Luigi Guiso



AXA Professor of Household Finance and Insurance, Einaudi Institute for Economics and Finance (EIEF)
Fellow, Centre for Economic Policy Research (CEPR)


London School of Economics and Political Science, Msc, 1980
University of Essex, Mphil, 1982


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Research Interests

Household Financial and Savings Choices, Preference Measurement and Formation, Culture and Economics, Macroeconomics and Finance.

Selected Publications

“Asset Market Participation and Portfolio Choice over the Life-Cycle”, with A. Fagereng and C. Gottlieb, Journal of Finance, forthcoming.

“Cultural Differences and Institutional Integration”, with H. Herrera and M. Morelli, Journal of International Economics, forthcoming.

“The Right Amount of Trust“,  with J. Butler and P. Giuliano, Journal of the European Economic Association, forthcoming.

“Long-Term Persistence“, with P. Sapienza and L. Zingales, Journal of the European Economic Association, forthcoming.

“Monnet’s Error?“, with P. Sapienza and Luigi Zingales, Economic Policy, forthcoming.

“Trust and Cheating“, with J. Butler and P. Giuliano, Economic Journal, forthcoming.

“Trust, Values and False Consensus“, with J. Butler and P. Giuliano, International Economic Review, 2015, 56 (3): 889-915.

“The Value of Corporate Culture“, with P. Sapienza and L. Zingales, Journal of Financial Economics, 2015, 117 (1): 60-76.

“Matching Firms, Managers, and Incentives“, with O. Bandiera, A. Prat and R. Sadun, Journal of Labor Economics, 2015, 33 (3): 623-681.

“The Determinants of Attitudes toward Strategic Defaults on Mortgages“, with P. Sapienza and L. Zingales, Journal of Finance, 2013, 68(4): 1473-1515.

Credit within the Firm“, with F. Schivardi and L. Pistaferri, Review of Economic Studies, 2013, 80(1): 211-247.

Durable Consumption and Asset Management with Transaction and Observation Costs“, with F. Alvarez and F. Lippi, American Economic Review, 2012, 102(5): 2272-2300.

Working Papers

The Supply Side of Household Finance, with G. Foà, L. Gambacorta and P.E. Mistrulli, EIEF WP 07/15, July 2015.

Time Varying Risk Aversion, with P. Sapienza and L. Zingales, NBER WP 19284, August 2013, and EIEF WP 22/13, September 2013.

Manipulating Reliance on Intuition Reduces Risk and Ambiguity Aversion, with J. Butler and T. Jappelli, CEPR Discussion Papers 9461, May 2013 and EIEF WP 01/13, January 2013.

Honors, Awards and Fellowships

American Finance Association, 2009 Smith Breeden Prize award for the paper “Trusting the Stock Market”, with Paola Sapienza and Luigi Zingales

Marshall Lecture: “Social Capital as Culture”, 2007 European Economic Association, Budapest


Phone : 0039 06 4792.4858
Fax : 0039 06 4792.4872
E-mail: luigi.guiso[at]