LIFE-CYCLE PREFERENCES REVISITED

• 成果类型: Article
• 署名作者: Bommier, Antoine
• 署名单位: Swiss Federal Institutes of Technology Domain; ETH Zurich
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12056
• 发表日期: 2013
• 页码: 1290-1319
• 关键词: risk-aversion; uncertain lifetime; consumption; utility; CHOICE; substitution; definition; time

摘要

An axiomatic construction for life-cycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplicative preferences provide an interesting alternative to additive preferences, allowing risk aversion and intertemporal elasticity of substitution to be separated. Implications regarding the shape of the optimal consumption profiles are discussed.