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- Title
The Structure of the Asset Portfolios of Households.
- Authors
Uhler, R.S.; Cragg, J.G.
- Abstract
In this paper we investigate the effects of income and non-human wealth on the way in which households structure their holdings of financial assets. We are interested principally in two aspects of this structure. They are: (1) the level of diversification; i.e., the number of different types of financial assets which households hold, and (2) the probability of holding a particular type or combination of types of assets and the amount which is held. Unlike the literature which has been concerned with developing techniques for choosing efficient portfolios for large investors, we are concerned with explaining the portfolio behaviour of relatively small investors. For such investors the transactions costs of holding diversified portfolios—both monetary and psychic—may be substantial and the indivisibility of some types of assets reduces their options.
- Subjects
HOUSEHOLDS; ASSETS (Accounting); FINANCE; INCOME; INVESTMENTS; HOME economics; ECONOMICS &; psychology
- Publication
Review of Economic Studies, 1971, Vol 38, Issue 3, p341
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296387