This research investigates changes in brand loyalty as households pass from one stage of the household life cycle to another. Analysing 45 brands in three consumer product categories in the UK, we find that the changes follow a U shape pattern. Brand loyalty declines sharply as households shift...

The well-documented positive correlation between income risk and wealth was interpreted as evidence for high amounts of precautionary wealth in various studies. However, the large estimates emerged from pooling non-entrepreneurs and entrepreneurs without controlling for heterogeneity. This paper...

There is a common perception that households are under-saving for retirement - indeed this has motivated many recent policy reforms in the UK. In this paper we use a structural model, specified to closely match the UK policy environment, to investigate this ‘fact' for the cohort born in the...

Households are forward-looking when deciding whether to default on or refinance their mortgages. There are two types of default generated by two mechanisms: illiquidity-triggered default and strategic default. However, researchers can observe only whether households default but not whether the...

With the decline of defined benefit (DB) pension plans, there has been some renewed interest in providing other annuity income options to American workers, but demand for annuities has remained low in the United States. To develop future annuity income solutions, it is important to understand...

This study examines the divergence between objective and subjective assessment of retirement adequacy, analyzing U.S. households with a full-time worker age 35 to 60 in the 2010 Survey of Consumer Finances. Of those households, 58% have objective inadequacy, and 54% have subjective inadequacy,...

Expenditure visibility—the extent to which a household's spending on a consumption category is noticeable to others—is measured in three new surveys, with ~3,000 telephone and online respondents. Visibility shows little change across time (ten years) and survey methods. Four different...

We use Iranian Household Expenditure and Income Survey to analyze the dynamics of consumption of the households. We observe evidence of excess sensitivity in a cohort pseudo panel of Iranian households. Excess sensitivity, however, is absent for government employees who have better access to...

This paper empirically investigates the effects of changes in the interest rate as well as transitory income uncertainty on households' consumption-savings decision. Applying a structural demand model to German survey data, we estimate the uncompensated interest rate elasticity for savings, in...

This study explored saving behavior among low-income households through the institutional theory of saving behavior by (1) determining asset differences between saving and non-saving households, (2) exploring factors related to saving behavior, and (3) identifying differences between two saving...