Household Finance
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 mak...
Gespeichert in:
| Veröffentlicht in: | The Journal of finance (New York) 2006-08, Vol.61 (4), p.1553-1604 |
|---|---|
| 1. Verfasser: | |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 1604 |
|---|---|
| container_issue | 4 |
| container_start_page | 1553 |
| container_title | The Journal of finance (New York) |
| container_volume | 61 |
| creator | CAMPBELL, JOHN Y. |
| description | 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. |
| doi_str_mv | 10.1111/j.1540-6261.2006.00883.x |
| format | Article |
| fullrecord | <record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_36509248</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>3874721</jstor_id><sourcerecordid>3874721</sourcerecordid><originalsourceid>FETCH-LOGICAL-a6303-ef40d612a14c55daac45657a75de6b208c9c4843af11b8ced363d658e8814f053</originalsourceid><addsrcrecordid>eNqNkL1PwzAQxS0EEqUwsDNUDGwJ_o4zMNBCW1BFJQRiPLmOIxLSpNitaP97HII6MHHLnfTe7_T0EBoQHJMw12VMBMeRpJLEFGMZY6wUi7cHqLcXDlEPY0ojghU9Rifel7gdIXrofNpsvH1vqmwwLmpdG3uKjnJdeXv2u_vodXz_MppGs_nkYXQ7i7RkmEU25ziThGrCjRCZ1oYLKRKdiMzKBcXKpIYrznROyEIZmzHJMimUVYrwHAvWR1fd35VrPjfWr2FZeGOrStc2ZAImBU4pV8F4-cdYNhtXh2xAUp5QKlMZTKozGdd472wOK1cstdsBwdAWBSW0fUDbB7RFwU9RsA3oTYd-FZXd_ZuDx_n4IVyBv-j40q8bt-eZSkI4EuSokwu_ttu9rN0HyIQlAt6eJsD58JmkyRDu2Dc0uoOA</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>194722696</pqid></control><display><type>article</type><title>Household Finance</title><source>JSTOR Archive Collection A-Z Listing</source><source>Wiley Online Library All Journals</source><creator>CAMPBELL, JOHN Y.</creator><creatorcontrib>CAMPBELL, JOHN Y.</creatorcontrib><description>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.</description><identifier>ISSN: 0022-1082</identifier><identifier>EISSN: 1540-6261</identifier><identifier>DOI: 10.1111/j.1540-6261.2006.00883.x</identifier><identifier>CODEN: JLFIAN</identifier><language>eng</language><publisher>Malden, USA: Blackwell Publishing Inc</publisher><subject>Asset allocation ; Borrowing ; Economic behaviour ; Empirical tests ; Finance ; Financial economics ; Financial investments ; Financial portfolios ; Financial services ; Household economics ; Households ; Investment policy ; Investment risk ; Investors ; Mortgage loans ; Mortgage rates ; Mortgages ; Personal finance ; Risk aversion ; Studies ; U.S.A ; Wealth ; Working papers</subject><ispartof>The Journal of finance (New York), 2006-08, Vol.61 (4), p.1553-1604</ispartof><rights>Copyright 2006 The American Finance Association</rights><rights>2006 the American Finance Association</rights><rights>Copyright Blackwell Publishers Inc. Aug 2006</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-a6303-ef40d612a14c55daac45657a75de6b208c9c4843af11b8ced363d658e8814f053</citedby><cites>FETCH-LOGICAL-a6303-ef40d612a14c55daac45657a75de6b208c9c4843af11b8ced363d658e8814f053</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.jstor.org/stable/pdf/3874721$$EPDF$$P50$$Gjstor$$H</linktopdf><linktohtml>$$Uhttps://www.jstor.org/stable/3874721$$EHTML$$P50$$Gjstor$$H</linktohtml><link.rule.ids>314,780,784,803,1416,27923,27924,45573,45574,58016,58249</link.rule.ids></links><search><creatorcontrib>CAMPBELL, JOHN Y.</creatorcontrib><title>Household Finance</title><title>The Journal of finance (New York)</title><description>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.