294429708	0.525799313	0.675018462	0.87638147
27.374005305	0.525742634	0.674497728	0.875608419
27.453580902	0.525686284	0.673980218	0.874838025
27.533156499	0.525630209	0.673465713	0.874071338
27.612732095	0.52557417	0.67295408	0.873308002
27.692307692	0.525518454	0.672445523	0.872546941
27.771883289	0.525463056	0.67194001	0.871788312
27.851458886	0.525407976	0.671437523	0.871032086
27.931034483	0.525353209	0.670938121	0.870278308
28.01061008	0.525298753	0.670442119	0.869529797
28.090185676	0.525244606	0.669949058	0.86878477
28.169761273	0.525190764	0.669458928	0.868040315
28.24933687	0.525137226	0.668971702	0.867296933
28.328912467	0.525083989	0.668487362	0.86655502
28.408488064	0.52503105	0.668006171	0.86581483
28.48806366	0.524978406	0.667528046	0.86507342
28.567639257	0.524926056	0.667052682	0.864333492
28.647214854	0.524873997	0.666580052	0.863595776
28.726790451	0.524823184	0.666110119	0.862860702
28.806366048	0.524772889	0.665642803	0.862128362
28.885941645	0.524722871	0.665177693	0.861396957
28.965517241	0.524673128	0.664715236	0.860657558
29.045092838	0.524623657	0.664255421	0.859921115
29.124668435	0.524574456	0.663798195	0.859187553
29.204244032	0.524525524	0.663343571	0.858456893
29.283819629	0.524476857	0.662891532	0.857726001
29.363395225	0.524428455	0.662442054	0.85699654
29.442970822	0.524380314	0.661994969	0.856269704
29.522546419	0.524332432	0.661550373	0.855545501
29.602122016	0.524284808	0.661108263	0.854823852
29.681697613	0.524237439	0.660668604	0.854104584
29.76127321	0.524190324	0.660231382	0.853387472
29.840848806	0.52413931	0.659796567	0.852684209
29.920424403	0.524084586	0.659364163	0.85199988
30	0.524030153	0.658934134	0.851317921
36.315789474	0.519684255	0.630913651	0.804950147
42.631578947	0.516091816	0.611304483	0.770114426
48.947368421	0.514050851	0.596860554	0.743101279
55.263157895	0.51271926	0.585773035	0.721331598
61.578947368	0.51169887	0.576999774	0.703276668
67.894736842	0.510871885	0.569885426	0.688031813
74.210526316	0.510185596	0.564014231	0.675058027
80.526315789	0.509607212	0.559078434	0.663845423
86.842105263	0.509112958	0.554871467	0.65396761
93.157894737	0.508685723	0.551246074	0.645260565
99.473684211	0.50831274	0.548092036	0.637516067
105.789473684	0.507984293	0.545320769	0.630569883
112.105263158	0.507692855	0.542868721	0.624286248
118.421052632	0.507432504	0.540683745	0.618581965
124.736842105	0.507198514	0.538725789	0.613367423
131.052631579	0.506987079	0.536961712	0.608573936
137.368421053	0.506795087	0.535363789	0.604139789
143.684210526	0.506619972	0.533911095	0.600029695
150	0.506459603	0.532585304	0.596212178
156.315789474	0.506312193	0.531369988	0.592651847

Return to Figure B1

Figure B2 A: The Effect of Varying Risk Aversion and the Risk of Stocks on the Portfolio Share Policy Functions: Policy Functions with High Risk Aversion.
