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Fatalistic Tendencies: An Explanation of Why People Don't Save

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  • Wu Stephen

    ()
    (Hamilton College)

Abstract

This paper uses data from the 2001 Survey of Consumer Finances (SCF) and the 2000 World Values Survey (WVS) to analyze the role of fatalism in determining household savings behavior. SCF respondents who feel that luck has played an important role in their financial affairs are more likely to realize their need to save, but are less likely to actually do so. Cross-country evidence from the WVS shows that those who believe they have little freedom and control over their lives are also less likely to save. The results hold after controlling for a number of demographic and behavioral factors, and are consistent across income and wealth levels.

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File URL: http://www.degruyter.com/view/j/bejeap.2004.4.issue-1/bejeap.2005.4.1.1458/bejeap.2005.4.1.1458.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal The B.E. Journal of Economic Analysis & Policy.

Volume (Year): 4 (2005)
Issue (Month): 1 (September)
Pages: 1-23

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Handle: RePEc:bpj:bejeap:v:contributions.4:y:2005:i:1:n:11

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Cited by:
  1. Owen, Ann L. & Videras, Julio & Wu, Stephen, 2008. "More information isn’t always better: the case of voluntary provision of environmental quality," MPRA Paper 11588, University Library of Munich, Germany.
  2. Daysal, N. Meltem & Orsini, C., 2012. "Spillover Effects of Drug Safety Warnings on Health Behavior," Discussion Paper 2012-025, Tilburg University, Center for Economic Research.
  3. Shapiro, Joel & Wu, Stephen, 2011. "Fatalism and savings," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(5), pages 645-651.

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