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A Model of Household Savings and Labour Supply Responses to the Policy Environment

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  • Dr Justin van de Ven

Abstract

This paper describes a structural dynamic microsimulation model of the household that has been developed at the National Institute for exploring behavioural responses to various aspects of the economic environment, particularly in relation to tax and benefits policy. The model is based upon the life-cycle theory of behaviour, which assumes that individuals make their decisions to maximise expected lifetime utility, subject to expectations that are consistent with the prevailing decision making environment. These expectations are also considered to take into account various aspects of uncertainty regarding labour incomes, rates of return, relationship status and longevity. The model is designed to minimise computational time in the context of contemporary personal computing technology, and will run on a Pentium 4 processor with 1GB of RAM.

Suggested Citation

  • Dr Justin van de Ven, 2009. "A Model of Household Savings and Labour Supply Responses to the Policy Environment," National Institute of Economic and Social Research (NIESR) Discussion Papers 334, National Institute of Economic and Social Research.
    • Handle: RePEc:nsr:niesrd:334
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    Cited by:

    1. Van de Ven, Justin, 2011. "Do Defined Contribution Pensions Correct for Short-Sighted Savings Decisions? Evidence from the UK," Papers WP399, Economic and Social Research Institute (ESRI).
    2. Dr Justin van de Ven & Dr Martin Weale, 2010. "An Empirical Investigation of Quasi-hyperbolic Discounting," National Institute of Economic and Social Research (NIESR) Discussion Papers 355, National Institute of Economic and Social Research.
    3. Man Si, 2015. "Intrafamily bargaining and love," Review of Economics of the Household, Springer, vol. 13(4), pages 771-789, December.
    4. Dr Justin van de Ven, 2010. "The Effects of Myopia on Pension Decisions," National Institute of Economic and Social Research (NIESR) Discussion Papers 356, National Institute of Economic and Social Research.

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