Household Finance
The department Household Finance conducts research on the financial decisions of private households and the interplay between the supply of and the demand for financial services. The research projects in this area are united by the overarching goal of developing solutions that lead to better financial decisions by households. In addition to the microeconomic perspective, the department also follows a macroeconomic perspective, for example concerning the design of pension systems as a determinant of both the depth and width of capital markets and long-term wealth formation in the household sector of an economy.
Department Director
Publications
| 2020 |
Google Search Volume and Individual Investor Trading |
Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr Journal of Financial Markets | Household Finance | Individual investorTrading behaviorInvestor sentiment | 2020 |
| 2020 |
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell Journal of Banking and Finance | Household Finance | Life cycle savingHousehold financeAnnuityLongevity risk401(k) planRetirement | 2020 |
| 2020 |
Older Peoples' Willingness to Delay Social Security Claiming |
Raimond Maurer, Olivia S. Mitchell forthcoming in Journal of Pension Economics and Finance | Household Finance | Annuity; labor supply; lump sum; retirement age; social security | 2020 |
| 2019 |
How will Persistent Low Expected Returns Shape Household Economic Behavior? |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell Journal of Pension Economics & Finance | Household Finance | 2019 | |
| 2019 |
Peer Effects and Risk Sharing in Experimental Asset Markets |
Sascha Baghestanian, Paul Gortner, Joël van der Weele European Economic Review | Household Finance, Financial Markets, Experiment Center | peer effects, laboratory experiments, risk taking, asset markets | 2019 |
| 2019 |
Predictors and Portfolios Over the Life Cycle |
Holger Kraft, Claus Munk Journal of Banking and Finance | Household Finance | Return predictability, human capital, housing, investments, welfare | 2019 |
| 2019 |
Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security |
Daniel Harenberg, Alexander Ludwig International Economic Review | Household Finance, Macro Finance | social security, idiosyncratic risk, aggregate risk, welfare | 2019 |
| 2019 |
Consumption-Portfolio Choice with Preferences for Cash |
Holger Kraft Journal of Economic Dynamics and Control | Household Finance | consumption-portfolio choice, money in the utility function, stock demand, stochastic control | 2019 |
| 2019 |
Can Advertising Investments Counter the Negative Impact of Shareholder Complaints on Firm Value? |
Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies Journal of Marketing | Household Finance | 2019 | |
| 2019 |
Once Bitten, Twice Shy: The Power of Personal Experiences in Risk Taking |
Steffen Andersen, Tobin Hanspal, Kasper Meisner Nielsen Journal of Financial Economics | Household Finance | Experiences, Risk taking, Financial crisis, Household finance | 2019 |
| 2018 |
Housing Habits and Their Implications for Life-Cycle Consumption and Investment |
Holger Kraft, Claus Munk, Sebastian Wagner Review of Finance | Household Finance | Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital | 2018 |
| 2016 |
How Family Status and Social Security Claiming Options Shape Optimal Life Cycle Portfolios |
Andreas Hubener, Raimond Maurer, Olivia S. Mitchell Review of Financial Studies | Household Finance | 2016 | |
| 2018 |
Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum |
Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Journal of Risk and Insurance | Household Finance | Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension | 2018 |
| 2017 |
Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education |
Michael Kosfeld, Ulrich Schüwer Review of Finance | Household Finance, Experiment Center | consumer education,financial literacy, bounded rationality, competition, regulation | 2017 |
| 2017 |
Consumption Habits and Humps |
Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner Economic Theory | Household Finance | Consumption hump, life-cycle utility maximization, habit formation, impatience | 2017 |
| 2014 |
Private Enforcement of Investor Protection – Is Private Law up for the Challenge? A Glance at the United Kingdom |
Kosmas Kaprinis, Katja Langenbucher 100 Jahre Rechtswissenschaft in Frankfurt (Vittorio Klostermann) | Household Finance | 2014 | |
| 2014 |
Health Status and Portfolio Choice: Is Their Relationship Economically Relevant? |
Silvia Bressan, Noemi Pace, Loriana Pelizzon International Review of Financial Analysis | Household Finance, Systemic Risk Lab | Household portfolios, Health status | 2014 |
| 2015 |
Optimal Life Cycle Portfolio Choice with Variable Annuities Offering Liquidity and Investment Downside Protection |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla Insurance: Mathematics and Economics | Household Finance | dynamic portfolio choice; longevity risk; variable annuity; money-back guarantee; liquidity; retirement income | 2015 |
