In the absence of correlation between net wealth and entrepreneurial talent or risk aversion, net wealth should have an … importance of net wealth should be higher for the poorest households. We test these theoretical predictions for the Italian case …, using the Survey of Household Income and Wealth. The evidence is that household initial net wealth is relevant in explaining …

attraction for small money amounts, together with risk aversion for larger amounts, at all levels of wealth, while contradicting …

facts. This deviation typically implies that wealth shocks generate transitory variations in agents’ relative risk aversion … results suggest, therefore, that wealth-dependent, habit-formation or loss and disappointment aversion utility functions are a … good description of preferences. Controlling for observed versus expected asset returns, I also show that: (i) wealth …

attraction for small money amounts, together with risk aversion for larger amounts, at all levels of wealth,” while contradicting …

Market participants' risk attitudes, wealth and portfolio composition influence their positions in a pegged foreign …