Precautionary wealth accumulation: a positive third derivative is not enough

被引：8

作者：

Huggett, M ^{[1
]}

Vidon, E ^{[1
]}

机构：

[1] Georgetown Univ, Dept Econ, Washington, DC 20057 USA

来源：

ECONOMICS LETTERS | 2002年 / 76卷 / 03期

关键词：

precautionary wealth; earnings risk; savings function;

D O I：

10.1016/S0165-1765(02)00061-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

It is commonly conjectured that expected wealth accumulation increases when earnings risk increases as long as the utility function in each period is increasing, concave and has a positive third derivative. We present a counter example which highlights the importance of the convexity of the savings function. (C) 2002 Elsevier Science B.V. All rights reserved.

引用

页码：323 / 329

页数：7

共 12 条

[1]

Browning M, 1996, J ECON LIT, V34, P1797

[2]

CABALLERO RJ, 1991, AM ECON REV, V81, P859

[3]

HUGGETT M, 2001, UNPUB PRECAUTIONARY

[4] PRECAUTIONARY SAVING IN THE SMALL AND IN THE LARGE [J].