With population ageing in a changing PAYG system context, our aim is to identify whether households take into account a retirement risk in their global accumulation behaviour. We define the retirement risk as a long term revenue risk linked with changes in the generosity of the PAYG system. We...

In this paper, we provide a new empirical analysis of the dynamic portfolio decisions of households by simultaneously considering their stock market participation and home tenure choices. There is already a huge body of literature on housing status (own/rent) decisions and many contributions...

Using data covering three successive generations of Malagasy people, we construct a new semi- parametric estimator of the effect of parental income on the decision to send children to school. We propose new tests of simultaneity and hereditary biases affecting the usual estimates of this effect....