This paper surveys the field of asset pricing. The emphasis is on the interplay between
theory and empirical work and on the trade‐off between risk and return. Modern research …

Purpose The purpose of this literature review paper is to define consumer finance, describe
the scope of consumer finance and discuss its future research directions …

The study of household finance is challenging because household behavior is difficult to
measure, and households face constraints not captured by textbook models. Evidence on …

Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …

Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all
financial practitioners eventually let bias, overconfidence, and emotion cloud their …

We develop a positive behavioral portfolio theory (BPT) and explore its implications for
portfolio constrution and security design. The optimal portfolios of BPT investors resemble …

This short volume originates in the need to provide a scientific foundation for the advice
offered by financial planners to long-term investors-individuals saving for retirement, or …

There is a worldwide trend toward defined contribution saving plans and growing interest in
privatized Social Security plans. In both environments, individuals are given some …

Although portfolio management didn't change much during the 40 years after the seminal
works of Markowitz and Sharpe, the development of risk budgeting techniques marked an …

For most homeowners, the house is the single most important consumption good appearing
as an argument of the utility function, and, at the same time, the dominant asset in the …