wealth accumulation is to finance future consumption, either their own or that of heirs. The paper concludes that the … simplest model that explains the relevant facts is one in which either consumers regard the accumulation of wealth as an end in … itself, or unspent wealth yields a flow of services (such as power or social status) which have the same practical effect on …

This paper re-examines the classic question of how a household should optimally allocate its portfolio between risky …

retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial …If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative … find ex-ante welfare gains equivalent to a 3.7% increase in consumption from the investment of half of retirement wealth in …

This paper examines how labor income volatility and social security benefits can influence lifecycle household … portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and …

the rest of the economy via high unemployment and reduced labor earnings, which reduced household contributions to Social …

institutional differences for wealth accumulation and portfolio composition. Examples of implications are that the ratio of net … worth and gross wealth should be highest in Italy, that Dutch households should hold the lowest wealth levels at retirement …

Why do similar households end up with very different levels of wealth? We show that differences in the attitudes and … these differences and to measure each household's 'propensity to plan.' We show that those with a higher such propensity … spend more time developing financial plans, and that this shift in planning effort is associated with increased wealth. The …

This paper provides new evidence on the decomposition of aggregate household wealth into life-cycle and transfer wealth …-quarter of aggregate wealth, suggesting a larger role for life-cycle savings than some previous estimates. Despite the smaller … important effect on the savings decisions of recipients. Estimates suggest that past receipts of transfer wealth reduce life …