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Préférences face au risque et à l'avenir : types d'épargnants

Author

Listed:
  • Luc Arrondel

    (PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • André Masson

    (PJSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

Abstract

In an extended variant of the life-cycle hypothesis, saving behaviour is shown to depend crucially on the interaction between two preference parameters: ?, which represents risk attitudes (aversion, prudence...), and ?, the rate of time depreciation. Hence, the predictions of four specific accumulation regimes: the Bons pères de famille (high ?, low ?); the entreprenants (low ?, low ?); the têtes brûlées (low ?, high ?); and the cigales prudentes (high ?, high ?). The Insee-Delta ?Patrimoine 1998? survey allows to obtain global relative measures of the two preference parameters. An econometric analysis of the amount and composition of wealth shows then that this savers? typology has sizeable explanatory power, with effects as predicted. Ceteris paribus, ?bons pères de famille? accumulate more wealth than other households. ?Têtes brûlées? own less homes and Pep, ?cigales prudentes? less (often) stocks, and these two types of savers invest less in long-term saving (whether for housing or retirement).
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Luc Arrondel & André Masson, 2007. "Préférences face au risque et à l'avenir : types d'épargnants," PSE-Ecole d'économie de Paris (Postprint) halshs-00754757, HAL.
    • Handle: RePEc:hal:pseptp:halshs-00754757
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    Cited by:

    1. Luc Arrondel & André Masson, 2013. "Measuring savers' preferences how and why?," Working Papers halshs-00834203, HAL.
    2. Izabela Jelovac & Philippe Polomé, 2017. "Incentives to patients versus incentives to health care providers: The users' perspective," Health Economics, John Wiley & Sons, Ltd., vol. 26(12), pages 319-331, December.
    3. Luc Arrondel & André Masson & Daniel Verger, 2004. "Les comportements de l'épargnant à l'égard du risque et du temps," Économie et Statistique, Programme National Persée, vol. 374(1), pages 9-19.

    More about this item

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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