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The Role of ТLoss AversionУ in the Creation of Optimal Pension AccumulationsХ Investment Strategy

Author

Listed:
  • Yulia A. Dormidontova

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia)

  • Antonina A. Tikhonova

    (Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow 119571, Russia)

Abstract

The share of pension expenditure in the gross domestic product (GDP) and in the public spending has significantly increased in recent years. For this reason the role of the optimal strategy of investing pension savings is growing as well. This paper examines the impact of Тloss aversionУ on the formation of investment strategies of pension savings by pension market participants. As foreign experience shows, the best in such conditions is a threshold strategy in which the pension actors and market participants set a certain target level of pension savings.

Suggested Citation

  • Yulia A. Dormidontova & Antonina A. Tikhonova, 2014. "The Role of ТLoss AversionУ in the Creation of Optimal Pension AccumulationsХ Investment Strategy," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 1, pages 123-128, March.
    • Handle: RePEc:fru:finjrn:140113:p:123-128
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    More about this item

    Keywords

    Тloss aversionУ; investment of pension accumulations; foreign experience; market of pension products;
    All these keywords.

    JEL classification:

    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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