IDEAS home Printed from
   My bibliography  Save this article

Déterminants individuels de la composition du patrimoine : France 1980


  • Luc Arrondel
  • André Masson


[eng] Individual factors of wealth composition : France 1980 . . This paper presents a first sketch of a general model of portfolio choices which is tested on the French CREP 1980 survey with 3.000 households. The model extends the framework of Modigliani's Life Cycle Hypothesis to wealth composition with the help of existing partial theories (Merton's intertemporal portfolio choice model, generalised form of the life cycle hypothesis allowing for bequest). It finally assumes that household accumulation behaviour can be described by a three stage sequential procedure : 1) consuinption-saving decision ; 2) discrete choice of the combination of assets held ; 3) continuons choice of conditional assets demands, given the combination held. Empirical econometric and statistical analysis deals both with the number of assets held, as an indicator of wealth diversification, and with portfolio composition. It shows the importance of the size of wealth and of age on assets demands and reveals the key role played by the discrete choice. These results which seem to vindicate the hypothesis of a three stage budgeting. From the explanatory variables of each asset ownership and conditional demand it is also possible to elaborate a typology of the 14 assets distinguished by the survey. [fre] Déterminants individuels de la composition du patrimoine : France 1980. . On pose dans cet article les premiers éléments d'un modèle général de choix d'actifs dont on teste les principales prédictions sur les données de l'enquête CREP 1980 effectuée auprès de trois mille ménages. Le modèle constitue une extension de l'hypothèse du cycle de vie de Modigliani à la composition du patrimoine et s'appuie notamment sur les théories partielles existantes (théorie intertemporelle des choix de portefeuille de Merton, modèle de cycle de vie généralisé aux transmissions). Il suppose finalement que les comportements patrimoniaux des ménages peuvent être décrits par une procédure de choix séquentielle en trois étapes : 1) arbitrage consommation-épargne ; 2) à patrimoine donné, choix discret de la combinaison optimale d'actifs ; 3) à combinaison fixée, choix continu des demandes de chaque actif. L'analyse empirique, économétrique et statistique, qui traite à la fois du nombre d'actifs, indicateur de diversification, et de la composition de la richesse, met en évidence l'importance du niveau du patrimoine et de l'âge sur les demandes d'actifs et la prédominance du choix discret par rapport au choix continu. Ces résultats apparaissent favorables à l'hypothèse d'une allocation des ressources en trois étapes. L'étude des facteurs explicatifs de la détention et du montant des divers placements permet également d'élaborer une typologie des quatorze actifs distingués dans l'enquête.

Suggested Citation

  • Luc Arrondel & André Masson, 1989. "Déterminants individuels de la composition du patrimoine : France 1980," Revue Économique, Programme National Persée, vol. 40(3), pages 441-502.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1989_num_40_3_409148
    Note: DOI:10.3406/reco.1989.409148

    Download full text from publisher

    File URL:
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

    File URL:
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    1. repec:adr:anecst:y:1988:i:9:p:11 is not listed on IDEAS
    2. André Masson, 1988. "Permanent Income, Age and the Distribution of Wealth," Annals of Economics and Statistics, GENES, issue 9, pages 227-256.
    3. Dubin, Jeffrey A & McFadden, Daniel L, 1984. "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption," Econometrica, Econometric Society, vol. 52(2), pages 345-362, March.
    4. Heckman, James J, 1978. "Dummy Endogenous Variables in a Simultaneous Equation System," Econometrica, Econometric Society, vol. 46(4), pages 931-959, July.
    5. Avner Bar-Ilan & Alan S. Blinder, 1988. "Consumer Durables and the Optimality of Usually Doing Nothing," NBER Working Papers 2488, National Bureau of Economic Research, Inc.
    6. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies, Oxford University Press, vol. 25(2), pages 65-86.
    7. François Bourguignon & Christian Morrisson, 1985. "Une analyse de décomposition de l'inégalité des revenus individuels en France," Revue Économique, Programme National Persée, vol. 36(4), pages 741-778.
    8. Blume, Marshall E & Friend, Irwin, 1975. "The Asset Structure of Individual Portfolios and Some Implications for Utility Functions," Journal of Finance, American Finance Association, vol. 30(2), pages 585-603, May.
    9. Leape, Jonathan I., 1987. "Taxes and transaction costs in asset market equilibrium," Journal of Public Economics, Elsevier, vol. 33(1), pages 1-20, June.
    10. Artle, Roland & Varaiya, Pravin, 1978. "Life cycle consumption and homeownership," Journal of Economic Theory, Elsevier, vol. 18(1), pages 38-58, June.
    11. Smith, Lawrence B & Rosen, Kenneth T & Fallis, George, 1988. "Recent Developments in Economic Models of Housing Markets," Journal of Economic Literature, American Economic Association, vol. 26(1), pages 29-64, March.
    12. Paul A. Samuelson, 2011. "Lifetime Portfolio Selection by Dynamic Stochastic Programming," World Scientific Book Chapters,in: THE KELLY CAPITAL GROWTH INVESTMENT CRITERION THEORY and PRACTICE, chapter 31, pages 465-472 World Scientific Publishing Co. Pte. Ltd..
    13. R. S. Uhler & J. G. Cragg, 1971. "The Structure of the Asset Portfolios of Households," Review of Economic Studies, Oxford University Press, vol. 38(3), pages 341-357.
    14. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
    15. Hakansson, Nils H, 1970. "Optimal Investment and Consumption Strategies Under Risk for a Class of Utility Functions," Econometrica, Econometric Society, vol. 38(5), pages 587-607, September.
    16. Merton, Robert C, 1969. "Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case," The Review of Economics and Statistics, MIT Press, vol. 51(3), pages 247-257, August.
    17. Magill, Michael J. P. & Constantinides, George M., 1976. "Portfolio selection with transactions costs," Journal of Economic Theory, Elsevier, vol. 13(2), pages 245-263, October.
    18. Brennan, M. J., 1975. "The Optimal Number of Securities in a Risky Asset Portfolio When There Are Fixed Costs of Transacting: Theory and Some Empirical Results," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 10(03), pages 483-496, September.
    19. Hakansson, Nils H, 1969. "Optimal Investment and Consumption Strategies under Risk, an Uncertain Lifetime, and Insurance," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 443-466, October.
    20. Feldstein, Martin S, 1976. "Personal Taxation and Portfolio Composition: An Econometric Analysis," Econometrica, Econometric Society, vol. 44(4), pages 631-650, July.
    21. Mervyn A. King & Jonathan I. Leape, 1984. "Wealth and Portfolio Composition: Theory and Evidence," NBER Working Papers 1468, National Bureau of Economic Research, Inc.
    22. Shorrocks, Anthony, 1982. "The Portfolio Composition of Asset Holdings in the United Kingdom," Economic Journal, Royal Economic Society, vol. 92(366), pages 268-284, June.
    23. repec:adr:anecst:y:1988:i:9 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. repec:dau:papers:123456789/6477 is not listed on IDEAS

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1989_num_40_3_409148. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.