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Déterminants individuels de la composition du patrimoine : France 1980

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  • Luc Arrondel
  • André Masson

Abstract

[eng] Individual factors of wealth composition : France 1980 . . This paper presents a first sketch of a general model of portfolio choices which is tested on the French CREP 1980 survey with 3.000 households. The model extends the framework of Modigliani's Life Cycle Hypothesis to wealth composition with the help of existing partial theories (Merton's intertemporal portfolio choice model, generalised form of the life cycle hypothesis allowing for bequest). It finally assumes that household accumulation behaviour can be described by a three stage sequential procedure : 1) consuinption-saving decision ; 2) discrete choice of the combination of assets held ; 3) continuons choice of conditional assets demands, given the combination held. Empirical econometric and statistical analysis deals both with the number of assets held, as an indicator of wealth diversification, and with portfolio composition. It shows the importance of the size of wealth and of age on assets demands and reveals the key role played by the discrete choice. These results which seem to vindicate the hypothesis of a three stage budgeting. From the explanatory variables of each asset ownership and conditional demand it is also possible to elaborate a typology of the 14 assets distinguished by the survey. [fre] Déterminants individuels de la composition du patrimoine : France 1980. . On pose dans cet article les premiers éléments d'un modèle général de choix d'actifs dont on teste les principales prédictions sur les données de l'enquête CREP 1980 effectuée auprès de trois mille ménages. Le modèle constitue une extension de l'hypothèse du cycle de vie de Modigliani à la composition du patrimoine et s'appuie notamment sur les théories partielles existantes (théorie intertemporelle des choix de portefeuille de Merton, modèle de cycle de vie généralisé aux transmissions). Il suppose finalement que les comportements patrimoniaux des ménages peuvent être décrits par une procédure de choix séquentielle en trois étapes : 1) arbitrage consommation-épargne ; 2) à patrimoine donné, choix discret de la combinaison optimale d'actifs ; 3) à combinaison fixée, choix continu des demandes de chaque actif. L'analyse empirique, économétrique et statistique, qui traite à la fois du nombre d'actifs, indicateur de diversification, et de la composition de la richesse, met en évidence l'importance du niveau du patrimoine et de l'âge sur les demandes d'actifs et la prédominance du choix discret par rapport au choix continu. Ces résultats apparaissent favorables à l'hypothèse d'une allocation des ressources en trois étapes. L'étude des facteurs explicatifs de la détention et du montant des divers placements permet également d'élaborer une typologie des quatorze actifs distingués dans l'enquête.

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  • Luc Arrondel & André Masson, 1989. "Déterminants individuels de la composition du patrimoine : France 1980," Revue Économique, Programme National Persée, vol. 40(3), pages 441-502.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1989_num_40_3_409148
    DOI: 10.3406/reco.1989.409148
    Note: DOI:10.3406/reco.1989.409148
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