Household Finance and the Value of Life
Daniel Harenberg and
François Le Grand
VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association
We analyze life-cycle saving strategies with a recursive model that is designed to provide reasonable positive values for the value of a statistical life. With a positive value of life, risk aversion amplifies the impact of uncertain survival on the discount rate, and thus reduces savings. Our model also predicts that risk aversion lowers stock market participation and leads to choose more conservative portfolios.
JEL-codes: D91 G11 J17 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168189
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