This paper investigates the efficiency of household investment decisions in a unique dataset containing the …

The entitlement to social security retirement benefits is a major component of aggregate household wealth. This paper … focuses on the impact of social security annuities on household portfolio allocation, extending existing optimizing models of …

This paper explores the relationship between household marginal income tax rates, the set of assets that households own … surveys. The empirical findings suggest that a household's marginal tax rate has an important effect its asset allocation … decisions. The probability that a household owns tax-advantaged assets is strongly related to its tax rate on ordinary income …

If household portfolios are constrained by borrowing and short-sales restrictions asset markets, then alternative … retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial …

We explore the relation between probability weighting and household portfolio underdiversification in a representative … household survey, using custom-designed incentivized lotteries. On average, people display Inverse-S shaped probability …

pattern to irrationality, particularly overconfidence. In contrast, we find that household financial choices generated from a …

This paper provides an in-depth review and analysis of household portfolios in Japan. (1) Using both aggregate and … disaggregate data, it is shown that the shares of equities in household financial wealth have been decreasing throughout the 1990s ….S. and European countries in which increasing trends in household stock holdings are observed. (2) Using survey data, age …