Life-Cycle Preferences Revisited

An axiomatic construction for lifecycle preferences accounting for the finiteness and the randomness of life duration is provided. We emphasize the role of intertemporal correlation aversion and explain why multiplicative 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:	[S.l.] : SSRN
Subject:	Lebenszyklus \| Life cycle \| Intertemporale Entscheidung \| Intertemporal choice \| Substitutionselastizität \| Elasticity of substitution \| Nachfragetheorie des Haushalts \| Consumer demand theory \| Risikoaversion \| Risk aversion \| Präferenztheorie \| Theory of preferences

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