Luigi Guiso



AXA Professor of Household Finance, 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

How Much can Financial Literacy Help?”, with E. Viviano, Review of Finance, forthcoming
Trust, Values and False Consensus“, with J. Butler and P. Giuliano, International Economic Review, forthcoming
The Value of Corporate Culture“, with P. Sapienza and L. Zingales, Journal of Financial Economics, forthcoming
The Role of Intuition and Reasoning in Driving Aversion to Risk and Aversion to Ambiguity“, with J. Butler and T. Jappelli, Theory and Decision, forthcoming
Matching Firms, Managers, and Incentives“, with O. Bandiera, A. Prat and R. Sadun, Journal of Labor Economics, forthcoming
The Determinants of Attitudes toward Strategic Defaults on Mortgages“, with Pa. 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

Asset Market Participation and Portfolio Choice over the Life-Cycle”, with A. Fagereng and C. Gottlieb, CEPR Discussion Papers 9691, October 2013, and EIEF WP 26/13, October 2013
A Cultural Clash View of the Euro Crisis“, with H. Herrera and M. Morelli, CEPR Discussion Papers 9679, October 2013, and EIEF WP 21/13, September 2013
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
Trust and Cheating“, with J. Butler and P. Giuliano, CEPR Discussion Papers 9202, November 2012, and EIEF WP 13/12, October 2012

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]