Affiliation:
1. Department of Finance, London Business School, London NW1 4SA, United Kingdom;
2. Centre for Economic Policy Research, London EC1V 0DX, United Kingdom
Abstract
Life-cycle portfolio choice models capture the role of human capital, housing, borrowing constraints, background risk, and several other crucial ingredients for determining the savings and investment decisions of households. Over the last two decades, this literature has provided us with multiple insights regarding the asset allocation decisions of individual investors. This article provides a critical survey of this research and suggests directions for future research, namely incorporating additional forms of household heterogeneity.
Subject
Economics and Econometrics,Finance
Cited by
29 articles.
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