Abstract
The technical objective of this chapter is to learn how to import and analyze (large) sets of data within R-studio. This really is the primary purpose and core strength of R, statistical data manipulation. The chapter begins by explaining how to import a simulated dataset of numbers representing a hypothetical family balance sheet (FBS). The underlying variables are consistent with the financial life-cycle model presented in the prior chapter. Then, using some (simple) statistical tools in R, the chapter investigates and discusses the following questions. Does the typical family (individual) in this dataset have a healthy FBS? What fraction of the population as represented by the dataset could be considered to be financially secure? What fraction of the population might be at risk of not maintaining their standard of living during retirement?
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References
Charupat, N., Huang H., & Milevsky, M. A. (2012). Strategic financial planning over the lifecycle: A conceptual approach to personal risk management. New York: Cambridge University Press.
Crawley, M. J. (2015). Statistics: An introduction using R (2nd ed.). West Sussex: Wiley.
de Vries, A., & Meys, J. (2012). R for dummies. West Sussex: Wiley.
Zuur, A. F., Ieno, E. N., & Meesters, E. H. W. G. (2009). A beginner’s guide to R. New York: Springer.
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Milevsky, M.A. (2020). Data in R: The Family Balance Sheet. In: Retirement Income Recipes in R. Use R!. Springer, Cham. https://doi.org/10.1007/978-3-030-51434-1_4
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DOI: https://doi.org/10.1007/978-3-030-51434-1_4
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Publisher Name: Springer, Cham
Print ISBN: 978-3-030-51433-4
Online ISBN: 978-3-030-51434-1
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