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The Age-Wealth Profile and The Life-Cycle Hypothesis: a Cohort Analysis with a Time Series of Cross-Sections of Italian Households

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Abstract

In this paper I estimate the age-wealth profile under two different identification assumptions about age, cohort and time effects. According to the life-cycle model, the two set of assumptions should yield similar age-wealth profiles. Using the 1984-1993 Italian Survey of Household Income and Wealth, the estimated average annual rate of wealth decumulation in old age is found to be between 3 and 6 percent. As in the life-cycle model, the cohort effect increases with year of birth. However, the results uncover also considerable population heterogeneity: the rates of wealth decumulation are much lower for rich households and households headed by individuals with higher education.

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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 14.

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Date of creation: 01 Jan 1999
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Publication status: Published in Review of Income and Wealth, March 1999, vol. 45, pages 57-76
Handle: RePEc:sef:csefwp:14

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  1. Richard T. Curtin & Thomas Juster & James N. Morgan, 1989. "Survey Estimates of Wealth: An Assessment of Quality," NBER Chapters, in: The Measurement of Saving, Investment, and Wealth, pages 473-552 National Bureau of Economic Research, Inc.
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