An Ex Ante View of Household Portfolio Choice: The Role of Expected Capital Gains
指出家庭投资组合模型中未考虑资产特定预期资本收益的影响，扩展了Brainard-Tobin模型，但现有数据无法区分事前与事后模型。
This paper highlights an issue not previously addressed in portfolio balance modelling: the impact of assetspecific expected capital gains on the composition of the household wealth portfolio. We extend the Brainard-Tobin portfolio choice model to incorporate the distinction between expected and unexpected capital gains and estimate two versions of the model. While our specification is more appealing on a theoretical basis, we were unable to distinguish clearly between the ex ante and ex post models given currently available data.