The Origins of Savings Behavior

• 成果类型: Article
• 署名作者: Cronqvist, Henrik; Siegel, Stephan
• 署名单位: China Europe International Business School; University of Washington; University of Washington Seattle
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/679284
• 发表日期: 2015
• 页码: 123-169
• 关键词: lifetime portfolio selection; time preference; genetic-variation; EVOLUTION; WEALTH; income; retirement; ECONOMICS; nurture; RISK

摘要

Analyzing the savings behavior of a large sample of identical and fraternal twins, we find that genetic differences explain about 33 percent of the variation in savings propensities across individuals. Individuals are born with a persistent genetic predisposition to a specific savings behavior. Parenting contributes to the variation in savings rates among younger individuals, but its effect decays over time. The environment when growing up (e.g., parents' wealth) moderates genetic effects. Finally, savings behavior is genetically correlated with income growth, smoking, and obesity, suggesting that the genetic component of savings behavior reflects genetic variation in time preferences or self-control.