two contemporaneous sources of uncertainty, income and health expenditures, to explain the presence of precautionary … income and health expenditure shocks. Our results show strong support for the precautionary saving hypothesis as a response …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higherorder risk. We estimate our extended income process by GMM for household … show that in a standard incomplete-markets life-cycle model, first, higher-order risk has sizable welfare implications …

We extend the canonical income process with persistent and transitory risk to shock distributions with left …-skewness and excess kurtosis, to which we refer as higher-order risk. We estimate our extended income process by GMM for household … show that in a standard incomplete-markets life-cycle model, first, higher-order risk has sizable welfare implications …

The paper examines in the laboratory how risk-taking situations are affected by the conditions of observing other …

of savings in industrialized economies while ignoring low-income countries. To estimate the main determinants of national …With a steep fall in the national savings rate in developing economies attributed to external shocks and stagnation of … economic growth, this study will investigate the key drivers that explain variations in the public savings rate in Kenya using …