In this paper, we present a review of tax research. We survey four main areas of the
literature:(1) the informational role of income tax expense reported for financial …

Life-cycle portfolio choice models capture the role of human capital, housing, borrowing
constraints, background risk, and several other crucial ingredients for determining the …

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 …

We show that a life‐cycle model with realistically calibrated uninsurable labor income risk
and moderate risk aversion can simultaneously match stock market participation rates and …

Household financial decisions are complex, interdependent, and heterogeneous, and
central to the functioning of the financial system. We present an overview of the rapidly …

Publisher Summary This chapter focuses on the econometric treatment of portfolio choice
problems. The goal is to describe, discuss, and illustrate through examples the different …

We identify employees at seven companies whose 401 (k) investment choices are
dominated because they are contributing less than the employer matching contribution …

We give an overview and outlook of the field of reinforcement learning as it applies to
solving financial applications of intertemporal choice. In finance, common problems of this …

This article characterizes optimal dynamic consumption and portfolio decisions in the
presence of capital gains taxes and short-sale restrictions. The optimal decisions are a …

By Francisco J. Gomes, Laurence J. Kotlikoff, and Luis M. Viceira* leaving bond-like pension
benefits to increasingly dominate household resources. Our derived preretirement optimal …