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Social Security, Pensions and the Life Cycle Accumulation of Wealth: Some Empirical Tests

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Author Info

  • Edward N. WOLFF

Abstract

The paper presents new empirical findings on the life cycle model (LCM) that are based on the 1962 Survey of Financial Characteristics of Consumers and the 1983 Survey of Consumer Finances. Both datasets contain a rich sampling of the upper wealth classes. The most important finding is that the explanatory power of the LCM is substantially greater (in some cases, by a factor of two) on the bottom 95% of the wealth distribution than for the full sample.

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File URL: http://www.jstor.org/stable/20075688
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Bibliographic Info

Article provided by ENSAE in its journal Annals of Economics and Statistics.

Volume (Year): (1988)
Issue (Month): 9 ()
Pages: 199-226

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Handle: RePEc:adr:anecst:y:1988:i:9:p:10

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Cited by:
  1. Michael D. Hurd, 1990. "Wealth Depletion and Life Cycle Consumption by the Elderly," NBER Working Papers 3472, National Bureau of Economic Research, Inc.
  2. B. Douglas Bernheim, 1999. "Taxation and Saving," Working Papers 99007, Stanford University, Department of Economics.
  3. Michael Anderson & Hisashi Yamagata & Shripad Tuljapurkar, 2001. "Stochastic Rates of Return for Social Security Under Various Policy Scenarios," Working Papers wp010, University of Michigan, Michigan Retirement Research Center.
  4. Michael D. Hurd, 1989. "Issues and Results from Research on the Elderly I: Economic Status (Part I of III Parts)," NBER Working Papers 3018, National Bureau of Economic Research, Inc.

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