1,721,014 research outputs found
Optimal Asset Allocation Based on Expected Utility Maximization in the Presence of Market Frictions
No full textDiscussion Paper 0605 Dipartimento di Scienze Economiche, Università di Bresci
Saving Education Received in Early Life and Future Orientation in Adulthood
No full textWe use data from a Dutch data set, the DNB Household Survey, annually covering the period 1996-2015, to study the relationship between informal parental saving education received when people were children or adolescents and two variables aimed to capture adult individuals’ concerns for their future: planning horizon and future orientation. Our results indicate that the general future orientation positively correlates with informal saving education, and in particular having received financial teachings. Our findings also suggest that the future orientation index is rather stable over time (which is not trivial, especially because our dataset covers two full business cycles) and declines with age following the life-cycle
Household Portfolios and Risk Taking over Age and Time
No full textWe exploit the US Survey of Consumer Finances (SCF) from 1998 to 2007 to provide new insights on the evolution of US households’ willingness to undertake portfolio risk. Specifically, we consider four alternative measures of portfolio risk, based on two definitions of portfolio - a narrow one, including financial assets, and a broad one, also including human capital, real estate, business wealth and related debt. The four measures consistently show that risk taking peaked in 2001, many households are willing to undertake only limited risk, and that risk taking increases with wealth, income and financial sophistication. Each measure, nevertheless, provides a different ranking of household risk taking; in addition, the age profile of risk is sensitive to the definition of portfolio. However, risk taking turns out to be constant for a large part of the life cycle, and in particular during the ages 40-60, keeping all the other variables constant
An Introduction to the Behavioural Economics of the Environment
No full textWe provide an overview of recent developments in the new field of behavioural environmental economics, starting from a brief presentation of the book structure and paying particular attention to behavioural and methodological aspects. We conclude the chapter by discussing novel frontiers and proposing avenues for further research in the field
Household portfolios and implicit risk aversion
No full textD.P. 0808, Dipartimento di Scienze Economiche, Università di Bresci
Household Portfolio Risk
No full textWe exploit the US Survey of Consumer Finances from 1998 to 2010 to study households’ portfolio risk. We compare alternative measures of ex-ante risk, based on a financial portfolio including deposits, bonds and stocks, or a broader portfolio also including real estate, business wealth and related debt. The measures provide different rankings of portfolio risk, but they all show a skewed distribution with many households bearing limited risk. Large wealth holdings lead to more aggressive risk positions. Moreover, risk falls at the beginning of the sample peri-od and rises at the end, together with the business cycle
Financial Risk Aversion, Economic Crises and Past Risk Perception
No full textWe use a panel dataset from the Dutch Household Survey, covering annually the period 1993-2011, to analyze whether individual risk aversion changes over time with the background economic conditions. Considering six different measures of self-assessed risk aversion, which cover different aspects of risk, our preliminary results show that risk aversion is not stable over time. Its dynamics, however, depends on the type of investor. Those who made no investment in the previous year showed higher risk aversion at the end of the 90s; those who invested, in contrast, showed a steadily constant or decreasing pattern. The gap between the risk aversion of investors and noninvestors was the largest between the end of the 90s and the beginning of the 00s, when the stock market experienced exceptionally high volatility
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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