Changes in risk and the demand for saving
Changes in risk and the demand for saving
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DOI：
10.1016/j.jmoneco.2008.08.004
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发表时间：
2008-10-01
影响因子：
4.1
通讯作者：
Schlesinger, Harris
中科院分区：
文献类型：
--
作者：
Eeckhoudt, Louis;Schlesinger, Harris
风险如何影响储蓄？经验性工作通常检查数据中可检测到的风险差异的影响。这些差异如何影响理论模型中的储蓄，取决于人们用来衡量风险的指标。对于劳动收入风险，风险的二度增加需要谨慎以诱导更多的储蓄需求。然而，对于一级风险增加来说，谨慎并不是必要的，对于更高程度的风险增加来说，谨慎是不够的。对于利率风险的增加，需要比较预防效应和替代效应。本文给出了N次改变风险以增加储蓄的偏好的充要条件。(C)2008爱思唯尔B.V.保留所有权利。
How does risk affect saving? Empirical work typically examines the effects of detectible differences in risk within the data. How these differences affect saving in theoretical models depends on the metric one uses for risk. For labor-income risk, second-degree increases in risk require prudence to induce increased saving demand. However, prudence is not necessary for first-degree risk increases and not sufficient for higher-degree risk increases. For increases in interest-rate risk, a precautionary effect and a substitution effect need to be compared. This paper provides necessary and sufficient conditions on preferences for an Nth-degree change in risk to increase saving. (C) 2008 Elsevier B.V. All rights reserved.