' predictions fail to generalize in a number of important ways, such as predicting time-series variation in returns to the market …

different frequencies but also due to the preservation of high-frequency features such as time-varying volatility. Temporally …

-cycle model of household decisions involving consumption of both perishable goods and housing services, stochastic and unspanned …-averse agent with a 35-year working period and a 15-year retirement period, the present value of the higher average life-time … consumption amounts to roughly $179,000 (assuming both an initial wealth and an initial annual income of $20,000), and the …

unskilled investors ignore predictability. Lucky investors enter the market at a favorable time. For an unskilled investor the … certainty equivalent of wealth is 0.3-6.8% lower than for a skilled investor, depending on the market entry date. Across market …

investors use to successfully time the market …