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

PublishedTitleAuthor/sProgram AreaKeywordsPublished
2020

Google Search Volume and Individual Investor Trading

Journal of Financial Markets
Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr Household Finance Individual investorTrading behaviorInvestor sentiment2020
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) planRetirement2020
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 security2020
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 markets2019
2019

Predictors and Portfolios Over the Life Cycle

Journal of Banking and Finance
Holger Kraft, Claus Munk Household Finance Return predictability, human capital, housing, investments, welfare2019
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, welfare2019
2019

Consumption-Portfolio Choice with Preferences for Cash

Journal of Economic Dynamics and Control
Holger Kraft Household Finance consumption-portfolio choice, money in the utility function, stock demand, stochastic control2019
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 finance2019
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 capital2018
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, pension2018
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, regulation2017
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, impatience2017
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 status2014
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 income2015
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

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 puzzles2016
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 loans2014
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 economy2017
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 out2015
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 risk2017
2015

Financial Advice

E. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270
Andreas Hackethal Household Finance 2015

Working Papers

TitleAuthor/sNo.Program AreaYearKeywordsPublished

Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios

Laurent Calvet, Paolo Sodini13 Household Finance 2013Asset 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 Rantapuska4 Household Finance 2013mood, 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 Puttonen3 Household Finance 2013stock return expectations, sophistication, financial literacy, adviser Jan 2013

Stock Ownership and Political Behavior: Evidence from Demutualization

Markku Kaustia, Samuli Knüpfer, Sami Torstila2 Household Finance 2013Stock ownership, political behavior, salience, attention, identity Jan 2013

Household Debt and Social Interactions

Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini1 Household Finance 2013household finance, household debt, social interactions, mortgages, consumer credit, informal loans Jan 2013

Consumption Habits and Humps

Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner15 Household Finance 2013Consumption hump, life-cycle utility maximization, habit formation, impatience Jan 2013

Life Insurance Demand under Health Shock Risk

Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen40 Household Finance 2014Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk Jan 2014

Consumption-Investment Problems with Stochastic Mortality Risk

Lorenz Schendel43 Household Finance 2014Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance Jan 2014

Critical Illness Insurance in Life Cycle Portfolio Problems

Lorenz Schendel44 Household Finance 2014Health 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 Schüwer47 Household Finance, Experiment Center 2014consumer 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 Steffensen53 Household Finance 2014Education, leisure, consumption hump, wage hump Jan 2014

Incompatible European Partners? Cultural Predispositions and Household Financial Behavior

Michael Haliassos, Thomas Jansson, Yigitcan Karabulut58 Household Finance 2014Household Portfolios, Household Finance, Cultural Influences on Economic Behavior Jan 2014

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

Daniel Harenberg, Alexander Ludwig59 Household Finance, Macro Finance 2014social security, idiosyncratic risk, aggregate risk, welfare Jan 2014

Does Product Familiarity Matter for Participation?

Nicola Fuchs-Schündeln, Michael Haliassos63 Household Finance 2014household 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 Weele67 Household Finance, Financial Markets, Experiment Center 2014peer effects, laboratory experiments, risk taking, asset markets Jan 2014

Control Thyself: Self-Control Failure and Household Wealth

Nina Biljanovska, Spyridon Palligkinis69 Household Finance, Macro Finance 2014Self-Control, Household Wealth, Household Finance Jan 2014

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

Daniel Harenberg, Alexander Ludwig71 Household Finance, Macro Finance 2014social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out Jan 2014

Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods

Alexander Ludwig, Matthias Schön72 Household Finance, Macro Finance 2014Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation Jan 2014

A Life-Cycle Model with Ambiguous Survival Beliefs

Max Groneck, Alexander Ludwig, Alexander Zimper73 Household Finance, Macro Finance 2014Cumulative 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 Vogel82 Household Finance, Macro Finance 2015population 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 Schimetschek84 Household Finance 2015Annuity, 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 Wagner85 Household Finance 2015Habit 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 Pettinicchi86 Household Finance 2015Financial education, Financial literacy, Planning, Investment attitudes Jan 2015

Asset Market Participation and Portfolio Choice Over the Life-Cycle

Andreas Fagereng, Charles Gottlieb, Luigi Guiso115 Household Finance 2015- Jan 2015

