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Empirical Analysis of Household Savings Decisions in Context of Uncertainty: A cross-sectional approach

  • Paolo Lucchino

    ()

  • Dr Justin van de Ven

    ()

� Most empirical studies of savings behaviour that explicitly take account of the influence of uncertainty consider for identiï¬cation data that describe the evolution of circumstances observed during an appreciable period of the life-course. Here we report results obtained for a dynamic programming model that has been adapted to permit identiï¬cation of preference parameters using data observed at a point in time for a given population cross-section. We discuss the advantages of this approach, and our empirical results demonstrate its feasibility in context of contemporary computing technology. � Read more by downloading PDF file above.

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File URL: http://niesr.ac.uk/sites/default/files/publications/dp406.pdf
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Paper provided by National Institute of Economic and Social Research in its series NIESR Discussion Papers with number 11169.

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Date of creation: Mar 2013
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Handle: RePEc:nsr:niesrd:11169
Contact details of provider: Postal: 2 Dean Trench Street Smith Square London SW1P 3HE
Web page: http://niesr.ac.uk

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  1. Pierre-Olivier Gourinchas & Jonathan A. Parker, 2002. "Consumption Over the Life Cycle," Econometrica, Econometric Society, vol. 70(1), pages 47-89, January.
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  4. Dr Justin van de Ven, 2004. "Estimating Equivalence Scales for Tax and Benefits Systems," NIESR Discussion Papers 113, National Institute of Economic and Social Research.
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  12. Justin van de Ven & Paolo Lucchino, 2013. "Modelling the Dynamic Effects of Transfer Policy: The LINDA Policy Analysis Tool," Melbourne Institute Working Paper Series wp2013n20, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
  13. Gary Hansen & Selahattin Imrohoroglu, 2008. "Consumption over the Life Cycle: The Role of Annuities," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(3), pages 566-583, July.
  14. Karen E. Dynan, 1993. "How prudent are consumers?," Working Paper Series / Economic Activity Section 135, Board of Governors of the Federal Reserve System (U.S.).
  15. James Sefton & Justin van de Ven, 2004. "Simulating Household Savings and Labour Supply: an Application of Dynamic Programming," National Institute Economic Review, National Institute of Economic and Social Research, vol. 188(1), pages 56-72, April.
  16. Gary V. Engelhardt & Anil Kumar, 2008. "The elasticity of intertemporal substitution: new evidence from 401(k) participation," Working Papers 0812, Federal Reserve Bank of Dallas.
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  18. Blundell, Richard & Pashardes, Panos & Weber, Guglielmo, 1993. "What Do We Learn About Consumer Demand Patterns from Micro Data?," American Economic Review, American Economic Association, vol. 83(3), pages 570-97, June.
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  29. Orazio Attanasio & Hamish Low & Virginia Sánchez-Marcos, 2005. "Female Labor Supply As Insurance Against Idiosyncratic Risk," Journal of the European Economic Association, MIT Press, vol. 3(2-3), pages 755-764, 04/05.
  30. repec:nsr:niesrd:355 is not listed on IDEAS
  31. Hansen, Lars Peter & Singleton, Kenneth J, 1983. "Stochastic Consumption, Risk Aversion, and the Temporal Behavior of Asset Returns," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 249-65, April.
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