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Bowman, David; Minehart, Debby; Rabin, Matthew - Institute of Business and Economic Research (IBER), … - 1993

Persistent link: https://www.econbiz.de/10010677902

The method of endogenous gridpoints for solving dynamic stochastic optimization problems

Carroll, Christopher D. - Center for Financial Studies - 2005

This paper introduces a method for solving numerical dynamic stochastic optimization problems that avoids rootfinding operations. The idea is applicable to many microeconomic and macroeconomic problems, including life cycle, buffer-stock, and stochastic growth problems. Software is provided.

Persistent link: https://www.econbiz.de/10010958628

Precautionary saving under liquidity constraints: evidence from Italy

Deidda, Manuela - In: Empirical Economics 46 (2014) 1, pp. 329-360

I empirically investigate precautionary savings under liquidity constraints in Italy using a unique indicator of … liquidity constraints into account. I eventually found the precautionary motive for savings to be stronger for those households … between precautionary savings and liquidity constraints. Copyright Springer-Verlag Berlin Heidelberg 2014 …

Persistent link: https://www.econbiz.de/10010758684

On Aggregate Precautionary Saving: When is the Third Derivative Irrelevant?

Huggett, Mark; Ospina, Sandra - Centro de Investigación Económica (CIE), Departamento … - 1998

When does idiosyncratic earnings uncertainty increase aggregate saving? We address this question in the context of a general equilibrium model where infinitely-lived agents receive idiosyncratic labor endowment shocks, hold a risk-free asset to smooth consumption and face a liquidity constraint....

Persistent link: https://www.econbiz.de/10005670835

Portfolio Choice and Liquidity Constraints

Haliassos, Michalis; Michaelides, Alexander - C.E.P.R. Discussion Papers - 2001

We study the infinite horizon model of household portfolio choice under liquidity constraints and revisit the portfolio specialization puzzle for impatient consumers with access to riskless and risky assets. We consider a labour income process that allows us to decompose the consumption and...

Persistent link: https://www.econbiz.de/10005792158

Income Risk, Borrowing Constraints and Portfolio Choice

Guiso, Luigi; Jappelli, Tullio; Terlizzese, Daniele - C.E.P.R. Discussion Papers - 1994

Economic theory suggests that uninsurable income risk, health risk and the expectation of future borrowing constraints …

Persistent link: https://www.econbiz.de/10005124154

Calibration and Computation of Household Portfolio Models

Haliassos, Michael; Michaelides, Alexander - Society for Computational Economics - SCE - 2001

This paper discusses calibration and numerical solution of a wide range of household portfolio models. We illustrate the main conceptual, technical, and computational issues that arise in the context of household portfolio choice, and explore the implications of alternative modeling choices. We...

Persistent link: https://www.econbiz.de/10005170602

A unified model of entrepreneurship dynamics

Wang, Chong; Wang, Neng; Yang, Jinqiang - In: Journal of Financial Economics 106 (2012) 1, pp. 1-23

We develop an incomplete-markets q-theoretic model to study entrepreneurship dynamics. Precautionary motive, borrowing constraints, and capital illiquidity lead to underinvestment, conservative debt use, under-consumption, and less risky portfolio allocation. The endogenous liquid...

Persistent link: https://www.econbiz.de/10010593826

On skewed risks in economic models and experiments

Ebert, Sebastian - In: Journal of Economic Behavior & Organization 112 (2015) C, pp. 85-97

Many of the most significant risks that people face in their lives are left-skewed, i.e., imply large losses with only small probability. I characterize skewness in binary risks, which are widely applied in both economic models and experiments. Moreover, I provide an explicit re-parametrization...

Persistent link: https://www.econbiz.de/10011263926

A note on a new interpretation for the precautionary saving motive

Menegatti, M. - Facoltà di Economia, Università degli Studi di Parma - 2006

This paper proposes a new interpretation for the precautionary saving motive: when future income is uncertain, agents increase saving in order to cause a reduction in the disutility due to uncertainty. Furthermore the paper shows that the usual necessary and sufficient condition for...

Persistent link: https://www.econbiz.de/10005772851

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