By Luigi Guiso, Visit Amazon's Michael Haliassos Page, search results, Learn about Author Central, Michael Haliassos, , Tullio Jappelli
Until eventually lately, researchers in economics and finance paid fairly little consciousness to loved ones portfolios. purposes integrated the tendency of such a lot families to carry uncomplicated portfolios, the shortcoming of the dominant asset pricing versions to account for family portfolio incompleteness, and the shortcoming of distinct databases on loved ones portfolios in lots of nations till the overdue Eighties or Nineties. Now, even though, the research of family portfolios is rising as a box of lively study.The 11 chapters during this assortment supply an summary of present theoretical wisdom in regards to the constitution of loved ones portfolios and examine predictions with empirical findings. The booklet describes the cutting-edge instruments of analytical, computational, and econometric research, in addition to a few of the key coverage questions. It offers an unique comparative research of family portfolios in nations for which special household-level facts can be found (the usa, the uk, Italy, Germany, and the Netherlands). ultimately, it makes use of microdata for an in-depth research of the portfolio composition of inhabitants teams of certain coverage curiosity, similar to the younger, the aged, and the wealthy.
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Extra resources for Household portfolios
This result has already been shown in Merton (1969) and Samuelson (1969). Mossin (1968) showed that CRRA is also necessary for optimal myopia. It is easy to combine our other results. For example, a longer time horizon induces riskier portfolios if absolute risk tolerance is convex and subhomogeneous. On the contrary, if absolute risk tolerance is concave and superhomogeneous, it induces more conservative portfolios. 6 Other Factors The classical model presented in the previous sections is not realistic.
Pursuing this method by backward induction, we obtain the full description of the optimal nonmyopic portfolio strategy, which is given by the set of functions fXit XtÀ1 j i 1Y F F F Y NY t 1Y F F F Y Tg, with XiT X CiT X. The question is to determine the impact of index t on the optimal portfolio composition X1t XY F F F Y XNt X for a given wealth X accumulated at the beginning of the period. To illustrate, we limit the analysis to the comparison between the optimal portfolio composition in periods T À 1 and T, assuming the same X XTÀ2 XTÀ1 .
18 Introduction are controlled for. On the whole, a fair summary of the evidence is that over the life cycle, most of the action concerns the decision to enter and exit the market for risky assets, not managing the portfolio share. This again suggests that considerable emphasis, in theoretical as well as in empirical research, should be put on ownership decisions. One exception to this pattern is the Netherlands, where both the ownership and the conditional share are increasing at all ages. The different behavior of participation and of portfolio shares implies that an observed increase in risky assets in proportion to a group's assets does not allow one to distinguish the part due to increased participation from that due to an increase in portfolio shares of those already participating.