Jappelli, Tullio; Padula, Mario - Centro Studi di Economia e Finanza (CSEF) - 2013
We present an intertemporal portfolio choice model where individuals invest in financial literacy, save, allocate their … wealth between a safe and a risky asset, and receive a pension when they retire. Financial literacy affects the excess return …. This last depends on households' resources, its preference parameters and on how much financial literacy affects the …