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
| 2021 | Chancen und Risiken der kapitalgedeckten AlterssicherungVermögensbildungspolitik (Springer) | Raimond Maurer | Household Finance | 2021 | |
| 2018 | Control Thyself: Self-Control Failure and Household WealthJournal of Banking & Finance | Nina Biljanovska, Spyridon Palligkinis | Household Finance, Macro Finance | Self-Control, Household Wealth, Household Finance | 2018 |
| 2018 | Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid MethodsComputational Economics (Springer) | Alexander Ludwig, Matthias Schön | Household Finance, Macro Finance | Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation | 2018 |
| 2021 | Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and EvidenceJournal of Risk and Insurance | Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Household Finance | Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security | 2021 |
| 2018 | How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement BehaviorHow Persistent Low Returns Will Shape Saving and Retirement (University Press Scholarship Online) | Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | Household Finance | dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax | 2018 |
| 2021 | Smoking Hot Portfolios? Overtrading from Self-Control FailureJournal of Empirical Finance | Andreas Hackethal, Steffen Meyer, Charline Uhr | Household Finance | self-control; portfolio allocation; individual investor; trading behavior | 2021 |
| 2021 | Ambiguity About Volatility and Investor Behaviorforthcoming in Journal of Financial Economics | Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr | Household Finance | 2021 | |
| 2020 | Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt CrisisAmerican Economic Review | Gyozo Gyöngyösi, Emil Verner | Household Finance | 2020 | |
| 2021 | Financial Crisis, Creditor-Debtor Conflict, and Populismforthcoming in Journal of Finance | Gyozo Gyöngyösi, Emil Verner | Household Finance | 2021 | |
| 2021 | The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investmentsforthcoming in Review of Finance | Andreas Hackethal, Tobin Hanspal, Dominique Lammer, Kevin Rink | Household Finance | Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior | 2021 |
| 2021 | Consuming Dividendsforthcoming in Review of Financial Studies | Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal | Household Finance | Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor | 2021 |
| 2020 | Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowingforthcoming 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 TradingJournal 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 AnnuitiesJournal 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 ClaimingJournal 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 MarketsEuropean 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 CycleJournal 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 SecurityInternational 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 CashJournal of Economic Dynamics and Control | Holger Kraft, Farina Weiss | Household Finance | consumption-portfolio choice, money in the utility function, stock demand, stochastic control | 2019 |
| 2021 | P2P Lenders versus Banks: Cream Skimming or Bottom Fishing?forthcoming in The Review of Corporate Finance Studies | Loriana Pelizzon, Anjan Thakor, Calebe de Roure | Household Finance | 2021 | |
| 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 TakingJournal 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 InvestmentReview 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 PortfoliosReview 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 SumJournal 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 EducationReview of Finance | Michael Kosfeld, Ulrich Schüwer | Household Finance, Experiment Center | consumer education,financial literacy, bounded rationality, competition, regulation | 2017 |
| 2017 | Consumption Habits and HumpsEconomic 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 PerspectiveBook 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 Kingdom100 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 ProtectionInsurance: 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 TroubleFinancial Regulation: A Transatlantic Perspective (Cambridge University Press) | Michael Haliassos | Household Finance | 2015 | |
| 2013 | Risk Aversion and ReligionJournal of Risk and Uncertainty | Charles N. Noussair, Stefan T. Trautmann, Nathanael Vellekoop, Gijs van de Kuilen | Household Finance | 2013 | |
| 2015 | Financial AdviceFinancial Regulation: A Transatlantic Perspective (Cambridge University Press) | Andreas Hackethal | Household Finance | 2015 | |
| 2015 | Household Finance and the Law – A Case Study on Economic TransplantsFinancial Regulation: A Transatlantic Perspective (Cambridge University Press) | Katja Langenbucher | Household Finance | 2015 | |
| 2016 | A Life-Cycle Model with Ambiguous Survival BeliefsJournal 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 InteractionsReview 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 FormationJournal 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 RiskInternational 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 RiskJournal 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 AdviceE. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270 | Household Finance | 2015 |
Working Papers
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 | |
Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal? | 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 |
The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments | Andreas Hackethal, Tobin Hanspal, Dominique Lammer, Kevin Rink | 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 |
The Anatomy of Consumption in a Household Foreign Currency Debt Crisis | Gyozo Gyöngyösi, Judit Rariga, Emil Verner | 332 | Household Finance | 2021 | Dec 2021 | |
Artificial Intelligence, Ethics, and Diffused Pivotality | Victor Klockmann, Marie Claire Villeval, Alicia von Schenk | 336 | Household Finance, Experiment Center | 2021 | Artificial Intelligence, Big Data, Pivotality, Ethics, Experiment | Jan 2021 |
Artificial Intelligence, Ethics, and Intergenerational Responsibility | Victor Klockmann, Marie Claire Villeval, Alicia von Schenk | 335 | Household Finance, Experiment Center | 2022 | Jan 2022 |
Policy Papers
Research Projects
Current Research Team
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