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The Origins of Savings Behavior

Listed author(s):
  • Henrik Cronqvist
  • Stephan Siegel

Analyzing the savings behavior of a large sample of identical and fraternal twins, we find that genetic differences explain about 33 percent of the variation in savings propensities across individuals. Individuals are born with a persistent genetic predisposition to a specific savings behavior. Parenting contributes to the variation in savings rates among younger individuals, but its effect decays over time. The environment when growing up (e.g., parents' wealth) moderates genetic effects. Finally, savings behavior is genetically correlated with income growth, smoking, and obesity, suggesting that the genetic component of savings behavior reflects genetic variation in time preferences or self-control.

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File URL: http://dx.doi.org/10.1086/679284
Download Restriction: Access to the online full text or PDF requires a subscription.

File URL: http://dx.doi.org/10.1086/679284
Download Restriction: Access to the online full text or PDF requires a subscription.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 123 (2015)
Issue (Month): 1 ()
Pages: 123-169

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Handle: RePEc:ucp:jpolec:doi:10.1086/679284
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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  1. The Origins of Savings Behavior (JPE 2015) in ReplicationWiki
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