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Behavior of Household Portfolios in France: the Role of Housing

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  • Luc Arrondel
  • Bruno Lefebvre

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.

Suggested Citation

  • Luc Arrondel & Bruno Lefebvre, 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
    DOI: 10.1111/1475-4991.00031
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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 and Public Policy Working Papers 2005-17, University of Adelaide, School of Economics and Public Policy.
    2. Raman Uppal & Harjoat Bhamra, 2016. "Do Individual Behavioral Biases Affect Financial Markets and the Macroeconomy?," 2016 Meeting Papers 1358, Society for Economic Dynamics.
    3. 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.
    4. Harjoat S. Bhamra & Raman Uppal, 2019. "Does Household Finance Matter? Small Financial Errors with Large Social Costs," American Economic Review, American Economic Association, vol. 109(3), pages 1116-1154, March.
    5. Marion Kohler & Anthony Rossiter, 2005. "Property Owners in Australia: A Snapshot," RBA Research Discussion Papers rdp2005-03, Reserve Bank of Australia.
    6. Patricia Sourdin, 2005. "Pension Contributions as a Commitment device: evidence of sophistication among time-inconsistent households," Public Economics 0512009, University Library of Munich, Germany.
    7. 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.
    8. Andrew C. Worthington, 2009. "Household Asset Portfolio Diversification: Evidence from the Household, Income and Labour Dynamics in Australia (HILDA) Survey," Discussion Papers in Finance finance:200908, Griffith University, Department of Accounting, Finance and Economics.

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