arising from uninsured health status risks. The model distinguishes between annuitized and non-annuitized wealth, emphasizes …-in-life exchange transactions among relatives. We consider three puzzles in micro data – rising cohort average wealth of retirees, lack …

arising from uninsured health status risks. The model distinguishes between annuitized and non-annuitized wealth, emphasizes …-in-life exchange transactions among relatives. We consider three puzzles in micro data - rising cohort average wealth of retirees, lack …

arising from uninsured health status risks. The model distinguishes between annuitized and non-annuitized wealth, emphasizes …-in-life exchange transactions among relatives. We consider three puzzles in micro data - rising cohort average wealth of retirees, lack …

This paper studies the quantitative importance of precautionary wealth accumulation relative to life-cycle saving for …, precautionary saving only adds 5-6% to aggregative life-cycle wealth accumulation. Nevertheless, we find that, given borrowing … more than twice as much extra wealth accumulation as precautionary saving …