search query: @indexterm Household economics / total: 243
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| Author: | King, M. A. Leape, J. I. |
| Title: | Wealth and portfolio composition: Theory and evidence |
| Journal: | Journal of Public Economics
1998 : AUG, VOL. 69:2, p. 155-193 |
| Index terms: | Household economics Taxation Portfolio investment Wealth Models USA |
| Language: | eng |
| Abstract: | A survey of 6010 U.S. households is examined and a model for household portfolio allocation is estimated. The conventional portfolio choice model is extended to capture the observed incompleteness of household portfolios. It is shown that the empirical specification of the joint discrete and continuous choice that characterizes household portfolio behaviour is a switching regressions model with endogenous switching. The impact of taxes on portfolio composition is examined, using detailed survey data to calculate the marginal tax rate facing each household. Finally, wealth elasticities of demand for a range of assets and liabilities are estimated. |
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