| 2015 |
Keeping Households out of Financial Trouble |
Michael Haliassos Financial Regulation: A Transatlantic Perspective (Cambridge University Press) | Household Finance | 2015 | |
| 2013 |
Risk Aversion and Religion |
Charles N. Noussair, Stefan T. Trautmann, Nathanael Vellekoop, Gijs van de Kuilen Journal of Risk and Uncertainty | Household Finance | 2013 | |
| 2015 |
Household Finance and the Law – A Case Study on Economic Transplants |
Katja Langenbucher Financial Regulation: A Transatlantic Perspective (Cambridge University Press) | Household Finance | 2015 | |
| 2016 |
A Life-Cycle Model with Ambiguous Survival Beliefs |
Max Groneck, Alexander Ludwig, Alexander Zimper Journal of Economic Theory | Household Finance, Macro Finance | Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles | 2016 |
| 2014 |
Household Debt and Social Interactions |
Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini Review of Financial Studies | Household Finance | household finance, household debt, social interactions, mortgages, consumer credit, informal loans | 2014 |
| 2017 |
Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation |
Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel Journal of Pension Economics & Finance | Household Finance, Macro Finance | population aging, human capital, welfare, pension reform, retirement age, open economy | 2017 |
| 2015 |
Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk |
Daniel Harenberg, Alexander Ludwig International Tax and Public Finance | Household Finance, Macro Finance | social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out | 2015 |
| 2017 |
Life Insurance Demand under Health Shock Risk |
Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen Journal of Risk and Insurance | Household Finance | Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk | 2017 |
| 2015 |
Financial Advice |
Andreas Hackethal E. Faia, A. Hackethal, M. Haliassos, K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective (Cambridge University Press), pp. 245-270 | Household Finance | 2015 |
Working Papers
Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios |
Laurent Calvet, Paolo Sodini | 13 | Household Finance | 2013 | Asset allocation, communication, genetics, habit formation, human capital, labor income, leverage, participation, risk-taking, social interactions, twin study | 201301 |
Does Mood Affect Trading Behavior? |
Markku Kaustia, Elias Rantapuska | 4 | Household Finance | 2013 | mood, seasonal affective disorder (SAD), weather, trading behavior, stock market | 201301 |
Does Sophistication Affect Long-Term Return Expectations? Evidence from Financial Advisers' Exam Scores |
Markku Kaustia, Antti Lehtoranta, Vesa Puttonen | 3 | Household Finance | 2013 | stock return expectations, sophistication, financial literacy, adviser | 201301 |
Stock Ownership and Political Behavior: Evidence from Demutualization |
Markku Kaustia, Samuli Knüpfer, Sami Torstila | 2 | Household Finance | 2013 | Stock ownership, political behavior, salience, attention, identity | 201301 |
Household Debt and Social Interactions |
Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini | 1 | Household Finance | 2013 | household finance, household debt, social interactions, mortgages, consumer credit, informal loans | 201301 |
Consumption Habits and Humps |
Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner | 15 | Household Finance | 2013 | Consumption hump, life-cycle utility maximization, habit formation, impatience | 201301 |
Life Insurance Demand under Health Shock Risk |
Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen | 40 | Household Finance | 2014 | Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk | 201401 |
Consumption-Investment Problems with Stochastic Mortality Risk |
Lorenz Schendel | 43 | Household Finance | 2014 | Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance | 201401 |
Critical Illness Insurance in Life Cycle Portfolio Problems |
Lorenz Schendel | 44 | Household Finance | 2014 | Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice | 201401 |
Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education |
Michael Kosfeld, Ulrich Schüwer | 47 | Household Finance, Experiment Center | 2014 | consumer education,financial literacy, bounded rationality, competition, regulation | 201401 |
Consumption and Wage Humps in a Life-Cycle Model with Education |
Holger Kraft, Claus Munk, Frank Thomas Seifried, Mogens Steffensen | 53 | Household Finance | 2014 | Education, leisure, consumption hump, wage hump | 201401 |
Incompatible European Partners? Cultural Predispositions and Household Financial Behavior |
Michael Haliassos, Thomas Jansson, Yigitcan Karabulut | 58 | Household Finance | 2014 | Household Portfolios, Household Finance, Cultural Influences on Economic Behavior | 201401 |
Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security |
