The tendency of both young and old households to save or dissave a very small fraction of their total resources is inconsistent with a strict life-cycle model. The authors concentrate on young households and document their behavior, drawing on Italian and Japanese data. The theoretical structure they propose is broadly consistent with the spirit of the life-cycle theory, while at the same time capable of accounting for the observed facts without relying on assumptions about credit markets or the degree of consumer foresight. Coauthors are Luigi Guiso, Daniele Terlizzese, and Daniel Dorsainvil. Copyright 1992 by The editors of the Scandinavian Journal of Economics.
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