Household Finance

The department Household Finance conducts research on the financial decisions of private households and the interplay between the supply of and the demand for financial services. The research projects in this area are united by the overarching goal of developing solutions that lead to better financial decisions by households. In addition to the microeconomic perspective, the department also follows a macroeconomic perspective, for example concerning the design of pension systems as a determinant of both the depth and width of capital markets and long-term wealth formation in the household sector of an economy.

Publications

Published	Title	Author/s	Program Area	Keywords	Published
2020	Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing forthcoming in Journal of Financial and Quantitative Analysis	Di Bu, Tobin Hanspal, Yin Liao, Yong Liu	Household Finance	Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China	2020
2020	Google Search Volume and Individual Investor Trading Journal of Financial Markets	Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr	Household Finance	Individual investorTrading behaviorInvestor sentiment	2020
2020	Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities Journal of Banking and Finance	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	Household Finance	Life cycle savingHousehold financeAnnuityLongevity risk401(k) planRetirement	2020
2020	Older Peoples' Willingness to Delay Social Security Claiming forthcoming in Journal of Pension Economics and Finance	Raimond Maurer, Olivia S. Mitchell	Household Finance	Annuity; labor supply; lump sum; retirement age; social security	2020
2019	How will Persistent Low Expected Returns Shape Household Economic Behavior? Journal of Pension Economics & Finance	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	Household Finance		2019
2019	Peer Effects and Risk Sharing in Experimental Asset Markets European Economic Review	Sascha Baghestanian, Paul Gortner, Joël van der Weele	Household Finance, Financial Markets, Experiment Center	peer effects, laboratory experiments, risk taking, asset markets	2019
2019	Predictors and Portfolios Over the Life Cycle Journal of Banking and Finance	Holger Kraft, Claus Munk, Farina Weiss	Household Finance	Return predictability, human capital, housing, investments, welfare	2019
2019	Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security International Economic Review	Daniel Harenberg, Alexander Ludwig	Household Finance, Macro Finance	social security, idiosyncratic risk, aggregate risk, welfare	2019
2019	Consumption-Portfolio Choice with Preferences for Cash Journal of Economic Dynamics and Control	Holger Kraft, Farina Weiss	Household Finance	consumption-portfolio choice, money in the utility function, stock demand, stochastic control	2019
2019	Can Advertising Investments Counter the Negative Impact of Shareholder Complaints on Firm Value? Journal of Marketing	Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies	Household Finance		2019
2019	Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking Journal of Financial Economics	Steffen Andersen, Tobin Hanspal, Kasper Meisner Nielsen	Household Finance	Experiences, Risk taking, Financial crisis, Household finance	2019
2018	Housing Habits and Their Implications for Life-Cycle Consumption and Investment Review of Finance	Holger Kraft, Claus Munk, Sebastian Wagner	Household Finance	Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital	2018
2016	How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios Review of Financial Studies	Andreas Hubener, Raimond Maurer, Olivia S. Mitchell	Household Finance		2016
2018	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	Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek	Household Finance	Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension	2018
2017	Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education Review of Finance	Michael Kosfeld, Ulrich Schüwer	Household Finance, Experiment Center	consumer education,financial literacy, bounded rationality, competition, regulation	2017
2017	Consumption Habits and Humps Economic Theory	Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner	Household Finance	Consumption hump, life-cycle utility maximization, habit formation, impatience	2017
2015	Financial Regulation: A Transatlantic Perspective Book Volume - published by Cambridge University Press	Ester Faia, Andreas Hackethal, Michael Haliassos, Katja Langenbucher	Household Finance, Macro Finance	banking union, microprudential regulation, macroprudential regulation, investor protection, borrower protection	2015
2014	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)	Kosmas Kaprinis, Katja Langenbucher	Household Finance		2014
2014	Health Status and Portfolio Choice: Is Their Relationship Economically Relevant? International Review of Financial Analysis	Silvia Bressan, Noemi Pace, Loriana Pelizzon	Household Finance, Systemic Risk Lab	Household portfolios, Health status	2014
2015	Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection Insurance: Mathematics and Economics	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla	Household Finance	dynamic portfolio choice; longevity risk; variable annuity; money-back guarantee; liquidity; retirement income	2015
2015	Keeping Households out of Financial Trouble Financial Regulation: A Transatlantic Perspective (Cambridge University Press)	Michael Haliassos	Household Finance		2015
2013	Risk Aversion and Religion Journal of Risk and Uncertainty	Charles N. Noussair, Stefan T. Trautmann, Nathanael Vellekoop, Gijs van de Kuilen	Household Finance		2013
2015	Financial Advice Financial Regulation: A Transatlantic Perspective (Cambridge University Press)	Andreas Hackethal	Household Finance		2015
2015	Household Finance and the Law – A Case Study on Economic Transplants Financial Regulation: A Transatlantic Perspective (Cambridge University Press)	Katja Langenbucher	Household Finance		2015
2016	A Life-Cycle Model with Ambiguous Survival Beliefs Journal of Economic Theory	Max Groneck, Alexander Ludwig, Alexander Zimper	Household Finance, Macro Finance	Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles	2016
2014	Household Debt and Social Interactions Review of Financial Studies	Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini	Household Finance	household finance, household debt, social interactions, mortgages, consumer credit, informal loans	2014
2017	Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation Journal of Pension Economics & Finance	Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel	Household Finance, Macro Finance	population aging, human capital, welfare, pension reform, retirement age, open economy	2017
2015	Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk International Tax and Public Finance	Daniel Harenberg, Alexander Ludwig	Household Finance, Macro Finance	social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out	2015
2017	Life Insurance Demand under Health Shock Risk Journal of Risk and Insurance	Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen	Household Finance	Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk	2017
2015	Financial Advice E. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270		Household Finance		2015