Daniel Harenberg, Alexander Ludwig | 59 | Household Finance, Macro Finance | 2014 | social security, idiosyncratic risk, aggregate risk, welfare | 201401 |
Does Product Familiarity Matter for Participation? |
Nicola Fuchs-Schündeln, Michael Haliassos | 63 | Household Finance | 2014 | household finance, familiarity, financial literacy, stockholding, household debt, social interactions, consumer credit, counterfactual analysis, German reunification | 201401 |
Peer Effects and Risk Sharing in Experimental Asset Markets |
Sascha Baghestanian, Paul Gortner, Joël van der Weele | 67 | Household Finance, Financial Markets, Experiment Center | 2014 | peer effects, laboratory experiments, risk taking, asset markets | 201401 |
Control Thyself: Self-Control Failure and Household Wealth |
Nina Biljanovska, Spyridon Palligkinis | 69 | Household Finance, Macro Finance | 2014 | Self-Control, Household Wealth, Household Finance | 201401 |
Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk |
Daniel Harenberg, Alexander Ludwig | 71 | Household Finance, Macro Finance | 2014 | social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out | 201401 |
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods |
Alexander Ludwig, Matthias Schön | 72 | Household Finance, Macro Finance | 2014 | Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation | 201401 |
A Life-Cycle Model with Ambiguous Survival Beliefs |
Max Groneck, Alexander Ludwig, Alexander Zimper | 73 | Household Finance, Macro Finance | 2014 | Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles | 201401 |
Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation |
Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel | 82 | Household Finance, Macro Finance | 2015 | population aging, human capital, welfare, pension reform, retirement age, open economy | 201501 |
Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum |
Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | 84 | Household Finance | 2015 | Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension | 201501 |
Housing Habits and Their Implications for Life-Cycle Consumption and Investment |
Holger Kraft, Claus Munk, Sebastian Wagner | 85 | Household Finance | 2015 | Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital | 201501 |
Financial Education, Literacy and Investment Attitudes |
Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi | 86 | Household Finance | 2015 | Financial education, Financial literacy, Planning, Investment attitudes | 201501 |
Asset Market Participation and Portfolio Choice Over the Life-Cycle |
Andreas Fagereng, Charles Gottlieb, Luigi Guiso | 115 | Household Finance | 2015 | - | 201501 |
On the Distributive Effects of Inflation |
Charles Gottlieb | 116 | Household Finance | 2015 | Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation | 201501 |
Predictors and Portfolios Over the Life Cycle |
Holger Kraft, Claus Munk | 139 | Household Finance | 2016 | Return predictability, human capital, housing, investments, welfare | 201601 |
The Impact of Long-Run Macroeconomic Experiences on Personality |
Nathanael Vellekoop | 142 | Household Finance | 2016 | Personality traits, Big Five, Locus of control, labor market, unemployment | 201601 |
On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data |
Sven-Thorsten Jakusch | 148 | Household Finance | 2016 | Utility Functions, Model Selection, Parameter Elicitation | 201601 |
Taming Models of Prospect Theory in the Wild? Estimation of Vlcek and Hens (2011) |
Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer | 146 | Household Finance | 2016 | Prospect Theory, Parameter Elicitation, Investors Heterogeneity | 201601 |
Taring All Investors with the Same Brush? Evidence for Heterogeneity in Individual Preferences from a Maximum Likelihood Approach |
Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer | 147 | Household Finance | 2016 | Utility Theory, Maximum Likelihood, Individual Investors | 201601 |
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | 150 | Household Finance | 2016 | dynamic portfolio choice, longevity risk, variable annuity, retirement income | 201601 |
Does feedback on personal investment success help? |
Sophie Ahlswede, Steffen Meyer, Linda Urban | 157 | Household Finance | 2016 | household finance, field study, individual investors, reporting, investment mistakes, regulation | 201612 |
The Effect of Personal Financing Disruptions on Entrepreneurship |
Tobin Hanspal | 161 | Household Finance, Law and Finance | 2016 | Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults | 201612 |
Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence |
Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | 164 | Household Finance | 2017 | Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security | 201701 |
Who Saves More, the Naive or the Sophisticated Agent? |
Max Groneck, Alexander Ludwig, Alexander Zimper | 169 | Macro Finance, Household Finance | 2017 | Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency | 201703 |
Older People’s Willingness to Delay Social Security Claiming |
