Empirical Analysis of Household Savings Decisions in Context of Uncertainty: A cross-sectional approach

Paolo Lucchino () and Dr Justin van de Ven ()

No 406, National Institute of Economic and Social Research (NIESR) Discussion Papers from National Institute of Economic and Social Research

Abstract: Most empirical studies of savings behaviour that explicitly take account of the in?uence of uncertainty consider for identi?cation data that describe the evolution of circumstances observed during an appreciable period of the life-course. Here we report results obtained for a dynamic programming model that has been adapted to permit identi?cation of preference parameters using data observed at a point in time for a given population cross-section. We discuss the advantages of this approach, and our empirical results demonstrate its feasibility in context of contemporary computing technology.

Keywords: Dynamic Programming; Savings; Labor Supply (search for similar items in EconPapers)
JEL-codes: C51 C61 C63 H31 (search for similar items in EconPapers)
Date: 2013-03
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Citations: View citations in EconPapers (6)

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