This paper formulates equilibrium concepts in the large (non atomic) household model under the team notion, characterizes a class of equilibrium allocations, explores whether an equilibrium allocation in the large-household model is a limit of equilibrium allocations in the finite-household...

This paper uses the most recent wave of a nationally representative dataset to examine the factors associated with elderly homeowners' decision to obtain reverse mortgage loans. The findings of this study suggest that very few homeowners participated in the reverse mortgage market, and...

The household's demand analysis is very crucial in the sense that undernourishment negatively affects productivity. Food demand is crucial to gauge the household's ability or willingness to purchase/consume different food commodities. The study attempts to analyze the household's food demand in...

It has been argued that rare economic disasters can explain most asset pricing puzzles. If this is the case, perceived risk associated with a disaster in stock markets should be revealed in household portfolios. That is, the framework that solves these pricing puzzles should also generate...

We show how to use panel data on household consumption to directly estimate households’ risk preferences. Specifically, we measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model, which we then test allowing for this heterogeneity. There is...

Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan-to-value (LTV ) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal inference is confounded by house price levels,...

The COVID-19 pandemic has shown how important it is to prepare one's own financial budget for the unexpected loss of income. In this dimension, the financial education of the society plays an invaluable role. It allows us to account for events that may adversely affect personal finances in our...

This study aims to determine the role of financial literacy in households' borrowing intentions during the coronavirus pandemic. Employing a survey of 1,300 Polish citizens conducted during the COVID-19 crisis and an instrumental variable analysis, we found that financial literacy significantly...