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Why Does the Law of One Price Fail? An Experiment on Index Mutual Funds
Laibson, David; Madrian, Brigitte C.; Choi, James J. - National Bureau of Economic Research (NBER) - 2006
Experimental subjects allocate $10,000 across four S&P 500 index funds. Subject rewards depend on the chosen portfolio's subsequent return. Because the investments are not actually intermediated by the fund companies, portfolio returns are unbundled from non-portfolio services. The optimal...
Persistent link: https://www.econbiz.de/10005828564
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Money in Motion: Dynamic Portfolio Choice in Retirement
Mitchell, Olivia; Horneff, Wolfram J.; Maurer, Raimond H.; … - National Bureau of Economic Research (NBER) - 2007
Retirees confront the difficult problem of how to manage their money in retirement so as to not outlive their funds while continuing to invest in capital markets. We posit a dynamic utility maximizer who makes both asset location and allocation decisions when managing her retirement financial...
Persistent link: https://www.econbiz.de/10005828977
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Collateralized Borrowing and Life-Cycle Portfolio Choice
Kubler, Felix; Willen, Paul - National Bureau of Economic Research (NBER) - 2006
We examine the effects of collateralized borrowing in a realistically parameterized life-cycle portfolio choice problem. We provide basic intuition in a two-period model and then solve a multi-period model computationally. Our analysis provides insights into life-cycle portfolio choice relevant...
Persistent link: https://www.econbiz.de/10005830081
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Estimating Welfare in Insurance Markets Using Variation in Prices
Einav, Liran; Finkelstein, Amy; Cullen, Mark R. - National Bureau of Economic Research (NBER) - 2008
We show how standard consumer and producer theory can be used to estimate welfare in insurance markets with selection. The key observation is that the same price variation needed to identify the demand curve also identifies how costs vary as market participants endogenously respond to price....
Persistent link: https://www.econbiz.de/10005830102
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How Does Simplified Disclosure Affect Individuals' Mutual Fund Choices?
Laibson, David; Madrian, Brigitte C.; Beshears, John; … - National Bureau of Economic Research (NBER) - 2009
We use an experiment to estimate the effect of the SEC's Summary Prospectus, which simplifies mutual fund disclosure. Our subjects chose an equity portfolio and a bond portfolio. Subjects received either statutory prospectuses or Summary Prospectuses. We find no evidence that the Summary...
Persistent link: https://www.econbiz.de/10005830396
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Is Lottery Gambling Addictive?
Guryan, Jonathan; Kearney, Melissa Schettini - National Bureau of Economic Research (NBER) - 2009
We present an empirical test for the addictiveness of lottery gambling. To distinguish state dependence from serial correlation, we exploit an exogenous shock to local market consumption of lottery gambling. We use the sale of a winning ticket in the zip code, the location of which is random...
Persistent link: https://www.econbiz.de/10005830599
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The Impact of Financial Education for Youth in Ghana
Karlan, Dean; Berry, James; Pradhan, Menno - National Bureau of Economic Research (NBER) - 2015
offered financial education. Both programs included a voluntary after-school savings club that provided students with a locked … money box. After nine months, both programs had significant impacts on savings behavior relative to the control group …, mostly because children moved savings from home to school. We observed few other impacts. We do find that financial education …
Persistent link: https://www.econbiz.de/10011240578
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Learning to Take Risks? The Effect of Education on Risk-Taking in Financial Markets
Black, Sandra E.; Devereux, Paul J.; Lundborg, Petter; … - National Bureau of Economic Research (NBER) - 2015
We investigate whether acquiring more education when young has long-term effects on risk-taking behavior in financial markets and whether the effects spill over to spouses and children. There is substantial evidence that more educated people are more likely to invest in the stock market....
Persistent link: https://www.econbiz.de/10011213644
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Wealth Inequality, Family Background, and Estate Taxation
De Nardi, Mariacristina; Yang, Fang - National Bureau of Economic Research (NBER) - 2015
This paper provides two main contributions. First, it provides a new theory of wealth inequality that merges two forces generating inequality: bequest motives and inheritance of ability across generations; and an earnings process that allows for more earnings risk for the richest. Second, it...
Persistent link: https://www.econbiz.de/10011213895
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Riester Pensions in Germany: Design, Dynamics, Targetting Success and Crowding-In
Börsch-Supan, Axel H.; Coppola, Michela; Reil-Held, Anette - National Bureau of Economic Research (NBER) - 2012
than occupational pensions and unsubsidized private pension plans. Riester pension savings totaled €9.4bn in 2010 with an …
Persistent link: https://www.econbiz.de/10011227937