This paper investigates whether exchanging the Social Security delayed retirement credit (currently paid as an increase in lifetime annuity benefits) for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump...

This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...

Over the last two decades, both bankruptcy and obesity rates in the U.S. have seen a steady rise. As obesity is one of the leading causes of medical and morbidity related economic costs, its influence on personal bankruptcy is analyzed in this study. Using the National Longitudinal Survey of...

The so-called retirement-savings puzzle is a phenomenon by which, contrary to what the basic life-cycle model predicts, households do not run down their wealth significantly during retirement. In this survey paper we briefly review the literature that attempts to solve the retirement-savings...

This paper studies the importance of social interactions for the adoption of financial services among young adults. Specifically, we investigate whether, how, and why financial decisions among interacting agents are correlated. We exploit a unique dataset of friendship networks in the United...

English Abstract: The 2019 edition of the CONSOB Report on financial investments of Italian households presents evidence on the financial choices of a representative sample of 3,058 Italian households while significantly deepening the analysis of financial knowledge and individual attitudes....

One of the risks to financial security among older homeowners is the failure to pay property taxes. Tax bills are often due in lump sums, and if the homeowner has a failure of prospective memory, they may neglect to make a payment. This field study tests if reminders to plan ahead and to pay...

This paper analyzes the entry of institutional investors into the single family rental market in the aftermath of the Great Recession. I show that their entry is an equilibrium response to increased expected excess returns, driven by tightened household funding constraints through an increase in...

English abstract The 2022 Report on Italian household investment choices analyses financial knowledge, attitudes and behaviours of a sample of 1,436 individuals, 80% of whom are men, representative of the Italian investor population, and pays attention to the impact that current economic...

American public administration as a whole is based on the United States Constitution and historical founding eras. As for public administration, it is based on constitutional, democratic, political, and administrative values. “The American founders gave us a constitutional system that embraces...