Skilled at puncturing financial bubbles and other delusions of the Wall Street crowd, Burton
Malkiel shows why a broad portfolio of stocks selected at random will match the performance …

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 …

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 …

This article solves a realistically calibrated life cycle model of consumption and portfolio
choice with non-tradable labor income and borrowing constraints. Since labor income …

Using error‐free data on life‐cycle portfolio allocations of a large sample of Norwegian
households, we document a double adjustment as households age: a rebalancing of the …

This book updates and advances the theory of expected utility as applied to risk analysis
and financial decision making. Von Neumann and Morgenstern pioneered the use of …

I show that investment in housing plays a crucial role in explaining the patterns of cross-
sectional variation in the composition of wealth and the level of stockholdings observed in …

We study nearly 7,000 retirement accounts during the April 1994–August 1998 period.
Several interesting patterns emerge. Most asset allocations are extreme (either 100 percent …

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 …

Using pooled cross-sectional data from the Surveys of Consumer Finances, and new panel
data from TIAA-CREF, we examine the empirical relationship between age and portfolio …