Precautionary Wealth Accumulation

Mark Huggett

40 citations0/0 files storedThe Review of Economic Studies

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Financial Literacy, Pension, Retirement Analysis Decision-Making and Behavioral Economics Economic theories and models

Abstract

When does an individual's expected wealth accumulation profile increase as earnings risk increases? This paper answers this question for multi-period models where earnings shocks are independent over time. Sufficient conditions are stated in terms of properties of a decision rule for savings and, alternatively, in terms of properties of preferences.

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References

1964Risk Aversion in the Small and in the Large 1976Risk Aversion in the Small and in the Large 1989Recursive Methods in Economic Dynamics 1994Uninsured Idiosyncratic Risk and Aggregate Saving 2011Supermodularity and Complementarity 1990Precautionary Saving in the Small and in the Large 1989Precautionary Saving in the Small and in the Large 1992Understanding Consumption

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2001Aggregate precautionary savings: when is the third derivative irrelevant?2008Precautionary Saving and Precautionary Wealth 2008precautionary saving and precautionary wealth 2014Domestic or global imbalances? Rising income risk and the fall in the US current account 2008Les Français sont-ils prudents ? Patrimoine et risque sur le marché du travail 2017Precautionary saving in a Markovian earnings environment

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