, precautionary saving, portfolio choice, stock market
participation and uninsurable labor income risk
JEL Classi�cation: G11, H31
I … incorporating precautionary
and retirement motives for saving; many of the empirical patterns of wealth accumulation
and consumption …�ects. However, this is achieved by
accepting unrealistically high levels of saving.1 Further, their model predicts one hundred
1A …