Normalized savings	age=77	age=57	age=27
-17	0	0	0
0	0	0	0
0	1	1	1
0.079575597	1	1	1
0.159151194	1	1	1
0.23872679	0.738424886	1	1
0.318302387	0.582524757	1	1
0.397877984	0.48898468	1	1
0.477453581	0.426624628	1	1
0.557029178	0.382081734	1	1
0.636604775	0.348674564	1	1
0.716180371	0.322691209	1	1
0.795755968	0.301904525	1	1
0.875331565	0.284897238	1	1
0.954907162	0.270724499	0.949253044	1
1.034482759	0.258732181	0.888324243	1
1.114058355	0.248453052	0.836053953	1
1.193633952	0.239544473	0.790695612	0.99308086
1.273209549	0.231749467	0.750948114	0.943837082
1.352785146	0.22487152	0.715837758	0.900302902
1.432360743	0.218757789	0.684579082	0.861506325
1.51193634	0.213287609	0.656570085	0.826726994
1.591511936	0.208364447	0.631323258	0.795370521
1.671087533	0.203910158	0.608448841	0.766940181
1.75066313	0.199860804	0.587629485	0.741051711
1.830238727	0.196163568	0.568596725	0.717341428
1.909814324	0.192774434	0.551113577	0.69555634
1.98938992	0.189656432	0.535003095	0.675479938
2.068965517	0.186778276	0.520109351	0.65691322
2.148541114	0.184113316	0.506302724	0.639684633
2.228116711	0.181638711	0.493462538	0.623651734
2.307692308	0.179334768	0.481489732	0.608687715
2.387267905	0.177184422	0.470296471	0.594687208
2.466843501	0.175172807	0.459809055	0.581573084
2.546419098	0.173286918	0.449966186	0.569249772
2.625994695	0.171515326	0.440703482	0.557635093
2.705570292	0.169847945	0.431969565	0.546687316
2.785145889	0.168275843	0.423723688	0.536343148
2.864721485	0.16679108	0.415923149	0.526551999
2.944297082	0.165386574	0.40853162	0.517274893
3.023872679	0.16405599	0.401523136	0.508463325
3.103448276	0.16279364	0.394863294	0.500085707
3.183023873	0.161594409	0.388524131	0.492111261
3.262599469	0.160453676	0.382485792	0.484508879
3.342175066	0.159367264	0.376725991	0.477251973
3.421750663	0.158331383	0.371227022	0.470323761
3.50132626	0.157342587	0.365970706	0.463695933
3.580901857	0.156397738	0.36093913	0.457348356
3.660477454	0.155493969	0.356120786	0.451263495
3.74005305	0.154628658	0.351498979	0.445419316
3.819628647	0.153799402	0.347062588	0.439809871
3.899204244	0.153003993	0.342802031	0.434423591
3.978779841	0.152240401	0.338707392	0.429241091
4.058355438	0.151506753	0.334767246	0.424247277
4.137931034	0.150801323	0.330972949	0.41943932
4.217506631	0.150122512	0.327316481	0.414804498
4.297082228	0.149468843	0.323788568	0.410335603
4.376657825	0.148838944	0.320385848	0.406018559
4.456233422	0.14823154	0.317100412	0.40184533
4.535809019	0.14764545	0.313924533	0.397812694
4.615384615	0.147079569	0.310854126	0.393911991
4.694960212	0.146532871	0.307884189	0.390135688
4.774535809	0.146004396	0.305009441	0.386479904
4.854111406	0.145493248	0.30222547	0.382938976
4.933687003	0.144998588	0.299527251	0.379506133
5.013262599	0.144519633	0.296910753	0.376174698
5.092838196	0.144055644	0.294372764	0.372941071
5.172413793	0.143605932	0.291908768	0.369800758
5.25198939	0.143169848	0.289516921	0.366752003
5.331564987	0.142746781	0.287193934	0.363791398
5.411140584	0.142336157	0.284935791	0.360913366
5.49071618	0.141937436	0.28273994	0.358113642
5.570291777	0.141550106	0.280604351	0.355392364
5.649867374	0.141173687	0.278525821	0.352745098
5.729442971	0.140807725	0.276503263	0.350166295
5.809018568	0.140451788	0.274533914	0.347652208
5.888594164	0.140105472	0.272614875	0.34520053
5.968169761	0.139768391	0.270744213	0.342810993
6.047745358	0.13944018	0.268920206	0.340481024
6.127320955	0.139120494	0.267141385	0.338210913
6.206896552	0.138809005	0.265406432	0.335997639