More Research PublicationsLess Research Publications

Working Papers

Title	Author/s	No.	Program Area	Year	Keywords	Published
Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios	Laurent Calvet, Paolo Sodini	13	Household Finance	2013	Asset allocation, communication, genetics, habit formation, human capital, labor income, leverage, participation, risk-taking, social interactions, twin study	Jan 2013
Does Mood Affect Trading Behavior?	Markku Kaustia, Elias Rantapuska	4	Household Finance	2013	mood, seasonal affective disorder (SAD), weather, trading behavior, stock market	Jan 2013
Does Sophistication Affect Long-Term Return Expectations? Evidence from Financial Advisers' Exam Scores	Markku Kaustia, Antti Lehtoranta, Vesa Puttonen	3	Household Finance	2013	stock return expectations, sophistication, financial literacy, adviser	Jan 2013
Stock Ownership and Political Behavior: Evidence from Demutualization	Markku Kaustia, Samuli Knüpfer, Sami Torstila	2	Household Finance	2013	Stock ownership, political behavior, salience, attention, identity	Jan 2013
Household Debt and Social Interactions	Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini	1	Household Finance	2013	household finance, household debt, social interactions, mortgages, consumer credit, informal loans	Jan 2013
Consumption Habits and Humps	Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner	15	Household Finance	2013	Consumption hump, life-cycle utility maximization, habit formation, impatience	Jan 2013
Life Insurance Demand under Health Shock Risk	Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen	40	Household Finance	2014	Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk	Jan 2014
Consumption-Investment Problems with Stochastic Mortality Risk	Lorenz Schendel	43	Household Finance	2014	Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance	Jan 2014
Critical Illness Insurance in Life Cycle Portfolio Problems	Lorenz Schendel	44	Household Finance	2014	Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice	Jan 2014
Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education	Michael Kosfeld, Ulrich Schüwer	47	Household Finance, Experiment Center	2014	consumer education,financial literacy, bounded rationality, competition, regulation	Jan 2014
Consumption and Wage Humps in a Life-Cycle Model with Education	Holger Kraft, Claus Munk, Frank Thomas Seifried, Mogens Steffensen	53	Household Finance	2014	Education, leisure, consumption hump, wage hump	Jan 2014
Incompatible European Partners? Cultural Predispositions and Household Financial Behavior	Michael Haliassos, Thomas Jansson, Yigitcan Karabulut	58	Household Finance	2014	Household Portfolios, Household Finance, Cultural Influences on Economic Behavior	Jan 2014
Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security	Daniel Harenberg, Alexander Ludwig	59	Household Finance, Macro Finance	2014	social security, idiosyncratic risk, aggregate risk, welfare	Jan 2014
Does Product Familiarity Matter for Participation?	Nicola Fuchs-Schündeln, Michael Haliassos	63	Household Finance	2014	household finance, familiarity, financial literacy, stockholding, household debt, social interactions, consumer credit, counterfactual analysis, German reunification	Jan 2014
Peer Effects and Risk Sharing in Experimental Asset Markets	Sascha Baghestanian, Paul Gortner, Joël van der Weele	67	Household Finance, Financial Markets, Experiment Center	2014	peer effects, laboratory experiments, risk taking, asset markets	Jan 2014
Control Thyself: Self-Control Failure and Household Wealth	Nina Biljanovska, Spyridon Palligkinis	69	Household Finance, Macro Finance	2014	Self-Control, Household Wealth, Household Finance	Jan 2014
Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk	Daniel Harenberg, Alexander Ludwig	71	Household Finance, Macro Finance	2014	social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out	Jan 2014
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods	Alexander Ludwig, Matthias Schön	72	Household Finance, Macro Finance	2014	Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation	Jan 2014
A Life-Cycle Model with Ambiguous Survival Beliefs	Max Groneck, Alexander Ludwig, Alexander Zimper	73	Household Finance, Macro Finance	2014	Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles	Jan 2014
Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation	Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel	82	Household Finance, Macro Finance	2015	population aging, human capital, welfare, pension reform, retirement age, open economy	Jan 2015
Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum	Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek	84	Household Finance	2015	Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension	Jan 2015
Housing Habits and Their Implications for Life-Cycle Consumption and Investment	Holger Kraft, Claus Munk, Sebastian Wagner	85	Household Finance	2015	Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital	Jan 2015
Financial Education, Literacy and Investment Attitudes	Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi	86	Household Finance	2015	Financial education, Financial literacy, Planning, Investment attitudes	Jan 2015
Asset Market Participation and Portfolio Choice Over the Life-Cycle	Andreas Fagereng, Charles Gottlieb, Luigi Guiso	115	Household Finance	2015	-	Jan 2015
On the Distributive Effects of Inflation	Charles Gottlieb	116	Household Finance	2015	Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation	Jan 2015
Predictors and Portfolios Over the Life Cycle	Holger Kraft, Claus Munk, Farina Weiss	139	Household Finance	2016	Return predictability, human capital, housing, investments, welfare	Jan 2016
The Impact of Long-Run Macroeconomic Experiences on Personality	Nathanael Vellekoop	142	Household Finance	2016	Personality traits, Big Five, Locus of control, labor market, unemployment	Jan 2016
On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data	Petr Jakubik, Sven-Thorsten Jakusch	148	Household Finance	2016	Utility Functions, Model Selection, Parameter Elicitation	Jan 2016
Taming Models of Prospect Theory in the Wild? Estimation of Vlcek and Hens (2011)	Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer	146	Household Finance	2016	Prospect Theory, Parameter Elicitation, Investors Heterogeneity	Jan 2016
Taring All Investors with the Same Brush? Evidence for Heterogeneity in Individual Preferences from a Maximum Likelihood Approach	Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer	147	Household Finance	2016	Utility Theory, Maximum Likelihood, Individual Investors	Jan 2016
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	150	Household Finance	2016	dynamic portfolio choice, longevity risk, variable annuity, retirement income	Jan 2016
