From standard portfolio-choice theory it is well-understood that background risk, overwhelmingly due to wage risk, is one of the central determinants of individuals’ portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies more risky investment. We quantify the influence of wage risk on German investors’ financial portfolio shares and find that an increase of the residual variance of wages by one standard deviation implies a reduction of the financial portfolio share by 3 percentage points. We do not find that the correlation of wage risk with financial market risk has a significant impact on portfolio choice and provide evidence that this may be due to a lack of salience.
{"title":"Wage Risk and Portfolio Choice: The Role of Correlated Returns","authors":"J. König, Maximilian Longmuir","doi":"10.2139/ssrn.3935574","DOIUrl":"https://doi.org/10.2139/ssrn.3935574","url":null,"abstract":"From standard portfolio-choice theory it is well-understood that background risk, overwhelmingly due to wage risk, is one of the central determinants of individuals’ portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies more risky investment. We quantify the influence of wage risk on German investors’ financial portfolio shares and find that an increase of the residual variance of wages by one standard deviation implies a reduction of the financial portfolio share by 3 percentage points. We do not find that the correlation of wage risk with financial market risk has a significant impact on portfolio choice and provide evidence that this may be due to a lack of salience.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125774451","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As information technology improves rapidly and becomes more accessible, it becomes much easier for consumers to gather product in-formation and spend more time thinking about how to get the most out of their budget constraints. This means that consumers are getting “smarter” and more forward-looking, as well as acting more strategically. Recent academic research has substantially improved our understanding of how forward-looking consumers make decisions. In this chapter, I will discuss some of the research in this area and the challenges a manager faces when customers are forward-looking and strategic.
{"title":"Marketing Management When Facing Forward-Looking Consumers","authors":"Andrew T. Ching","doi":"10.2139/ssrn.3865791","DOIUrl":"https://doi.org/10.2139/ssrn.3865791","url":null,"abstract":"As information technology improves rapidly and becomes more accessible, it becomes much easier for consumers to gather product in-formation and spend more time thinking about how to get the most out of their budget constraints. This means that consumers are getting “smarter” and more forward-looking, as well as acting more strategically. Recent academic research has substantially improved our understanding of how forward-looking consumers make decisions. In this chapter, I will discuss some of the research in this area and the challenges a manager faces when customers are forward-looking and strategic.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123820153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nearly a quarter of U.S. households have experienced job or income losses related to the COVID-19 pandemic. Liquid assets mitigate financial distress in the face of financial shocks such as job loss, yet this relationship in the midst of the COVID-19 pandemic is unknown. Using a nationally representative sample of U.S. households (N = 4,383) who completed a survey in the early days of the pandemic, we examined pre-pandemic liquid assets as a moderator of the relationship between job and income loss and difficulty meeting financial obligations and use of high-cost financial resources. Estimates from propensity score-weighted linear probability models indicated that greater liquid assets lessened the probability of experiencing all eight measures of financial distress and most measures of distress among households experiencing job or income losses. Policy efforts to help households build emergency savings can help households better prepare for future pandemics while also supporting public health responses.
{"title":"Income Loss and Financial Distress during COVID-19: The Protective Role of Liquid Assets","authors":"S. Roll, M. Despard","doi":"10.2139/ssrn.3733862","DOIUrl":"https://doi.org/10.2139/ssrn.3733862","url":null,"abstract":"Nearly a quarter of U.S. households have experienced job or income losses related to the COVID-19 pandemic. Liquid assets mitigate financial distress in the face of financial shocks such as job loss, yet this relationship in the midst of the COVID-19 pandemic is unknown. Using a nationally representative sample of U.S. households (N = 4,383) who completed a survey in the early days of the pandemic, we examined pre-pandemic liquid assets as a moderator of the relationship between job and income loss and difficulty meeting financial obligations and use of high-cost financial resources. Estimates from propensity score-weighted linear probability models indicated that greater liquid assets lessened the probability of experiencing all eight measures of financial distress and most measures of distress among households experiencing job or income losses. Policy efforts to help households build emergency savings can help households better prepare for future pandemics while also supporting public health responses.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123819873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I construct a tractable structural model of a poor household's demand for cheap dietary staples. This model characterizes the trade-offs that a poor household faces between satiating hunger and satisfying other needs when it spends its scarce resources on food. I use this model to extrapolate the equivalent variation, the willingness to pay, and the dead-weight loss of Jensen and Miller's (2008) price subsidy experiment on cheap dietary staples among the extreme poor (figure 1), and I also use it to extrapolate Pareto improving policies relative to their subsidy treatment (figure 5).
