Household finance and subjective beliefs

Horn, Max Frederik

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URN: urn:nbn:de:bsz:180-madoc-668170
Document Type: Doctoral dissertation
Year of publication: 2024
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Spalt, Oliver
Date of oral examination: 25 January 2024
Publication language: English
Institution: Business School > ABWL, Finanzwirtschaft u. Finanzmarktinstitutionen (Spalt 2019-)
Subject: 330 Economics
Keywords (English): household finance , subjective beliefs , belief formation , mortality , labor income risk , life-cycle models , structural estimation
Abstract: This dissertation explores how subjective beliefs of households are formed and how these beliefs affect households’ financial decision making and beyond. The first chapter of this dissertation demonstrates a causal relationship between mortality beliefs and households’ saving and consumption decisions. The second chapter establishes the novel fact that households severely overestimate their subjective labor income disaster risk. Subsequently, it is shown empirically and theoretically that this leads to a reduced willingness to invest into stocks. The final chapter of this dissertation explores whether subjective labor income risk affects the likelihood of voting for populist parties.

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