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<https://discovery.ucl.ac.uk/id/eprint/1324511> <http://purl.org/ontology/bibo/abstract> "This thesis comprises three essays on household finance. It provides a comprehensive\r\ninvestigation of the role of heterogeneity in household circumstances to explain observed\r\nsaving and investment decisions and to define a unified analytical framework to study\r\nsuch behaviours. Particular emphasis is placed on idiosyncratic, non-tradeable and non-\r\ndiversifiable risks as determinants of financial choices over the life cycle. Another salient\r\nfeature of the present contributions is their focus on retirement age individuals. In the\r\ncontext of the aging population, this large cohort has received particular attention given\r\nits relatively short retirement planning horizon, its greater vulnerability to market returns\r\nand shocks to retirement wealth, and its rising exposure to health risk. Advancing our\r\nunderstanding of middle-aged individuals' saving and investment decisions is essential\r\ntowards the design of effective interventions aimed at enhancing their financial security at\r\nolder ages.\r\nIn Chapter 1 I provide a summary and overview of the thesis.\r\nIn Chapter 2 I empirically investigate whether, when markets are incomplete, the\r\npresence of idiosyncratic uninsurable and non-diversifiable risks induces more prudent investment strategies and causes individuals to hold safer portfolios. In particular, I consider\r\npublic pension uncertainty stemming from unexpected earnings variation as a source of\r\nbackground risk for workers before retirement. I find evidence of risk substitutability, in\r\nthat individuals facing higher pension variability (background risk) reduce their exposure\r\nto stock market risks (endogenously controlled risks).\r\nIn view of these findings, I develop in Chapter 3 a life-cycle model that reproduces\r\nthe main sources of uncertainty confronted by households on the verge of retirement.\r\nThese include unexpected earnings and pension variations, adverse health shocks, medical\r\nexpenditure risk and survival uncertainty. I use this rich analytical set-up to study optimal\r\nretirement saving and portfolio choices and to evaluate the impact on household welfare\r\nof tax-deferred retirement accounts. The model generates plausible wealth accumulation\r\nand portfolio patterns. The degree of exposure to background risks, its evolution over\r\ntime and interaction with tax incentives and liquidity constraints on retirement savings\r\nplay a major role in shaping lifetime investment behaviour.\r\nIn Chapter 4 I examine the effect of cognition and numeracy on a wide range of household financial outcomes. The results suggest that the degree of sophistication required\r\nto access more complex financial products may represent a severe barrier for less skilled\r\nindividuals and that simple preference heterogeneity is not sufficient to explain observed\r\ndifferences in portfolio choice among investors with different abilities. Hence, policy interventions aimed at simplifying financial decision-making should be conceived as attempts\r\nto address informational or market failures. Such measures might eliminate or reduce\r\nthe barriers preventing those with cognitive impairment from accessing certain investment\r\nopportunities and attaining the desired financial security."^^<http://www.w3.org/2001/XMLSchema#string> .
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