Health Risk and Portfolio Choice

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Cognitive abilities and portfolio choice (2010, unknown): “Edwards (2005) shows that uninsurable morbidity risk induces investors to become effectively more risk averse, thereby reducing the asset share allocated to stocks. He documents this correlation using the Health and Retirement Study (HRS) and the Survey on Assets and Health Dynamics Among the Oldest”
A further look at household portfolio choice and health status (2006, background): “Edwards (2003) has argued that health status could affect household portfolio choices through its effect on risk aversion if health status is an argument in the household utility function and the marginal utility of consumption decreases with an increase in health.”
Fast profits: Investor sentiment and stock returns during Ramadan (2012, background): “Similarly, Edwards (2008) finds that retired people perceive significant risks associated with future health shocks and that these perceptions lead to a continued reduction in financial risk taking.”
Mean–variance, mean–VaR, and mean–CVaR models for portfolio selection with background risk (2018, background): “…there are strong cross-sectional correlations between health and both financial and non-financial assets, and that adverse health shocks dis- courage risky asset holdings, see, for example, Rosen and Wu (2004), Berkowitz and Qiu (2006), Edwards (2008), and Fan and Zhao (2009) for more discussion.”