Journal Article

Precautionary Wealth Accumulation

Mark Huggett

in The Review of Economic Studies

Published on behalf of Review of Economic Studies Ltd

Volume 71, issue 3, pages 769-781
Published in print July 2004 | ISSN: 0034-6527
Published online July 2004 | e-ISSN: 1467-937X | DOI: http://dx.doi.org/10.1111/j.1467-937X.2004.00303.x
Precautionary Wealth Accumulation

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  • Information, Knowledge, and Uncertainy
  • Household Behaviour and Family Economics
  • Microeconomics

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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.

Keywords: D14; D31; D81

Journal Article.  6621 words.  Illustrated.

Subjects: Information, Knowledge, and Uncertainy ; Household Behaviour and Family Economics ; Microeconomics

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