Raimond Maurer, Olivia S. Mitchell | 170 | Household Finance | 2016 | 201609 | |
International Capital Markets with Time-Varying Preferences |
Giuliano Curatola, Ilya Dergunov | 176 | Financial Markets, Household Finance | 2017 | Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice | 201708 |
Consumption-Portfolio Choice with Preferences for Cash |
Holger Kraft | 181 | Household Finance | 2018 | consumption-portfolio choice, money in the utility function, stock demand, stochastic control | 201807 |
How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | 190 | Household Finance | 2017 | dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax | 201706 |
P2P Lending versus Banks: Cream Skimming or Bottom Fishing? |
Loriana Pelizzon, Anjan Thakor, Calebe de Roure | 206 | Household Finance, Systemic Risk Lab | 2018 | 201805 | |
Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback |
Florian Hett, Felix Schmidt | 203 | Household Finance, Experiment Center | 2018 | heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation | 201804 |
Financial Education for the Disadvantaged? A Review |
Horst Entorf, Jia Hou | 205 | Household Finance | 2018 | Education, Financial Literacy, Inequality, Program Evaluation | 201804 |
Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement |
Claes Bäckman, Tobin Hanspal | 207 | Household Finance | 2018 | Intermediated work; Multi-level marketing; Gig-economy; Entrepreneurship; Con- sumer financial protection | 201804 |
Financial Literacy and Socialist Education: Lessons from the German Reunification |
Maddalena Davoli, Jia Hou | 217 | Household Finance | 2018 | financial literacy determinants, socialist education, German reunification, DiD | 201808 |
Client Involvement in Expert Advice: Antibiotics in Finance? |
Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Annika Weber | 219 | Household Finance | 2018 | Financial Advice, Individual Investors, Client Involvement | 201807 |
Quantifying Inertia in Retail Deposit Markets |
Florian Deuflhard | 223 | Household Finance | 2018 | 201803 | |
Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data |
Irina Gemmo, Martin Götz | 240 | Household Finance | 2019 | 201901 | |
Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments? |
Nathanael Vellekoop | 237 | Household Finance | 2018 | consumption, consumption commitments, paycheck frequency, liquidity | 201811 |
Smoking Hot Portfolios? Overtrading from Self-Control Failure |
Andreas Hackethal, Steffen Meyer, Charline Uhr | 245 | Household Finance | 2019 | self-control; portfolio allocation; individual investor; trading behavior | 201903 |
Job Loss Expectations, Durable Consumption and Household Finances: Evidence from Linked Survey Data |
Yuri Pettinicchi, Nathanael Vellekoop | 249 | Household Finance | 2019 | Subjective expectations; Durable consumption; Household saving | 201903 |
Inflation Expectations and Choices of Households |
Nathanael Vellekoop, Mirko Wiederholt | 250 | Household Finance | 2019 | 201905 | |
Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now |
Vanya Horneff, Daniel Liebler, Raimond Maurer, Olivia S. Mitchell | 263 | Household Finance | 2019 | individual retirement account, investment guarantee, longevity risk, retirement income, life cycle model | 201910 |
Time Preferences over the Life Cycle |
Wataru Kureishi, Hannah Paule-Paludkiewicz, Hitoshi Tsujiyama, Midori Wakabayashi | 267 | Household Finance | 2020 | Time Preferences; Preference Stability; Age; Discount Rates | 202003 |
The Trading Response of Individual Investors to Local Bankruptcies |
Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart | 272 | Household Finance | 2020 | Individual investors, risk-taking, trading, experiences | 202003 |
Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing |
Di Bu, Tobin Hanspal, Yin Liao, Yong Liu | 273 | Household Finance | 2020 | Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China | 202003 |
Who Are the Bitcoin Investors? Evidence from Indirect Cryptocurrency Investments |
Andreas Hackethal, Tobin Hanspal, Dominique Lammer | 277 | Household Finance | 2020 | Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior | 202005 |
Consuming Dividends |
Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal | 280 | Household Finance | 2020 | Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor | 202005 |
Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations |
Tobin Hanspal, Annika Weber, Johannes Wohlfart | 279 | Household Finance | 2020 | Coronavirus, Stockholding, Wealth shocks, Expectation formation, Inequality. | 202005 |
On the (Ir)Relevance of Monetary Incentives in Risk Preference Elicitation Experiments |
Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber | 286 | Household Finance | 2020 | Risk Preferences, Incentives, Experimental Economics, Risk Aversion | 202008 |
When Should Retirees Tap Their Home Equity? |
Christoph Hambel, Holger Kraft, André Meyer-Wehmann | 293 | Household Finance | 2020 | reverse mortgage, consumption-portfolio decisions, optimal stopping, biometric risks, financial disasters | 202010 |
