Household finance

• 成果类型: Article; Proceedings Paper
• 署名作者: Campbell, John Y.
• 署名单位: Harvard University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2006.00883.x
• 发表日期: 2006
• 页码: 1553-1604
• 关键词: portfolio choice; asset allocation; optimal consumption; risk-aversion; mortgage; valuation; MARKET; diversification; investors; equity

摘要

The study of household finance is challenging because household behavior is difficult to measure, and households face constraints not captured by textbook models. Evidence on participation, diversification, and mortgage refinancing suggests that many households invest effectively, but a minority make significant mistakes. This minority appears to be poorer and less well educated than the majority of more successful investors. There is some evidence that households understand their own limitations and avoid financial strategies for which they feel unqualified. Some financial products involve a cross-subsidy from naive to sophisticated households, and this can inhibit welfare-improving financial innovation.