committment to long-term investment. …

The life-cycle hypothesis posits that saving is positive for young households and negative for the retired, so that … wealth should be hump-shaped. Yet, if one looks at the microeconomic evidence on saving by age, dissaving by the elderly is … limited or absent. But the saving measures usually computed on cross-sections or panel data are based on a concept of income …

In the early 1950s Modigliani, with Brumberg and Ando, formulated the life-cycletheory of consumption and savings that …

In the early 1950s Modigliani, with Brumberg and Ando, formulated the life-cycletheory of consumption and savings that …

consumption, investors simultaneously choose how much to save, the portfolio allocation, and the optimal investment in literacy …

We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such … investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy … depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The …

We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such … investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy … depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The …

We present an intertemporal consumption model of consumer investment in financial literacy. Consumers benefit from such … investment because their stock of financial literacy allows them to increase the returns on their wealth. Since literacy … depreciates over time and has a cost in terms of current consumption, the model determines an optimal investment in literacy. The …