</description><subject>Asset allocation</subject><subject>Borrowing</subject><subject>Economic behaviour</subject><subject>Empirical tests</subject><subject>Finance</subject><subject>Financial economics</subject><subject>Financial investments</subject><subject>Financial portfolios</subject><subject>Financial services</subject><subject>Household economics</subject><subject>Households</subject><subject>Investment policy</subject><subject>Investment risk</subject><subject>Investors</subject><subject>Mortgage loans</subject><subject>Mortgage rates</subject><subject>Mortgages</subject><subject>Personal finance</subject><subject>Risk aversion</subject><subject>Studies</subject><subject>U.S.A</subject><subject>Wealth</subject><subject>Working papers</subject><issn>0022-1082</issn><issn>1540-6261</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><recordid>eNqNkL1PwzAQxS0EEqUwsDNUDGwJ_o4zMNBCW1BFJQRiPLmOIxLSpNitaP97HII6MHHLnfTe7_T0EBoQHJMw12VMBMeRpJLEFGMZY6wUi7cHqLcXDlEPY0ojghU9Rifel7gdIXrofNpsvH1vqmwwLmpdG3uKjnJdeXv2u_vodXz_MppGs_nkYXQ7i7RkmEU25ziThGrCjRCZ1oYLKRKdiMzKBcXKpIYrznROyEIZmzHJMimUVYrwHAvWR1fd35VrPjfWr2FZeGOrStc2ZAImBU4pV8F4-cdYNhtXh2xAUp5QKlMZTKozGdd472wOK1cstdsBwdAWBSW0fUDbB7RFwU9RsA3oTYd-FZXd_ZuDx_n4IVyBv-j40q8bt-eZSkI4EuSokwu_ttu9rN0HyIQlAt6eJsD58JmkyRDu2Dc0uoOA</recordid><startdate>200608</startdate><enddate>200608</enddate><creator>CAMPBELL, JOHN Y.</creator><general>Blackwell Publishing Inc</general><general>Blackwell Publishers</general><general>Blackwell Publishers Inc</general><scope>BSCLL</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>200608</creationdate><title>Household Finance</title><author>CAMPBELL, JOHN Y.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-a6303-ef40d612a14c55daac45657a75de6b208c9c4843af11b8ced363d658e8814f053</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Asset allocation</topic><topic>Borrowing</topic><topic>Economic behaviour</topic><topic>Empirical tests</topic><topic>Finance</topic><topic>Financial economics</topic><topic>Financial investments</topic><topic>Financial portfolios</topic><topic>Financial services</topic><topic>Household economics</topic><topic>Households</topic><topic>Investment policy</topic><topic>Investment risk</topic><topic>Investors</topic><topic>Mortgage loans</topic><topic>Mortgage rates</topic><topic>Mortgages</topic><topic>Personal finance</topic><topic>Risk aversion</topic><topic>Studies</topic><topic>U.S.A</topic><topic>Wealth</topic><topic>Working papers</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>CAMPBELL, JOHN Y.</creatorcontrib><collection>Istex</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>The Journal of finance (New York)</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>CAMPBELL, JOHN Y.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Household Finance</atitle><jtitle>The Journal of finance (New York)</jtitle><date>2006-08</date><risdate>2006</risdate><volume>61</volume><issue>4</issue><spage>1553</spage><epage>1604</epage><pages>1553-1604</pages><issn>0022-1082</issn><eissn>1540-6261</eissn><coden>JLFIAN</coden><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.</abstract><cop>Malden, USA</cop><pub>Blackwell Publishing Inc</pub><doi>10.1111/j.1540-6261.2006.00883.x</doi><tpages>52</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0022-1082 |
| ispartof | The Journal of finance (New York), 2006-08, Vol.61 (4), p.1553-1604 |
| issn | 0022-1082 1540-6261 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_36509248 |
| source | JSTOR Archive Collection A-Z Listing; Wiley Online Library All Journals |
| subjects | Asset allocation Borrowing Economic behaviour Empirical tests Finance Financial economics Financial investments Financial portfolios Financial services Household economics Households Investment policy Investment risk Investors Mortgage loans Mortgage rates Mortgages Personal finance Risk aversion Studies U.S.A Wealth Working papers |
| title | Household Finance |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-12T16%3A56%3A29IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Household%20Finance&rft.jtitle=The%20Journal%20of%20finance%20(New%20York)&rft.au=CAMPBELL,%20JOHN%20Y.&rft.date=2006-08&rft.volume=61&rft.issue=4&rft.spage=1553&rft.epage=1604&rft.pages=1553-1604&rft.issn=0022-1082&rft.eissn=1540-6261&rft.coden=JLFIAN&rft_id=info:doi/10.1111/j.1540-6261.2006.00883.x&rft_dat=%3Cjstor_proqu%3E3874721%3C/jstor_proqu%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=194722696&rft_id=info:pmid/&rft_jstor_id=3874721&rfr_iscdi=true |