This paper has considered the dynamics of financial portfolio choice by French households, using data from the ECHP over the period 1994-2001. The panel data allow us to test a number of theoretical predictions which are difficult to analyse with cross-section data: life cycle effects,...

This article considers four models of household wealth accumulation, which differ principally in terms of the length of the time horizon. The myopic model is characterised by a very short time horizon, with models levels of wealth tracking income, while life-cycle models suppose that individuals...