A tractable model of precautionary saving in continuous time

被引：7

作者：

Toche, P ^{[1
]}

机构：

[1] Univ Oxford Christ Church, Oxford OX1 1DP, England

来源：

ECONOMICS LETTERS | 2005年 / 87卷 / 02期

关键词：

optimal consumption; labour income risk; precautionary saving;

D O I：

10.1016/j.econlet.2004.10.015

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This letter derives an analytical solution to the following saving problem. An individual chooses the path of consumption that maximises a time-separable von Neumann-Morgenstern utility function, subject to a standard intertemporal budget constraint. Labour income follows a Poisson process. The consumer is both 'prudent' and 'impatient', and accumulates financial wealth as a buffer against the risk of income loss. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：267 / 272

页数：6

共 6 条

[1] Buffer-stock saving and the life cycle/permanent income hypothesis [J].