This study investigates financial risk aversion using an improved measure based on income gambles and rigorously related to optimal portfolio choices. The new measure modifies a previous measure by adding graphical presentations to clarify the impact of different income choices. We compared the...

To estimate the monetary value of ideal financial planning advice, we address three types of benefits that planners provide: increasing wealth, preventing loss, and smoothing consumption. We discuss, then reject the possibility of using survey data to obtain valid estimates of the benefit of...

About 20% of U.S. households are credit constrained. This research analyzes credit constraints among those who have applied for credit and controls for the effects of past credit behavior on being credit constrained. It is the first to identify the impact on being credit constrained of being...

The relationship between meeting the Capital Accumulation Ratio Guideline and retirement adequacy was investigated. About 63% of the households had a consistent relationship between meeting the 25% ratio guideline and being adequately prepared for retirement, with 46% of households both meeting...

The relationship between meeting the Capital Accumulation Ratio Guideline and retirement adequacy was investigated. About 63% of the households had a consistent relationship between meeting the 25% ratio guideline and being adequately prepared for retirement, with 46% of households both meeting...