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

Author

Listed:
  • Paolo Lucchino
  • Dr Justin van de Ven

Abstract

Most empirical studies of savings behaviour that take explicit account of uncertainty consider for identi?cation data that describe the evolution of circumstances observed during an appreciable period of the life-course. Here we report results obtained using a dynamic programming model that has been adapted to permit identi?cation of preference parameters based on data observed at a point in time for a given population cross-section. The behavioural margins used to identify key preference parameters are described, and the advantages of the approach are discussed. Our empirical results demonstrate the feasibility of the empirical approach in context of contemporary desktop computing technology.

Suggested Citation

  • Paolo Lucchino & Dr Justin van de Ven, 2013. "Empirical Analysis of Household Savings Decisions in Context of Uncertainty: A cross-sectional approach," National Institute of Economic and Social Research (NIESR) Discussion Papers 417, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:417
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    File URL: https://www.niesr.ac.uk/wp-content/uploads/2021/10/dp417-5.pdf
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    Cited by:

    1. Dr Justin van de Ven, 2013. "The influence of decision costs on investments in Individual Savings Accounts," National Institute of Economic and Social Research (NIESR) Discussion Papers 407, National Institute of Economic and Social Research.
    2. 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.
    3. Berk Yavuzoglu, 2018. "Labor Force Attachment Beyond Normal Retirement Age," Working Papers 1803, Nazarbayev University, Department of Economics, revised Nov 2018.
    4. Justin van de Ven, 2013. "The Influence of Decision Costs on Investments in Indivudual Savings Accounts," Melbourne Institute Working Paper Series wp2013n19, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne.
    5. Paolo Lucchino & Dr Justin van de Ven, 2013. "Empirical Analysis of Household Savings Decisions in Context of Uncertainty: A cross-sectional approach," National Institute of Economic and Social Research (NIESR) Discussion Papers 406, National Institute of Economic and Social Research.
    6. Paolo Lucchino & Dr Justin van de Ven, 2013. "Empirical Analysis of Household Savings Decisions in Context of Uncertainty: A cross-sectional approach," National Institute of Economic and Social Research (NIESR) Discussion Papers 417, National Institute of Economic and Social Research.

    More about this item

    Keywords

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    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household

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