extant research on consumption insurance find that people face substantial risks that they do not fairly pool. In theory, the …

This paper argues that precautionary savings against uncertain income comprise a large fraction of aggregate savings. A … precautionary savings comprises up to 56 percent of aggregate life cycle savings. The derived expression for n-period optimal … comparisons of savings patterns among occupational groups using the Consumer Expenditure Survey contradict the predictions of the …

Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite …

concept driving savings decisions, consumption allocations, prices and return volatilities. Surprisingly, due to the … equilibrium risk sharing, the precautionary savings motive in the aggregate can vastly exceed that of even the most prudent actual … agent in the economy. Consequently, a low real interest rate, resulting from large aggregate savings, can prevail with …

There is considerable variation in retirement savings within income, age, and educational categories. Using a broad … retirement savings, even while controlling for measures of IQ and general financial literacy as well as a rich set of demographic … savings. We assess potential threats to a causal interpretation of our results with a hypothetical choice experiment and …