Ambiguity and Investor Behavior |
Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr | 297 | Household Finance | 2020 | ambiguity, uncertainty, individual investor, trading behavior | 202011 |
Policy Papers
| November 2020 |
Beitragsgarantien in der kapitalgedeckten Altersversorgung: Ein Reformvorschlag in Zeiten des Niedrigzinsniveaus |
Andreas Hackethal, Raimond Maurer | Household Finance | Private Altersvorsorge, Beitragsgarantien, Riester-Rente, Niedrigzinsen | 2020-11 |
| June 2020 |
Erkenntnisse aus sechs Wellen des Haushaltsbarometers: Sind "Konsumschecks" das richtige Mittel in der Corona-Krise? |
Calogero Brancatelli, Andreas Hackethal, Roman Inderst, Sebastian Schuler | Household Finance | Helicoptergeld, Haushaltskrisenbarometer, Mehrwertsteuersenkung, Kinderbonus | 2020-06 |
| October 2018 |
Wie viel Rente wirst du bekommen? – Pilotstudie zur Einführung einer Renteninformationsplattform in Deutschland |
Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach | Household Finance | Rente, Rententransparenz, individuelle Altersvorsorge, Pensions Dashboard, Digitalisierung, Fin Tech | 2018-10 |
| July 2018 |
Measuring Time Inconsistency Using Financial Transaction Data |
Andrej Gill, Florian Hett, Johannes Tischer | Household Finance, Experiment Center | financial transaction data, financial decision-making, time inconsistency, present bias | 2018-07 |
| November 2017 |
The Recalibration of the European System of Financial Supervision in Regard of the Insurance Sector: From Dreary to Dreamy or Vice Versa? |
Jens Gal, Helmut Gründl | Financial Intermediation, Household Finance | European Insurance Union, European Supervisory Authorities, EIOPA, European Insurance and Occupational Pensions Authority, Insurance Supervision | 2017-11 |
| July 2017 |
Incentivizing Older People to Delay Social Security Claiming |
Raimond Maurer, Olivia S. Mitchell | Household Finance | pensions, German retirement system, social security claiming | 2017-07 |
| September 2016 |
Das Deutsche Rentensystem: Thesen zur derzeitigen Diskussion um „Umkehr“-Reformen |
Alexander Ludwig | Household Finance | German pension system, reform, retirement age | 2016-09 |
| November 2015 |
Fragmentation in the European Retail Deposit Market and Implications for Loan Availability in European Member States |
Bijan Kaffenberger, Mark Wahrenburg | Household Finance | household finance, deposits, European market fragmentation | 2015-11 |
| November 2015 |
The Potential Effect of Offering Lump Sums as Retirement Payments |
Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek | Household Finance | Social Security solvency, Pension system | 2015-11 |
| May 2014 |
The Fiscal Crisis as a Crisis in Trust |
Michael Haliassos | Household Finance | fiscal crisis, household liquidity, economic reforms, Greece | 2014-05 |
| May 2014 |
Family Status, Social Security Claiming Options, and Life Cycle Portfolios |
Andreas Hubener, Raimond Maurer, Olivia S. Mitchell | Household Finance | life-cycle models, household savings, investment decisions | 2014-05 |
| June 2014 |
Den Ruhestand optimal finanzieren |
Raimond Maurer | Household Finance | Alterssicherung, USA, Deutschland | 2014-06 |
| July 2014 |
Anlegerschutz braucht mehr Eigenverantwortung |
Andreas Hackethal, Thomas Schäfer | Household Finance | Anlegerschutz, Bankberatung, Finanzbildung | 2014-07 |
| March 2011 |
Stellungnahme zum Gesetzesentwurf der Bundesregierung zur Umsetzung der OGAW-Richtlinie der EU-Kommission |
Raimond Maurer | Household Finance | Investmentfonds, Wertpapiere, Anlegerschutz | 2011-03 |
| April 2012 |
Wie lässt sich der Kundennutzen der Anlageberatung steigern? |
Andreas Hackethal | Household Finance | Anlageentscheidung, Wertpapierberatung, Risikomaße, Rendite | 2012-04 |
Research Projects
| Publication Count | ||||||
|---|---|---|---|---|---|---|
| Experiment Center, Household Finance | Social Identity Bias in Information Processing and Information Demand |
Kevin Bauer, Yan Chen, Florian Hett, Michael Kosfeld | 2020 | 232405 | 0 | |
| Experiment Center, Household Finance | Experiential Learning Through FinTech Applications |
Andrej Gill, Florian Hett | 2020 | experiential learning, goal setting, personal finance management, financial literacy, overconfidence | 232404 | 0 |
| Household Finance | Household Cash Management |
Fabian Braun, Andrej Gill, Andreas Hackethal, Florian Hett, Michael Kosfeld, Christine Laudenbach | 2020 | Short-term and long-term consumption response to systematic income shocks, liquid hand-to-mouth, behavioral measurement, time preferences, bounded rationality, robust heterogeneity, structural behavioral, experiential learning, goal setting, financial li | 143104 | 0 |
| Experiment Center, Household Finance | Collective Action and Institution Formation - The Role of Group Size |
Julian Detemple, Michael Kosfeld | 2020 | 232403 | 0 | |
| Household Finance | Saving in Dynamic Life-Cycles Models |