6.286472149	0.138505402	0.263713487	0.333841158
6.366047745	0.138209389	0.262060794	0.331739591
6.445623342	0.137920685	0.260446305	0.329688772
6.525198939	0.137639023	0.258869698	0.327685261
6.604774536	0.137364148	0.257329486	0.325725526
6.684350133	0.137095817	0.255823693	0.323806464
6.763925729	0.1368338	0.254351583	0.321928505
6.843501326	0.136577876	0.252911895	0.320089908
6.923076923	0.136327836	0.251503776	0.318291543
7.00265252	0.136083478	0.250126045	0.316537359
7.082228117	0.135844612	0.248777983	0.314826515
7.161803714	0.135611054	0.247458048	0.313156507
7.24137931	0.135382629	0.246165693	0.311527627
7.320954907	0.135159169	0.244899985	0.30993745
7.400530504	0.134940516	0.243659953	0.308384286
7.480106101	0.134726514	0.242444939	0.306863614
7.559681698	0.134517018	0.241254376	0.30536928
7.639257294	0.134311886	0.24008718	0.303897631
7.718832891	0.134110984	0.238942824	0.30244604
7.798408488	0.133914182	0.237820404	0.301019138
7.877984085	0.133721355	0.236719402	0.299619899
7.957559682	0.133532385	0.235639577	0.298254239
8.037135279	0.133347158	0.234580042	0.296923302
8.116710875	0.133165562	0.233540037	0.295627516
8.196286472	0.132987492	0.232519224	0.294367021
8.275862069	0.132812846	0.231516522	0.293137133
8.355437666	0.132641528	0.230531558	0.291935708
8.435013263	0.132473441	0.229564891	0.290765248
8.514588859	0.132308497	0.228615249	0.289621565
8.594164456	0.132146606	0.227681983	0.288500553
8.673740053	0.131987687	0.22676491	0.287397508
8.75331565	0.131831657	0.225863541	0.286305621
8.832891247	0.131678438	0.224977615	0.285218156
8.912466844	0.131527955	0.224106748	0.284132511
8.99204244	0.131380136	0.223250218	0.28305376
9.071618037	0.13123491	0.222407803	0.281993523
9.151193634	0.131092209	0.221579223	0.280958814
9.230769231	0.130951969	0.220764019	0.279957442
9.310344828	0.130814127	0.219962085	0.278995777
9.389920424	0.13067862	0.219173018	0.278074561
9.469496021	0.130545391	0.218396314	0.277196445
9.549071618	0.130414383	0.217631869	0.276342097
9.628647215	0.13028554	0.216879405	0.275502207
9.708222812	0.130158809	0.216138477	0.274672899
9.787798408	0.130034139	0.21540891	0.273864548
9.867374005	0.129911479	0.214690424	0.27308052
9.946949602	0.129790782	0.213982763	0.272323416
10.026525199	0.129672001	0.213285535	0.271575077
10.106100796	0.129555091	0.212598749	0.27084485
10.185676393	0.129440007	0.211921989	0.270096684
10.265251989	0.129326707	0.211255243	0.2693156
10.344827586	0.129215151	0.210598286	0.268509165
10.424403183	0.129105298	0.209950688	0.26769516
10.50397878	0.128997109	0.209312102	0.266894076
10.583554377	0.128890547	0.208682412	0.266112398
10.663129973	0.128785575	0.208061714	0.265372513
10.74270557	0.128682159	0.207449789	0.264671179
10.822281167	0.128580264	0.206846263	0.264052627
10.901856764	0.128479856	0.206250964	0.263507875
10.981432361	0.128380903	0.205663757	0.262998843
11.061007958	0.128283374	0.205084561	0.262555037
11.140583554	0.128187238	0.204513117	0.262005278
11.220159151	0.128092466	0.20394932	0.261461226
11.299734748	0.127999029	0.203392896	0.260946402
11.379310345	0.127906898	0.202843763	0.260450998
11.458885942	0.127816047	0.202301803	0.260021706
11.538461538	0.12772645	0.201766889	0.259612043
11.618037135	0.127638079	0.201238994	0.259366105
11.697612732	0.127550911	0.200717763	0.258949233
11.777188329	0.127464921	0.20020315	0.258656919
11.856763926	0.127380085	0.199695008	0.258076352
11.936339523	0.12729638	0.199193228	0.257447821
12.015915119	0.127213784	0.198697774	0.256798272
