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Towards Understanding Life Cycle Saving Of Boundedly Rational Agents: A Model With Feasibility Goals

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Author Info
Binswanger, J. (Tilburg University, Center for Economic Research)

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Abstract

This paper develops a new life cycle model that aims to describe the savings and asset allocation decisions of boundedly rational agents. The paper?s main theoretical contribution is the provision of a simple, tractable and parsimonious framework within which agents make forward looking decisions in the absence of full contingent planning. Instead, agents pursue two simple so-called feasibility goals. The paper uses this framework to shed light on important empirical patterns of asset allocation that are puzzling from the point of view of existing models.

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Publisher Info
Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2008-14.

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Date of creation: 2008
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Handle: RePEc:dgr:kubcen:200814

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Web page: http://center.uvt.nl

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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving

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  1. Xavier Gabaix & David I. Laibson, 2000. "A Boundedly Rational Decision Algorithm," American Economic Review, American Economic Association, vol. 90(2), pages 433-438, May. [Downloadable!] (restricted)
  2. Jesus Fernández-Villaverde & Dirk Krueger, 2007. "Consumption over the Life Cycle: Facts from Consumer Expenditure Survey Data," The Review of Economics and Statistics, MIT Press, vol. 89(3), pages 552-565, 06. [Downloadable!] (restricted)
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  3. John Karl Scholz & Ananth Seshadri & Surachai Khitatrakun, 2006. "Are Americans Saving "Optimally" for Retirement?," Journal of Political Economy, University of Chicago Press, vol. 114(4), pages 607-643, August. [Downloadable!] (restricted)
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This page was last updated on 2008-7-2.

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