This study explored saving behavior among low-income households through the institutional theory of saving behavior by (1) determining asset differences between saving and non-saving households, (2) exploring factors related to saving behavior, and (3) identifying differences between two saving...

We use sizable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time, and how households' marginal propensities to consume (MPCs) vary with household characteristics and shock size. We find that spending peaks in the year of...

1. This research examines the potential impact of the stock market crash of 2008-2009 on U.S. working households. The Great Recession caused financial problems for many households in terms of unemployment, business losses, and decreases in real estate values, but the broadly based decreases in...

We use sizeable lottery prizes in Norwegian administrative panel data to characterize households' marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...

We use sizeable lottery prizes in Norwegian administrative panel data to characterize households' marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...

We use sizeable lottery prizes in Norwegian administrative panel data to explore how transitory income shocks are spent and saved over time, and how households' marginal propensities to consume (MPCs) vary with household characteristics and shock size. We fi nd that spending peaks in the year of...

We extend previous studies of retirement adequacy by testing the effect of financial sophistication on projected retirement adequacy. In an analysis of the 2010 Survey of Consumer Finances (SCF) dataset, we found that only 42% of households are adequately prepared for retirement compared to 58%...

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway's administrative tax records. We document a number of novel results. First, individuals earn markedly different average returns on their net worth (a standard...

We use sizeable lottery prizes in Norwegian administrative panel data to characterize households' marginal propensities to consume (MPCs). Our main contribution is to document how MPCs vary with household characteristics and prize size, and how lottery prizes are spent and saved over time. We...

Empirical studies have found that most households do not have recommended levels of emergency funds. A three-period model of optimal consumption is presented. The theoretical model suggests that many consumers without recommended levels of liquid assets may be acting rationally. The model is...