Does feedback on personal investment success help?	Sophie Ahlswede, Steffen Meyer, Linda Urban	157	Household Finance	2016	household finance, field study, individual investors, reporting, investment mistakes, regulation	Dec 2016
The Effect of Personal Financing Disruptions on Entrepreneurship	Tobin Hanspal	161	Law and Finance, Household Finance	2016	Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults	Dec 2016
Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence	Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek	164	Household Finance	2017	Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security	Jan 2017
Who Saves More, the Naive or the Sophisticated Agent?	Max Groneck, Alexander Ludwig, Alexander Zimper	169	Household Finance, Macro Finance	2017	Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency	Mar 2017
Older People’s Willingness to Delay Social Security Claiming	Raimond Maurer, Olivia S. Mitchell	170	Household Finance	2016		Sep 2016
International Capital Markets with Time-Varying Preferences	Giuliano Curatola, Ilya Dergunov	176	Household Finance, Financial Markets	2017	Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice	Aug 2017
Consumption-Portfolio Choice with Preferences for Cash	Holger Kraft, Farina Weiss	181	Household Finance	2018	consumption-portfolio choice, money in the utility function, stock demand, stochastic control	Jul 2018
How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	190	Household Finance	2017	dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax	Jun 2017
P2P Lending versus Banks: Cream Skimming or Bottom Fishing?	Loriana Pelizzon, Anjan Thakor, Calebe de Roure	206	Household Finance, Systemic Risk Lab	2018		May 2018
Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback	Florian Hett, Felix Schmidt	203	Household Finance, Experiment Center	2018	heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation	Apr 2018
Financial Education for the Disadvantaged? A Review	Horst Entorf, Jia Hou	205	Household Finance	2018	Education, Financial Literacy, Inequality, Program Evaluation	Apr 2018
Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement	Claes Bäckman, Tobin Hanspal	207	Household Finance	2018	Intermediated work; Multi-level marketing; Gig-economy; Entrepreneurship; Con- sumer financial protection	Apr 2018
Financial Literacy and Socialist Education: Lessons from the German Reunification	Maddalena Davoli, Jia Hou	217	Household Finance	2018	financial literacy determinants, socialist education, German reunification, DiD	Aug 2018
Client Involvement in Expert Advice: Antibiotics in Finance?	Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Annika Weber	219	Household Finance	2018	Financial Advice, Individual Investors, Client Involvement	Jul 2018
Quantifying Inertia in Retail Deposit Markets	Florian Deuflhard	223	Household Finance	2018		Mar 2018
Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data	Irina Gemmo, Helmut Gründl, Martin Götz	240	Household Finance	2019		Jan 2019
Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments?	Nathanael Vellekoop	237	Household Finance	2018	consumption, consumption commitments, paycheck frequency, liquidity	Nov 2018
Smoking Hot Portfolios? Overtrading from Self-Control Failure	Andreas Hackethal, Steffen Meyer, Charline Uhr	245	Household Finance	2019	self-control; portfolio allocation; individual investor; trading behavior	Mar 2019
Job Loss Expectations, Durable Consumption and Household Finances: Evidence from Linked Survey Data	Yuri Pettinicchi, Nathanael Vellekoop	249	Household Finance	2019	Subjective expectations; Durable consumption; Household saving	Mar 2019
Inflation Expectations and Choices of Households	Nathanael Vellekoop, Mirko Wiederholt	250	Household Finance	2019		May 2019
Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now	Vanya Horneff, Daniel Liebler, Raimond Maurer, Olivia S. Mitchell	263	Household Finance	2019	individual retirement account, investment guarantee, longevity risk, retirement income, life cycle model	Oct 2019
Time Preferences over the Life Cycle	Wataru Kureishi, Hannah Paule-Paludkiewicz, Hitoshi Tsujiyama, Midori Wakabayashi	267	Household Finance	2020	Time Preferences; Preference Stability; Age; Discount Rates	Mar 2020
The Trading Response of Individual Investors to Local Bankruptcies	Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart	272	Household Finance	2020	Individual investors, risk-taking, trading, experiences	Mar 2020
Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing	Di Bu, Tobin Hanspal, Yin Liao, Yong Liu	273	Household Finance	2020	Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China	Mar 2020
Who Are the Bitcoin Investors? Evidence from Indirect Cryptocurrency Investments	Andreas Hackethal, Tobin Hanspal, Dominique Lammer	277	Household Finance	2020	Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior	May 2020
Consuming Dividends	Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal	280	Household Finance	2020	Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor	May 2020
Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations	Tobin Hanspal, Annika Weber, Johannes Wohlfart	279	Household Finance	2020	Coronavirus, Stockholding, Wealth shocks, Expectation formation, Inequality.	May 2020
On the (Ir)Relevance of Monetary Incentives in Risk Preference Elicitation Experiments	Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber	286	Household Finance	2020	Risk Preferences, Incentives, Experimental Economics, Risk Aversion	Aug 2020
When Should Retirees Tap Their Home Equity?	Christoph Hambel, Holger Kraft, André Meyer-Wehmann	293	Household Finance	2020	reverse mortgage, consumption-portfolio decisions, optimal stopping, biometric risks, financial disasters	Oct 2020
Ambiguity and Investor Behavior	Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr	297	Household Finance	2020	ambiguity, uncertainty, individual investor, trading behavior	Nov 2020
Risk Taking, Preferences, and Beliefs: Evidence from Wuhan	Di Bu, Tobin Hanspal, Yin Liao, Yong Liu	301	Household Finance	2021		Jan 2021
Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior	Andreas Hackethal, Ankit Kalda, Benjamin Loos, Alessandro Previtero	303	Household Finance	2021	fintech, investor behavior, financial risk-taking, lottery-type assets, investment biases, trend chasing, spillover effects	Feb 2021
The Disposition Effect in Boom and Bust Markets	Sabine Bernard, Benjamin Loos, Martin Weber	305	Household Finance	2021	Disposition Effect, Financial Market Cycles, Household Finance, Retail Investor	Feb 2021
The Impact of Temporal Framing on the Marginal Propensity to Consume	Thomas Pauls	308	Household Finance	2021		Feb 2021
Gender Differences in Financial Advice	Tabea Bucher-Koenen, Andreas Hackethal, Johannes Koenen, Christine Laudenbach	309	Household Finance	2021	credence goods, financial aptitude, consumer protection, financial literacy, discrimination	Feb 2021

