Household Finance

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Household Finance

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Title: Household Finance
Author: Campbell, John
Citation: Campbell, John Y. 2006. Household Finance. Journal of Finance 61(4): 1553-1604.
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Abstract: The study of household finance is challenging because household behavior is difficult to measure, and households face constraints not captured by textbook models. Evidence on participation, diversification, and mortgage refinancing suggests that many households invest effectively, but a minority make significant mistakes. This minority appears to be poorer and less well educated than the majority of more successful investors. There is some evidence that households understand their own limitations and avoid financial strategies for which they feel unqualified. Some financial products involve a cross-subsidy from naive to sophisticated households, and this can inhibit welfare-improving financial innovation.
Published Version: http://dx.doi.org/10.1111/j.1540-6261.2006.00883.x
Terms of Use: This article is made available under the terms and conditions applicable to Other Posted Material, as set forth at http://nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of-use#LAA
Citable link to this page: http://nrs.harvard.edu/urn-3:HUL.InstRepos:3157877

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  • FAS Scholarly Articles [7588]
    Peer reviewed scholarly articles from the Faculty of Arts and Sciences of Harvard University
 
 

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