On the Distributive Effects of Inflation

Charles Gottlieb116 Household Finance 2015Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation Jan 2015

Predictors and Portfolios Over the Life Cycle

Holger Kraft, Claus Munk139 Household Finance 2016Return predictability, human capital, housing, investments, welfare Jan 2016

The Impact of Long-Run Macroeconomic Experiences on Personality

Nathanael Vellekoop142 Household Finance 2016Personality traits, Big Five, Locus of control, labor market, unemployment Jan 2016

On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data

Sven-Thorsten Jakusch148 Household Finance 2016Utility 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 Meyer146 Household Finance 2016Prospect 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 Meyer147 Household Finance 2016Utility 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. Mitchell150 Household Finance 2016dynamic portfolio choice, longevity risk, variable annuity, retirement income Jan 2016

Does feedback on personal investment success help?

Sophie Ahlswede, Steffen Meyer, Linda Urban157 Household Finance 2016household finance, field study, individual investors, reporting, investment mistakes, regulation Dec 2016

The Effect of Personal Financing Disruptions on Entrepreneurship

Tobin Hanspal161 Law and Finance, Household Finance 2016Entrepreneurship; 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 Schimetschek164 Household Finance 2017Annuity, 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 Zimper169 Household Finance, Macro Finance 2017Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency Mar 2017

Older People’s Willingness to Delay Social Security Claiming

Raimond Maurer, Olivia S. Mitchell170 Household Finance 2016 Sep 2016

International Capital Markets with Time-Varying Preferences

Giuliano Curatola, Ilya Dergunov176 Household Finance, Financial Markets 2017Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice Aug 2017

Consumption-Portfolio Choice with Preferences for Cash

Holger Kraft181 Household Finance 2018consumption-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. Mitchell190 Household Finance 2017dynamic 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 Roure206 Household Finance, Systemic Risk Lab 2018 May 2018

Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback

Florian Hett, Felix Schmidt203 Household Finance, Experiment Center 2018heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation Apr 2018

Financial Education for the Disadvantaged? A Review

Horst Entorf, Jia Hou205 Household Finance 2018Education, Financial Literacy, Inequality, Program Evaluation Apr 2018

Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement

Claes Bäckman, Tobin Hanspal207 Household Finance 2018Intermediated 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 Hou217 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 Weber219 Household Finance 2018Financial Advice, Individual Investors, Client Involvement Jul 2018

Quantifying Inertia in Retail Deposit Markets

Florian Deuflhard223 Household Finance 2018 Mar 2018

Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data

Irina Gemmo, Martin Götz240 Household Finance 2019 Jan 2019

Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments?

Nathanael Vellekoop237 Household Finance 2018consumption, consumption commitments, paycheck frequency, liquidity Nov 2018

Smoking Hot Portfolios? Overtrading from Self-Control Failure

Andreas Hackethal, Steffen Meyer, Charline Uhr245 Household Finance 2019self-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 Vellekoop249 Household Finance 2019Subjective expectations; Durable consumption; Household saving Mar 2019

Inflation Expectations and Choices of Households

Nathanael Vellekoop, Mirko Wiederholt250 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. Mitchell263 Household Finance 2019individual 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 Wakabayashi267 Household Finance 2020Time Preferences; Preference Stability; Age; Discount Rates Mar 2020

The Trading Response of Individual Investors to Local Bankruptcies

Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart272 Household Finance 2020Individual 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 Liu273 Household Finance 2020Financial 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 Lammer277 Household Finance 2020Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior May 2020

Consuming Dividends

Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal280 Household Finance 2020Consumption, 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 Wohlfart279 Household Finance 2020Coronavirus, 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 Weber286 Household Finance 2020Risk Preferences, Incentives, Experimental Economics, Risk Aversion Aug 2020

When Should Retirees Tap Their Home Equity?

