TY  - BOOK
AU  - King,Mervyn A.
AU  - Leape,Jonathan I.
ED  - National Bureau of Economic Research.
TI  - Asset Accumulation, Information, and the Life Cycle
T2  - NBER working paper series
PY  - 1987///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - September 1987; Hardcopy version available to institutional subscribers
N2  - Empirical tests of the life cycle model have focused on its implications for the level of a household's total net worth and paid little attention to changes in portfolio composition over the life cycle. In this paper, we examine a new survey of the asset holdings of 6,010 U.S households and show that there is a pronounced life-cycle pattern to both the number and value of assets held by U.S. households. Direct survey evidence suggests that incomplete information is a significant determinant of household portfolio composition. We test the hypothesis that information about investment opportunities arrives stochastically over time, estimating a Poisson model for the arrival of new information
UR  - https://www.nber.org/papers/w2392
UR  - http://dx.doi.org/10.3386/w2392
ER  -