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Behavior of Household Portfolios in France: The Role of Housing

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  • Arrondel, Luc
  • Lefebvre, Bruno

Abstract

The two-dimensional aspects of dwellings occupied by their owner, consumption and investment, make the analysis of households' portfolio choice and the analysis of housing purchases more difficult. But it seems difficult to analyze portfolio decisions without taking account of owner-occupied housing that has an important effect on wealth composition over the life cycle. In this paper we estimated a portfolio choice model where the different dwellings are defined as assets and we showed that we cannot separate investment decisions from housing consumption. Especially, risky assets demand should be greatly influenced by attitudes toward home property. Copyright 2001 by The International Association for Research in Income and Wealth.

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  • Arrondel, Luc & Lefebvre, Bruno, 2001. "Behavior of Household Portfolios in France: The Role of Housing," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 47(4), pages 489-514, December.
  • Handle: RePEc:bla:revinw:v:47:y:2001:i:4:p:489-514
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    Cited by:

    1. Patricia Sourdin, 2005. "Pension Contribution as a Commitment Device: Evidence of Sophistication among Time-inconsistent Households," School of Economics Working Papers 2005-17, University of Adelaide, School of Economics.
    2. Marion Kohler & Anthony Rossiter, 2005. "Property Owners in Australia: A Snapshot," RBA Research Discussion Papers rdp2005-03, Reserve Bank of Australia.
    3. Patricia Sourdin, 2005. "Pension Contributions as a Commitment device: evidence of sophistication among time-inconsistent households," Public Economics 0512009, EconWPA.
    4. Murtazashvili, Irina & Wooldridge, Jeffrey M., 2016. "A control function approach to estimating switching regression models with endogenous explanatory variables and endogenous switching," Journal of Econometrics, Elsevier, vol. 190(2), pages 252-266.
    5. Raman Uppal & Harjoat Bhamra, 2016. "Do Individual Behavioral Biases Affect Financial Markets and the Macroeconomy?," 2016 Meeting Papers 1358, Society for Economic Dynamics.
    6. Sourdin, Patricia, 2008. "Pension contributions as a commitment device: Evidence of sophistication among time-inconsistent households," Journal of Economic Psychology, Elsevier, vol. 29(4), pages 577-596, August.

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