Christoph Hambel, Holger Kraft, André Meyer-Wehmann293 Household Finance 2020reverse mortgage, consumption-portfolio decisions, optimal stopping, biometric risks, financial disasters Oct 2020

Policy Papers

YearTitleAuthor/sProgram AreaKeywordsYear
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
Oct 2018

Wie viel Rente wirst du bekommen? – Pilotstudie zur Einführung einer Renteninformationsplattform in Deutschland

Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach Household Finance Rente, Rententransparenz, individuelle Altersvorsorge, Pensions Dashboard, Digitalisierung, Fin Tech Oct 2018
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

Research Projects

CategoryProjectResearcherProject DurationKeywordsProject IDPublication Count
Household Finance, Experiment Center

Social Identity Bias in Information Processing and Information Demand

Kevin Bauer, Yan Chen, Florian Hett, Michael Kosfeld20202324051
Household Finance, Experiment Center

Experiential Learning Through FinTech Applications

Andrej Gill, Florian Hett2020experiential learning, goal setting, personal finance management, financial literacy, overconfidence2324041
Household Finance

Household Cash Management

Fabian Braun, Andrej Gill, Andreas Hackethal, Florian Hett, Michael Kosfeld, Christine Laudenbach2020Short-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 li1431041
Household Finance, Experiment Center

Collective Action and Institution Formation - The Role of Group Size

Julian Detemple, Michael Kosfeld20202324031
Household Finance

Saving in Dynamic Life-Cycles Models

Raimond Maurer, Olivia S. Mitchell, Sehrish Usman2020Household Finance, Individual retirement accounts, private and public pensions, Life-Cycle Portfolio Choice, Taxation, Financial regulation, Welfare analysis, Longevity Risk, Pan European Pension Product1431011
Household Finance

On the (Ir)Relevance of Monetary Incentivization in Risk Preference Elicitation Experiments

Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber2020behavioral measurement, risk preferences, incentives in risk experiments1431031
Household Finance, Experiment Center

Moral (Mis)Behavior in the Era of Big Data

Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk20202324021
Household Finance, Experiment Center

Moral Decisions and the Externality of AI Usage

Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk20202324011
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 Uhr20201481011
Household Finance

Consumption-Portfolio-Housing Choice with Reverse Mortgages

Christoph Hambel, Holger Kraft, André Meyer-Wehmann2019Reverse mortgages, consumption-portfolio choice, stochastic opportunity set, 213331
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 Weitzel2019Panel survey merged with administrative data, RCTs, experiments, surveys, topics: role of financial advice, pension planning, preferences and beliefs213321
Household Finance, Experiment Center

Using Behavioral Experiments to Capture Time Inconsistency in Households Financial Decision Making

Andrej Gill, Florian Hett2019financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, preference heterogeneity213371
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 Roure2019Peer-to-Peer Lending, Credit Supply, Monetary Policy213341
Household Finance

Asset Class Participation and the Effect of Peer Performance on Allocation

Andreas Hackethal, Tobin Hanspal, Dominique Lammer2019Stock market participation, bitcoin, cryptocurrencies, peer-effects, behavioral finance, household finance, individual investors213361
Household Finance

Anticipation Effects in Macroprudential Policies: Evidence from a Natural Experiment

Claes Bäckman, Tobin Hanspal, Josefin Kilman2019Macroprudential policy, Amortization requirements, Housing Affordability; Natural experiment213351
Household Finance

Social Capital, Economic Opportunity, and Multi-Level Marketing

Claes Bäckman, Tobin Hanspal2018Consumer financial protection, Household finance, Entrepreneurship, Multi-level marketing, Ponzi scheme, Pyramid scheme213281
Household Finance

Explaining Non-participation in an Employee Savings Plan: Evidence from Administrative Data

David Love, Giang Nghiem, Nathanael Vellekoop2018Household savings, non-participation, administrative data213311
Household Finance

Investor Characteristics and Long-Term Financial Decision Making

Konstantin Bräuer, Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Thomas Pauls, Annika Weber2018RCTs on administrative panel dataset, stock market participation, role of financial advice213241
Household Finance, Experiment Center

Heterogeneity in the Sensitivity to Dynamic Incentives

Florian Hett, Felix Schmidt2018Peer Effects, Laboratory Experiments, Experimental Finance, Tournaments, Behavioral Finance, Rank Incentives213291
Household Finance

The Consumption Response to Stock Market Wealth

Gregor Becker, Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal2018Permanent Income Hypothesis, Marginal Propensity to Consume, Personal Financial Management213271
Household Finance

Rentencockpit/Pensions Dashboard - Promoting Individual Pension Transparency

Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach, Charline Uhr2018pensions dashboard, financial sophistication, financial literacy, pension planning, field experiment, FinTech, rational inattention213251
Household Finance

Robo-Advisers and Investor Behavior

Andreas Hackethal, Benjamin Loos, Alessandro Previtero2018Robo-advice, Financial advisors, Invdividual Investors, Financial Technology, Financial Inclusion, Risk Taking, Behavioral Biases.213261
Household Finance

How to Reduce Inertia of Private Investors?

