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Comparative Risk Aversion: A Formal Approach with Applications to Savings Behaviors

Bommier, Antoine; Chassagnon, Arnold; Le Grand, François - Toulouse School of Economics (TSE) - 2010

We consider a formal approach to comparative risk aversion and applies it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974), Selden (1978), Epstein and Zin (1989) and Quiggin (1982) are...

Persistent link: https://www.econbiz.de/10008465347

The Response of Consumption in Russian Households to Economic Shocks

Stillman, Steven - William Davidson Institute, University of Michigan - 2001

This paper examines the extent to which consumption in Russian households responds to exogenous income shocks. During the time period studied in this paper (1994 - 1998), Russia experienced two major economic crises. Both featured extreme movements in the real ruble-dollar exchange rate. The...

Persistent link: https://www.econbiz.de/10005784663

Wage risk and employment risk over the life cycle

Low, Hamish; Meghir, Costas; Pistaferri, Luigi - Institute for Fiscal Studies (IFS) - 2008

heterogeneity. Our model allows for four main social insurance programmes. In contrast to simpler models that attribute all income … stamps which partially insure productivity risk is greater than the value of unemployment insurance which provides (partial …) insurance against employment risk and no insurance against persistent shocks. …

Persistent link: https://www.econbiz.de/10005727580

What Determines Household Saving Behavior? An Examination of Saving Motives and Saving Decisions

Schunk, Daniel - In: Journal of Economics and Statistics (Jahrbuecher fuer … 229 (2009) 4, pp. 467-491

Saving decisions are complex, since there are many concurrent motives for saving a portion of one’s income. However, while the existing literature covers all of these motives, most contributions select only one of them as a focus and relegate the others to the background by making simplifying...

Persistent link: https://www.econbiz.de/10008559121

Wage Risk and Employment Risk over the Life Cycle

Low, Hamish; Meghir, Costas; Pistaferri, Luigi - Institute for the Study of Labor (IZA) - 2008

Persistent link: https://www.econbiz.de/10005822852

The response of household wealth to the risk of losing the job: evidence from differences in firing costs

Barceló, Cristina; Villanueva, Ernesto - Banco de España - 2010

Economic theory predicts that individuals exposed to the risk of losing their job postpone their consumption and accumulate more assets to build a buffer stock of saving. We provide a new test of the hypothesis using substantial variation in severance payments across contracts in the Spanish...

Persistent link: https://www.econbiz.de/10008516766

Wage Risk and Employment Risk Over the Life Cycle

Low, Hamish; Meghir, Costas; Pistaferri, Luigi - C.E.P.R. Discussion Papers - 2007

unemployment insurance which provides (partial) insurance against employment risk and no insurance against persistent shocks. …

Persistent link: https://www.econbiz.de/10005123649

Wealth Effects on Consumption: Microeconometric Estimates from a New Survey of Household Finances

Bover, Olympia - C.E.P.R. Discussion Papers - 2006

This paper presents estimates of wealth effects on consumer spending using the first wave of a new survey of household finances (EFF 2002) that contains direct measures of asset holdings and consumption. A distinguishing feature of the EFF is the availability of such information from a...

Persistent link: https://www.econbiz.de/10005136617

Climate Change and Extreme Events: an Assessment of Economic Implications

Roson, Roberto; Calzadilla, Alvaro; Pauli, Francesco - Dipartimento di Economia, Università Ca' Foscari Venezia - 2006

We use a general equilibrium model of the world economy, and a regional economic growth model, to assess the economic implications of vulnerability from extreme meteorological events, induced by the climate change. In particular, we first consider the impact of climate change on ENSO and NAO...

Persistent link: https://www.econbiz.de/10005030077

Unemployment Risk, Precautionary Savings, and Moonlighting in Russia

Guariglia, Alessandra; Kim, Byung-Yeon - William Davidson Institute, University of Michigan - 1999

findings are robust to different measures of savings and model specifications, and highlight the role of moonlighting as a self-insurance …

Persistent link: https://www.econbiz.de/10005677390