{"title":"Hunger and the Demands for Cheap Dietary Staples of the Extreme Poor","authors":"R. Armendariz","doi":"10.2139/ssrn.3728187","DOIUrl":"https://doi.org/10.2139/ssrn.3728187","url":null,"abstract":"I construct a tractable structural model of a poor household's demand for cheap dietary staples. This model characterizes the trade-offs that a poor household faces between satiating hunger and satisfying other needs when it spends its scarce resources on food. I use this model to extrapolate the equivalent variation, the willingness to pay, and the dead-weight loss of Jensen and Miller's (2008) price subsidy experiment on cheap dietary staples among the extreme poor (figure 1), and I also use it to extrapolate Pareto improving policies relative to their subsidy treatment (figure 5).","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133631073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Plopeanu, N. Sprincean, Daniel Homocianu, A. Andrieș
This paper explores the institutional and human-nature determinants of financial investment behavior across households from 25 European countries by employing the seventh wave of the SHARE-ERIC survey. We find that households’ investment behavior in shares or stocks is strongly associated with other financial decisions, such as the investments in retirement accounts and life insurance policies, gender and the computer usage skills. Besides individual characteristics widely studied in the literature and associated with investement propensity in financial instruments, we document that institutional factors matter too. Our findings reveal that the longer individuals had a period of exposure to a socialist system, the lesser their intensity to invest in the stock market in comparison with their capitalist counterparts. One noteworthy result is that the individuals from former communist countries that experienced the fastest and most successful transition had the lowest predilection to invest in stock market. In the same vein, weak institutional frameworks and left-wing ideological orientation of national governments are linked with lower probability of an individual to make financial investments in shares or stocks. In addition, we find that households from Protestant and Orthodox countries are more inclined to have investments in financial instruments in comparison with their Catholic counterparts. Last but not least, while ethnic, linguistic and religious fractionalization indexes play a negative role on investment behavior, national cultural values and dimensions exert a significant role in households’ investment mentality.
{"title":"Institutional and Human-Nature Determinants of Financial Investment Behavior Across European Households","authors":"A. Plopeanu, N. Sprincean, Daniel Homocianu, A. Andrieș","doi":"10.2139/ssrn.3688015","DOIUrl":"https://doi.org/10.2139/ssrn.3688015","url":null,"abstract":"This paper explores the institutional and human-nature determinants of financial investment behavior across households from 25 European countries by employing the seventh wave of the SHARE-ERIC survey. We find that households’ investment behavior in shares or stocks is strongly associated with other financial decisions, such as the investments in retirement accounts and life insurance policies, gender and the computer usage skills. Besides individual characteristics widely studied in the literature and associated with investement propensity in financial instruments, we document that institutional factors matter too. Our findings reveal that the longer individuals had a period of exposure to a socialist system, the lesser their intensity to invest in the stock market in comparison with their capitalist counterparts. One noteworthy result is that the individuals from former communist countries that experienced the fastest and most successful transition had the lowest predilection to invest in stock market. In the same vein, weak institutional frameworks and left-wing ideological orientation of national governments are linked with lower probability of an individual to make financial investments in shares or stocks. In addition, we find that households from Protestant and Orthodox countries are more inclined to have investments in financial instruments in comparison with their Catholic counterparts. Last but not least, while ethnic, linguistic and religious fractionalization indexes play a negative role on investment behavior, national cultural values and dimensions exert a significant role in households’ investment mentality.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128175015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-08-14DOI: 10.2499/p15738coll2.133900
Kate Ambler, C. Doss, Caitlin Kieran, Simone Passarelli
Using data from Nepal, we analyze patterns of concordance between spouses on survey questions regarding asset ownership and decision making separately for households in which a respondent couple lives with the husband’s parents and those in which they do not. We consider concordance regarding both the roles of women respondents and the roles of people other than the respondent couple. We find that discordance regarding women’s roles is both substantial and systematic; women are much more likely than men to report women’s participation in asset ownership and decision making, and this qualitative pattern is similar across household types. Regarding the role of others, the modal response in joint households is concordance that others own assets and make decisions. However, women are more likely than men to acknowledge this role of others. Next, we find that spousal concordance that women have a role, and wives reporting they have a role while their husbands say that they do not, are both correlated with some improved measures of well-being. In households with in-laws present, concordance that others are involved is correlated with worse outcomes for women. These results highlight that spousal concordance is not necessarily indicative of women's well-being, especially in joint households.
