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1、CHAPTER21HouseholdFinance:AnEmergingField*LuigiGuisoaandPaoloSodinibaEinaudiInstituteforEconomicsandFinance,ViaSallustiana62-00187Rome,ItalybDepartmentofFinance,StockholmSchoolofEconomics,Sveavägen65,Box6501,SE-11383Stockholm,SwedenContents1.TheRiseofHouseholdFin
2、ance13981.1WhyaNewField?13991.2WhyNow?14012.FactsAboutHouseholdAssetsandLiabilities14022.1ComponentsofLifetimeWealth:HumanCapital14032.2ComponentsofLifetimeWealth:TangibleAssets14062.2.1WhoOwnsTangibleWealth?14072.2.2TheWealthAllocationinRealandFinancialAssets140
3、72.2.3TheFinancialPortfolio14132.3Liabilities14172.4Trends14192.5OverallRelianceonFinancialMarkets14202.6InternationalComparisons14213.HouseholdRiskPreferencesandBeliefs:WhatDoWeKnow?14243.1MeasuringIndividualRiskAversion14253.1.1RevealedPreferenceApproach14253.1
4、.2ElicitationofRiskPreferences14283.2DeterminantsofRiskAttitudes14323.2.1RiskAversionandFinancialWealth14333.2.2OtherDeterminantsofRiskPreferences14373.3Time-VaryingRiskAversion?14433.4HeterogeneityintheFinancialWealthElasticityoftheRiskyShare14453.5AmbiguityandR
5、egret14463.6Beliefs14493.7RiskAversion,Beliefs,andFinancialChoices;PuttingMerton’sModeltotheTest14504.HouseholdPortfolioDecisions,fromNormativeModelstoObservedBehavior14524.1StockMarketParticipation1453∗WeareverygratefultoNicholasBarberis,LaurentCalvet,JohnCampbe
6、ll,JamesChoi,StevenDavis,AnnaDreber,KennethFrench,MichaelHaliassos,TullioJappelli,JuannaJoensen,UlfvonLilienfeld-Toal,MattiKeloharju,RalphKoijen,SamuliKnupfer,NikolaiRoussanov,MeirStatman,LauraVeldkamp,AlexanderMichaelides,StephanSiegel,IrinaTelyukova,LuisViceira
7、,JamesVickery,forveryhelpfulcomments.MariaGustafssonandTimotheosMavropouloshaveprovidedextremelycarefulanddedicatedresearchassistanceduringthepreparationofthischapter.HandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-459406-8.000
8、21-4Allrightsreserved.13971398LuigiGuisoandPaoloSodini4.1.1ParticipationCostsandtheStockholdingPuzzle14534.1.2Non-StandardPreferencesandLimitedStockMarketParti
