Precautionary Wealth Accumulation

Mark Huggett

The Review of Economic Studies, 2004, vol. 71, issue 3, 769-781

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. Copyright 2004, Wiley-Blackwell.

Date: 2004
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