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

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper … focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of …

This paper explores the relationship between household marginal income tax rates, the set of assets that households own … surveys. The empirical findings suggest that a household's marginal tax rate has an important effect its asset allocation … decisions. The probability that a household owns tax-advantaged assets is strongly related to its tax rate on ordinary income …

If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative … retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial …