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It is possible that this is the outcome of a rational, precautionary response to unavoidable exposure to background risk (stemming from the labour market or health conditions, etc.). We consider as alternative explanations liquidity needs and habits. The endogenous variable is the fraction of clearly safe in total financial assets at the household level. Parametric and semi\u2010parametric censored regression models for pooled cross\u2010sections and random and fixed effects models for panel data show that both heteroscedasticity and unobserved heterogeneity are of major importance in the data. With subjective indicators of income uncertainty we find a limited role for precautionary motives. Copyright \u00a9 2002 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.658","type":"journal-article","created":{"date-parts":[[2003,2,19]],"date-time":"2003-02-19T14:16:01Z","timestamp":1045664161000},"page":"61-77","source":"Crossref","is-referenced-by-count":59,"title":["Precautionary motives and portfolio decisions"],"prefix":"10.1002","volume":"18","author":[{"given":"Stefan","family":"Hochguertel","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2002,10,9]]},"reference":[{"key":"e_1_2_6_2_1","doi-asserted-by":"publisher","DOI":"10.2307\/3440299"},{"key":"e_1_2_6_3_1","first-page":"1","article-title":"Procrastination and obedience","volume":"81","author":"Akerlof G","year":"1991","journal-title":"American Economic Review, Papers and Proceedings"},{"key":"e_1_2_6_4_1","volume-title":"Household portfolios","author":"Alessie R","year":"2001"},{"key":"e_1_2_6_5_1","doi-asserted-by":"publisher","DOI":"10.1002\/(SICI)1099-1255(1998090)13:5<435::AID-JAE506>3.0.CO;2-K"},{"key":"e_1_2_6_6_1","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(92)90044-F"},{"key":"e_1_2_6_7_1","doi-asserted-by":"publisher","DOI":"10.2307\/2951618"},{"key":"e_1_2_6_8_1","doi-asserted-by":"publisher","DOI":"10.2307\/146316"},{"key":"e_1_2_6_9_1","doi-asserted-by":"publisher","DOI":"10.1016\/S1573-4412(84)02014-6"},{"key":"e_1_2_6_10_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(99)00028-7"},{"key":"e_1_2_6_11_1","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4899-4541-9"},{"key":"e_1_2_6_12_1","unstructured":"FitzenbergerB.1994.A note on estimating censored quantile regressions. 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