Programme

European Conference on Household Finance
Eurosites George V
28 avenue Georges V, Paris

September 9-10, 2016

CEPR, the Copenhagen Business School, the Einaudi Institute for
Economics and Finance (EIEF), HEC Paris, the Observatoire de l’Epargne
Européenne (OEE), and the Swedish House of Finance (SHoF) organize
the 2016 European Conference of the CEPR Network on Household
Finance. The objective is to present state-of-the-art empirical research
and empirically motivated theoretical research on household financial
behavior and on how this is influenced by other choices, government
policies, and the overall economic environment.

Programme Committee
Steffen Andersen (Copenhagen Business School and CEPR), Laurent
Calvet (EDHEC, CFS, and CEPR), Joao Cocco (London Business School,
CFS, and CEPR), Christian Gollier (Toulouse School of Economics and
OEE), Francisco Gomes (London Business School, CFS, and CEPR), Luigi
Guiso (EIEF and CEPR), Michael Haliassos (Goethe University Frankfurt
and CEPR), Tullio Jappelli (University of Naples Federico II, CSEF, CFS,
and CEPR), Matti Keloharju (Aalto University and CEPR), Alex
Michaelides (Imperial College and CEPR), Monica Paiella (University of
Naples Parthenope), Tarun Ramadorai (Saïd Business School, Oxford,
OMI and CEPR), Antoinette Schoar (MIT, NBER, and CEPR), Paolo
Sodini (Stockholm School of Economics and SHoF), and Stijn van
Nieuwerburgh (NYU Stern, CEPR and NBER).

Programme (Pdf) 

Friday 9 September

08:30

Coffee and Registration

Chair: Laurent E. Calvet

09:00-09:15

Welcoming remarks

09:15-10:00

“History-Dependent Risk Preferences: Evidence from Individual
Choices and Implications for the Disposition Effect”
Angie Andrikogiannopoulou* (London School of Economics,
University of Geneva, and Swiss Finance Institute) and Filippos
Papakonstantinou (Imperial College London)
Discussant: Kim Peijnenburg (HEC Paris)

10:00-10:45

“A Bird in the Hand is Worth Two in the Grave: Risk Aversion and
Life-Cycle Savings”

Antoine Bommier* (ETH Zürich), Daniel Harenberg (ETH Zürich), and François Le Grand (EMLyon Business School and ETH Zürich)
Discussant: Alex Michaelides (Imperial College Business School and
CEPR)

10:45-11:15

Break

Chair: Matti Keloharju

11:15-12:00

“Rich Pickings? Risk, Return, and Skill in the Portfolios of the Wealthy”
Laurent Bach* (Swedish School of Economics), Laurent E. Calvet
(EDHEC Business School, CFS, and CEPR), and Paolo Sodini
(Stockholm School of Economics and SHoF)
Discussant: Daniel Waldenström (Paris School of Economics and
CEPR)

12:00-12:45

“Public Insurance and Wealth Inequality: A Euro Area Analysis”
Lien Pham-Dao* (University of Bonn)
Discussant: Joao Cocco (London Business School, CFS, and CEPR)

12:45-14:00

Lunch

Chair: Tarun Ramadorai

14:00-14:45

“Predictors and Portfolios over the Life Cycle”
Holger Kraft* (Goethe University Frankfurt), Claus Munk (Copenhagen
Business School), and Farina Weiss (Goethe University Frankfurt)
Discussant: Melanie Lührmann (Royal Holloway, University of
London)

14:45-15:30

“Effect of Household Credit on Sectoral Composition: Evidence from
Mexico”

Jagdish Tripathy* (Universitat Pompeu Fabra)
Discussant: Marieke Bos (Stockholm University)

15:30-16:00

Break

16:00-16:45

“Thy Neighbor’s Misfortune: Peer Effect on Consumption”
Sumit Agarwal (National University of Singapore), Wenlan Qian*
(National University of Singapore), and Xin Zou (National University
of Singapore)
Discussant: Tullio Jappelli (Department of Economics, University of
Naples Federico II and CEPR)

19:00

Conference dinner (by invitation only)

Saturday 10 September

08:45-09:15

Coffee

Chair: Michael Haliassos

09:15-10:00

“A Life-Cycle Model with Unemployment Traps”
Fabio C. Bagliano (Università di Torino), Carolina Fugazza (Università
di Torino), and Giovanna Nicodano* (Università di Torino)
Discussant: Francisco Gomes (London Business School, CFS, and
CEPR)

10:00-10:45

“Income Expectations and Household Consumption Choices”
Filip Rozsypal (London School of Economics) and Kathrin Schlafmann*
(Institute for International Economic Studies, Stockholm University)
Discussant: Luigi Guiso (EIEF and CEPR)

10:45-11:15

Break

Chair: Tullio Jappelli​

11:15-12:00

“From Proliferation to Parsimony in Behavioral Economics: New
Elicitation Methods, Summary Statistics, and Links to Real-World
Outcomes”
Victor Stango* (University of California, Davis), Joanne Yoong
(University of Southern California and National University of
Singapore), and Jonathan Zinman (Dartmouth College and NBER)
Discussant: Michael Haliassos (Goethe University Frankfurt and
CEPR)

12:00-12:45

“The Liquid Hand-to-Mouth: Evidence from Personal Finance Management Software”
Arna Olafsson* (Copenhagen Business School) and Michaela Pagel (Columbia Business School)
Discussant: Matti Keloharju (Aalto University and CEPR)

12:45-14:00

Lunch

Chair: Luigi Guiso

14:00-14:45

“Identifying the Benefits from Home Ownership: A Swedish
Experiment”

Paolo Sodini (Stockholm School of Economics and SHoF), Stijn Van
Nieuwerburgh (New York University and CEPR), Roine Vestman*
(Stockholm University), and Ulf von Lilienfeld-Toal (University of
Luxembourg).
Discussant: Steffen Andersen (Copenhagen Business School)

14:45-15:30 “Financial Volatility and Household Consumption”
Marco DiMaggio (Harvard Business School), Amir Kermani*
(University of California, Berkeley), Rodney Ramcharan (University of
Southern California), and Edison Yu (Federal Reserve Bank of
Philadelphia)
Discussant: Laurent E. Calvet (EDHEC Business School, CFS, and
CEPR)