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Identifikation von Sparprofilen im Lebenszyklus

Listed author(s):
  • Rodepeter, Ralf

    (Sonderforschungsbereich 504)

A key element of houshold behavior, saving is still not satisfactorily understood. The seminal lif-cycle theory of saving by Modigliani et al has been augmented by the consideration of liquidity constraints, mortality, morbidity, income, interest, and other uncertaities, and, more recently, by behavioral elements. Each of these amendments explains part of saving behavior. However, contradictions remain widespread. This paper poses the question in how far observable age-saving profiles can identify competing theories of saving behavior. The paper departs from the age-saving profiles observed in Germany and compares them with age-saving profiles that were simulated using different variants of augmented life-cycle saving theories. It shows that age-saving profiles per se cannot separate competing theories of saving behavior. This means that the estimations of Euler-equation are not identified.

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Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number 97-01.

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Length: 34 pages
Date of creation: 01 Apr 1997
Handle: RePEc:xrs:sfbmaa:97-01
Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged.
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