Household Finance
Die Abteilung Household Finance erforscht die Finanzentscheidungen privater Haushalte sowie das Zusammenspiel von Angebot von und Nachfrage nach Finanzdienstleistungen für Privatkunden. Die Forschungsvorhaben in diesem Bereich vereint das übergeordnete Ziel, Lösungen zu erarbeiten, die zu besseren Finanzentscheidungen von Haushalten führen. Die Abteilung hat neben der mikro- auch eine makroökonomische Perspektive, etwa hinsichtlich der Ausgestaltung von Pensionssystemen als Determinante sowohl der Tiefe und Breite von Kapitalmärkten als auch der langfristigen Vermögensbildung im Haushaltssektor einer Volkswirtschaft.
Ein wichtiges Thema, zu dem auch am Leibniz-Institut SAFE geforscht wird, ist die Transformation zu einer grünen Wirtschaft. Im aktuellen Projekt „ClimLabels: Transformationslabels in der Klimafinanzierung“ im Bereich Household Finance werden gemeinsam mit den Universitäten Bochum und Münster und dem nachhaltigen Think Tank Climate & Company eine Art Gütesiegel entwickelt, die Anlegerinnen und Anlegern helfen sollen Unternehmen zu identifizieren, die einen verlässlichen und ambitionierten Transformationspfad verfolgen, um klimaneutral zu werden.
Kürzlich erhielt Christine Laudenbach und ihr Team außerdem eine Drittmittelförderung für das Projekt "The Gender Wealth Gap: Participation in Financial Markets" durch das Leibniz-Professorinnenprogramm. „Der Schwerpunkt unseres Projekts setzt sowohl am geschlechtsspezifischen Wohlstandsgefälle an, dem ‚Gender Wealth Gap‘, als auch an der unterschiedlichen Aktivität von Frauen und Männern auf Finanzmärkten. Beides sind gut dokumentierte Phänomene, sodass die Datenlage Rückschlüsse auf wahrscheinliche Ursachen für die niedrige Beteiligung von Frauen am Finanzmarktgeschehen zulässt. Diese Erkenntnisse wollen wir nutzen, um zu analysieren ob, und wenn ja, welche Möglichkeiten es gibt, das Problem zu überwinden“, erläutert Laudenbach. Ein Interview der Leibniz-Gesellschaft zum Thema mit Christine Laudenbach ist hier zu finden. Die Neue Zürcher Zeitung berichtet, warum Frauen seltener am Kapitalmarkt investieren als Männer und befragt Christine Laudenbach zum Thema.
Publikationen
| Forscher/innen | Titel | Programmbereich | Typ | Publiziert | Keywords |
|---|---|---|---|---|---|
| Victor Klockmann, Marie Claire Villeval, Alicia von Schenk | Artificial Intelligence, Ethics, and Intergenerational Responsibility Journal of Economic Behavior & Organization | Household Finance, Experiment Center | Published Paper | 2023 | |
| Satyajit Dutt, Jan Wedigo Radermacher | Age, Wealth, and the MPC in Europe - A Supervised Machine Learning Approach SAFE Working Paper No. 383 | Household Finance | SAFE Working Paper | 2023 | |
| Jan Wedigo Radermacher | Mamma Mia! Revealing Hidden Heterogeneity by PCA-Biplot - MPC Puzzle for Italy’s Elderly Poor SAFE Working Paper No. 382 | Household Finance | SAFE Working Paper | 2023 | |
| Sabine Bernard, Benjamin Loos, Martin Weber | How Speculative Asset Characteristics Shape Retail Investors’ Selling Behavior SAFE Working Paper No. 378 | Household Finance | SAFE Working Paper | 2023 | Selling Behavior, Disposition Effect, Retail Investor, Speculation, Higher Moments of Return, Realization Utility |
| Katja Langenbucher, Martin Winner | Wirecard und Commerzialbank Mattersburg - Compliance, Kontrollversagen und die Folgen für den Gesetzgeber Zeitschrift für Finanzmarktrecht | Household Finance | Published Paper | 2022 | |
| Abigail Hurwitz, Olivia S. Mitchell, Orly Sade | Testing Methods to Enhance Longevity Awareness SAFE Working Paper No. 375 | Household Finance | SAFE Working Paper | 2022 | |
| Andreas Hackethal, Tobin Hanspal, Emily Kormanyos | Do Gamblers Invest in Lottery Stocks? SAFE Working Paper No. 373 | Household Finance | SAFE Working Paper | 2022 | |
| Christine Laudenbach, Jenny Pirschel, Stephan Siegel | Personal Communication in an Automated World: Evidence from Loan Repayments forthcoming in Journal of Finance | Household Finance | Published Paper | 2023 | |
| Christine Laudenbach, Michael Ungeheuer,, Martin Weber | How to Alleviate Correlation Neglect in Investment Decisions forthcoming in Management Science | Household Finance | Published Paper | 2023 | |
| Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach | Disparities in Financial Literacy, Pension Planning, and Saving Behavior SAFE Working Paper No. 362 | Household Finance | SAFE Working Paper | 2022 | |
| Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber | On the Role of Monetary Incentives in Risk Preference Elicitation Experiments forthcoming in Journal of Risk and Uncertainty | Household Finance | Published Paper | 2023 | Risk Preferences, Incentives, Experimental Economics, Risk Aversion |
| Markus Eyting | Why do we Discriminate? The Role of Motivated Reasoning SAFE Working Paper No. 356 | Household Finance, Experiment Center | SAFE Working Paper | 2022 | |
