Household Finance
指出家庭金融研究面临测量困难，多数家庭投资有效，但少数低收入低教育家庭常犯严重错误，且部分金融产品存在从天真家庭向精明家庭的交叉补贴，阻碍福利改善。
ABSTRACT The study of household finance is challenging because household behavior is difficult to measure, and households face constraints not captured by textbook models. Evidence on participation, diversification, and mortgage refinancing suggests that many households invest effectively, but a minority make significant mistakes. This minority appears to be poorer and less well educated than the majority of more successful investors. There is some evidence that households understand their own limitations and avoid financial strategies for which they feel unqualified. Some financial products involve a cross‐subsidy from naive to sophisticated households, and this can inhibit welfare‐improving financial innovation.