More Working PapersLess Working Papers

Policy Papers

Year	Title	Author/s	Program Area	Keywords	Year
Dec 2020	Fiscal Policies and Household Consumption during the COVID-19 Pandemic: A Review of Early Evidence	Andreas Hackethal, Annika Weber	Household Finance	Household Consumption, Fiscal Policies, Covid-19, Fiscal Stimulus Program	Dec 2020
Nov 2020	Beitragsgarantien in der kapitalgedeckten Altersversorgung: Ein Reformvorschlag in Zeiten des Niedrigzinsniveaus	Andreas Hackethal, Raimond Maurer	Household Finance	Private Altersvorsorge, Beitragsgarantien, Riester-Rente, Niedrigzinsen	Nov 2020
Jun 2020	Erkenntnisse aus sechs Wellen des Haushaltsbarometers: Sind "Konsumschecks" das richtige Mittel in der Corona-Krise?	Calogero Brancatelli, Andreas Hackethal, Roman Inderst, Sebastian Schuler	Household Finance	Helicoptergeld, Haushaltskrisenbarometer, Mehrwertsteuersenkung, Kinderbonus	Jun 2020
Jul 2018	Measuring Time Inconsistency Using Financial Transaction Data	Andrej Gill, Florian Hett, Johannes Tischer	Household Finance, Experiment Center	financial transaction data, financial decision-making, time inconsistency, present bias	Jul 2018
Nov 2017	The Recalibration of the European System of Financial Supervision in Regard of the Insurance Sector: From Dreary to Dreamy or Vice Versa?	Jens Gal, Helmut Gründl	Financial Intermediation, Household Finance	European Insurance Union, European Supervisory Authorities, EIOPA, European Insurance and Occupational Pensions Authority, Insurance Supervision	Nov 2017
Jul 2017	Incentivizing Older People to Delay Social Security Claiming	Raimond Maurer, Olivia S. Mitchell	Household Finance	pensions, German retirement system, social security claiming	Jul 2017
Sep 2016	Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen	Alexander Ludwig	Household Finance	German pension system, reform, retirement age	Sep 2016
Nov 2015	Fragmentation in the European Retail Deposit Market and Implications for Loan Availability in European Member States	Bijan Kaffenberger, Mark Wahrenburg	Household Finance	household finance, deposits, European market fragmentation	Nov 2015
Nov 2015	The Potential Effect of Offering Lump Sums as Retirement Payments	Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek	Household Finance	Social Security solvency, Pension system	Nov 2015
May 2014	The Fiscal Crisis as a Crisis in Trust	Michael Haliassos	Household Finance	fiscal crisis, household liquidity, economic reforms, Greece	May 2014
May 2014	Family Status, Social Security Claiming Options, and Life Cycle Portfolios	Andreas Hubener, Raimond Maurer, Olivia S. Mitchell	Household Finance	life-cycle models, household savings, investment decisions	May 2014
Jun 2014	Den Ruhestand optimal finanzieren	Raimond Maurer	Household Finance	Alterssicherung, USA, Deutschland	Jun 2014
Jul 2014	Anlegerschutz braucht mehr Eigenverantwortung	Andreas Hackethal, Thomas Schäfer	Household Finance	Anlegerschutz, Bankberatung, Finanzbildung	Jul 2014
Mar 2011	Stellungnahme zum Gesetzesentwurf der Bundesregierung zur Umsetzung der OGAW-Richtlinie der EU-Kommission	Raimond Maurer	Household Finance	Investmentfonds, Wertpapiere, Anlegerschutz	Mar 2011
Apr 2012	Wie lässt sich der Kundennutzen der Anlageberatung steigern?	Andreas Hackethal	Household Finance	Anlageentscheidung, Wertpapierberatung, Risikomaße, Rendite	Apr 2012

