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Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio

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  • Additional Information
    • Publication Date:
      2011
    • Collection:
      Research_Papers_in_Economics_enriched
      Research_Papers_in_Economics
    • Abstract:
      The paper constructs a model of optimal portfolio allocation incorporating the role of housing as collateral. Current house value is a state variable in the portfolio decision due to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the portfolio held in stocks is decreasing in the ratio of house value to net wealth; thus an older household with a lower ratio of house value to net wealth will generally hold more its portfolio in stocks than younger households. Empirical results using the Survey of Consumer Finances confirm the quantitative and statistical significance of the housing state variable.
    • Accession Number:
      10.1257/aer.101.3.609
    • Accession Number:
      edsair.od.......645..aa7b8d3e74af463ed3a21727b8efbe98
  • Citations
    • ABNT:
      MARJORIE FLAVIN; TAKASHI YAMASHITA. Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. American Economic Review, [s. l.], v. 101, 2011. DOI 10.1257/aer.101.3.609. Disponível em: http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsair&AN=edsair.od.......645..aa7b8d3e74af463ed3a21727b8efbe98&custid=s8280428. Acesso em: 6 jul. 2020.
    • AMA:
      Marjorie Flavin, Takashi Yamashita. Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. American Economic Review. 2011;101. doi:10.1257/aer.101.3.609.
    • AMA11:
      Marjorie Flavin, Takashi Yamashita. Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. American Economic Review. 2011;101. doi:10.1257/aer.101.3.609
    • APA:
      Marjorie Flavin, & Takashi Yamashita. (2011). Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. American Economic Review, 101. https://doi.org/10.1257/aer.101.3.609
    • Chicago/Turabian: Author-Date:
      Marjorie Flavin, and Takashi Yamashita. 2011. “Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio.” American Economic Review 101 (January). doi:10.1257/aer.101.3.609.
    • Harvard:
      Marjorie Flavin and Takashi Yamashita (2011) ‘Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio’, American Economic Review, 101. doi: 10.1257/aer.101.3.609.
    • Harvard: Australian:
      Marjorie Flavin & Takashi Yamashita 2011, ‘Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio’, American Economic Review, vol. 101, viewed 6 July 2020, .
    • MLA:
      Marjorie Flavin, and Takashi Yamashita. “Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio.” American Economic Review, vol. 101, Jan. 2011. EBSCOhost, doi:10.1257/aer.101.3.609.
    • Chicago/Turabian: Humanities:
      Marjorie Flavin, and Takashi Yamashita. “Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio.” American Economic Review 101 (January 1, 2011). doi:10.1257/aer.101.3.609.
    • Vancouver/ICMJE:
      Marjorie Flavin, Takashi Yamashita. Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio. American Economic Review [Internet]. 2011 Jan 1 [cited 2020 Jul 6];101. Available from: http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsair&AN=edsair.od.......645..aa7b8d3e74af463ed3a21727b8efbe98&custid=s8280428