We show that a life‐cycle model with realistically calibrated uninsurable labor income risk
and moderate risk aversion can simultaneously match stock market participation rates and …

This article solves a realistically calibrated life cycle model of consumption and portfolio
choice with non-tradable labor income and borrowing constraints. Since labor income …

Household financial decisions are complex, interdependent, and heterogeneous, and central
to the functioning of the financial system. We present an overview of the rapidly expanding …

During the past few decades, American households have begun to display increasing financial
sophistication and awareness of rates of return on alternative investments. At the same …

We use a unique dataset to show that relationships are an important determinant of banks'
ability to access interbank market liquidity. More precisely, we find that: (i) banks with a larger …

We present a model of portfolio choice and stock trading volume with loss‐averse investors.
The demand function for risky assets is discontinuous and nonmonotonic: As wealth rises …

We develop a model with incomplete markets and heterogeneous agents that generates a
large equity premium, while simultaneously matching stock market participation and …

By Francisco J. Gomes, Laurence J. Kotlikoff, and Luis M. Viceira* leaving bond-like pension
benefits to increasingly dominate household resources. Our derived preretirement optimal …

<p>The aim of the present article is to present a new instrument, specially developed to
assess beliefs about sexuality that are supposed to be closely related with the development of …

Over the last couple of decades unprecedented increases in life expectancy have raised
important concerns for retirement savings. We solve a life-cycle model with longevity risk, which …