Precautionary Saving and the Accumulation of Wealth
Annamaria Lusardi ()
No 12, Working Papers from Harris School of Public Policy Studies, University of Chicago
In this paper, I estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households. I account for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also individual preferences, such as risk aversion and impatience. In addition and most importantly, I account for risk using subjective data on the probability of job loss in the future.
Keywords: retirement; saving; risk; wealth (search for similar items in EconPapers)
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Working Paper: Precautionary Saving and the Accumulation Of Wealth (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:har:wpaper:0012
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