家庭投资组合选择理论：集体模型应用中的缺陷
Theory of Household Portfolio Choice: Pitfalls in Applications of the Collective Model
AI总结：
本文研究用于分析家庭投资组合选择的集体模型，指出其存在违背直觉的结果、在议价与财富不平等背景下的应用缺陷等问题，同时提及现有替代模型存在不足。
AI中文摘要：
近期大量实证论文依赖集体模型分析配偶的投资组合选择、他们的异质风险偏好以及家庭内部议价问题。本文研究该模型的应用并强调一些重要缺陷：经典形式的模型会产生违背直觉的结果——家庭某一成员的风险厌恶程度提升可能导致家庭风险承担增加。本文对该模式进行正式刻画，并将其与先前的理论发现相联系；还强调了将集体方法应用于投资组合选择问题时，在议价和财富不平等背景下的进一步问题，协调了近期家庭金融论文与这些发现的关系，并指出文献中可能存在的混淆。本文强调了现有替代模型，这些模型不存在大多数上述问题，但也指出目前缺乏一致且严谨的建模方法。
英文摘要：
A number of recent empirical papers rely on a collective model to analyze the portfolio choice of spouses, their heterogeneous risk preferences, and intra-household bargaining. I study applications of this model and highlight some important shortcomings. In its classic form, the model generates a counterintuitive result: an increase in the risk aversion of a household member can lead to an increase in household risk-taking. I offer a formal characterization of this pattern and link it to previous theoretical findings. I highlight further issues with applications of the collective approach to the portfolio choice problem in the contexts of bargaining and wealth inequality. I reconcile recent household finance papers with these findings and point to potential confusion in the literature. I emphasize existing alternatives that do not exhibit most of these issues, yet argue that there is a lack of a consistent and rigorous modeling approach.
