Do Wealth Fluctuations Generate Time-varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation
收藏NBER2006-12-01 更新2025-01-04 收录
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https://www.nber.org/papers/w12809
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We use data from the PSID to investigate how households' portfolio allocations change in response to wealth fluctuations. Persistent habits, consumption commitments, and subsistence levels can generate time-varying risk aversion with the consequence that when the level of liquid wealth changes, the
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美国国家经济研究局创建时间：
2006-12-01
