Arrondel, Luc; Masson, André - HAL - 2005
In an extended variant of the life-cycle hypothesis, saving behaviour is shown to depend crucially on the interaction … between two preference parameters : γ, which represents risk attitudes (aversion, prudence...), and δ, the rate of time … depreciation. Hence, the predictions of four specific accumulation regimes : the Armchair investors (high γ, low δ) ; the …