文章基本信息

标题：Behavioral Finance: Household Investment and Borrowing Decisions
本地全文：下载
作者：Pavlo Illiashenko
期刊名称：Visnyk of the National Bank of Ukraine
电子版ISSN：2414-987X
出版年度：2017
卷号：2017
期号：242
页码：15-29
DOI：10.26531/vnbu2017.242.015
出版社：National Bank of Ukraine
摘要：Behavioral finance is still mostly perceived as a field solely devoted to the study of asset pricing and the behavior of individual investors. Such interpretation is largely misleading as it overlooks a growing body of empirical work in household finance, a sub-field of behavioral finance concerned with household investment and borrowing decisions. By focusing on household under-saving, non-participation, and under-diversification, as well as mistakes in choosing debt contracts and managing debt obligations, this paper aims to present recent findings from the field of household finance to a wide audience. This review differs from existing ones by focusing on the plurality of non-mutually-exclusive explanations of observed phenomena, including explanations from both behavioral and neoclassical traditions. In addition, this paper focuses on the choice between fixed-rate and adjustable-rate mortgages given their significance for macrofinancial stability and discusses evidence of firms being aware of the behavioral weaknesses of households and exploiting them readily.
关键词：behavioral finance; household finance; household saving; investment decisions; household debt; consumer credit; mortgages