LIFE-CYCLE PREFERENCES REVISITED

被引：15
作者：
Bommier, Antoine [1 ]
机构：
[1] Swiss Fed Inst Technol, Zurich, Switzerland
来源：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION | 2013年 / 11卷 / 06期
关键词：
RISK-AVERSION; UNCERTAIN LIFETIME; CONSUMPTION; UTILITY; CHOICE; SUBSTITUTION; DEFINITION; TIME;
D O I：
10.1111/jeea.12056
中图分类号：
F [经济];
学科分类号：
02 ;
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.
引用
收藏
页码：1290 / 1319
页数：30
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