More Policy PublicationsLess Policy Publications

Research Projects

Category	Project	Researcher	Project Duration	Keywords	Project ID	Publication Count
Household Finance	The Disposition Effect in Boom and Bust Markets	Sabine Bernard, Benjamin Loos, Martin Weber	2021			1
Household Finance	Financial Crisis, Creditor-Debtor Conflict, and Populism	Gyozo Gyöngyösi	2021	populism, far-right parties, political extremism, financial crisis, household debt, foreign currency debt		1
Household Finance, Experiment Center	Social Identity Bias in Information Processing and Information Demand	Kevin Bauer, Yan Chen, Florian Hett, Michael Kosfeld	2020		232405	1
Household Finance, Experiment Center	Experiential Learning Through FinTech Applications	Andrej Gill, Florian Hett	2020	experiential learning, goal setting, personal finance management, financial literacy, overconfidence	232404	1
Household Finance	Household Cash Management	Fabian Braun, Andrej Gill, Andreas Hackethal, Florian Hett, Michael Kosfeld, Christine Laudenbach	2020	Short-term and long-term consumption response to systematic income shocks, liquid hand-to-mouth, behavioral measurement, time preferences, bounded rationality, robust heterogeneity, structural behavioral, experiential learning, goal setting, financial li	143104	1
Household Finance, Experiment Center	Collective Action and Institution Formation - The Role of Group Size	Julian Detemple, Michael Kosfeld	2020		232403	1
Household Finance	Saving in Dynamic Life-Cycles Models	Raimond Maurer, Olivia S. Mitchell, Sehrish Usman	2020	Household Finance, Individual retirement accounts, private and public pensions, Life-Cycle Portfolio Choice, Taxation, Financial regulation, Welfare analysis, Longevity Risk, Pan European Pension Product	143101	1
Household Finance	On the (Ir)Relevance of Monetary Incentivization in Risk Preference Elicitation Experiments	Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber	2020	behavioral measurement, risk preferences, incentives in risk experiments	143103	1
Household Finance, Experiment Center	Moral (Mis)Behavior in the Era of Big Data	Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk	2020		232402	1
Household Finance, Experiment Center	Moral Decisions and the Externality of AI Usage	Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk	2020		232401	1
Household Finance	Same Bank, Same Clients but Different Pricing: How do Flat-Fees for Mutual Funds Affect Retail Investor Portfolios?	Andreas Hackethal, Benjamin Loos, Steffen Meyer, Charline Uhr	2020		148101	1
Household Finance	Consumption-Portfolio-Housing Choice with Reverse Mortgages	Christoph Hambel, Holger Kraft, André Meyer-Wehmann	2019	Reverse mortgages, consumption-portfolio choice, stochastic opportunity set,	21333	1
Household Finance	Finanzforum - Panel Rounds 2,3 and 4 and Corresponding Projects	Konstantin Bräuer, Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Steffen Meyer, Thomas Pauls, Annika Weber, Utz Weitzel	2019	Panel survey merged with administrative data, RCTs, experiments, surveys, topics: role of financial advice, pension planning, preferences and beliefs	21332	1
Household Finance, Experiment Center	Using Behavioral Experiments to Capture Time Inconsistency in Households Financial Decision Making	Andrej Gill, Florian Hett	2019	financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, preference heterogeneity	21337	1
Household Finance, Systemic Risk Lab	Credit Supply and Demand, Monetary Policy and P2P Lending	Michele Costola, Xu Liu, Steven Ongena, Loriana Pelizzon, Anjan Thakor, Calebe de Roure	2019	Peer-to-Peer Lending, Credit Supply, Monetary Policy	21334	1
Household Finance	Asset Class Participation and the Effect of Peer Performance on Allocation	Andreas Hackethal, Tobin Hanspal, Dominique Lammer	2019	Stock market participation, bitcoin, cryptocurrencies, peer-effects, behavioral finance, household finance, individual investors	21336	1
Household Finance	Anticipation Effects in Macroprudential Policies: Evidence from a Natural Experiment	Claes Bäckman, Tobin Hanspal, Josefin Kilman	2019	Macroprudential policy, Amortization requirements, Housing Affordability; Natural experiment	21335	1
Household Finance	Social Capital, Economic Opportunity, and Multi-Level Marketing	Claes Bäckman, Tobin Hanspal	2018	Consumer financial protection, Household finance, Entrepreneurship, Multi-level marketing, Ponzi scheme, Pyramid scheme	21328	1
Household Finance	Explaining Non-participation in an Employee Savings Plan: Evidence from Administrative Data	David Love, Giang Nghiem, Nathanael Vellekoop	2018	Household savings, non-participation, administrative data	21331	1