Raimond Maurer, Olivia S. Mitchell, Sehrish Usman | 2020 | Household Finance, Individual retirement accounts, private and public pensions, Life-Cycle Portfolio Choice, Taxation, Financial regulation, Welfare analysis, Longevity Risk, Pan European Pension Product | 143101 | 0 |
| Household Finance | On the (Ir)Relevance of Monetary Incentivization in Risk Preference Elicitation Experiments |
Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber | 2020 | behavioral measurement, risk preferences, incentives in risk experiments | 143103 | 1 |
| Household Finance, Experiment Center | Moral (Mis)Behavior in the Era of Big Data |
Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk | 2020 | 232402 | 0 | |
| Household Finance, Experiment Center | Moral Decisions and the Externality of AI Usage |
Victor Klockmann, Marie-Claire Villeval, Alicia von Schenk | 2020 | 232401 | 0 | |
| Household Finance | Same Bank, Same Clients but Different Pricing: How do Flat-Fees for Mutual Funds Affect Retail Investor Portfolios? |
Andreas Hackethal, Benjamin Loos, Steffen Meyer, Charline Uhr | 2020 | 148101 | 1 | |
| Household Finance | Consumption-Portfolio-Housing Choice with Reverse Mortgages |
Christoph Hambel, Holger Kraft, André Meyer-Wehmann | 2019 | Reverse mortgages, consumption-portfolio choice, stochastic opportunity set, | 21333 | 1 |
| Household Finance | Finanzforum - Panel Rounds 2,3 and 4 and Corresponding Projects |
Konstantin Bräuer, Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Steffen Meyer, Thomas Pauls, Annika Weber, Utz Weitzel | 2019 | Panel survey merged with administrative data, RCTs, experiments, surveys, topics: role of financial advice, pension planning, preferences and beliefs | 21332 | 1 |
| Household Finance, Experiment Center | Using Behavioral Experiments to Capture Time Inconsistency in Households Financial Decision Making |
Andrej Gill, Florian Hett | 2019 | financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, preference heterogeneity | 21337 | 0 |
| Household Finance, Systemic Risk Lab | Credit Supply and Demand, Monetary Policy and P2P Lending |
Michele Costola, Xu Liu, Steven Ongena, Loriana Pelizzon, Anjan Thakor, Calebe de Roure | 2019 | Peer-to-Peer Lending, Credit Supply, Monetary Policy | 21334 | 1 |
| Household Finance | Asset Class Participation and the Effect of Peer Performance on Allocation |
Andreas Hackethal, Tobin Hanspal, Dominique Lammer | 2019 | Stock market participation, bitcoin, cryptocurrencies, peer-effects, behavioral finance, household finance, individual investors | 21336 | 0 |
| Household Finance | Anticipation Effects in Macroprudential Policies: Evidence from a Natural Experiment |
Claes Bäckman, Tobin Hanspal, Josefin Kilman | 2019 | Macroprudential policy, Amortization requirements, Housing Affordability; Natural experiment | 21335 | 0 |
| Household Finance | Social Capital, Economic Opportunity, and Multi-Level Marketing |
Claes Bäckman, Tobin Hanspal | 2018 | Consumer financial protection, Household finance, Entrepreneurship, Multi-level marketing, Ponzi scheme, Pyramid scheme | 21328 | 1 |
| Household Finance | Explaining Non-participation in an Employee Savings Plan: Evidence from Administrative Data |
David Love, Giang Nghiem, Nathanael Vellekoop | 2018 | Household savings, non-participation, administrative data | 21331 | 0 |
| Household Finance | Investor Characteristics and Long-Term Financial Decision Making |
Konstantin Bräuer, Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Thomas Pauls, Annika Weber | 2018 | RCTs on administrative panel dataset, stock market participation, role of financial advice | 21324 | 1 |
| Household Finance, Experiment Center | Heterogeneity in the Sensitivity to Dynamic Incentives |
Florian Hett, Felix Schmidt | 2018 | Peer Effects, Laboratory Experiments, Experimental Finance, Tournaments, Behavioral Finance, Rank Incentives | 21329 | 1 |
| Household Finance | The Consumption Response to Stock Market Wealth |
Gregor Becker, Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal | 2018 | Permanent Income Hypothesis, Marginal Propensity to Consume, Personal Financial Management | 21327 | 1 |
| Household Finance | Rentencockpit/Pensions Dashboard - Promoting Individual Pension Transparency |
Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach, Charline Uhr | 2018 | pensions dashboard, financial sophistication, financial literacy, pension planning, field experiment, FinTech, rational inattention | 21325 | 0 |
| Household Finance | Robo-Advisers and Investor Behavior |
Andreas Hackethal, Benjamin Loos, Alessandro Previtero | 2018 | Robo-advice, Financial advisors, Invdividual Investors, Financial Technology, Financial Inclusion, Risk Taking, Behavioral Biases. | 21326 | 0 |
| Household Finance | How to Reduce Inertia of Private Investors? |
Florian Deuflhard, Roman Inderst | 2018 | private investor inertia | 21330 | 1 |
| Household Finance, Financial Markets | Preference Heterogeneity, Non-Price-Taking Behavior and Asset Prices |
