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We examine the optimal dynamic portfolio decisions for investors who acquire housing services from either renting or owning a house. Our results show that when indifferent between owning and renting, investors owning a house hold a lower equity proportion in their net worth (bonds, stocks, and home equity), reflecting the substitution effect, yet hold a(More)
We develop a life-cycle model to study the effects of house price changes on household consumption and welfare. The model explicitly incorporates the dual feature of housing as both a consumption good and an investment asset and allows for costly adjustments in housing and mortgage positions. Our analysis indicates that although house price changes have(More)
We estimate a structural model of optimal life-cycle housing and consumption in the presence of realistic labor income and house price uncertainties. The model postulates constant elasticity of substitution between housing service and nonhousing consumption , and explicitly incorporates a house adjustment cost. Our estimation fits the cross-sectional and(More)
We study the consumption and portfolio choice problem for a life-cycle investor who allocates wealth to equity and bond markets. Consistent with recent empirical evidence, we accommodate time variation in bond risk premia. We analyze whether and when the investor, who has to comply with borrowing, short-sales, and liquidity constraints, can exploit(More)
This article focuses on the effect of race and ethnicity on financial risk tolerance. Blacks and Hispanics are less likely to be willing to take some financial risk but more likely to be willing to take substantial financial risk than Whites, after controlling for the effects of other variables. Risk attitudes may affect investment behavior, so having an(More)
Using six Survey of Consumer Finances cross-sectional datasets representing the years 1983 through 2001, this study investigates changes in financial risk tolerance levels over time. Logit analyses are performed to test changes in risk tolerance, controlling for respondent and household characteristics. tends to increase when stock returns increase and(More)
The urbanization effects on land surface phenology (LSP) have been investigated by many studies, but few studies have focused on the temporal variations of urbanization effects on LSP. In this study, we used the Moderate-resolution Imaging Spectroradiometer (MODIS) Enhanced Vegetation Index (EVI), MODIS Land Surface Temperature (LST) data and China's Land(More)
Three-dimensional (3D) printing (3DP) is a rapid prototyping technology that has gained increasing recognition in many different fields. Inherent accuracy and low-cost property enable applicability of 3DP in many areas, such as manufacturing, aerospace, medical, and industrial design. Recently, 3DP has gained considerable attention in the medical field. The(More)