Household Finance	Investor Characteristics and Long-Term Financial Decision Making	Konstantin Bräuer, Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Thomas Pauls, Annika Weber	2018	RCTs on administrative panel dataset, stock market participation, role of financial advice	21324	1
Household Finance, Experiment Center	Heterogeneity in the Sensitivity to Dynamic Incentives	Florian Hett, Felix Schmidt	2018	Peer Effects, Laboratory Experiments, Experimental Finance, Tournaments, Behavioral Finance, Rank Incentives	21329	1
Household Finance	The Consumption Response to Stock Market Wealth	Gregor Becker, Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal	2018	Permanent Income Hypothesis, Marginal Propensity to Consume, Personal Financial Management	21327	1
Household Finance	Rentencockpit/Pensions Dashboard - Promoting Individual Pension Transparency	Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach, Charline Uhr	2018	pensions dashboard, financial sophistication, financial literacy, pension planning, field experiment, FinTech, rational inattention	21325	1
Household Finance	Robo-Advisers and Investor Behavior	Andreas Hackethal, Benjamin Loos, Alessandro Previtero	2018	Robo-advice, Financial advisors, Invdividual Investors, Financial Technology, Financial Inclusion, Risk Taking, Behavioral Biases.	21326	1
Household Finance	How to Reduce Inertia of Private Investors?	Florian Deuflhard, Roman Inderst	2018	private investor inertia	21330	1
Household Finance, Financial Markets	Preference Heterogeneity, Non-Price-Taking Behavior and Asset Prices	Giuliano Curatola, Ilya Dergunov, Alessandro Gioffré, Roberto Panzica	2017	Networks, social interactions, asset prices	21650	1
Household Finance	Inflation Expectations and Household Consumption Behavior	Satyajit Dutt, Nathanael Vellekoop, Mirko Wiederholt	2017	Inflation expectations; household savings; panel data; monetary economics	143102	1
Household Finance	Assessing the Impact of Mandatory Financial Guarantees in Individual Retirement Accounts on Saving, Work, and Retiree Wellbeing: The Case of German Riester Plans	Vanya Horneff, Daniel Liebler, Raimond Maurer, Olivia S. Mitchell	2017	Household Finance, Riester Pension Plans, Individual Retirement Accounts, Money-back Guarantees, Pension Regulation, Welfare analysis, Longevity Risk, Annuities, Social Security Claiming, Lifecycle Portfolio Choice	21320	1
Household Finance	Get ahead of the Joneses: Social Status	Holger Kraft, Christoph Kühn, André Meyer-Wehmann	2017		21650	1
Household Finance	Equity of Opportunities, Educational Achievement, and Financial Literacy	Horst Entorf, Jia Hou	2017		21670	1
Household Finance, Experiment Center	Financial Decision Making and Present Bias	Andrej Gill, Florian Hett, Johannes Tischer	2017	financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, randomized controlled trial, preference heterogeneity, commitment devices, nudging	21321	1
Household Finance, Systemic Risk Lab	How Does On-line/P2P Lending Fit Into the Consumer Credit Market	Tanja Baccega, Andrea Bedin, Silvia Dalla Fontana, Nicola Mano, Loriana Pelizzon, Paolo Tasca, Anjan Thakor, Calebe de Roure	2017	P2P lending, financial intermediation, consumer credit	21322	1
Household Finance, Experiment Center	Financial Networks in the Field	Paul Gortner, Joël van der Weele	2016		21650	1
Household Finance	How do Households Learn to Use a New Financial Product? Savings Behavior in the Plan, Crowd-Out, and the Role of Social Interactions	Satyajit Dutt, David Love, Henriette Prast, Nathanael Vellekoop	2016	financial products, household savings, crowd-out, social interactions, administrative data	21921	1
Household Finance, Financial Markets	Bequeathing Illiquid Assets across Generations in an Aging Society	Holger Kraft, Farina Weiss	2016	demographic change, overlapping generations, household finance, asset pricing, welfare, life cycle	21660	1
Household Finance, Macro Finance	Tax Treatment and Inequality in Labor Market Behavior	Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers	2016		21670	1
Financial Intermediation, Household Finance	Demographic Changes, Optimal Design of Life Insurance Contracts and Household Welfare	Helmut Gründl, Martin Götz, Holger Kraft, Raimond Maurer	2016		21660	1
Household Finance, Financial Markets	Time-Varying Preferences and International Capital Markets	Giuliano Curatola, Ilya Dergunov	2016	Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice	21650	1