{"title":"Spousal Concordance in Joint and Separate Households: Survey Evidence from Nepal","authors":"Kate Ambler, C. Doss, Caitlin Kieran, Simone Passarelli","doi":"10.2499/p15738coll2.133900","DOIUrl":"https://doi.org/10.2499/p15738coll2.133900","url":null,"abstract":"Using data from Nepal, we analyze patterns of concordance between spouses on survey questions regarding asset ownership and decision making separately for households in which a respondent couple lives with the husband’s parents and those in which they do not. We consider concordance regarding both the roles of women respondents and the roles of people other than the respondent couple. We find that discordance regarding women’s roles is both substantial and systematic; women are much more likely than men to report women’s participation in asset ownership and decision making, and this qualitative pattern is similar across household types. Regarding the role of others, the modal response in joint households is concordance that others own assets and make decisions. However, women are more likely than men to acknowledge this role of others. Next, we find that spousal concordance that women have a role, and wives reporting they have a role while their husbands say that they do not, are both correlated with some improved measures of well-being. In households with in-laws present, concordance that others are involved is correlated with worse outcomes for women. These results highlight that spousal concordance is not necessarily indicative of women's well-being, especially in joint households.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128686726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-04-01DOI: 10.21799/frbp.wp.2020.15
C. Croux, Julapa Jagtiani, Tarunsai Korivi, Milos Vulanovic
This study examines key default determinants of fintech loans, using loan-level data from the LendingClub consumer platform during 2007–2018. We identify a robust set of contractual loan characteristics, borrower characteristics, and macroeconomic variables that are important in determining default. We find an important role of alternative data in determining loan default, even after controlling for the obvious risk characteristics and the local economic factors. The results are robust to different empirical approaches. We also find that homeownership and occupation are important factors in determining default. Lenders, however, are required to demonstrate that these factors do not result in any unfair credit decisions. In addition, we find that personal loans used for medical financing or small business financing are more risky than other personal loans, holding the same characteristics of the borrowers. Government support through various public-private programs could potentially make funding more accessible to those in need of medical services and small businesses without imposing excessive risk to small peer-to-peer (P2P) investors.
{"title":"Important Factors Determining Fintech Loan Default: Evidence from the LendingClub Consumer Platform","authors":"C. Croux, Julapa Jagtiani, Tarunsai Korivi, Milos Vulanovic","doi":"10.21799/frbp.wp.2020.15","DOIUrl":"https://doi.org/10.21799/frbp.wp.2020.15","url":null,"abstract":"This study examines key default determinants of fintech loans, using loan-level data from the LendingClub consumer platform during 2007–2018. We identify a robust set of contractual loan characteristics, borrower characteristics, and macroeconomic variables that are important in determining default. We find an important role of alternative data in determining loan default, even after controlling for the obvious risk characteristics and the local economic factors. The results are robust to different empirical approaches. We also find that homeownership and occupation are important factors in determining default. Lenders, however, are required to demonstrate that these factors do not result in any unfair credit decisions. In addition, we find that personal loans used for medical financing or small business financing are more risky than other personal loans, holding the same characteristics of the borrowers. Government support through various public-private programs could potentially make funding more accessible to those in need of medical services and small businesses without imposing excessive risk to small peer-to-peer (P2P) investors.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116397504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The 19th and 20th centuries saw a transformation in contraceptive technologies and their take up. This led to a sexual revolution, which witnessed a rise in premarital sex and out-of-wedlock births, and a decline in marriage. The impact of contraception on married and single life is analyzed here both theoretically and quantitatively. The analysis is conducted using a model where people search for partners. Upon finding one, they can choose between abstinence, marriage, and a premarital sexual relationship. The model is confronted with some stylized facts about premarital sex and marriage over the course of the 20th century. Some economic history is also presented.
{"title":"The Wife's Protector: A Quantitative Theory Linking Contraceptive Technology with the Decline in Marriage","authors":"Jeremy Greenwood, Nezih Guner, K. Kopecky","doi":"10.2139/ssrn.3424460","DOIUrl":"https://doi.org/10.2139/ssrn.3424460","url":null,"abstract":"The 19th and 20th centuries saw a transformation in contraceptive technologies and their take up. This led to a sexual revolution, which witnessed a rise in premarital sex and out-of-wedlock births, and a decline in marriage. The impact of contraception on married and single life is analyzed here both theoretically and quantitatively. The analysis is conducted using a model where people search for partners. Upon finding one, they can choose between abstinence, marriage, and a premarital sexual relationship. The model is confronted with some stylized facts about premarital sex and marriage over the course of the 20th century. Some economic history is also presented.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132717478","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper estimates the impact of pension-related policies on household spending. The identification strategy exploits the deviation in pensioner income and expenditure caused by the introduction of a new pension system during the 1980s and 1990s in Spain and constructs a new narrative series of legislated pension changes. I present a variety of estimates, some of them imply that increases in the average pension have a roughly one-for-one effect on pensioner spending. The strongest effects are on the pensioners with the highest levels of expenditure, income, and wealth. Estimates for different categories of expenditure indicate that benefit increases trigger these pensioners to spend more on durables. At the same time, pension-related policies targeted to pensioners with low income levels seem to affect the spending on non-durables and necessities such as food positively.
