Abstract
This paper develops a life-cycle utility model of the preferences of retirees, with joint consideration of bequest motive, housing decision and public pension. The model parameters are calibrated to the ABS data of Household Expenditure Survey and Survey of Income and Housing. The calibrated model reasonably explains the financial behaviour of surveyed households, including the observed concentration of wealth in the family home in Australia, and the slow decumulation of wealth of rich households in retirement.
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