correlated in most villages with portfolio-choice estimates. The heterogeneity matters for policy: Although the average household …

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

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

We test the relation between ambiguity aversion and five household portfolio choice puzzles: non- participation, low ….S. household survey, we measure ambiguity aversion using custom- designed questions based on Ellsberg urns. As theory predicts …

This paper studies household financial choices: why are these decisions dependent on the education level of the … household? A life cycle model is constructed to understand a rich set of facts about decisions of households with different …

constraint') on the household's optimal holdings of financial assets. Since the ratio of housing to net worth declines as the … household accumulates wealth, the housing constraint induces a life-cycle pattern in the portfolio shares of stocks and bonds … to construct household level panel data on the real after-tax return to owner-occupied housing, as well as data on the …

household wealth accumulation is not supported by the data. Institutional factors, asset liquidity, and evolving investor tastes … must be recognized in modeling asset demand. These factors could affect analyses of overall household saving as well as the …

This paper provides an in-depth review and analysis of household portfolios in Japan. (1) Using both aggregate and … disaggregate data, it is shown that the shares of equities in household financial wealth have been decreasing throughout the 1990s ….S. and European countries in which increasing trends in household stock holdings are observed. (2) Using survey data, age …