Giuliano Curatola, Ilya Dergunov, Alessandro Gioffré, Roberto Panzica | 2017 | Networks, social interactions, asset prices | 21650 | 0 |
| Household Finance | Inflation Expectations and Household Consumption Behavior |
Satyajit Dutt, Nathanael Vellekoop, Mirko Wiederholt | 2017 | Inflation expectations; household savings; panel data; monetary economics | 143102 | 1 |
| Household Finance | Assessing the Impact of Mandatory Financial Guarantees in Individual Retirement Accounts on Saving, Work, and Retiree Wellbeing: The Case of German Riester Plans |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | 2017 | Household Finance, Riester Pension Plans, Individual Retirement Accounts, Money-back Guarantees, Pension Regulation, Welfare analysis, Longevity Risk, Annuities, Social Security Claiming, Lifecycle Portfolio Choice | 21320 | 1 |
| Household Finance | Get ahead of the Joneses: Social Status |
Holger Kraft, Christoph Kühn, André Meyer-Wehmann | 2017 | 21650 | 1 | |
| Household Finance | Equity of Opportunities, Educational Achievement, and Financial Literacy |
Horst Entorf, Jia Hou | 2017 | 21670 | 1 | |
| Household Finance, Experiment Center | Financial Decision Making and Present Bias |
Andrej Gill, Florian Hett, Johannes Tischer | 2017 | financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences, online experiment, randomized controlled trial, preference heterogeneity, commitment devices, nudging | 21321 | 1 |
| Household Finance, Systemic Risk Lab | How Does On-line/P2P Lending Fit Into the Consumer Credit Market |
Tanja Baccega, Andrea Bedin, Silvia Dalla Fontana, Loriana Pelizzon, Anjan Thakor, Calebe de Roure | 2017 | P2P lending, financial intermediation, consumer credit | 21322 | 1 |
| Household Finance, Experiment Center | Financial Networks in the Field |
Paul Gortner, Joël van der Weele | 2016 | 21650 | 1 | |
| Household Finance | How do Households Learn to Use a New Financial Product? Savings Behavior in the Plan, Crowd-Out, and the Role of Social Interactions |
Satyajit Dutt, David Love, Henriette Prast, Nathanael Vellekoop | 2016 | financial products, household savings, crowd-out, social interactions, administrative data | 21921 | 0 |
| Financial Markets, Household Finance | Bequeathing Illiquid Assets across Generations in an Aging Society |
Holger Kraft | 2016 | demographic change, overlapping generations, household finance, asset pricing, welfare, life cycle | 21660 | 1 |
| Macro Finance, Household Finance | Tax Treatment and Inequality in Labor Market Behavior |
Nicola Fuchs-Schündeln, Hannah Paule-Paludkiewicz, Paul Reimers | 2016 | 21670 | 1 | |
| Household Finance, Financial Intermediation | Demographic Changes, Optimal Design of Life Insurance Contracts and Household Welfare |
Helmut Gründl, Martin Götz, Holger Kraft, Raimond Maurer | 2016 | 21660 | 1 | |
| Financial Markets, Household Finance | Time-Varying Preferences and International Capital Markets |
Giuliano Curatola, Ilya Dergunov | 2016 | Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice | 21650 | 1 |
| Macro Finance, Household Finance | Financial Frictions and Inequality |
Alexander Ludwig, Alexander Monge-Naranjo, Ctirad Slavik, Faisal Sohail | 2016 | 21670 | 1 | |
| Household Finance, Financial Intermediation | Social Networks and Informal Lines of Credit |
Olga Goldfayn, Nathanael Vellekoop | 2016 | Personality; Household consumption and Savings | 21650 | 1 |
| Household Finance | Evaluating the Benefits of Hedging Longevity Risk Using Life Annuities with Liquidity Options |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell | 2016 | 21660 | 1 | |
| Macro Finance, Household Finance | Inequality and Assortative Matching |
Nicola Fuchs-Schündeln, Zhao Jin, Alexander Ludwig | 2016 | 21670 | 1 | |
| Household Finance | Non-Financial Life-Cycle Decisions and their Impact on Consumption-Portfolio Choice with Unspanned Labor Income |
Christoph Hambel, Holger Kraft | 2016 | 21392 | 1 | |
| Household Finance | Entwicklung der Einkommensungleichheit in Deutschland während der Finanzkrise |
Nicola Fuchs-Schündeln | 2015 | 11340 | 1 | |
| Household Finance | Shareholder Complaints and Marketing Investments |
Jaakko Aspara, Arvid Hoffmann, Joost Pennings, Simone Wies | 2015 | Shareholder complaints, marketing investments, advertising, spillovers effects, firm value | 21912 | 1 |
| Household Finance | The Influence of Health Risks on the Optimal Portfolio Selection of Private Investors in the Life Cycle |
Raimond Maurer, Olivia S. Mitchell | 2015 | health risk, optimal consumption decision, optimal portfolio decision, longevity risk | 21391 | 1 |
| Household Finance | How Does Lifelong Learning Influence Consumption Portfolio Choice? |
Christoph Hambel, Holger Kraft, Claus Munk, Peter Schwamborn, Sebastian Wagner | 2014 | Education, Human capital, Consumption, Leisure | 11332 | 1 |
| Household Finance | Household Decisions when Stocks, Labor Income and House Prices Share a Common Trend |
