Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle
NBER Working Paper No. 25269
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This research is supported by a program project grant from the National Institute on Aging P01-AG026571. The Vanguard Group Inc. supported the data collection through the VRI (Vanguard Research Initiative). Vanguard’s Client Insight Group and IPSOS SA were responsible for implementing the VRI survey and provided substantial input into its design. Andrew Caplin is a co-principal investigator of the VRI. We gratefully acknowledge his collaboration. The design of the VRI benefited from the collaboration and assistance of Joseph Briggs, Wandi Bruine de Bruin, Alycia Chin, Mi Luo, Brooke Helppie McFall, Ann Rodgers, and Christopher Tonetti as part of the program project, from Annette Bonner (Vanguard), and Wendy O’Connell (IPSOS SA). We are grateful to Stefan Nagel and Isacco Piccioni for comments on an earlier draft. The views expressed here are those of the authors and not those of their respective institutions. For documentation of the VRI, including a dynamic link to the survey instrument, see http://ebp-projects.isr.umich.edu/VRI/. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.