estate wealth and household size. As a consequence, the elasticity of the aggregate demand for risky assets to exogenous …

wealth and household size, and to a lesser extent with education and proxies for financial experience. The index is strongly … positively correlated with the share of risky assets held by a household …

participants. These patterns conceal strong household-level evidence of active rebalancing, which on average offsets about one half …

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