This paper uses data on farmers' price expectations from a survey of randomly sampled smallholder farmers in Mozambique. Survey data show that across all crops most interviewed farmers expect prices to be higher in the lean season. Yet, farmers report selling most of their output shortly after...

We develop and calibrate a life-cycle model of labor supply and consumption to quantify the implications of alternative pension reforms on labor supply, individual welfare, and government budget for China’s basic old-age insurance program. We focus on urban males and distinguish low-skilled...

We estimate the life-cycle profile of stock market participation and risky portfolio share. We address the classical identification problem by running the estimations in first differences, which allows us to estimate the age profiles without making any assumptions on time or cohort effects. We...

This paper documents extensive commitment to mandatory debt repayment. In a natural experiment in which households can apply for free mortgage-payment flexibility for one to twelve months, 43 percent of applicants choose a dominated option of short flexibility. I argue that short flexibility...

Financial literacy education is one of lifelong assets that every individual needs to function and fit well in modern-day society. It provides the financially savvy better decision making, best investment alternatives and family wellbeing. Unfortunately, consumers appear less active and less...

The survey analyses the financial advisor-investor relationship in order to identify areas for improvement due to gaps in communication, limited knowledge and poor exchange of information.The 2020 Report investigates whether the financial advisor-investor relationship may lead to a higher...

This paper utilizes high-quality transaction data from the largest bank in Denmark to study what drives the demand for high-cost consumption loans. I investigate the extent to which adverse events drive loan demand, or if it is more likely to be explained by borrowers' personality traits. I find...

Economists have advanced several psychological frictions to explain why many 401(k)-eligible employees undersave for retirement despite generous matching incentives. We provide evidence on four of these frictions through a field experiment randomizing undersaving employees to information- and...

This paper is the first to non-experimentally establish a causal relationship between households’ mortality beliefs and subsequent savings and consumption decisions. Motivated by prior literature on the effect of personal experiences on individual’s expectation formation, I exploit the death...