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Investigating and modelling the perception of economic security in the Survey of Household Income and Wealth

In: Mathematical and Statistical Methods for Actuarial Sciences and Finance

Author

Listed:
  • Maria Iannario

    (University of Naples Federico II, Department of Statistical Sciences)

  • Domenico Piccolo

    (University of Naples Federico II, Department of Statistical Sciences)

Abstract

The standard practice to predict economic behaviour has been to infer decision processes from the business cycle. Current decisions depend on the individual expectation of future variables including stock market returns, job loss, earning and social security benefit. Recently, several studies have looked at identifying how the effects of (subjective) perception affect the economic security of household well-being. After reviewing some preliminary concepts in this area, we implement a statistical model to analyse individual choices. We discuss properties and check their usefulness and consistency by means of data related to the Survey of Household Income and Wealth. An analysis of this model helps us understand individual uncertainty and how perception evolves over the life cycle conditioned by education and happiness. Some final remarks conclude the paper.

Suggested Citation

  • Maria Iannario & Domenico Piccolo, 2012. "Investigating and modelling the perception of economic security in the Survey of Household Income and Wealth," Springer Books, in: Cira Perna & Marilena Sibillo (ed.), Mathematical and Statistical Methods for Actuarial Sciences and Finance, pages 237-244, Springer.
    • Handle: RePEc:spr:sprchp:978-88-470-2342-0_28
    DOI: 10.1007/978-88-470-2342-0_28
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