| Raimond Maurer, Hans-Peter Schwintowski | Die Generationenrente ab Geburt: Vorschlag für eine Altersarmut vermeidende ergänzende kapitalgedeckte Alterssicherung White Paper No. 90 | Household Finance | Policy Paper | 2022 | Generationenrente, kapitalgedeckte Alterssicherung |
| Olga Balakina, Claes Bäckman, Andreas Hackethal, Tobin Hanspal, Dominique Lammer | Good Peers, Good Apples? Peer Effects in Portfolio Quality SAFE Working Paper No. 353 | Household Finance | SAFE Working Paper | 2022 | Household nance, investment decisions, investment behavior, peer eects, social networks |
| Fabian Nemeczek, Jan Wedigo Radermacher | Personality-Augmented MPC: Linking Survey and Transaction Data to Explain MPC Heterogeneity by Big Five Personality Traits SAFE Working Paper No. 348 | Household Finance | SAFE Working Paper | 2022 | Marginal Propensity to Consume, Big Five Personality, Survey Data, Transaction Data |
| Heiko Jacobs, Christine Laudenbach, Sebastian Müller, Philipp Schreiber, Martin Weber | Die genial einfache Vermögensstrategie - so gelingt die finanzielle Unabhängigkeit Campus Verlag | Household Finance | Published Paper | 2020 | Vermögen, Kapitalanlage, Financial Investment |
| Emily C. Haisley, Christine Laudenbach, Martin Weber | The Role of Experience Sampling and Graphical Displays on One's Investment Risk Appetite Management Science | Household Finance | Published Paper | 2013 | risk taking, asset allocation, risk perception |
| Christine Laudenbach, Martin Weber | Sometimes Less is More - the Influence of Information Aggregation on Investment Decisions Journal of Economic Behavior & Organization | Household Finance | Published Paper | 2013 | risk-return, information aggregation, investment decisions |
| Christian Ehm, Christine Laudenbach, Martin Weber | Volatility Inadaptability: Investors Care About Risk, but Cannot Cope with Volatility Review of Finance | Household Finance | Published Paper | 2014 | volatility, risk attitude, experimental finance, behavioral asset pricing |
| Christine Laudenbach, Ulrike M. Malmendier, Alexandra Niessen-Ruenzi | Emotional Tagging and Belief Formation: The Long-Lasting Effects of Experiencing Communism AEA Papers and Proceedings | Household Finance | Published Paper | 2019 | Household Finance, Emotional Tagging, Communism |
| Andrej Gill, Florian Hett, Johannes Tischer | Time Inconsistency and Overdraft Use: Evidence from Transaction Data and Behavioral Measurement Experiments SAFE Working Paper No. 347 | Household Finance, Experiment Center | SAFE Working Paper | 2022 | Household Finance, Paycheck Sensitivity, Fintech, Time Inconsistency, Time Preferences, Experiment, Behavioral Measurement |
| Roman Inderst, Marcus Opp | Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors SAFE Working Paper No. 346 | Financial Intermediation, Law and Finance, Household Finance | SAFE Working Paper | 2022 | Sustainability; ESG; green financing; labelling; |
| Florian Heider, Roman Inderst | A Corporate Finance Perspective on Environmental Policy SAFE Working Paper No. 345 | Financial Intermediation, Law and Finance, Household Finance | SAFE Working Paper | 2022 | |
| Steffen Eibelshäuser, Fabian Smetak | Frequent Batch Auctions and Informed Trading SAFE Working Paper No. 344 | Household Finance, Financial Markets | SAFE Working Paper | 2022 | |
| Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart | The Trading Response of Individual Investors to Local Bankruptcies Journal of Financial Economics | Household Finance | Published Paper | 2021 | Individual investors, risk-taking, trading, experiences |
| Victor Klockmann, Marie Claire Villeval, Alicia von Schenk | Artificial Intelligence, Ethics, and Intergenerational Responsibility SAFE Working Paper No. 335 | Household Finance, Experiment Center | SAFE Working Paper | 2022 | |
| Raimond Maurer | Chancen und Risiken der kapitalgedeckten Alterssicherung Vermögensbildungspolitik (Springer) | Household Finance | Published Paper | 2021 | |
| Victor Klockmann, Marie Claire Villeval, Alicia von Schenk | Artificial Intelligence, Ethics, and Pivotality SAFE Working Paper No. 336 | Household Finance, Experiment Center | SAFE Working Paper | 2022 | Artificial Intelligence, Big Data, Pivotality, Ethics, Experiment |
| Gyozo Gyöngyösi, Judit Rariga, Emil Verner | The Anatomy of Consumption in a Household Foreign Currency Debt Crisis SAFE Working Paper No. 332 | Household Finance | SAFE Working Paper | 2021 | |
| Nina Biljanovska, Spyridon Palligkinis | Control Thyself: Self-Control Failure and Household Wealth Journal of Banking & Finance | Household Finance, Macro Finance | Published Paper | 2018 | Self-Control, Household Wealth, Household Finance |
| Alexander Ludwig, Matthias Schön | Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods Computational Economics (Springer) | Household Finance, Macro Finance | Published Paper | 2018 | Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation |
| Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence Journal of Risk and Insurance | Household Finance | Published Paper | 2021 | Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior How Persistent Low Returns Will Shape Saving and Retirement (University Press Scholarship Online) | Household Finance | Published Paper | 2018 | dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax |
| Andreas Hackethal, Steffen Meyer, Charline Uhr | Smoking Hot Portfolios? Overtrading from Self-Control Failure Journal of Empirical Finance | Household Finance | Published Paper | 2021 | self-control; portfolio allocation; individual investor; trading behavior |
| Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr | Ambiguity About Volatility and Investor Behavior Journal of Financial Economics | Household Finance | Published Paper | 2022 | |
| Gyozo Gyöngyösi, Emil Verner | Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis American Economic Review | Household Finance | Published Paper | 2020 | |
| Gyozo Gyöngyösi, Emil Verner | Financial Crisis, Creditor-Debtor Conflict, and Populism Journal of Finance | Household Finance | Published Paper | 2022 | |
| Andreas Hackethal, Tobin Hanspal, Dominique Lammer, Kevin Rink | The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments Review of Finance | Household Finance | Published Paper | 2022 | Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior |
| Barbara Kaschützke, Raimond Maurer | Staatliche Sicherung und Eigenvorsorge in der Sozialen Marktwirtschaft der Bundesrepublik Deutschland Policy Letter No. 90 | Household Finance | Policy Paper | 2021 | Soziale Marktwirtschaft, staatliche Sozialversicherung, private Vermögensbildung, demographischer Wandel |
| Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal | Consuming Dividends Review of Financial Studies | Household Finance | Published Paper | 2022 | Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor |
| Tabea Bucher-Koenen, Andreas Hackethal, Johannes Koenen, Christine Laudenbach | Gender Differences in Financial Advice SAFE Working Paper No. 309 | Household Finance | SAFE Working Paper | 2021 | credence goods, financial aptitude, consumer protection, financial literacy, discrimination |
| Thomas Pauls | The Impact of Temporal Framing on the Marginal Propensity to Consume SAFE Working Paper No. 308 | Household Finance | SAFE Working Paper | 2021 | |
| Sabine Bernard, Benjamin Loos, Martin Weber | The Disposition Effect in Boom and Bust Markets SAFE Working Paper No. 305 | Household Finance | SAFE Working Paper | 2021 | Disposition Effect, Financial Market Cycles, Household Finance, Retail Investor |
| Andreas Hackethal, Ankit Kalda, Benjamin Loos, Alessandro Previtero | Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior SAFE Working Paper No. 303 | Household Finance | SAFE Working Paper | 2021 | fintech, investor behavior, financial risk-taking, lottery-type assets, investment biases, trend chasing, spillover effects |
| Di Bu, Tobin Hanspal, Yin Liao, Yong Liu | Risk Taking, Preferences, and Beliefs: Evidence from Wuhan SAFE Working Paper No. 301 | Household Finance | SAFE Working Paper | 2020 | |
| Di Bu, Tobin Hanspal, Yin Liao, Yong Liu | Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing Journal of Financial and Quantitative Analysis | Household Finance | Published Paper | 2022 | Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China |
| Andreas Hackethal, Annika Weber | Fiscal Policies and Household Consumption during the COVID-19 Pandemic: A Review of Early Evidence White Paper No. 76 | Household Finance | Policy Paper | 2020 | Household Consumption, Fiscal Policies, Covid-19, Fiscal Stimulus Program |
| Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr | Ambiguity and Investor Behavior SAFE Working Paper No. 297 | Household Finance | SAFE Working Paper | 2020 | ambiguity, uncertainty, individual investor, trading behavior |
| Andreas Hackethal, Raimond Maurer | Beitragsgarantien in der kapitalgedeckten Altersversorgung: Ein Reformvorschlag in Zeiten des Niedrigzinsniveaus White Paper No. 75 | Household Finance | Policy Paper | 2020 | Private Altersvorsorge, Beitragsgarantien, Riester-Rente, Niedrigzinsen |
| Christoph Hambel, Holger Kraft, André Meyer-Wehmann | When Should Retirees Tap Their Home Equity? SAFE Working Paper No. 293 | Household Finance | SAFE Working Paper | 2020 | reverse mortgage, consumption-portfolio decisions, optimal stopping, biometric risks, financial disasters |
| Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber | On the Role of Monetary Incentives in Risk Preference Elicitation Experiments SAFE Working Paper No. 286 | Household Finance | SAFE Working Paper | 2020 | Risk Preferences, Incentives, Experimental Economics, Risk Aversion |
| Calogero Brancatelli, Andreas Hackethal, Roman Inderst, Sebastian Schuler | Erkenntnisse aus sechs Wellen des Haushaltsbarometers: Sind "Konsumschecks" das richtige Mittel in der Corona-Krise? Policy Letter No. 87 | Household Finance | Policy Paper | 2020 | Helicoptergeld, Haushaltskrisenbarometer, Mehrwertsteuersenkung, Kinderbonus |
