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来源类型Working Paper
规范类型报告
DOI10.3386/w2392
来源IDWorking Paper 2392
Asset Accumulation, Information, and the Life Cycle
Mervyn A. King; Jonathan I. Leape
发表日期1987-09-01
出版年1987
语种英语
摘要Empirical tests of the life cycle model have focused on its implications for the level of a household's total net worth and paid little attention to changes in portfolio composition over the life cycle. In this paper, we examine a new survey of the asset holdings of 6,010 U.S households and show that there is a pronounced life-cycle pattern to both the number and value of assets held by U.S. households. Direct survey evidence suggests that incomplete information is a significant determinant of household portfolio composition. We test the hypothesis that information about investment opportunities arrives stochastically over time, estimating a Poisson model for the arrival of new information.
主题Other ; Econometrics
URLhttps://www.nber.org/papers/w2392
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/559647
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GB/T 7714
Mervyn A. King,Jonathan I. Leape. Asset Accumulation, Information, and the Life Cycle. 1987.
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