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Earn more tomorrow : overconfident income expectations and consumer indebtedness
Grohmann, Antonia; Menkhoff, Lukas; Merkle, Christoph; … - 2019
lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income …This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a … expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income …
Persistent link: https://www.econbiz.de/10012033567
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Earn more tomorrow : overconfidence, income expectations and consumer indebtedness
Grohmann, Antonia; Menkhoff, Lukas; Merkle, Christoph; … - 2023
expectations by letting income depend on relative performance in hard and easy quiz tasks. In the main experiment, we successfully … prices of goods. Even though the expected income manipulation works less well in this experiment, debt-taking behavior is …This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. We …
Persistent link: https://www.econbiz.de/10014468921
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Household debt and crises of confidence
Hintermaier, Thomas; Koeniger, Winfried - In: Quantitative economics : QE ; journal of the … 9 (2018) 3, pp. 1489-1542
This paper develops a notion of consumer confidence within a dynamic competitive equilibrium framework. In any situation where multiple equilibrium prices on next‐period spot markets are equally supported by the state of the economy, confidence is encoded in the subjective probabilities...
Persistent link: https://www.econbiz.de/10011994753
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The role of risk attitudes and expectations in household borrowing : evidence from Estonia
Branten, Eva - In: Baltic journal of economics 22 (2022) 2, pp. 126-145
This study investigates the role of risk attitudes and financial expectations in households’ borrowing behaviour. The central research question is whether risk aversion and optimistic expectations provide additional information beyond the main economic and sociodemographic characteristics in...
Persistent link: https://www.econbiz.de/10014319317
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Beliefs about the stock market and investment choices : evidence from a field experiment
Laudenbach, Christine; Weber, Annika; Wohlfart, Johannes - 2021
We survey retail investors at an online bank to study beliefs about the autocorrelation of aggregate stock returns, and how these beliefs shape investment decisions measured in administrative account data. Individuals' beliefs exhibit substantial heterogeneity and predict trading responses to...
Persistent link: https://www.econbiz.de/10012669739
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Beliefs about the stock market and investment choices: evidence from a field experiment
Laudenbach, Christine; Weber, Annika; Wohlfart, Johannes - 2021
We survey retail investors at an online bank to study beliefs about the autocorrelation of aggregate stock returns, and how these beliefs shape investment decisions measured in administrative account data. Individuals' beliefs exhibit substantial heterogeneity and predict trading responses to...
Persistent link: https://www.econbiz.de/10012799463
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Earn More Tomorrow : Overconfident Income Expectations and Consumer Indebtedness
Grohmann, Antonia - 2019
lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income …This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a … expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income …
Persistent link: https://www.econbiz.de/10012872161
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Exposure to the COVID-19 stock market crash and its effect on household expectations
Hanspal, Tobin; Weber, Annika; Wohlfart, Johannes - 2020
We survey a representative sample of US households to study how exposure to the COVID-19 stock market crash affects expectations and planned behavior. Wealth shocks are associated with upward adjustments of expectations about retirement age, desired working hours, and household debt, but have...
Persistent link: https://www.econbiz.de/10012223788
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Income and wealth shocks and expectations during the COVID-19 pandemic
Hanspal, Tobin; Weber, Annika; Wohlfart, Johannes - 2020
effect of the coronavirus crisis on household income and retirement wealth, households’ expectations about the recovery, and … pronounced for middle-age households and those higher in the wealth and income distributions. This contrasts with income shocks …, which are stronger for younger households and those in lower income and wealth quintiles. Expectations about household …
Persistent link: https://www.econbiz.de/10012206687
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Survival pessimism and the demand for annuities
O'Dea, Cormac; Sturrock, David - 2019
The "annuity puzzle" refers to the fact that annuities are rarely purchased despite the longevity insurance they provide. Most explanations for this puzzle assume that individuals have accurate expectations about their future survival. We provide evidence that individuals mis-perceive their...
Persistent link: https://www.econbiz.de/10011991369