The marginal propensity to consume and multidimensional risk

被引：1

作者：

Jouini, Elyes ^{[1
]}

Napp, Clotilde ^{[2
,3
]}

Nocetti, Diego ^{[4
]}

机构：

[1] Univ Paris 09, CEREMADE, PSL, F-75775 Paris 16, France

[2] Univ Paris 09, CNRS, F-75775 Paris 16, France

[3] Univ Paris 09, PSL, F-75775 Paris 16, France

[4] Clarkson Univ, Sch Business, Potsdam, NY 13699 USA

来源：

ECONOMICS LETTERS | 2013年 / 119卷 / 02期

关键词：

Marginal propensity to consume; Multivariate risk; Prudence;

D O I：

10.1016/j.econlet.2013.02.002

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Kimball (1990a,b) established that income risk increases the marginal propensity to consume if and only if absolute prudence decreases. We characterize decreasing and increasing multivariate prudence and show that a multidimensional risk increases the marginal propensity to consume if and only if absolute prudence decreases with wealth, in the sense that its derivative is negative-definite. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：124 / 127

页数：4

共 11 条

[1]

[Anonymous], ECONOMETRICA

[2] On the concavity of the consumption function [J].