Household survey data consistently depict large variations in saving and wealth among households with similar socio-economic characteristics. Within the context of the lifequot; cycle hypothesis, families with identical lifetime resources might choose to accumulatequot; different levels of...

Household survey data consistently depict large variations in saving and wealth, even among households with similar socio-economic characteristics. Within the context of the life cycle hypothesis, families with identical lifetime resources might choose to accumulate different levels of wealth...

This paper evaluates how useful the information contained in options prices is for predicting future price movements of the underlying assets. We develop an improved semiparametric methodology for estimating risk-neutral probability density functions (PDFs), which allows for skewness and...