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Comportements d’épargne

Comportements d’épargne. Nicolas Aubert. Introduction. Objectif: Etude des comportements d’épargne (des ménages) Corpus théoriques: Théorie moderne du portefeuille Finance comportementale. Bibliographie. Ouvrages

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Comportements d’épargne

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  1. Comportements d’épargne Nicolas Aubert

  2. Introduction • Objectif: • Etude des comportements d’épargne (des ménages) • Corpus théoriques: • Théorie moderne du portefeuille • Finance comportementale

  3. Bibliographie • Ouvrages • Elton, Gruber, Brown, Goetzman, Modern portfolio and investmentanalysis, Wiley. • Copeland, Weston, Financial theory and corporatepolicy, Pearson. • Bertrand, Prigent, Gestion de portefeuille, Economica. • Mitchell, Utkus, Pension design and structure: new lessonsfrombehavioral finance, OUP. • Guiso, T. Jappelli and M. Haliassos (eds.),  Household Portfolios,  MIT Press, Boston, 2001. • Revues • Journal of finance, journal of financialeconomics, review of financialstudies, management science, journal of banking and finance… • Page web: • Luigi Guisohttp://www.eui.eu/Personal/Guiso/ • Wharton Pension researchcouncilhttp://www.pensionresearchcouncil.org/

  4. Evaluation • Modalités: Présentation orale individuelle et discussion 20-30 minutes de deux articles académiques choisis parmi une sélection de l’enseignant. • Organisation: Deux présentations par séance de 2 heures (cf liste des articles à présenter avec liens ci-après).

  5. Liste des articles à présenter • Biais cognitifs et heuristiques • Benartzi, S., [2001], Excessive extrapolation and the allocation of 401(k) accounts to company stock, Journal of Finance, vol. 56, 1747-1764. • Huberman, G., and W. Jiang, [2006], Offering versus choice in 401(k) plans: equity exposure and number of funds, Journal of Finance, vol. 61, 763-801. • Benartzi, S., and R. Thaler [2001], Naive diversification strategies in defined contribution saving plans, American Economic Review, vol. 91, 79-98. • Madrian, B., and D. Shea [2001], The power of suggestion: Inertia in 401(k) participation and savings behavior, Quarterly Journal of Economics, vol. 116, 1149-1525. • Barber, B., and T. Odean [2001], Boys will be boys: gender, overconfidence, and common stock investment, Quarterly Journal of Economics, vol. 116, 261-292.

  6. Self control • Thaler R., H. Shefrin [1981], An Economic Theory of Self-Control, Journal of Political Economy, vol. 89, 392-406. • Laibson D. [1997], Golden eggs and hyperbolic discounting, Quarterly journal of economics, vol. 112, 443-477. • Laibson D., Repetto A., Tobacman J. [1998], Self control and saving for retirement, Brookings papers on economic activity, I: 91-196. • Stockholding • Haliassos, M., and C. Bertaut [1995], Why do so few hold stocks?, Economic Journal, vol. 105, 1110-1129. • Degeorge F, Jenter D., Moel A., P. Tufano, Selling shares to reluctant employees: France Telecom experience, Journal of financial economics, 2004. • Luigi Guiso and TullioJappelli, “Awareness and Stock Market Participation”, Review of Finance, 2005, 9, 537-567.

  7. Cycle de vie • Cocco, F., F. Gomes, and P. Maenhout [2005], Consumption and portfolio choice over the life cycle, Review of Financial Studies, vol. 18, Summer, 491-593. • Agarwall S., J. Driscoll, X. Gabaix, D. Laibson [2009], Age of reason: Financial Decisions over the Life Cycle and Implications for Regulation, Brookings papers on economic activity, Fall. • Financial literacy and education • Van Rooij M., Lusardi A., Alessie R. [2011], Financial literacy and stock market participation, Journal of Financial Economics, vol. 101. • Choi J., C. Laibson and B. Madrian [2005], Are Empowerment and Education Enough? Underdiversification in 401(k) Plans, Brookings Papers on Economic Activity, vol. 2, 151-198. • Calvet L., J. Campbell and P. Sodini [2009], Measuring the Financial Sophistication of Households, American  Economic Review Papers and Proceedings 99(2), pp. 393–98, May 2009.   Appendix • Thaler, R., and Benartzi S. [2004], « Save more tomorrow: Using behavioral economics to increase employee savings », Journal of Political Economy, vol. 112, February, 164-187. • Autres possibilités: Articles de la page de Luigi Guiso : http://www.eui.eu/Personal/Guiso/

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