Life-Cycle Preferences Revisited

An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasise the role of intertemporal correlation aversion and explain why multiplication preferences provide an interesting alternative to additive preferences, allowing to separate risk aversion from intertemporal elasticity of substitution. Implications regarding the shape of the optimal consumption profiles are discussed

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Year of publication:	2012
Authors:	Bommier, Antoine
Publisher:	[2012]: [S.l.] : SSRN
Subject:	Lebenszyklus \| Life cycle \| Risikoaversion \| Risk aversion \| Nachfragetheorie des Haushalts \| Consumer demand theory \| Intertemporale Entscheidung \| Intertemporal choice \| Substitutionselastizität \| Elasticity of substitution \| Präferenztheorie \| Theory of preferences

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Extent:	1 Online-Ressource (47 p)
Series:	ETH Risk Center Working Paper ; No. 12-001
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 10, 2012 erstellt
Other identifiers:	10.2139/ssrn.2191558 [DOI]
Classification:	D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10013096262