Chování a složitost v hospodaření domácností

Cota, Marta

This thesis explores mechanisms underlying differences in financial decision-making, includ- ing retirement saving and mortgage choice. Chapter 1 investigates the long-term effect of extrapolative expectations on retirement savings in subsidized employer-matched 401(k) ac- counts in the U.S. The chapter introduces a deviation from rational expectations in reproduc- ing worker-level retirement contribution rates over their tenure. Chapter 2 generates a novel U.S. data set and examines the correlation between financial literacy, mortgage rate attain- ment, and refinancing. Empirical estimates motivate the introduction of financial literacy and the level of search effort as dimensions of heterogeneity that generate differences in mort- gage repayments. I find that losses from low financial skill levels and search effort amount to almost 10 percent of the total loan, implying significant effects on the budgets of financially unskilled and inexperienced U.S. households. Chapter 3 leverages these empirical findings and embeds a micro-founded mortgage search framework in a standard heterogeneous agent model of consumption and saving. Financially skilled agents face lower cognitive search costs and thus explore more options, and ultimately achieve lower mortgage rates. Conditional on assets and...

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