house value is higher than what the household can afford, it inevitably increases the risk for the household. The housing … policy implications is that the results could help define the maximum mortgage that may be granted to a given household and …

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 …

We explore the relation between probability weighting and household portfolio underdiversification in a representative … household survey, using custom-designed incentivized lotteries. On average, people display Inverse-S shaped probability …

pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a …