12.095490716	0.127132275	0.198208354	0.256131178
12.175066313	0.127051831	0.197724993	0.255446029
12.25464191	0.126972432	0.197247527	0.254766049
12.334217507	0.126894057	0.196775757	0.254135773
12.413793103	0.126816688	0.19630958	0.253536127
12.4933687	0.126740303	0.195849094	0.25309311
12.572944297	0.126664886	0.195394139	0.252763909
12.652519894	0.126590417	0.194944468	0.25245075
12.732095491	0.12651688	0.194500051	0.251982932
12.811671088	0.126444255	0.194060718	0.251540346
12.891246684	0.126372528	0.193626448	0.251094894
12.970822281	0.12630168	0.19319732	0.250675752
13.050397878	0.126231696	0.192773079	0.250280723
13.129973475	0.126162561	0.19235369	0.249963671
13.209549072	0.126094259	0.191939039	0.249850909
13.289124668	0.126026774	0.191529074	0.249585987
13.368700265	0.125960093	0.19112373	0.249626566
13.448275862	0.125894202	0.190722972	0.249249314
13.527851459	0.125829085	0.190326666	0.248729039
13.607427056	0.12576473	0.189934701	0.248199086
13.687002653	0.125701123	0.18954711	0.247620865
13.766578249	0.125638252	0.189163737	0.246984338
13.846153846	0.125576103	0.188784582	0.246271918
13.925729443	0.125514664	0.188409516	0.245503335
14.00530504	0.125453924	0.188038327	0.244622381
14.084880637	0.12539387	0.187671061	0.24374365
14.164456233	0.125334491	0.187307644	0.24294219
14.24403183	0.125275775	0.186947933	0.242164649
14.323607427	0.125217712	0.186591947	0.241726117
14.403183024	0.12516029	0.186239604	0.241181663
14.482758621	0.125103499	0.18589087	0.240635032
14.562334218	0.125047329	0.185545636	0.240099535
14.641909814	0.12499177	0.185203949	0.239543172
14.721485411	0.124936811	0.184865741	0.238944691
14.801061008	0.124882443	0.184531088	0.238295578
14.880636605	0.124828656	0.184199848	0.237636261
14.960212202	0.124775442	0.183871957	0.236866659
15.039787798	0.124722791	0.183547363	0.236308597
15.119363395	0.124670694	0.183225932	0.235624929
15.198938992	0.124619142	0.182907764	0.235256182
15.278514589	0.124568128	0.182592845	0.234741181
15.358090186	0.124517642	0.182281098	0.234215048
15.437665782	0.124467677	0.181972531	0.233696583
15.517241379	0.124418224	0.181667115	0.233174121
15.596816976	0.124369276	0.181364877	0.23262713
15.676392573	0.124320824	0.181065721	0.232035394
15.75596817	0.124272863	0.180769556	0.231431115
15.835543767	0.124225383	0.180476188	0.230699186
15.915119363	0.124178378	0.180185497	0.230009347
15.99469496	0.12413184	0.179897456	0.229262792
16.074270557	0.124085764	0.179611973	0.228538597
16.153846154	0.124040141	0.179328985	0.227932067
16.233421751	0.123994966	0.17904839	0.227345827
16.312997347	0.123950231	0.178770216	0.226800654
16.392572944	0.123905931	0.178494418	0.226263753
16.472148541	0.123862059	0.178221003	0.225743995
16.551724138	0.123818608	0.177950012	0.225218714
16.631299735	0.123775573	0.177681413	0.224659148
16.710875332	0.123732949	0.17741523	0.224107968
16.790450928	0.123690728	0.177151425	0.223404676
16.870026525	0.123648906	0.176890012	0.222809236
16.949602122	0.123607476	0.176631077	0.222138765
17.029177719	0.123566433	0.176374589	0.221518858
17.108753316	0.123525772	0.176120602	0.221024038
17.188328912	0.123485488	0.175868964	0.220532334
17.267904509	0.123445575	0.17561958	0.220073837
17.347480106	0.123406028	0.175372377	0.21960621
17.427055703	0.123366843	0.17512745	0.21915729
17.5066313	0.123328013	0.17488496	0.218724576
17.586206897	0.123289535	0.174644937	0.218300261
17.665782493	0.123251404	0.174407575	0.217875521
17.74535809	0.123213615	0.174172889	0.21744842
17.824933687	0.123176163	0.173940818	0.217018428
17.904509284	0.123139043	0.173711241	0.216584972
17.984084881	0.123102253	0.173483809	0.216119934
18.063660477	0.123065786	0.173258201	0.215676485
18.143236074	0.12302964	0.173034292	0.21520503
18.222811671	0.122993809	0.172812025	0.214746095
18.302387268	0.12295829	0.172591245	0.214303776
18.381962865	0.122923078	0.17237188	0.213870786
18.461538462	0.12288817	0.172153804	0.213445718
18.541114058	0.122853561	0.171936969	0.213035137
18.620689655	0.122819248	0.171721411	0.212636595
18.700265252	0.122785228	0.171507271	0.212245584
18.779840849	0.122751495	0.171294664	0.211858878
18.859416446	0.122718047	0.17108364	0.211477072
18.938992042	0.122684881	0.170874172	0.211094804
19.018567639	0.122651991	0.170666276	0.210695557
19.098143236	0.122619376	0.170459907	0.210322944
19.177718833	0.122587032	0.170255073	0.209922443
19.25729443	0.122554955	0.170051729	0.209540293
19.336870027	0.122523142	0.169850133	0.209166599
19.416445623	0.122491589	0.169650356	0.208799118
19.49602122	0.122460295	0.169452533	0.208432667
19.575596817	0.122429254	0.169257123	0.208074454
19.655172414	0.122398465	0.169063674	0.207725068
19.734748011	0.122367925	0.168871799	0.207382781
19.814323607	0.122337629	0.168681595	0.207045849
19.893899204	0.122307576	0.168493132	0.206714573
19.973474801	0.122277763	0.168306577	0.206388465
20.053050398	0.122248186	0.168122202	0.206064879
20.132625995	0.122218842	0.167940345	0.205744253
20.212201592	0.12218973	0.167761226	0.205424894
20.291777188	0.122160847	0.167585157	0.205113713
20.371352785	0.122132188	0.16741236	0.204803518
20.450928382	0.122103753	0.167242336	0.204493011
20.530503979	0.122075539	0.167073417	0.204184561
20.610079576	0.122047542	0.166905463	0.203875841
20.689655172	0.12201976	0.166738386	0.203570519
20.769230769	0.121992192	0.166572019	0.203266686
20.848806366	0.121964834	0.166406229	0.202966381
20.928381963	0.121937684	0.166240843	0.202669372
21.00795756	0.121910739	0.166075575	0.202376478
21.087533156	0.121883998	0.165910349	0.202087081
21.167108753	0.121857458	0.165745207	0.201800463
21.24668435	0.121831117	0.165579312	0.201515388
21.326259947	0.121804973	0.165414265	0.20122906
21.405835544	0.121779022	0.165250251	0.200945137
21.485411141	0.121753265	0.165087281	0.200663448
21.564986737	0.121727697	0.164925238	0.200384204
21.644562334	0.121702317	0.164764078	0.200106778
21.724137931	0.121677123	0.164603676	0.199830887
21.803713528	0.121652113	0.164443968	0.199557492
21.883289125	0.121627285	0.164284758	0.199286036
21.962864721	0.121602636	0.164126142	0.199020677
22.042440318	0.121578166	0.163968201	0.198760459
22.122015915	0.121553872	0.163810783	0.198502029
22.201591512	0.121529752	0.163654124	0.198245853
22.281167109	0.121505804	0.16350097	0.197991382
22.360742706	0.121482027	0.163349898	0.197737718
22.440318302	0.121458418	0.163199874	0.197481839
22.519893899	0.121434976	0.163051	0.19722804
22.599469496	0.121411699	0.162903377	0.196976686
22.679045093	0.121388586	0.162757178	0.196727539
22.75862069	0.121365634	0.162612665	0.196480488
22.838196286	0.121342842	0.162470108	0.196235352
22.917771883	0.121320209	0.162329957	0.195992192
22.99734748	0.121297732	0.162192448	0.195750851
23.076923077	0.12127541	0.162057657	0.195525154
23.156498674	0.121253241	0.161927712	0.195300067
23.236074271	0.121231225	0.161801727	0.195075827
23.315649867	0.121209358	0.161676196	0.194852446
23.395225464	0.12118764	0.161551136	0.194630235
