Life-cycle preferences revisited

Antoine Bommier

An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplicative preferences provide an interesting alternative to additive preferences, allowing to separate risk aversion from intertemporal elasticty of substitution. Implications regarding the shape of the optimal consumption profiles are discussed.

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Year of publication:	[2011]
Authors:	Bommier, Antoine
Publisher:	Zürich : CER-ETH - Center of Economic Research at ETH Zurich
Subject:	Intertemporal choice \| Life-cycle models \| Multivariate risk aversion \| Uncertain lifetime \| Lebenszyklus \| Life cycle \| Intertemporale Entscheidung \| Risikoaversion \| Risk aversion \| Substitutionselastizität \| Elasticity of substitution \| Nachfragetheorie des Haushalts \| Consumer demand theory \| Theorie \| Theory

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Extent:	1 Online-Ressource (circa 49 Seiten)
Series:	Working papers of the Center of Economic Research at ETH Zurich. - Zürich : Inst., ZDB-ID 2099103-4. - Vol. 11, 155 (December 2011)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.3929/ethz-a-006820229 [DOI] hdl:10419/171598 [Handle]
Classification:	D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009553284