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Life-Cycle Preferences Revisited
Bommier, Antoine - 2011
An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplica- tive preferences provide an interesting alternative to additive preferences,...
Persistent link: https://www.econbiz.de/10011753219
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Rules of Thumb in Life-Cycle Saving Decisions
Winter, Joachim K.; Schlafmann, Kathrin; Rodepeter, Ralf - 2011
We analyse life-cycle saving decisions when households use simple heuristics, or rules of thumb, rather than solve the underlying intertemporal optimization problem. We simulate life-cycle saving decisions using three simple rules and compute utility losses relative to the solution of the...
Persistent link: https://www.econbiz.de/10010427609
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Household Saving and Full Consumption over the Life Cycle
Apps, Patricia; Rees, Ray - 2001
This paper extends the standard model of life cycle consumption, saving and labor supply in a number of directions. First, it argues that consumption should be defined as expenditure on household production as well as on market goods, that is, we are interested in life cycle profiles of full...
Persistent link: https://www.econbiz.de/10010262485
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Saving on a Rainy Day, Borrowing for a Rainy Day
Alan, Sule; Crossley, Thomas; Low, Hamish - 2012
-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tighening of …
Persistent link: https://www.econbiz.de/10010500212
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A direct test of the buffer-stock model of saving
Jappelli, Tullio; Padula, Mario; Pistaferri, Luigi - 2007
Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income …
Persistent link: https://www.econbiz.de/10010298378
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Why did Japan's household savings rate fall in the 1990s?
Ogawa, Kazuo - 2005
This paper investigates empirically why Japan's household savings rate fell in the 1990s. We constructed an economic …'s household savings rate. Our simulation analysis demonstrated that if the proportion of liquidity-constrained households in the … 1990s had stayed at the level as that of the late 1980s, the household savings rate would have increased by four percent …
Persistent link: https://www.econbiz.de/10010332236
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Pensions, Savings and Housing: A Life-cycle Framework with Policy Simulations
Creedy, John; Gemmell, Norman; Scobie, Grant - 2014
pay-as-you-go universal pension. In addition, the model allows for a compulsory private retirement savings scheme …
Persistent link: https://www.econbiz.de/10012115681
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Housing in the Household Portfolio and Implications for Retirement Saving: Some Initial Finding from SOFIE
Scobie, Grant; Le, Trinh; Gibson, John - 2007
Housing is an important sector of the economy. It has widespread implications for investment, banking, saving and employment. Home ownership has been linked to building social capital and a sense of community. Furthermore housing equity is a significant element of retirement accumulation for...
Persistent link: https://www.econbiz.de/10012115603
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Cluster life cycles: dimensions and rationales of cluster development
Menzel, Max-Peter; Fornahl, Dirk - 2007
We present a model that explains how a cluster moves through a life cycle and why this movement differs from the industry life cycle. The model is based on three key processes: the changing heterogeneity in the cluster describes the movement of the cluster through the life cycle; the geographical...
Persistent link: https://www.econbiz.de/10010263831
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On the identification of Frisch labor supplies
Donni, Olivier - 2006
This paper examines how Frisch labor supplies, and other structural components of the intertemporal model of labor supply, can be recovered from estimates obtained with the approach developed by Heckman and MaCurdy.
Persistent link: https://www.econbiz.de/10010268034