23.474801061	0.12116607	0.161426483	0.194408938
23.554376658	0.121144645	0.161302109	0.19418866
23.633952255	0.121123365	0.161177877	0.193969543
23.713527851	0.121102227	0.161053576	0.193751892
23.793103448	0.121081231	0.160929059	0.193535241
23.872679045	0.121060375	0.16080408	0.193319588
23.952254642	0.121039657	0.160678457	0.19310459
24.031830239	0.121019077	0.160552358	0.192889545
24.111405836	0.120998632	0.160422689	0.192673182
24.190981432	0.120978322	0.160293358	0.192449114
24.270557029	0.120958145	0.160164653	0.192226015
24.350132626	0.1209381	0.160036555	0.192004209
24.429708223	0.120918186	0.159909006	0.191783792
24.50928382	0.120898401	0.159781913	0.19156725
24.588859416	0.120878744	0.159655169	0.191353328
24.668435013	0.120859214	0.159528604	0.19114073
24.74801061	0.120839809	0.159402088	0.190929481
24.827586207	0.120820529	0.15927669	0.19072002
24.907161804	0.120801372	0.159151224	0.190513125
24.986737401	0.120782337	0.159025387	0.190309978
25.066312997	0.120763422	0.158898542	0.190107658
25.145888594	0.120744628	0.158769533	0.189905932
25.225464191	0.120725952	0.158642399	0.189704415
25.305039788	0.120707394	0.158517117	0.189503054
25.384615385	0.120688952	0.158392585	0.18929363
25.464190981	0.120670625	0.158268815	0.189084128
25.543766578	0.120652412	0.158145833	0.188875916
25.623342175	0.120634313	0.158023682	0.18867098
25.702917772	0.120616325	0.157902421	0.188474358
25.782493369	0.120598449	0.157784422	0.188278884
25.862068966	0.120580682	0.157668614	0.18808453
25.941644562	0.120563025	0.157554077	0.187891253
26.021220159	0.120545476	0.157440845	0.187699102
26.100795756	0.120528033	0.157329242	0.187513326
26.180371353	0.120510697	0.157219318	0.187331159
26.25994695	0.120493466	0.157113763	0.187149838
26.339522546	0.120476338	0.157008394	0.186969393
26.419098143	0.120459314	0.156903511	0.186789819
26.49867374	0.120442393	0.156799092	0.186611061
26.578249337	0.120425572	0.156695106	0.18643334
26.657824934	0.120408852	0.156591508	0.186256535
26.737400531	0.120392232	0.156487926	0.186080494
26.816976127	0.12037571	0.156382778	0.185903158
26.896551724	0.120359286	0.156277799	0.185722853
26.976127321	0.120342959	0.1561729	0.185543378
27.055702918	0.120326727	0.15606803	0.185364591
27.135278515	0.120310591	0.155963175	0.185186307
27.214854111	0.12029455	0.155857389	0.185008221
27.294429708	0.120278602	0.155750531	0.184827447
27.374005305	0.120262746	0.155644201	0.184645238
27.453580902	0.120246983	0.155538397	0.184463879
27.533156499	0.120231311	0.155433106	0.184283466
27.612732095	0.120215729	0.155328308	0.184104027
27.692307692	0.120200236	0.155223961	0.183925555
27.771883289	0.120184833	0.155120017	0.183748031
27.851458886	0.120169517	0.155015382	0.183571437
27.931034483	0.120154289	0.154909699	0.183405033
28.01061008	0.120139147	0.154804159	0.183240499
28.090185676	0.120124091	0.154698696	0.183076639
28.169761273	0.12010912	0.154593172	0.182907683
28.24933687	0.120094233	0.154492039	0.182739428
28.328912467	0.12007943	0.154389724	0.182572031
28.408488064	0.12006471	0.154286588	0.182405749
28.48806366	0.120050073	0.154184049	0.182240055
28.567639257	0.120035516	0.154082127	0.182074567
28.647214854	0.120021041	0.153980803	0.181904552
28.726790451	0.120006906	0.153880257	0.181735421
28.806366048	0.119993195	0.153780299	0.18156717
28.885941645	0.11997956	0.153680887	0.181399808
28.965517241	0.119966	0.153582006	0.18123334
29.045092838	0.119952514	0.153483656	0.181067767
29.124668435	0.119939102	0.153385832	0.180905684
29.204244032	0.119925764	0.153288371	0.180764689
