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The parameterization table lists each value with its source. Some tables report t-values in parentheses. The structural estimation table describes the targeted moments.",178 "units_stated_in_notes": true,179 "standard_errors_description": "unclear"180 },181 "figures": {182 "uncertainty_shown": "unclear"183 },184 "conclusion": {185 "bounded_claims": true,186 "policy_implications": false,187 "open_questions": false,188 "restates_contribution": true189 },190 "hedging": {191 "level": "moderate",192 "typical_devices": [193 "we argue that this is likely",194 "seem to depart",195 "suggests",196 "consistent with model predictions"197 ]198 },199 "claim_evidence": [200 {201 "claim": "Households reduce the conditional risky share by just under 1 pp per year from about age 45 until retirement.",202 "evidence_type": "figure",203 "evidence_ref": "Figure 5; Table III"204 },205 {206 "claim": "Participation rises to about 60% by age 45 and households exit the stock market after retirement.",207 "evidence_type": "figure",208 "evidence_ref": "Figures 1, 2, 5, 6"209 },210 {211 "claim": "Tax-registry data minimize measurement error and tax evasion is unlikely.",212 "evidence_type": "none_stated",213 "evidence_ref": "Section I"214 },215 {216 "claim": "Best-fitting parameters combine high risk aversion, a small participation cost and a crash probability in line with Norwegian history.",217 "evidence_type": "table",218 "evidence_ref": "Table V; Figures 11-12; Appendix C"219 },220 {221 "claim": "Existing calibrated models predict rebalancing toward safer portfolios with age but not stock market exit.",222 "evidence_type": "prior_literature",223 "evidence_ref": "Merton 1971; Cocco, Gomes, and Maenhout 2005"224 }225 ],226 "structural_summary": "The paper opens by claiming new stylized facts and a model that fits them. 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