{"title":"The Effects of Pension-Related Policies on Household Spending","authors":"Susana Párraga Rodríguez","doi":"10.2139/ssrn.3395820","DOIUrl":"https://doi.org/10.2139/ssrn.3395820","url":null,"abstract":"This paper estimates the impact of pension-related policies on household spending. The identification strategy exploits the deviation in pensioner income and expenditure caused by the introduction of a new pension system during the 1980s and 1990s in Spain and constructs a new narrative series of legislated pension changes. I present a variety of estimates, some of them imply that increases in the average pension have a roughly one-for-one effect on pensioner spending. The strongest effects are on the pensioners with the highest levels of expenditure, income, and wealth. Estimates for different categories of expenditure indicate that benefit increases trigger these pensioners to spend more on durables. At the same time, pension-related policies targeted to pensioners with low income levels seem to affect the spending on non-durables and necessities such as food positively.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114168872","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Russian Abstract: В работе рассматриваются вопросы стимулирования долгосрочных инвестиций домохозяйств в финансовые инструменты. Анализируется применение как финансовых (налоговых), так и нефинансовых (прежде всего, институциональных) стимулов. Приводятся основные результаты анализа иностранного опыта аналогичного стимулирования, а также первые результаты применения индивидуальных инвестиционных счетов в Российской Федерации. Сформулированы предложения по применению налоговых стимулов, расширению сферы применения индивидуальных инвестиционных счетов, в том числе для формирования пенсионного капитала, а также по развитию механизмов подавления нерыночных рисков, препятствующих инвестициям домохозяйств на финансовом рынке, среди которых особое внимание уделено проекту создания компенсационного фонда. При подготовке работы использовались также материалы сотрудников РАНХиГС Кадыковой Е.А., Пивоварова Д.А., Шаталовой С.С. English Abstract: The paper deals with the promotion of long-term household investments in financial instruments. The use of both financial (tax) and non-financial (primarily institutional) incentives is analyzed. The main results of the analysis of foreign experience of similar incentives, as well as the first results of the application of individual investment accounts in the Russian Federation are given. Proposals were formulated for applying tax incentives, expanding the scope of application of individual investment accounts, including for forming pension capital, and developing mechanisms for suppressing non-market risks that impede household investments in the financial market, among which special attention was paid to the compensation fund project.
{"title":"Стимулирование долгосрочных инвестиций домохозяйств в финансовые инструменты (Stimulating Long-Term Household Investments in Financial Instruments)","authors":"Yury Danilov","doi":"10.2139/ssrn.3384752","DOIUrl":"https://doi.org/10.2139/ssrn.3384752","url":null,"abstract":"Russian Abstract: В работе рассматриваются вопросы стимулирования долгосрочных инвестиций домохозяйств в финансовые инструменты. Анализируется применение как финансовых (налоговых), так и нефинансовых (прежде всего, институциональных) стимулов. Приводятся основные результаты анализа иностранного опыта аналогичного стимулирования, а также первые результаты применения индивидуальных инвестиционных счетов в Российской Федерации. Сформулированы предложения по применению налоговых стимулов, расширению сферы применения индивидуальных инвестиционных счетов, в том числе для формирования пенсионного капитала, а также по развитию механизмов подавления нерыночных рисков, препятствующих инвестициям домохозяйств на финансовом рынке, среди которых особое внимание уделено проекту создания компенсационного фонда. \u0000При подготовке работы использовались также материалы сотрудников РАНХиГС Кадыковой Е.А., Пивоварова Д.А., Шаталовой С.С. \u0000 \u0000English Abstract: The paper deals with the promotion of long-term household investments in financial instruments. The use of both financial (tax) and non-financial (primarily institutional) incentives is analyzed. The main results of the analysis of foreign experience of similar incentives, as well as the first results of the application of individual investment accounts in the Russian Federation are given. Proposals were formulated for applying tax incentives, expanding the scope of application of individual investment accounts, including for forming pension capital, and developing mechanisms for suppressing non-market risks that impede household investments in the financial market, among which special attention was paid to the compensation fund project.","PeriodicalId":371090,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Microeconomics - Microeconometric Models of Household Behavior (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124356494","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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