Replication data for: Owner-Occupied Housing: Life-Cycle Implications for the Household Portfolio

Marjorie Flavin & Takashi Yamashita
The paper constructs a model of optimal portfolio allocation incorporating the role of housing as collateral. Current house value is a state variable in the portfolio decision due to a nonconvex adjustment cost. Holding risk aversion constant, the percentage of the portfolio held in stocks is decreasing in the ratio of house value to net wealth; thus an older household with a lower ratio of house value to net wealth will generally hold more its...
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