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Precautionary Saving in the Small and in the Large
Abstract
The theory of precautionary saving is shown in this paper to be isomorphic to the Arrow-Pratt theory of risk aversion, making possible the application of a large body of knowledge about risk aversion to precautionary saving, and more generally, to the theory of optimal choice under risk. In particular, a measure of the strength of precautionary saving motive analogous to the Arrow-Pratt measure of risk aversion is used to establish a number of new propositions about precautionary saving, and to give a new interpretation of the Oreze-Modigliani substitution effect.
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Citations
Cited by
The nature of precautionary wealth
Carroll, C. D., & Samwick, A. A. (1997) · Journal of Monetary Economics · doi:10.1016/s0304-3932(97)00036-6 · Cited by 803
Drought and saving in West Africa: are livestock a buffer stock?
Fafchamps, M., Udry, C., & Czukas, K. (1998) · Journal of Development Economics · doi:10.1016/s0304-3878(98)00037-6 · Cited by 709
An Equilibrium Model with Restricted Stock Market Participation
Basak, S., & Cuoco, D. (1998) · Review of Financial Studies · doi:10.1093/rfs/11.2.309 · Cited by 503
Do the Poor Insure? A Synthesis of the Literature on Risk and Consumption in Developing Countries
Alderman, H., & Paxson, C. H. (1994) · Economics in a Changing World · doi:10.1007/978-1-349-23458-5_3 · Cited by 502
The importance of precautionary motives in explaining individual and aggregate saving
Hubbard, R. G., Skinner, J., & Zeldes, S. P. (1994) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(94)90004-3 · Cited by 462
Metadata
- Authors
- Kimball, M. S.
- Venue
- Econometrica
- Publisher
- JSTOR
- Published
- 1990-01
- Volume
- 58
- Issue
- 1
- Pages
- 53
- ISSN
- 0012-9682 (ISSN-L)
- OpenAlex
- W1583280453
- Cited by
- 1,788
- References
- 0
- FWCI
- 52.60
- Type
- journal article
- Language
- en
- Open access
- closed
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- Kimball, M. S. (1990). Precautionary Saving in the Small and in the Large. Econometrica. https://doi.org/10.2307/2938334
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
