Prudence and precautionary saving

被引：4

作者：

Ventura L. ^{[1
]}

Eisenhauer J.G. ^{[2
]}

机构：

[1] Dipartimento di Scienze Economiche, Università di Roma La Sapienza

[2] Department of Economics and Finance, Canisius College

来源：

Journal of Economics and Finance | 2006年 / 30卷 / 2期

关键词：

Current Income; Future Income; Constant Relative Risk Aversion; Precautionary Saving; Total Saving;

D O I：

10.1007/BF02761482

中图分类号：

学科分类号：

摘要：

Households save income for various reasons, including the need to plan for the future, the intention to leave a bequest, and the desire to guard against unforeseen expenditures and income fluctuations. Although it is widely believed that prudent individuals engage in precautionary saving, the extent of such saving is not well understood. This paper develops a model of saving with an explicit role for the Leland-Kimball measure of prudence. Estimation of the model using household-level data from Italy suggests an average value of relative prudence near 4 or 5, with approximately 15 to 36 percent of total saving being precautionary.

引用

页码：155 / 168

页数：13

共 41 条

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