29.283819629	0.119912498	0.153196738	0.180624419
29.363395225	0.119899304	0.153110399	0.180484871
29.442970822	0.119886181	0.153024544	0.180345833
29.522546419	0.11987313	0.152939166	0.180207481
29.602122016	0.119860148	0.15285429	0.18006986
29.681697613	0.119859222	0.152769796	0.179933651
29.76127321	0.119862161	0.152685889	0.179800796
29.840848806	0.119865086	0.152602887	0.179668628
29.920424403	0.119867998	0.152520304	0.179537109
30	0.119870895	0.15243814	0.179406232
36.315789474	0.119853728	0.146486939	0.170148076
42.631578947	0.11873667	0.141911374	0.163611683
48.947368421	0.117696694	0.138197258	0.158661899
55.263157895	0.117085796	0.135037861	0.154720188
61.578947368	0.116853851	0.132581535	0.151512313
67.894736842	0.116665061	0.130637976	0.148860028
74.210526316	0.116508407	0.129235896	0.146620085
80.526315789	0.116376326	0.128076358	0.144691009
86.842105263	0.116263456	0.127095142	0.142989993
93.157894737	0.116165891	0.126259049	0.141482225
99.473684211	0.116080715	0.125533645	0.140144807
105.789473684	0.116005709	0.124899251	0.13893938
112.105263158	0.115939155	0.124336549	0.137843294
118.421052632	0.1158797	0.123830857	0.136845469
124.736842105	0.115826265	0.123371489	0.13592795
131.052631579	0.115777981	0.122952645	0.135072881
137.368421053	0.115734137	0.122567908	0.134275623
143.684210526	0.115694147	0.122213229	0.133527792
150	0.115657525	0.12189207	0.132816085
156.315789474	0.115623862	0.121597636	0.13214402

Return to Figure B2 A

Figure B2 B: The Effect of Varying Risk Aversion and the Risk of Stocks on the Portfolio Share Policy Functions: Policy Functions with High Risk Aversion and a Small Probability of a Stock Market Crash.
Normalized savings	age=77	age=57	age=27
-17	0	0	0
0	0	0	0
0	1	1	1
0.079575597	0.989949691	1	1
0.159151194	0.568195486	1	1
0.23872679	0.399741328	1	1
0.318302387	0.315345845	1	1
0.397877984	0.264708556	1	1
0.477453581	0.230950363	0.932908429	1
0.557029178	0.206837368	0.813981318	0.916317916
0.636604775	0.188752621	0.723255979	0.818986597
0.716180371	0.174686708	0.652575284	0.742625216
0.795755968	0.163433977	0.595665567	0.679856969
0.875331565	0.154227197	0.54891395	0.628763285
0.954907162	0.14655488	0.509821401	0.587248969
1.034482759	0.14006292	0.476697681	0.552100684
1.114058355	0.134498383	0.44840124	0.521561524
1.193633952	0.129675784	0.423913852	0.494769356
1.273209549	0.125456009	0.402492997	0.471116251
1.352785146	0.121732679	0.383597158	0.450106827
1.432360743	0.118423053	0.366794657	0.431337464
1.51193634	0.115461808	0.351751017	0.414481265
1.591511936	0.112796687	0.338208281	0.39925819
1.671087533	0.110385388	0.325951613	0.385432425
1.75066313	0.108193297	0.314793037	0.372830163
1.830238727	0.106191823	0.304593994	0.361291152
1.909814324	0.104357139	0.295235301	0.35067844
1.98938992	0.102669229	0.28661379	0.34088595
2.068965517	0.101111159	0.278645854	0.331825367
2.148541114	0.099668501	0.271262294	0.323412692
2.228116711	0.09832889	0.26439924	0.315574502
2.307692308	0.097081666	0.257999928	0.308251351
2.387267905	0.095917591	0.252016277	0.301397395
2.466843501	0.094828617	0.246411395	0.294973642
2.546419098	0.093807703	0.241151193	0.288940056
2.625994695	0.092848664	0.236201775	0.283252488
2.705570292	0.091946038	0.231538955	0.277887322
2.785145889	0.091094992	0.227137144	0.272816428
2.864721485	0.090291225	0.222971069	0.268008642
2.944297082	0.089530905	0.21902468	0.263450791
3.023872679	0.088810603	0.215281417	0.259126285
3.103448276	0.088127238	0.211723857	0.255010002
