Minjoon Lee

Department of Economics
Carleton University
Ottawa, ON K1S 5B6

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Carleton University

NBER Working Papers and Publications

November 2018Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle
with John Ameriks, Gábor Kézdi, Matthew D. Shapiro: w25269
This paper jointly estimates the relationship between stock share and expectations and risk preferences. The survey allows individual-level, quantitative estimates of risk tolerance and of the perceived mean and variance of stock returns. These estimates have economically and statistically significant association for the distribution of stock shares with relative magnitudes in proportion with the predictions of theories. Incorporating survey measurement error in the estimation model increases the estimated associations twofold, but they are still substantially attenuated being only about 5 percent of what benchmark finance theories predict. Because of the careful attention in the estimation to measurement error, the attenuation likely arises from economic behavior rather than errors in var...

Published: John Ameriks & Gábor Kézdi & Minjoon Lee & Matthew D. Shapiro, 2020. "Heterogeneity in Expectations, Risk Tolerance, and Household Stock Shares: The Attenuation Puzzle," Journal of Business & Economic Statistics, vol 38(3), pages 633-646. citation courtesy of

November 2017Older Americans Would Work Longer If Jobs Were Flexible
with John Ameriks, Joseph S. Briggs, Andrew Caplin, Matthew D. Shapiro, Christopher Tonetti: w24008
Older Americans, even those who are long retired, have strong willingness to work, especially in jobs with flexible schedules. For many, labor force participation near or after normal retirement age is limited more by a lack of acceptable job opportunities or low expectations about finding them than by unwillingness to work longer. This paper establishes these findings using an approach to identification based on strategic survey questions (SSQs), purpose-designed to complement behavioral data. These findings suggest that demand-side factors are important in explaining late-in-life labor market behavior and need to be considered in designing policies aimed at promoting working longer.

Published: John Ameriks & Joseph Briggs & Andrew Caplin & Minjoon Lee & Matthew D. Shapiro & Christopher Tonetti, 2020. "Older Americans Would Work Longer if Jobs Were Flexible," American Economic Journal: Macroeconomics, vol 12(1), pages 174-209. citation courtesy of

February 2015The Wealth of Wealthholders
with John Ameriks, Andrew Caplin, Matthew D. Shapiro, Christopher Tonetti: w20972
This paper introduces the Vanguard Research Initiative (VRI), a new panel survey of wealthholders designed to yield high-quality measurements of a large sample of older Americans who arrive at retirement with significant financial assets. The VRI links survey data with a variety of administrative data from Vanguard. The survey features an account-by-account approach to asset measurement and a real-time feedback and correction mechanism that are shown to be highly successful in eliciting accurate measures of wealth. Specifically, the VRI data reflect unbiased and precise estimates of wealth when compared to administrative account data. The VRI sample has characteristics similar to populations meeting analogous wealth and Internet access eligibility conditions in the Health and Retirement St...
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