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Hypothèse du cycle de vie, diversification et composition du patrimoine: France 1986

Luc Arrondel () and André Masson

Annals of Economics and Statistics, 1990, issue 17, 1-45

Abstract: This paper proposes different tests of the life cycle hypothesis, concerning the determinants of household portfolio choices. The theoretical approach is based upon the intertemporal portfolio choice model and focuses on market imperfections and the following duality of needs: lifecycle consumption vs. bequest or other wealth holding motives. Data come from the cross-sectional INSEE survey "Actifs financiers" of 1986. The econometric and statistical analysis notably reveals the predominant role of the level of wealth on portfolio diversification and the existence of life cycle effects on the ownership of given assets. Finally, a study of the simultaneous ownership of assets leads to a sketchy typology of the households according to the combination of assets held.

Date: 1990
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