作者：Choi, James J.; Laibson, David; Madrian, Brigitte C.; Metrick, Andrew
作者单位：Yale University; National Bureau of Economic Research; Harvard University; Harvard University
摘要：We show that individual investors over-extrapolate from their personal experience when making savings decisions. Investors who experience particularly rewarding outcomes from 401(k) saving-a high average and/or low variance return-increase their 401(k) savings rate more than investors who have less rewarding experiences. This finding is not driven by aggregate time-series shocks, income effects, rational learning about investing skill, investor fixed effects, or time-varying investor-level het...
作者：Gomez, Juan-Pedro; Priestley, Richard; Zapatero, Fernando
作者单位：IE University; University of Southern California
摘要：This paper tests the cross-sectional implications of keeping-up-with-the-Joneses (KUJ) preferences in an international setting. When agents have KUJ preferences, in the presence of undiversifiable nonfinancial wealth, both world and domestic risk (the idiosyncratic component of domestic wealth) are priced, and the equilibrium price of risk of the domestic factor is negative. We use labor income as a proxy for domestic wealth and find empirical support for these predictions. In terms of explain...
