NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management

Hugh Hoikwang Kim, Raimond Maurer, Olivia S. Mitchell

NBER Working Paper No. 19732
Issued in December 2013

---- Acknowledgements -----

The authors are grateful for research support provided by NIH/NIA Grant # P30 AG12836 and NIH/NICHD Population Research Infrastructure Program R24 HD-044964, and the Pension Research Council/Boettner Center for Pensions and Retirement Security at the University of Pennsylvania. The authors also received research funding from the Metzler Exchange Professor program at the Goethe University of Frankfurt and the Special Research Fund at the SKK GSB, SKK (Sungkyunkwan) University. Without implicating them, we appreciate helpful comments from Santosh Anagol, Alex Gelber, Itay Goldstein, Dana Kiku, David Love, Jialun Li, David Musto, Stijn Van Nieuwerburgh, Greg Nini, Kent Smetters, Robert Stambaugh, Jeremy Tobacman, Steve Utkus, Jacqueline Wise, and Jessica Wachter. The Wharton High Performance Computing Platform provided an excellent setting for our main numerical analysis. All opinions, findings, interpretations, and conclusions represent the views of the authors and not those of the affiliated institutions or the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Olivia S. Mitchell -----

Mitchell serves as a Trustee for the Wells Fargo Advantage Funds and has received more than $10,000 from the TIAA-CREF Institute and RAND for research studies on retirement security.

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