Precautionary Wealth Accumulation

Author: MARK HUGGETT1

Source: The Review of Economic Studies, Volume 71, Number 3, July 2004 , pp. 769-781(13)

Publisher: Blackwell Publishing

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Abstract:

When does an individual's expected wealth accumulation profile increase as earnings risk increases? This paper answers this question for multi-period models where earnings shocks are independent over time. Sufficient conditions are stated in terms of properties of a decision rule for savings and, alternatively, in terms of properties of preferences.

Document Type: Research article

DOI: 10.1111/j.1467-937X.2004.00303.x

Affiliations: 1: Georgetown University

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