Stephen G. Dimmock|Roy Kouwenberg|Olivia S. Mitchell|Kim Peijnenburg
Ambiguity aversion and household portfolio choice puzzles: Empirical evidence
Nanyang Technological University|Mahidol University|Erasmus University Rotterdam|University of Pennsylvania|Bocconi University
test relation ambiguity aversion five household portfolio choice puzzles nonparticipation equities low allocations equity homebias owncompany stock ownership portfolio underdiversification representative us household survey measure ambiguity preferences using customdesigned questions based ellsberg urns theory predicts ambiguity aversion negatively associated stock market participation fraction financial assets stocks foreign stock ownership positively related owncompany stock ownership conditional stock ownership ambiguity aversion related portfolio underdiversification financial crisis ambiguityaverse respondents likely sell stocks