Consumption and Portfolio Choice over the Life Cycle

Optimum consumption and portfolio rules in a continuous-time model

1971 • 6,065 citations

The equity premium: A puzzle

1985 • 5,686 citations

Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case

1969 • 5,148 citations

Substitution, Risk Aversion, and the Temporal Behavior of Consumption and Asset Returns: A Theoretical Framework

1989 • 4,242 citations

Asset returns and inflation

1977 • 2,770 citations

The Conditional CAPM and the Cross‐Section of Expected Returns

1996 • 2,497 citations

LIFETIME PORTFOLIO SELECTION BY DYNAMIC STOCHASTIC PROGRAMMING

1975 • 1,863 citations

Consumption Over the Life Cycle

2002 • 1,811 citations

A Random Walk Down Wall Street

1973 • 1,801 citations

Lifetime Portfolio Selection By Dynamic Stochastic Programming

1969 • 1,665 citations

Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis

1997 • 1,594 citations

Saving and Liquidity Constraints

1991 • 1,535 citations

The consumption of stockholders and nonstockholders

1991 • 1,223 citations

Labor supply flexibility and portfolio choice in a life cycle model

1992 • 1,143 citations

Portfolio Choice and Asset Prices: The Importance of Entrepreneurial Risk

2000 • 1,107 citations

Quadrature-Based Methods for Obtaining Approximate Solutions to Nonlinear Asset Pricing Models

1991 • 986 citations

Precautionary Saving and Social Insurance

1995 • 983 citations

Portfolio Choice in the Presence of Housing

2004 • 956 citations

Do Liquidity Constraints and Interest Rates Matter for Consumer Behavior? Evidence from Credit Card Data

2002 • 824 citations

The nature of precautionary wealth

1997 • 821 citations

Optimal Life‐Cycle Asset Allocation: Understanding the Empirical Evidence

2005 • 784 citations

Optimal Portfolio Choice for Long‐Horizon Investors with Nontradable Labor Income

2001 • 774 citations

Efficiency, Equilibrium, and Asset Pricing with Risk of Default

2000 • 772 citations

Risk Vulnerability and the Tempering Effect of Background Risk

1996 • 742 citations

Does Child Labour Displace Schooling? Evidence on Behavioural Responses to an Enrollment Subsidy

2000 • 721 citations

Mortality Risk and Bequests

1989 • 708 citations

Standard Risk Aversion

1993 • 642 citations

How Do Household Portfolio Shares Vary with Age

2000 • 628 citations

Income Risk, Borrowing Constraints, and Portfolio Choice

1996 • 615 citations

Optimal Consumption and Portfolio Choices with Risky Housing and Borrowing Constraints

2004 • 601 citations

Portfolio Choice in the Presence of Background Risk

2000 • 549 citations

The Household Bankruptcy Decision

2002 • 545 citations

Proper Risk Aversion

1987 • 536 citations

Junior Can't Borrow: A New Perspective on the Equity Premium Puzzle

2002 • 478 citations

An Equilibrium Model with Restricted Stock Market Participation

1998 • 444 citations

MARKET FRICTIONS, SAVINGS BEHAVIOR, AND PORTFOLIO CHOICE

1997 • 413 citations

Demographic Structure and Asset Returns

2001 • 413 citations

Asset pricing with idiosyncratic risk and overlapping generations

2007 • 374 citations

The Conditional CAPM and the Cross-Section of Expected Returns

1996 • 370 citations

Recent Changes in U.S. Family Finances: Results from the 1998 Survey of Consumer Finances

2000 • 338 citations

Why Should Older People Invest Less in Stocks Than Younger People?

1996 • 334 citations

Testing for Liquidity Constraints in Euler Equations with Complementary Data Sources

1998 • 270 citations

Optimal Consumption and Investment with Capital Gains Taxes

2001 • 260 citations

Concavity of the Consumption Function with

2014 • 258 citations

Consumption and Portfolio Selection with Labor Income: A Continuous Time Approach

1998 • 256 citations

The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer

2002 • 250 citations

Human capital and capital market equilibrium

1977 • 244 citations

A random walk down Wall Street: including a life-cycle guide to personal investing

1996 • 242 citations

Precautionary portfolio behavior from a life-cycle perspective

1997 • 195 citations

Asset Pricing with Idiosyncratic Risk and Overlapping Generations

2000 • 165 citations

Endogenous Borrowing Constraints With Incomplete Markets

1997 • 135 citations

Stock Prices and Fundamentals

1999 • 132 citations

Using Financial Assets to Hedge Labor Income Risks: Estimating the Benefits

2000 • 91 citations

Household Portfolio Allocation Over the Life Cycle

2001 • 86 citations

Stock Prices and Fundamentals

1999 • 84 citations

The intertemporal allocation of consumption: theory and evidence

1995 • 84 citations

The Market Price of Aggregate Risk and the Wealth Distribution

2005 • 76 citations

Optimal Life-Cycle Asset Allocation: Understanding the Empirical Evidence

2003 • 75 citations

Optimal Consumption and Investment with Capital Gains Taxes

2001 • 67 citations

The Market Price of Aggregate Risk and the Wealth Distribution

2001 • 62 citations

Endogenous Borrowing Constraints with Incomplete Markets

1997 • 37 citations

Borrowing Costs and the Demand for Equity Over the Life Cycle

2002 • 32 citations

Borrowing Costs and the Demand for Equity Over the Life Cycle

2003 • 30 citations

Interest Elasticity in a Life-Cycle Model with Precautionary Savings

2001 • 23 citations