We investigate the impact of financial windfalls on household portfolio choices and risk exposure. Exploiting the … both constant and decreasing relative risk aversion and analyze how our empirical estimates help distinguish between …

of attrition. In the presence of such attrition, the average treatment effect of the experiment is no longer point … construct bounds on the average treatment effect. Results from a welfare-reform experiment considered to have sizeable effects …

service provider in Sweden to explore the economics facing such agents by conducting a natural field experiment over a 32 …

This paper studies the business-cycle variation in higher-order (labor) income risk--that is, risks that are captured … consumption-equivalent terms for Sweden (for which we are able to perform this calculation). However, the remaining risk (in …

portfolio shares. We find some heterogeneity in risk aversion (a standard deviation of 0.47 around a mean of 5.24 and median of ….42). Risk aversion and the EIS are almost cross-sectionally uncorrelated, in contrast with the strong negative correlation that … we would find if households had power utility with heterogeneous risk aversion. The TPR is weakly negatively correlated …

-tradable risk. We find little evidence to support social and hedging motives to explain the lack of portfolio diversification, and …

calibrations. Additional analyses suggest a limited role for explanations such as procrastination or real-estate investment …

This paper investigates the efficiency of household investment decisions in a unique dataset containing the …