Empirical tests of the life cycle model have focused on its implications for the level of a household's total net worth and paid little attention to changes in portfolio composition over the life cycle. In this paper, we examine a new survey of the asset holdings of 6,010 U.S households and show...

In this paper, we examine a new survey of 6,010 U.S. households and estimate a model for the allocation of total net worth among different assets. The paper has three main aims. The first is to investigate the extent to which a conventional portfolio choice model can explain the differences in...

<i> Conceptual Issues in Assessing the Welfare Impact of the British Privatisation Programme </i> (di Jonathan Leape ) - ABSTRACT:Assessing the welfare impact of a policy on the scale of the British privatisation programme is a daunting task. Four sets of issues raised in the impressive study by Florio...

Assessing the welfare impact of a policy on the scale of the British privatisation programme is a daunting task. Four sets of issues raised in the impressive study by Florio et al of the British privatisation programme merit further discussion. One such set of issues relates to the different...

The tax treatment of saving in the UK is far from uniform. Saving can take many different forms and there are almost as many different tax regimes. This mosaic of different regimes is not the result of a coherent policy toward saving, but rather the lasting by-product of a wide variety of ad hoc...

By the 1990s, the average speed of trips across London was below that at the beginning of the twentieth century -- before the car was introduced -- and by the end of that decade, public concern over levels of traffic congestion was high. In early 2003, London imposed a congestion charge -- a...