Work

Humps and Bumps in Lifetime Consumption

Year: 1999

Type: article

Abstract: In this article we argue that the life-cycle model that allows demographics to affect household preferences and relaxes the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources and, in particular, match the differences in shape across different education groups. Liquidity constraints or myopia are not required to explain the empirical features of observed life-cycle patterns.

Source: Journal of Business and Economic Statistics

DOI: 10.1080/07350015.1999.10524794

Authors: Orazio P. Attanasio, James Banks, Costas Meghir, Guglielmo Weber

Institutions: Institute for Fiscal Studies, University College London, University of Manchester, Yale University, University of Padua, Centre for Economic Policy Research

Language: English

Topic: Financial Literacy, Pension, Retirement Analysis

Subfield: Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2144505652

FWCI: 14.5

Cites: 26

Cited by: 310

Related to: 10