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Le patrimoine et ses logiques d'accumulation

Listed author(s):
  • Luc Arrondel
  • André Masson

This article considers four models of household wealth accumulation, which differ principally in terms of the length of the time horizon. The myopic model is characterised by a very short time horizon, with models levels of wealth tracking income, while life-cycle models suppose that individuals maximise over the whole of their expected lifetime. Third, in the dynastic or long-sighted model individual preferences include the welfare of future generations. While the life-cycle household aims to consume all of its resources over its lifetime, dynastic households make bequests to their children. Last, some large fortunes seem to be motivated by a desire for power, economic or otherwise, social status, or a desire for immortality. We distinguish two types of saving: saving for oneself, and saving for others or as an end in itself. The latter results from the last two models of wealth accumulation. We propose a typology of wealth accumulation in French households which crosses the four types of motivation with the two types of saving.

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Paper provided by DELTA (Ecole normale supérieure) in its series DELTA Working Papers with number 2003-26.

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Date of creation: 2003
Handle: RePEc:del:abcdef:2003-26
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