Christoph Hambel, Holger Kraft, Claus Munk, Sebastian Wagner | 2014 | Return predictability, house prices, labor income, stock prices, human capital, time-varying expectations, optimal life-cycle consumption and investment, renting vs.owning, intertemporal hedging, stock market participation, welfare loss | 11335 | 1 |
| Household Finance | Bonus Income and Household Saving |
David Card, Nathanael Vellekoop | 2014 | household finance, behavioral economics, permanent income hypothesis, household bargaining | 11338 | 1 |
| Macro Finance, Household Finance | Housing Wealth Across Cultures, Institutional Environments, and Life Cycles |
Enzo Cerletti, Ester Faia, Michael Haliassos, Spyridon Palligkinis | 2014 | housing investment, status utility, bequest, portfolio decisions, borrowing constraints | 11524 | 0 |
| Household Finance | Consumption-portfolio Choice with Critical Illness |
Christoph Hambel, Holger Kraft, Mogens Steffensen, Sebastian Wagner | 2014 | Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice | 11334 | 1 |
| Transparency Lab, Experiment Center, Household Finance | Non-Standard Preferences and Financial Decision Making |
Sascha Baghestanian, Paul Gortner, Matthias Heinz, Heiner Schumacher, Joël van der Weele | 2014 | Social Preferences, Financial Institutions, Incentives | 11223 | 1 |
| Household Finance | Households Willingness to Delay Social Security Benefits |
Vanya Horneff, Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla | 2014 | Life Cycle Portfolio Choice, Asset Allocation, Household Finance, Life Insurance, Social Security | 11331 | 1 |
| Household Finance | Household Finance: Legal and Institutional Framework |
Kai Jungbluth, Kosmas Kaprinis, Thomas Kelm, Katja Langenbucher, Tobias Tröger | 2013 | Household finance, investor protection, MiFid | 11329 | 1 |
| Household Finance | Are Financial Advisors (Good) Match-Makers? |
Thomas Otter, Matthias Rumpf | 2013 | financial advice, rule based recommendations, heterogeneity, retirement saving, survey based experiments, Bayesian inference | 11327 | 0 |
| Household Finance | Implications of Financial Market Imperfections for Wealth and Debt Accumulation in the Household Sector |
Hector Calvo-Pardo, Chryssi Giannitsarou, Andreas Hackethal, Michael Haliassos, Thomas Jansson, Yigitcan Karabulut | 2013 | 11390 | 1 | |
| Household Finance | Numerical Methods in Life-Cycle Portfolio Choice with Labor Income, Housing and Biometric Risk |
Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner | 2013 | Labor income risk, Consumption, Portfolio choice, Insurance, Durable good | 11323 | 1 |
| Household Finance | How Does Household Financial Behavior Respond to Changes in the Economic Environment? |
Nicola Fuchs-Schündeln, Michael Haliassos | 2013 | household finance, product awareness, natural experiment | 11321 | 1 |
| Household Finance | Culture and Household Financial Behavior |
Michael Haliassos, Thomas Jansson, Yigitcan Karabulut | 2013 | Household Finance, Culture, Institutions, European Integration | 11350 | 1 |
| Household Finance | Portfolio Reporting: How to Help individual Investors Learn from Past Mistakes |
Sophie Ahlswede, Andreas Hackethal, Steffen Meyer | 2013 | Individual investor decisions, risk perception, risk reportung, financial literacy, peer benchmarking, nudges | 11325 | 1 |
| Household Finance | Revealed Preferences and Risk Aversion in Financial Markets - New Empirical Evidence from a Maximum Likelihood Approach |
Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer | 2013 | Individual Investment behavior, round trip trades, prospect theory, expected utility, heterogeneity of preferences, time stability of preferences | 11326 | 1 |
Current Research Team
| Researcher | Position |
|---|---|
| Bernard, Sabine | Junior Researcher |
| Braun, Fabian | Research Assistant |
| Busch, Christopher | External Researcher, Research Affiliate |
| Dutt, Satyajit | Research Assistant |
| Fuchs-Schündeln, Nicola | External Researcher |
| Götz, Martin | External Researcher |
| Gründl, Helmut | External Researcher, SAFE Fellow |
| Gyöngyösi, Gyozo | Junior Researcher |
| Hackethal, Andreas | Senior Researcher |
| Hanspal, Tobin | External Researcher, Research Affiliate |
| Harenberg, Daniel | External Researcher, Research Affiliate |
| Hett, Florian | External Researcher |
| Klockmann, Victor | External Researcher |
| Kraft, Holger | External Researcher, SAFE Fellow |
| Langenbucher, Katja | External Researcher, SAFE Fellow |
| Laudenbach, Christine | External Researcher |
| Maurer, Raimond | External Researcher, SAFE Fellow |
| Meyer, Steffen | External Researcher, SAFE Fellow |
| Mitchell, Olivia S. | External Researcher, SAFE Fellow |
| Radermacher, Jan Wedigo | Research Assistant |
| Schön, Matthias | Research Affiliate, External Researcher |
| Uhr, Charline | Research Assistant |
| Usman, Sehrish | Research Assistant |
| Vellekoop, Nathanael | External Researcher, Research Affiliate |
| von Schenk, Alicia | External Researcher |
| Weber, Annika | Research Assistant |
| Wies, Simone | External Researcher |