Household Finance, Macro Finance	Financial Frictions and Inequality	Martin Götz, Alexander Ludwig, Alexander Monge-Naranjo, Christian Schlag, Ctirad Slavik, Faisal Sohail	2016		21670	1
Financial Intermediation, Household Finance	Social Networks and Informal Lines of Credit	Olga Goldfayn, Nathanael Vellekoop	2016	Personality; Household consumption and Savings	21650	1
Household Finance	Evaluating the Benefits of Hedging Longevity Risk Using Life Annuities with Liquidity Options	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	2016		21660	1
Household Finance, Macro Finance	Inequality and Assortative Matching	Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig	2016		21670	1
Household Finance	Non-Financial Life-Cycle Decisions and their Impact on Consumption-Portfolio Choice with Unspanned Labor Income	Christoph Hambel, Holger Kraft, Peter Schwamborn	2016		21392	1
Household Finance	Entwicklung der Einkommensungleichheit in Deutschland während der Finanzkrise	Nicola Fuchs-Schündeln	2015		11340	1
Household Finance	Shareholder Complaints and Marketing Investments	Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies	2015	Shareholder complaints, marketing investments, advertising, spillovers effects, firm value	21912	1
Household Finance	The Influence of Health Risks on the Optimal Portfolio Selection of Private Investors in the Life Cycle	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla	2015	health risk, optimal consumption decision, optimal portfolio decision, longevity risk	21391	1
Household Finance	How Does Lifelong Learning Influence Consumption Portfolio Choice?	Holger Kraft	2014	Education, Human capital, Consumption, Leisure	11332	1
Household Finance	Household Decisions when Stocks, Labor Income and House Prices Share a Common Trend	Holger Kraft	2014	Return predictability, house prices, labor income, stock prices, human capital, time-varying expectations, optimal life-cycle consumption and investment, renting vs.owning, intertemporal hedging, stock market participation, welfare loss	11335	1
Household Finance	Bonus Income and Household Saving		2014	household finance, behavioral economics, permanent income hypothesis, household bargaining	11338	1
Household Finance, Macro Finance	Housing Wealth Across Cultures, Institutional Environments, and Life Cycles	Enzo Cerletti, Ester Faia, Michael Haliassos, Spyridon Palligkinis	2014	housing investment, status utility, bequest, portfolio decisions, borrowing constraints	11524	1
Household Finance	Consumption-portfolio Choice with Critical Illness		2014	Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice	11334	1
Household Finance, Transparency Lab, Experiment Center	Non-Standard Preferences and Financial Decision Making	Paul Gortner	2014	Social Preferences, Financial Institutions, Incentives	11223	1
Household Finance	Households Willingness to Delay Social Security Benefits	Raimond Maurer	2014	Life Cycle Portfolio Choice, Asset Allocation, Household Finance, Life Insurance, Social Security	11331	1
Household Finance	Household Finance: Legal and Institutional Framework	Kosmas Kaprinis, Katja Langenbucher, Tobias Tröger	2013	Household finance, investor protection, MiFid	11329	1
Household Finance	Are Financial Advisors (Good) Match-Makers?	Thomas Otter, Matthias Rumpf	2013	financial advice, rule based recommendations, heterogeneity, retirement saving, survey based experiments, Bayesian inference	11327	1
Household Finance	Implications of Financial Market Imperfections for Wealth and Debt Accumulation in the Household Sector	Michael Haliassos, Orcun Kaya	2013		11390	1
Household Finance	Numerical Methods in Life-Cycle Portfolio Choice with Labor Income, Housing and Biometric Risk		2013	Labor income risk, Consumption, Portfolio choice, Insurance, Durable good	11323	1
Household Finance	How Does Household Financial Behavior Respond to Changes in the Economic Environment?		2013	household finance, product awareness, natural experiment	11321	1
Household Finance	Culture and Household Financial Behavior		2013	Household Finance, Culture, Institutions, European Integration	11350	1
Household Finance	Portfolio Reporting: How to Help individual Investors Learn from Past Mistakes	Andreas Hackethal	2013	Individual investor decisions, risk perception, risk reportung, financial literacy, peer benchmarking, nudges	11325	1
Household Finance	Revealed Preferences and Risk Aversion in Financial Markets - New Empirical Evidence from a Maximum Likelihood Approach	Andreas Hackethal, Sven-Thorsten Jakusch	2013	Individual Investment behavior, round trip trades, prospect theory, expected utility, heterogeneity of preferences, time stability of preferences	11326	1