| Tobin Hanspal, Annika Weber, Johannes Wohlfart | Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations SAFE Working Paper No. 279 | Household Finance | SAFE Working Paper | 2020 | Coronavirus, Stockholding, Wealth shocks, Expectation formation, Inequality. |
| Andreas Hackethal, Tobin Hanspal, Dominique Lammer, Kevin Rink | The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments SAFE Working Paper No. 277 | Household Finance | SAFE Working Paper | 2020 | Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior |
| Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr | Google Search Volume and Individual Investor Trading Journal of Financial Markets | Household Finance | Published Paper | 2020 | Individual investorTrading behaviorInvestor sentiment |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities Journal of Banking and Finance | Household Finance | Published Paper | 2020 | Life cycle savingHousehold financeAnnuityLongevity risk401(k) planRetirement |
| Di Bu, Tobin Hanspal, Yin Liao, Yong Liu | Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing SAFE Working Paper No. 273 | Household Finance | SAFE Working Paper | 2020 | Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China |
| Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart | The Trading Response of Individual Investors to Local Bankruptcies SAFE Working Paper No. 272 | Household Finance | SAFE Working Paper | 2020 | Individual investors, risk-taking, trading, experiences |
| Wataru Kureishi, Hannah Paule-Paludkiewicz, Hitoshi Tsujiyama, Midori Wakabayashi | Time Preferences over the Life Cycle SAFE Working Paper No. 267 | Household Finance | SAFE Working Paper | 2020 | Time Preferences; Preference Stability; Age; Discount Rates |
| Raimond Maurer, Olivia S. Mitchell | Older Peoples' Willingness to Delay Social Security Claiming Journal of Pension Economics and Finance | Household Finance | Published Paper | 2020 | Annuity; labor supply; lump sum; retirement age; social security |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | How will Persistent Low Expected Returns Shape Household Economic Behavior? Journal of Pension Economics & Finance | Household Finance | Published Paper | 2019 | |
| Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal | Consuming Dividends SAFE Working Paper No. 280 | Household Finance | SAFE Working Paper | 2020 | Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor |
| Sascha Baghestanian, Paul Gortner, Joël van der Weele | Peer Effects and Risk Sharing in Experimental Asset Markets European Economic Review | Household Finance, Financial Markets, Experiment Center | Published Paper | 2019 | peer effects, laboratory experiments, risk taking, asset markets |
| Yuri Pettinicchi, Nathanael Vellekoop | Job Loss Expectations, Durable Consumption and Household Finances: Evidence from Linked Survey Data SAFE Working Paper No. 249 | Household Finance | SAFE Working Paper | 2019 | Subjective expectations; Durable consumption; Household saving |
| Andreas Hackethal, Steffen Meyer, Charline Uhr | Smoking Hot Portfolios? Overtrading from Self-Control Failure SAFE Working Paper No. 245 | Household Finance | SAFE Working Paper | 2019 | self-control; portfolio allocation; individual investor; trading behavior |
| Holger Kraft, Claus Munk, Farina Weiss | Predictors and Portfolios Over the Life Cycle Journal of Banking and Finance | Household Finance | Published Paper | 2019 | Return predictability, human capital, housing, investments, welfare |
| Nathanael Vellekoop | Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments? SAFE Working Paper No. 237 | Household Finance | SAFE Working Paper | 2018 | consumption, consumption commitments, paycheck frequency, liquidity |
| Irina Gemmo, Helmut Gründl, Martin Götz | Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data SAFE Working Paper No. 240 | Household Finance | SAFE Working Paper | 2019 | |
| Daniel Harenberg, Alexander Ludwig | Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security International Economic Review | Household Finance, Macro Finance | Published Paper | 2019 | social security, idiosyncratic risk, aggregate risk, welfare |
| Vanya Horneff, Daniel Liebler, Raimond Maurer, Olivia S. Mitchell | Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal? SAFE Working Paper No. 263 | Household Finance | SAFE Working Paper | 2019 | individual retirement account, investment guarantee, longevity risk, retirement income, life cycle model |
| Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach | Wie viel Rente wirst du bekommen? – Pilotstudie zur Einführung einer Renteninformationsplattform in Deutschland White Paper No. 57 | Household Finance | Policy Paper | 2018 | |
| Holger Kraft, Farina Weiss | Consumption-Portfolio Choice with Preferences for Cash Journal of Economic Dynamics and Control | Household Finance | Published Paper | 2019 | consumption-portfolio choice, money in the utility function, stock demand, stochastic control |
| Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Annika Weber | Client Involvement in Expert Advice: Antibiotics in Finance? SAFE Working Paper No. 219 | Household Finance | SAFE Working Paper | 2018 | Financial Advice, Individual Investors, Client Involvement |
| Florian Deuflhard | Quantifying Inertia in Retail Deposit Markets SAFE Working Paper No. 223 | Household Finance | SAFE Working Paper | 2018 | |
| Andrej Gill, Florian Hett, Johannes Tischer | Measuring Time Inconsistency Using Financial Transaction Data White Paper No. 55 | Household Finance, Experiment Center | Policy Paper | 2018 | financial transaction data, financial decision-making, time inconsistency, present bias |
| Loriana Pelizzon, Anjan Thakor, Calebe de Roure | P2P Lenders versus Banks: Cream Skimming or Bottom Fishing? The Review of Corporate Finance Studies | Household Finance | Published Paper | 2022 | |
| Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies | Can Advertising Investments Counter the Negative Impact of Shareholder Complaints on Firm Value? Journal of Marketing | Household Finance | Published Paper | 2019 | |
| Olga Goldfayn-Frank, Nathanael Vellekoop | The Role of Personality Traits in Household Loan Expectations and Borrowing Constraints SAFE Working Paper No. 381 | Financial Intermediation, Household Finance | SAFE Working Paper | 2023 | |
| Claes Bäckman, Tobin Hanspal | Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement SAFE Working Paper No. 207 | Household Finance | SAFE Working Paper | 2018 | Intermediated work; Multi-level marketing; Gig-economy; Entrepreneurship; Con- sumer financial protection |
| Horst Entorf, Jia Hou | Financial Education for the Disadvantaged? A Review SAFE Working Paper No. 205 | Household Finance | SAFE Working Paper | 2018 | Education, Financial Literacy, Inequality, Program Evaluation |
| Florian Hett, Felix Schmidt | Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback SAFE Working Paper No. 203 | Household Finance, Experiment Center | SAFE Working Paper | 2018 | heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation |
| Steffen Andersen, Tobin Hanspal, Kasper Meisner Nielsen | Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking Journal of Financial Economics | Household Finance | Published Paper | 2019 | Experiences, Risk taking, Financial crisis, Household finance |
| Loriana Pelizzon, Anjan Thakor, Calebe de Roure | P2P Lending versus Banks: Cream Skimming or Bottom Fishing? SAFE Working Paper No. 206 | Household Finance, Systemic Risk Lab | SAFE Working Paper | 2018 | |
| Nathanael Vellekoop, Mirko Wiederholt | Inflation Expectations and Choices of Households SAFE Working Paper No. 250 | Household Finance | SAFE Working Paper | 2019 | |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior SAFE Working Paper No. 190 | Household Finance | SAFE Working Paper | 2017 | dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax |
| Maddalena Davoli, Jia Hou | Financial Literacy and Socialist Education: Lessons from the German Reunification SAFE Working Paper No. 217 | Household Finance | SAFE Working Paper | 2018 | financial literacy determinants, socialist education, German reunification, DiD |
| Jens Gal, Helmut Gründl | The Recalibration of the European System of Financial Supervision in Regard of the Insurance Sector: From Dreary to Dreamy or Vice Versa? Policy Letter No. 60 | Financial Intermediation, Household Finance | Policy Paper | 2017 | European Insurance Union, European Supervisory Authorities, EIOPA, European Insurance and Occupational Pensions Authority, Insurance Supervision |
| Holger Kraft, Claus Munk, Sebastian Wagner | Housing Habits and Their Implications for Life-Cycle Consumption and Investment Review of Finance | Household Finance | Published Paper | 2018 | Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital |
| Holger Kraft, Farina Weiss | Consumption-Portfolio Choice with Preferences for Cash SAFE Working Paper No. 181 | Household Finance | SAFE Working Paper | 2018 | consumption-portfolio choice, money in the utility function, stock demand, stochastic control |
| Giuliano Curatola, Ilya Dergunov | International Capital Markets with Time-Varying Preferences SAFE Working Paper No. 176 | Household Finance, Financial Markets | SAFE Working Paper | 2017 | Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice |
| Raimond Maurer, Olivia S. Mitchell | Incentivizing Older People to Delay Social Security Claiming Policy Letter No. 57 | Household Finance | Policy Paper | 2017 | pensions, German retirement system, social security claiming |
| Andreas Hubener, Raimond Maurer, Olivia S. Mitchell | How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios Review of Financial Studies | Household Finance | Published Paper | 2016 | |
| Raimond Maurer, Olivia S. Mitchell | Older People’s Willingness to Delay Social Security Claiming SAFE Working Paper No. 170 | Household Finance | SAFE Working Paper | 2016 | |