Florian Deuflhard, Roman Inderst2018private investor inertia213301
Household Finance, Financial Markets

Preference Heterogeneity, Non-Price-Taking Behavior and Asset Prices

Giuliano Curatola, Ilya Dergunov, Alessandro Gioffré, Roberto Panzica2017Networks, social interactions, asset prices 216501
Household Finance

Inflation Expectations and Household Consumption Behavior

Satyajit Dutt, Nathanael Vellekoop, Mirko Wiederholt2017Inflation expectations; household savings; panel data; monetary economics1431021
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, Raimond Maurer, Olivia S. Mitchell2017Household Finance, Riester Pension Plans, Individual Retirement Accounts, Money-back Guarantees, Pension Regulation, Welfare analysis, Longevity Risk, Annuities, Social Security Claiming, Lifecycle Portfolio Choice213201
Household Finance

Get ahead of the Joneses: Social Status

Holger Kraft, Christoph Kühn, André Meyer-Wehmann2017216501
Household Finance

Equity of Opportunities, Educational Achievement, and Financial Literacy

Horst Entorf, Jia Hou2017216701
Household Finance, Experiment Center

Financial Decision Making and Present Bias

Andrej Gill, Florian Hett, Johannes Tischer2017financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, randomized controlled trial, preference heterogeneity, commitment devices, nudging213211
Household Finance, Systemic Risk Lab

How Does On-line/P2P Lending Fit Into the Consumer Credit Market

Tanja Baccega, Andrea Bedin, Silvia Dalla Fontana, Loriana Pelizzon, Anjan Thakor, Calebe de Roure2017P2P lending, financial intermediation, consumer credit213221
Household Finance, Experiment Center

Financial Networks in the Field

Paul Gortner, Joël van der Weele2016216501
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 Vellekoop2016financial products, household savings, crowd-out, social interactions, administrative data219211
Household Finance, Financial Markets

Bequeathing Illiquid Assets across Generations in an Aging Society

Holger Kraft2016demographic change, overlapping generations, household finance, asset pricing, welfare, life cycle216601
Household Finance, Macro Finance

Tax Treatment and Inequality in Labor Market Behavior

Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers2016216701
Financial Intermediation, Household Finance

Demographic Changes, Optimal Design of Life Insurance Contracts and Household Welfare

Helmut Gründl, Martin Götz, Holger Kraft, Raimond Maurer2016216601
Household Finance, Financial Markets

Time-Varying Preferences and International Capital Markets

Giuliano Curatola, Ilya Dergunov2016Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice 216501
Household Finance, Macro Finance

Financial Frictions and Inequality

Alexander Ludwig, Alexander Monge-Naranjo, Ctirad Slavik, Faisal Sohail2016216701
Financial Intermediation, Household Finance

Social Networks and Informal Lines of Credit

Olga Goldfayn, Nathanael Vellekoop2016Personality; Household consumption and Savings 216501
Household Finance

Evaluating the Benefits of Hedging Longevity Risk Using Life Annuities with Liquidity Options

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell2016216601
Household Finance, Macro Finance

Inequality and Assortative Matching

Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig2016216701
Household Finance

Non-Financial Life-Cycle Decisions and their Impact on Consumption-Portfolio Choice with Unspanned Labor Income

Christoph Hambel, Holger Kraft2016213921
Household Finance

Entwicklung der Einkommensungleichheit in Deutschland während der Finanzkrise

Nicola Fuchs-Schündeln2015113401
Household Finance

Shareholder Complaints and Marketing Investments

Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies2015Shareholder complaints, marketing investments, advertising, spillovers effects, firm value219121
Household Finance

The Influence of Health Risks on the Optimal Portfolio Selection of Private Investors in the Life Cycle

Raimond Maurer, Olivia S. Mitchell2015health risk, optimal consumption decision, optimal portfolio decision, longevity risk213911
Household Finance

How Does Lifelong Learning Influence Consumption Portfolio Choice?

