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Hypothèse du cycle de vie, diversification et composition du patrimoine: France 1986

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  • Luc Arrondel
  • André Masson

Abstract

This paper proposes different tests of the life cycle hypothesis, concerning the determinants of household portfolio choices. The theoretical approach is based upon the intertemporal portfolio choice model and focuses on market imperfections and the following duality of needs: lifecycle consumption vs. bequest or other wealth holding motives. Data come from the cross-sectional INSEE survey "Actifs financiers" of 1986. The econometric and statistical analysis notably reveals the predominant role of the level of wealth on portfolio diversification and the existence of life cycle effects on the ownership of given assets. Finally, a study of the simultaneous ownership of assets leads to a sketchy typology of the households according to the combination of assets held.

Suggested Citation

  • Luc Arrondel & André Masson, 1990. "Hypothèse du cycle de vie, diversification et composition du patrimoine: France 1986," Annals of Economics and Statistics, GENES, issue 17, pages 1-45.
    • Handle: RePEc:adr:anecst:y:1990:i:17:p:1-45
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    File URL: http://www.jstor.org/stable/20075771
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    Cited by:

    1. Arrondel, Luc & Lefebvre, Bruno, 2001. "Consumption and Investment Motives in Housing Wealth Accumulation: A French Study," Journal of Urban Economics, Elsevier, vol. 50(1), pages 112-137, July.
    2. Degeorge, Francois & Jenter, Dirk & Moel, Alberto & Tufano, Peter, 2004. "Selling company shares to reluctant employees: France Telecom's experience," Journal of Financial Economics, Elsevier, vol. 71(1), pages 169-202, January.
    3. Hochgürtel, S. & Alessie, R.J.M. & van Soest, A.H.O., 1997. "Savings accounts vs. stocks and bonds in household portfolio allocation," Other publications TiSEM 0839bf0f-307e-4016-acc1-d, Tilburg University, School of Economics and Management.
    4. Kelly, Morgan, 1995. "All their eggs in one basket: Portfolio diversification of US households," Journal of Economic Behavior & Organization, Elsevier, vol. 27(1), pages 87-96, June.
    5. Luc Arrondel & Hector Calvo Pardo & Xisco Oliver, 2007. "Temperant portfolio choice and background risk: evidence from France," Working Papers halshs-00588069, HAL.
    6. Stéfan Lollivier & Daniel Verger, 1996. "Patrimoine des ménages : déterminants et disparités," Économie et Statistique, Programme National Persée, vol. 296(1), pages 13-31.
    7. J.-B. Bernard & L. Berthet, 2015. "French households financial wealth: which changes in 20 years?," Documents de Travail de l'Insee - INSEE Working Papers g2015-18, Institut National de la Statistique et des Etudes Economiques.
    8. Andrei Semenov, 2004. "Asset Pricing with Idiosyncratic Consumption Risk and Limited Participation," Working Papers 2004_1, York University, Department of Economics.

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