Eseje o třenicích ve finančních rozhodnutích

Šterc, Ante

This disserta琀椀on analyzes individual 昀椀nancial decisions and their implica琀椀ons for wealth heterogeneity. In Chapter 1, I build a structural framework of a discrete investment fund choice. Using the Survey of Consumer Finances (SCF) data, I show that households exhibit limited considera琀椀on when choosing an investment fund. Speci昀椀cally, the structural model es琀椀mates show that households make their fund choice based only on a subset of available op琀椀ons. Condi琀椀onal on wealth, monetary losses from limited considera琀椀on are higher for less 昀椀nancially literate households, sugges琀椀ve of their choice simpli昀椀ca琀椀on. In Chapter 2, we focus on household mortgage take-up and re昀椀nancing decisions. Our novel U.S. data es琀椀mates show that the varia琀椀on in mortgage rates depends on individual 昀椀nancial skill level and search e昀昀ort. Speci昀椀cally, we implement stochas琀椀c record linkage and 昀椀nd that households with low 昀椀nancial literacy are up to 4% less likely to consider more lenders and lock in at 15-20 b.p. higher rates. Upon origina琀椀on, unskilled borrowers face a 35-45% higher mortgage delinquency and end up with a 30% lower likelihood of re昀椀nancing. We proceed to quan琀椀fy monetary losses due to ine昀昀ec琀椀ve search, and we show that households with low 昀椀nancial skills pay more than 10% extra at the 琀椀me of...

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