| Max Groneck, Alexander Ludwig, Alexander Zimper | Who Saves More, the Naive or the Sophisticated Agent? SAFE Working Paper No. 169 | Household Finance, Macro Finance | SAFE Working Paper | 2017 | Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency |
| Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence SAFE Working Paper No. 164 | Household Finance | SAFE Working Paper | 2017 | Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security |
| Tobin Hanspal | The Effect of Personal Financing Disruptions on Entrepreneurship SAFE Working Paper No. 161 | Law and Finance, Household Finance | SAFE Working Paper | 2016 | Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults |
| Sophie Ahlswede, Steffen Meyer, Linda Urban | Does feedback on personal investment success help? SAFE Working Paper No. 157 | Household Finance | SAFE Working Paper | 2016 | household finance, field study, individual investors, reporting, investment mistakes, regulation |
| Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum Journal of Risk and Insurance | Household Finance | Published Paper | 2018 | Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities SAFE Working Paper No. 150 | Household Finance | SAFE Working Paper | 2016 | dynamic portfolio choice, longevity risk, variable annuity, retirement income |
| Petr Jakubik, Sven-Thorsten Jakusch | On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data SAFE Working Paper No. 148 | Household Finance | SAFE Working Paper | 2016 | Utility Functions, Model Selection, Parameter Elicitation |
| Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer | Taring All Investors with the Same Brush? Evidence for Heterogeneity in Individual Preferences from a Maximum Likelihood Approach SAFE Working Paper No. 147 | Household Finance | SAFE Working Paper | 2016 | Utility Theory, Maximum Likelihood, Individual Investors |
| Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer | Taming Models of Prospect Theory in the Wild? Estimation of Vlcek and Hens (2011) SAFE Working Paper No. 146 | Household Finance | SAFE Working Paper | 2016 | Prospect Theory, Parameter Elicitation, Investors Heterogeneity |
| Michael Kosfeld, Ulrich Schüwer | Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education Review of Finance | Household Finance, Experiment Center | Published Paper | 2017 | consumer education,financial literacy, bounded rationality, competition, regulation |
| Alexander Ludwig | Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen White Paper No. 40 | Household Finance | Policy Paper | 2016 | German pension system, reform, retirement age |
| Nathanael Vellekoop | The Impact of Long-Run Macroeconomic Experiences on Personality SAFE Working Paper No. 142 | Household Finance | SAFE Working Paper | 2016 | Personality traits, Big Five, Locus of control, labor market, unemployment |
| Holger Kraft, Claus Munk, Farina Weiss | Predictors and Portfolios Over the Life Cycle SAFE Working Paper No. 139 | Household Finance | SAFE Working Paper | 2016 | Return predictability, human capital, housing, investments, welfare |
| Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner | Consumption Habits and Humps Economic Theory | Household Finance | Published Paper | 2017 | Consumption hump, life-cycle utility maximization, habit formation, impatience |
| Bijan Kaffenberger, Mark Wahrenburg | Fragmentation in the European Retail Deposit Market and Implications for Loan Availability in European Member States White Paper No. 31 | Household Finance | Policy Paper | 2015 | household finance, deposits, European market fragmentation |
| Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | The Potential Effect of Offering Lump Sums as Retirement Payments Policy Letter No. 50 | Household Finance | Policy Paper | 2015 | Social Security solvency, Pension system |
| Andreas Fagereng, Charles Gottlieb, Luigi Guiso | Asset Market Participation and Portfolio Choice Over the Life-Cycle SAFE Working Paper No. 115 | Household Finance | SAFE Working Paper | 2015 | - |
| Charles Gottlieb | On the Distributive Effects of Inflation SAFE Working Paper No. 116 | Household Finance | SAFE Working Paper | 2015 | Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation |
| Ester Faia, Andreas Hackethal, Michael Haliassos, Katja Langenbucher | Financial Regulation: A Transatlantic Perspective Cambridge University Press | Household Finance, Macro Finance | Published Paper | 2015 | banking union, microprudential regulation, macroprudential regulation, investor protection, borrower protection |
| Holger Kraft, Claus Munk, Sebastian Wagner | Housing Habits and Their Implications for Life-Cycle Consumption and Investment SAFE Working Paper No. 85 | Household Finance | SAFE Working Paper | 2015 | Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital |
| Kosmas Kaprinis, Katja Langenbucher | Private Enforcement of Investor Protection – Is Private Law up for the Challenge? A Glance at the United Kingdom 100 Jahre Rechtswissenschaft in Frankfurt (Vittorio Klostermann) | Household Finance | Published Paper | 2014 | |
| Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi | Financial Education, Literacy and Investment Attitudes SAFE Working Paper No. 86 | Household Finance | SAFE Working Paper | 2015 | Financial education, Financial literacy, Planning, Investment attitudes |
| Silvia Bressan, Noemi Pace, Loriana Pelizzon | Health Status and Portfolio Choice: Is Their Relationship Economically Relevant? International Review of Financial Analysis | Household Finance, Systemic Risk Lab | Published Paper | 2014 | Household portfolios, Health status |
| Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla | Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection Insurance: Mathematics and Economics | Household Finance | Published Paper | 2015 | dynamic portfolio choice; longevity risk; variable annuity; money-back guarantee; liquidity; retirement income |
| Michael Haliassos | Keeping Households out of Financial Trouble Financial Regulation: A Transatlantic Perspective (Cambridge University Press) | Household Finance | Published Paper | 2015 | |
| Charles N. Noussair, Stefan T. Trautmann, Nathanael Vellekoop, Gijs van de Kuilen | Risk Aversion and Religion Journal of Risk and Uncertainty | Household Finance | Published Paper | 2013 | |
| Andreas Hackethal | Financial Advice Financial Regulation: A Transatlantic Perspective (Cambridge University Press) | Household Finance | Published Paper | 2015 | |
| Michael Haliassos | The Fiscal Crisis as a Crisis in Trust Policy Letter No. 25 | Household Finance | Policy Paper | 2014 | fiscal crisis, household liquidity, economic reforms, Greece |
| Andreas Hubener, Raimond Maurer, Olivia S. Mitchell | Family Status, Social Security Claiming Options, and Life Cycle Portfolios Policy Letter No. 26 | Household Finance | Policy Paper | 2014 | life-cycle models, household savings, investment decisions |
| Raimond Maurer | Den Ruhestand optimal finanzieren Press Article, 2014 | Household Finance | Policy Paper | 2014 | Alterssicherung, USA, Deutschland |
| Andreas Hackethal, Thomas Schäfer | Anlegerschutz braucht mehr Eigenverantwortung Press Article, 2014 | Household Finance | Policy Paper | 2014 | Anlegerschutz, Bankberatung, Finanzbildung |
| Sascha Baghestanian, Paul Gortner, Joël van der Weele | Peer Effects and Risk Sharing in Experimental Asset Markets SAFE Working Paper No. 67 | Household Finance, Financial Markets, Experiment Center | SAFE Working Paper | 2014 | peer effects, laboratory experiments, risk taking, asset markets |
| Nina Biljanovska, Spyridon Palligkinis | Control Thyself: Self-Control Failure and Household Wealth SAFE Working Paper No. 69 | Household Finance, Macro Finance | SAFE Working Paper | 2014 | Self-Control, Household Wealth, Household Finance |
| Alexander Ludwig, Matthias Schön | Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods SAFE Working Paper No. 72 | Household Finance, Macro Finance | SAFE Working Paper | 2014 | Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation |
| Max Groneck, Alexander Ludwig, Alexander Zimper | A Life-Cycle Model with Ambiguous Survival Beliefs SAFE Working Paper No. 73 | Household Finance, Macro Finance | SAFE Working Paper | 2014 | Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles |
| Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum SAFE Working Paper No. 84 | Household Finance | SAFE Working Paper | 2015 | Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension |
| Raimond Maurer | Stellungnahme zum Gesetzesentwurf der Bundesregierung zur Umsetzung der OGAW-Richtlinie der EU-Kommission Policy Letter No. 2, 2011 | Household Finance | Policy Paper | 2011 | Investmentfonds, Wertpapiere, Anlegerschutz |
| Andreas Hackethal | Wie lässt sich der Kundennutzen der Anlageberatung steigern? Policy Letter No. 07, 2012 | Household Finance | Policy Paper | 2012 | Anlageentscheidung, Wertpapierberatung, Risikomaße, Rendite |
| Laurent Calvet, Paolo Sodini | Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios SAFE Working Paper No. 13 | Household Finance | SAFE Working Paper | 2013 | Asset allocation, communication, genetics, habit formation, human capital, labor income, leverage, participation, risk-taking, social interactions, twin study |
| Markku Kaustia, Elias Rantapuska | Does Mood Affect Trading Behavior? SAFE Working Paper No. 4 | Household Finance | SAFE Working Paper | 2013 | mood, seasonal affective disorder (SAD), weather, trading behavior, stock market |
| Markku Kaustia, Antti Lehtoranta, Vesa Puttonen | Does Sophistication Affect Long-Term Return Expectations? Evidence from Financial Advisers' Exam Scores SAFE Working Paper No. 3 | Household Finance | SAFE Working Paper | 2013 | stock return expectations, sophistication, financial literacy, adviser |
| Markku Kaustia, Samuli Knüpfer, Sami Torstila | Stock Ownership and Political Behavior: Evidence from Demutualization SAFE Working Paper No. 2 | Household Finance | SAFE Working Paper | 2013 | Stock ownership, political behavior, salience, attention, identity |
| Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner | Consumption Habits and Humps SAFE Working Paper No. 15 | Household Finance | SAFE Working Paper | 2013 | Consumption hump, life-cycle utility maximization, habit formation, impatience |
| Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen | Life Insurance Demand under Health Shock Risk SAFE Working Paper No. 40 | Household Finance | SAFE Working Paper | 2014 | Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk |
| Lorenz Schendel | Consumption-Investment Problems with Stochastic Mortality Risk SAFE Working Paper No. 43 | Household Finance | SAFE Working Paper | 2014 | Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance |
| Lorenz Schendel | Critical Illness Insurance in Life Cycle Portfolio Problems SAFE Working Paper No. 44 | Household Finance | SAFE Working Paper | 2014 | Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice |
| Michael Kosfeld, Ulrich Schüwer | Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education SAFE Working Paper No. 47 | Household Finance, Experiment Center | SAFE Working Paper | 2014 | consumer education,financial literacy, bounded rationality, competition, regulation |
| Holger Kraft, Claus Munk, Frank Thomas Seifried, Mogens Steffensen | Consumption and Wage Humps in a Life-Cycle Model with Education SAFE Working Paper No. 53 | Household Finance | SAFE Working Paper | 2014 | Education, leisure, consumption hump, wage hump |
| Daniel Harenberg, Alexander Ludwig | Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security SAFE Working Paper No. 59 | Household Finance, Macro Finance | SAFE Working Paper | 2014 | social security, idiosyncratic risk, aggregate risk, welfare |
| Nicola Fuchs-Schündeln, Michael Haliassos | Does Product Familiarity Matter for Participation? SAFE Working Paper No. 63 | Household Finance | SAFE Working Paper | 2014 | household finance, familiarity, financial literacy, stockholding, household debt, social interactions, consumer credit, counterfactual analysis, German reunification |
| Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini | Household Debt and Social Interactions SAFE Working Paper No. 1 | Household Finance | SAFE Working Paper | 2013 | household finance, household debt, social interactions, mortgages, consumer credit, informal loans |
| Katja Langenbucher | Household Finance and the Law – A Case Study on Economic Transplants Financial Regulation: A Transatlantic Perspective (Cambridge University Press) | Household Finance | Published Paper | 2015 | |
| Michael Haliassos, Thomas Jansson, Yigitcan Karabulut | Incompatible European Partners? Cultural Predispositions and Household Financial Behavior SAFE Working Paper No. 58 | Household Finance | SAFE Working Paper | 2014 | Household Portfolios, Household Finance, Cultural Influences on Economic Behavior |
| Daniel Harenberg, Alexander Ludwig | Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk SAFE Working Paper No. 71 | Household Finance, Macro Finance | SAFE Working Paper | 2014 | social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out |
| Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel | Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation SAFE Working Paper No. 82 | Household Finance, Macro Finance | SAFE Working Paper | 2015 | population aging, human capital, welfare, pension reform, retirement age, open economy |
| Max Groneck, Alexander Ludwig, Alexander Zimper | A Life-Cycle Model with Ambiguous Survival Beliefs Journal of Economic Theory | Household Finance, Macro Finance | Published Paper | 2016 | Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles |
| Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini | Household Debt and Social Interactions Review of Financial Studies | Household Finance | Published Paper | 2014 | household finance, household debt, social interactions, mortgages, consumer credit, informal loans |
| Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel | Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation Journal of Pension Economics & Finance | Household Finance, Macro Finance | Published Paper | 2017 | population aging, human capital, welfare, pension reform, retirement age, open economy |
| Daniel Harenberg, Alexander Ludwig | Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk International Tax and Public Finance | Household Finance, Macro Finance | Published Paper | 2015 | social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out |
| Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen | Life Insurance Demand under Health Shock Risk Journal of Risk and Insurance | Household Finance | Published Paper | 2017 | Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk |
| Financial Advice E. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270 | Household Finance | Published Paper | 2015 |
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