3.183023873	0.087478042	0.208339305	0.251087988
3.262599469	0.086860514	0.20511523	0.247348425
3.342175066	0.086272393	0.202039782	0.243777794
3.421750663	0.085711625	0.199103706	0.240368686
3.50132626	0.085176347	0.196297828	0.237106527
3.580901857	0.08466486	0.193611045	0.233979568
3.660477454	0.08417561	0.191036994	0.23098186
3.74005305	0.08370718	0.188568539	0.228101863
3.819628647	0.083258268	0.186199453	0.225334498
3.899204244	0.082827679	0.183925787	0.222678968
3.978779841	0.082414313	0.181739168	0.220122757
4.058355438	0.082017158	0.179634587	0.217658892
4.137931034	0.081635278	0.177608196	0.215285367
4.217506631	0.081267809	0.175654555	0.212995083
4.297082228	0.080913949	0.173770645	0.210782414
4.376657825	0.080572957	0.171953542	0.208648053
4.456233422	0.080244144	0.170198713	0.206584341
4.535809019	0.079926868	0.168502194	0.204587745
4.615384615	0.079620532	0.166862239	0.20265682
4.694960212	0.07932458	0.165275763	0.200786188
4.774535809	0.079038494	0.163739837	0.198974721
4.854111406	0.078761788	0.162252388	0.197220742
4.933687003	0.078494007	0.160810956	0.195516449
5.013262599	0.078234728	0.159413267	0.193861433
5.092838196	0.07798355	0.158057203	0.192255996
5.172413793	0.077740102	0.156740963	0.190696534
5.25198939	0.077504031	0.155463618	0.189181664
5.331564987	0.077275006	0.154222944	0.187709778
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28.24933687	0.064976951	0.082992623	0.099159315
28.328912467	0.064969037	0.082936739	0.099067715
28.408488064	0.064961166	0.082881147	0.098976421
28.48806366	0.06495334	0.08282584	0.098885559
28.567639257	0.064945558	0.082770935	0.098795098
28.647214854	0.064937818	0.082716532	0.098705015
28.726790451	0.064930122	0.082662395	0.098615277
28.806366048	0.064922468	0.082608303	0.098525987
28.885941645	0.064914856	0.082554329	0.098437148
28.965517241	0.064907286	0.08250063	0.098348702
29.045092838	0.064899758	0.082447211	0.09826065
29.124668435	0.06489227	0.082394092	0.098183241
29.204244032	0.064884824	0.082341232	0.098117908
29.283819629	0.064877418	0.082291248	0.098051908
29.363395225	0.064870052	0.082242311	0.097984754
29.442970822	0.064862726	0.082193631	0.097917716
29.522546419	0.064855439	0.08214521	0.09785084
29.602122016	0.064848192	0.082097044	0.097784395
29.681697613	0.064840983	0.08204914	0.097719132
29.76127321	0.064833813	0.082001633	0.097653444
29.840848806	0.064826682	0.08195457	0.097586292
29.920424403	0.064819588	0.081908714	0.097526443
30	0.064812531	0.08186354	0.097467536
36.315789474	0.064351117	0.078692917	0.092711124
42.631578947	0.064026418	0.076426	0.089320039
48.947368421	0.063785511	0.07471688	0.086715971
55.263157895	0.06359967	0.073373261	0.084591893
61.578947368	0.06345195	0.072294873	0.082862731
67.894736842	0.063331712	0.071414351	0.081438139
74.210526316	0.063231941	0.070681752	0.08022224
80.526315789	0.06314782	0.070063913	0.079178303
86.842105263	0.063075935	0.069536541	0.078257014
93.157894737	0.063013797	0.069082239	0.077438633
99.473684211	0.062959549	0.068684582	0.076709135
105.789473684	0.062911779	0.068332337	0.076047069
112.105263158	0.062869391	0.068013262	0.075441353
118.421052632	0.062831525	0.067721409	0.074886835
124.736842105	0.062797493	0.067453309	0.074380848
131.052631579	0.062766741	0.06720449	0.073910624
137.368421053	0.062738818	0.066974873	0.073470824
143.684210526	0.062713349	0.066758303	0.073055973
150	0.062690024	0.066560389	0.072654936
156.315789474	0.062668585	0.066378952	0.072272907

Return to Figure B2 B