We develop a structural econometric model to elicit household-specific expectations about future financial asset returns and risk attitudes by using data on observed portfolio holdings and self-assessed willingness to bear financial risk. Our framework assumes that household portfolios are...

This paper exploits an Italian microeconomic data set to study retirement behaviour of women and men using survival analysis techniques. After a brief introduction to the Italian pension system and to the Bank of Italy survey, different specifications of a Cox proportional hazard model are...

This paper considers ML estimation of a diffusion process observed discretely. Since the exact loglikelihood is generally not available, it must be approximated. We review the most effcient approaches in the literature, and point to some drawbacks. We propose to approximate the loglikelihood...

We analyze the effects of two compound investment options, a shut down and a reopening option, on a Aoki's profit sharing firm organization. Whilst the introduction of a credible threat of shutting down weakens labour's position in the bargaining and favors the shareholders on profit sharing,...

In this paper I consider the estimation of multi-factor exponential affine models of the term structure of interest rates. I start with a survey of the empirical work on the term structure in continuous time, showing that in most cases the implementation of the models has not fully exploited the...