Christoph Hambel, Holger Kraft, Claus Munk, Peter Schwamborn, Sebastian Wagner2014Education, Human capital, Consumption, Leisure113321
Household Finance

Household Decisions when Stocks, Labor Income and House Prices Share a Common Trend

Christoph Hambel, Holger Kraft, Claus Munk, Sebastian Wagner2014Return 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 loss113351
Household Finance

Bonus Income and Household Saving

David Card, Nathanael Vellekoop2014household finance, behavioral economics, permanent income hypothesis, household bargaining113381
Household Finance, Macro Finance

Housing Wealth Across Cultures, Institutional Environments, and Life Cycles

Enzo Cerletti, Ester Faia, Michael Haliassos, Spyridon Palligkinis2014housing investment, status utility, bequest, portfolio decisions, borrowing constraints115241
Household Finance

Consumption-portfolio Choice with Critical Illness

Christoph Hambel, Holger Kraft, Mogens Steffensen, Sebastian Wagner2014Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice113341
Household Finance, Transparency Lab, Experiment Center

Non-Standard Preferences and Financial Decision Making

Sascha Baghestanian, Paul Gortner, Matthias Heinz, Heiner Schumacher, Joël van der Weele2014Social Preferences, Financial Institutions, Incentives112231
Household Finance

Households Willingness to Delay Social Security Benefits

Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla2014Life Cycle Portfolio Choice, Asset Allocation, Household Finance, Life Insurance, Social Security113311
Household Finance

Household Finance: Legal and Institutional Framework

Kai Jungbluth, Kosmas Kaprinis, Thomas Kelm, Katja Langenbucher, Tobias Tröger2013Household finance, investor protection, MiFid113291
Household Finance

Are Financial Advisors (Good) Match-Makers?

Thomas Otter, Matthias Rumpf2013financial advice, rule based recommendations, heterogeneity, retirement saving, survey based experiments, Bayesian inference113271
Household Finance

Implications of Financial Market Imperfections for Wealth and Debt Accumulation in the Household Sector

Hector Calvo-Pardo, Chryssi Giannitsarou, Andreas Hackethal, Michael Haliassos, Thomas Jansson, Yigitcan Karabulut2013113901
Household Finance

Numerical Methods in Life-Cycle Portfolio Choice with Labor Income, Housing and Biometric Risk

Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner2013Labor income risk, Consumption, Portfolio choice, Insurance, Durable good113231
Household Finance

How Does Household Financial Behavior Respond to Changes in the Economic Environment?

Nicola Fuchs-Schündeln, Michael Haliassos2013household finance, product awareness, natural experiment113211
Household Finance

Culture and Household Financial Behavior

Michael Haliassos, Thomas Jansson, Yigitcan Karabulut2013Household Finance, Culture, Institutions, European Integration113501
Household Finance

Portfolio Reporting: How to Help individual Investors Learn from Past Mistakes

Sophie Ahlswede, Andreas Hackethal, Steffen Meyer2013Individual investor decisions, risk perception, risk reportung, financial literacy, peer benchmarking, nudges113251
Household Finance

Revealed Preferences and Risk Aversion in Financial Markets - New Empirical Evidence from a Maximum Likelihood Approach

Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer2013Individual Investment behavior, round trip trades, prospect theory, expected utility, heterogeneity of preferences, time stability of preferences113261

Current Research Team

ResearcherPosition
Bernard, Sabine Junior Researcher
Braun, Fabian Research Assistant
Busch, Christopher External Researcher, Research Affiliate
Dutt, Satyajit Research Assistant
Fuchs-Schündeln, Nicola External Researcher
Götz, Martin External Researcher
Gründl, Helmut External Researcher, SAFE Fellow
Gyöngyösi, Gyozo Junior Researcher
Hackethal, Andreas Senior Researcher
Hanspal, Tobin External Researcher, Research Affiliate
Harenberg, Daniel 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 Research Assistant
Schön, Matthias External Researcher, Research Affiliate
Uhr, Charline Research Assistant
Usman, Sehrish Research Assistant
Vellekoop, Nathanael External Researcher, Research Affiliate
von Schenk, Alicia External Researcher
Weber, Annika Research Assistant
Wies, Simone External Researcher