Precautionary Saving and the Accumulation of Wealth
AbstractIn this paper, I estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households. I account for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also individual preferences, such as risk aversion and impatience. In addition and most importantly, I account for risk using subjective data on the probability of job loss in the future.
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Bibliographic InfoPaper provided by Harris School of Public Policy Studies, University of Chicago in its series Working Papers with number 0012.
Date of creation: Aug 2000
Date of revision:
retirement; saving; risk; wealth;
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