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On the conditions for existence of precautionary savings

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  • M. Menegatti

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Abstract

This paper shows that if the signs of the first three derivatives of the utility function are assumed to be invariant in the consumption level, then nonsatiation and risk aversion are sufficient conditions for the presence of precautionary saving. Moreover, a similar set of assumptions ensures that the necessary conditions for decreasing absolute risk aversion and for decreasing absolute prudence are automatically satisfied.

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Bibliographic Info

Paper provided by Department of Economics, Parma University (Italy) in its series Economics Department Working Papers with number 2000-EP01.

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Length: 43 pages
Date of creation: 2000
Date of revision:
Publication status: Published in Journal of Economic Theory, May 2001, v. 98, iss. 1, pp. 189-93
Handle: RePEc:par:dipeco:2000-ep01

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