Pelizzon, Loriana; Weber, Guglielmo - Dipartimento di Economia, Università Ca' Foscari Venezia - 2007
We address the issue of the efficiency of household portfolios in the presence of housing risk. We treat housing stock as an asset and rents as a stochastic liability stream: over the life-cycle, households can be short or long in their net housing position. Efficient financial portfolios are...