We develop a model of portfolio selection with subjective uncertainty and learning in order to explain why some people hold stocks while others don't. We model heterogeneity in information directly, which is an alternative to the existing explanations that emphasized heterogeneity in transaction...

This study analyzes the role of individual's and spouse's survival expectations and knowledge about Social Security rules on the expected Social Security claiming age, taking into account the various incentives single and married individuals face. There is substantial heterogeneity in the level...

Over the past century fertility behavior in the United Stated has undergone profound changes Measured by cohort fertility the average number of children per married woman had declined from about 5.5 children at the time of the Civil War to 2.4 children at the time of the Great Depression. It is...

Over the past century fertility behavior in the United Stated has undergone profound changes Measured by cohort fertility the average number of children per married woman had declined from about 5.5 children at the time of the Civil War to 2.4 children at the time of the Great Depression. It is...