Household Finance
An Introduction to Individual Financial Behavior
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Estimated delivery time: In stock at the publisher, but not at Prospero's office. Delivery time approx. 3-5 weeks.
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Product details:
- Publisher OUP USA
- Date of Publication 29 August 2024
- ISBN 9780197699867
- Binding Paperback
- No. of pages448 pages
- Size 234x157x33 mm
- Weight 658 g
- Language English 566
Categories
Short description:
There are many financial decisions that we all must make during our lives, such as how much to save from income
on a regular basis in order to fund a comfortable retirement; when insurance and credit are judicious (and when
they should be avoided); how much risk to assume in our investment portfolios; what investment mistakes should
we try to avoid when we invest on our own and when it might be sensible to delegate our investments. These
decisions and the toolkit to approach them fall under the rubric of household finance. This book, the first broad
but accessible treatment of household finance, addresses them in a systematic but entertaining fashion.
Long description:
Household Finance: An Introduction to Individual Financial Behavior speaks to both how people should and how people actually do make financial decisions, and how these financial decisions contribute to and detract from their well-being. Households must plan over long but finite horizons, have important nontraded assets, notably human capital; hold illiquid assets, particularly housing; face constraints on the ability to borrow; and are subject to complex taxation. Some households manage these goals and challenges independently, while still others delegate portfolio management. Household financial problems have many special features that differ from firms, investors, or the functioning of markets.
Author Richard Deaves covers the broad range of choices and goals in household finance both in the normative sense (i.e., what is best) based on conventional financial theory and in the positive sense (i.e., what is actually done) based on observing actual behavior. While modern finance builds models of behavior and markets based on strong assumptions such as the rationality of decision-makers, behavioral finance is based on the view that sometimes people behave in a less-than-fully-rational fashion when making financial decisions. Deaves addresses important issues and puzzles in the field such as financial illiteracy, whether education and advice can improve outcomes, intertemporal consumption optimization, consumption smoothing, optimal dynamic risk-taking, the stock market participation puzzle, the credit card debt puzzle, anomalous insurance decisions, mortgage choices, skewness preference, investments driven by availability and attention, local and home bias, the disposition effect, optimal pension design and improving outcomes through nudging in a thoroughly international approach.
?This book unravels the mysteries of household finance, shedding light on both the logical and the surprising behaviors that guide our choices. Whether you're a finance student, a seasoned professor, or just someone keen to master your money, this book is your friendly guide through the intricate maze of today's financial world. It's not just a book?it's an adventure into the psychology of decision-making in our complex financial era. A must-read that's as engaging as it is enlightening!? Quang Nguyen, Middlesex University
Table of Contents:
INTRODUCTION: BEHAVIOR
ECONOMICS
PSYCHOLOGY
TIME
RISK
LOSS
PLANNERS
SAVERS
ALLOCATORS
RISK TAKERS
HEDGERS
DEBTORS
INVESTORS
PERFORMERS
DELEGATORS
FOLLOWERS
CONCLUSION: LESSONS LEARNED