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Current Research Team

Researcher	Position
Bernard, Sabine	Advanced Researcher
Braun, Fabian	Junior Researcher
Dutt, Satyajit	Junior Researcher
Fuchs-Schündeln, Nicola	External Researcher
Götz, Martin	External Researcher, SAFE Fellow
Gründl, Helmut	External Researcher, SAFE Fellow
Gyöngyösi, Gyozo	Advanced Researcher
Hackethal, Andreas	Senior Researcher
Hanspal, Tobin	External Researcher, Research Affiliate
Hett, Florian	External Researcher
Klockmann, Victor	External Researcher
Kraft, Holger	External Researcher, SAFE Fellow
Langenbucher, Katja	External Researcher, SAFE Fellow
Laudenbach, Christine	External Researcher
Maurer, Raimond	External Researcher, SAFE Fellow
Meyer, Steffen	External Researcher, SAFE Fellow
Mitchell, Olivia S.	External Researcher, SAFE Fellow
Radermacher, Jan Wedigo	Junior Researcher
Usman, Sehrish	Junior Researcher
Vellekoop, Nathanael	External Researcher, Research Affiliate
von Schenk, Alicia	External Researcher
Wies, Simone	External Researcher, SAFE Fellow

In this Section:

Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing

Google Search Volume and Individual Investor Trading

Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities

Older Peoples' Willingness to Delay Social Security Claiming

How will Persistent Low Expected Returns Shape Household Economic Behavior?

Peer Effects and Risk Sharing in Experimental Asset Markets

Predictors and Portfolios Over the Life Cycle

Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security

Consumption-Portfolio Choice with Preferences for Cash

Can Advertising Investments Counter the Negative Impact of Shareholder Complaints on Firm Value?

Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking

Housing Habits and Their Implications for Life-Cycle Consumption and Investment

How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios

Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum

Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education

Consumption Habits and Humps

Financial Regulation: A Transatlantic Perspective

Private Enforcement of Investor Protection – Is Private Law up for the Challenge? A Glance at the United Kingdom

Health Status and Portfolio Choice: Is Their Relationship Economically Relevant?

Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection

Keeping Households out of Financial Trouble

Risk Aversion and Religion

Financial Advice

Household Finance and the Law – A Case Study on Economic Transplants

A Life-Cycle Model with Ambiguous Survival Beliefs

Household Debt and Social Interactions

Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation

Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk

Life Insurance Demand under Health Shock Risk

Financial Advice

Fiscal Policies and Household Consumption during the COVID-19 Pandemic: A Review of Early Evidence

Beitragsgarantien in der kapitalgedeckten Altersversorgung: Ein Reformvorschlag in Zeiten des Niedrigzinsniveaus

Erkenntnisse aus sechs Wellen des Haushaltsbarometers: Sind "Konsumschecks" das richtige Mittel in der Corona-Krise?

Measuring Time Inconsistency Using Financial Transaction Data

The Recalibration of the European System of Financial Supervision in Regard of the Insurance Sector: From Dreary to Dreamy or Vice Versa?

Incentivizing Older People to Delay Social Security Claiming

Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen

Fragmentation in the European Retail Deposit Market and Implications for Loan Availability in European Member States

The Potential Effect of Offering Lump Sums as Retirement Payments

The Fiscal Crisis as a Crisis in Trust

Family Status, Social Security Claiming Options, and Life Cycle Portfolios

Den Ruhestand optimal finanzieren

Anlegerschutz braucht mehr Eigenverantwortung

Stellungnahme zum Gesetzesentwurf der Bundesregierung zur Umsetzung der OGAW-Richtlinie der EU-Kommission

Wie lässt sich der Kundennutzen der Anlageberatung steigern?