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Consumption-Income Sensitivity and Portfolio Choice
Contrary to the predictions of traditional life-cycle models, household consumption is excessively sensitive to current income. Similarly, weak evidence of income hedging runs against standard portfolio theory. We link these two puzzles by modifying the theoretical framework of Viceira (2001) to stu...
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| Publié dans: | Rev Asset Pricing Stud |
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| Auteurs principaux: | , , |
| Format: | Artigo |
| Langue: | Inglês |
| Publié: |
Oxford University Press
2019
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| Sujets: | |
| Accès en ligne: | https://ncbi.nlm.nih.gov/pmc/articles/PMC6743673/ https://ncbi.nlm.nih.gov/pubmed/31543944 https://ncbi.nlm.nih.govhttp://dx.doi.org/10.1093/rapstu/ray005 |
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