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Precautionary Saving in the Small and in the Large
Open accessAbstract
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 sub- stitution effect.
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Citations
Cited by
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Deaton, A. (1997) · doi:10.1596/0-8018-5254-4 · Cited by 4,877
Precautionary Saving and Social Insurance
Hubbard, R. G., Skinner, J., & Zeldes, S. P. (1995) · Journal of Political Economy · doi:10.1086/261987 · Cited by 1,051
Underinvestment in a Profitable Technology: The Case of Seasonal Migration in Bangladesh
(2014) · Econometrica · doi:10.3982/ecta10489 · Cited by 710
A stochastic model of mortality, fertility, and human capital investment
Kalemli-Ozcan, S. (2003) · Journal of Development Economics · doi:10.1016/s0304-3878(02)00089-5 · Cited by 278
Lakdawalla, D. N., & Phelps, C. E. (2021) · Value in Health · doi:10.1016/j.jval.2020.10.003 · Cited by 120
Metadata
- Authors
- Kimball, M.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1989-02
- OpenAlex
- W2890237509
- Cited by
- 1,498
- References
- 0
- Type
- report
- Language
- en
- Open access
- green
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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.
