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Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios
(2013-03-21)
This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested In risky assets is an increasing and concave function of financial wealth, ...
Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk
(2015-04-13)
When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations. We derive the ...
On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data
(2013-12-24)
This paper addresses whether and to what extent econometric methods used in experimental studies can be adapted and applied to financial data to detect the best-fitting preference model. To address the research question, ...
Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data
(2016-12-01)
Households buy life insurance as part of their liquidity management. The option to surrender such a policy can serve as a buffer when a household faces a liquidity need. In this study, we investigate empirically which ...