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 …

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 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 …

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 …