Préférences face au risque et à l'avenir. Types d'épargnants

In an extended variant of the life-cycle hypothesis, saving behaviour is shown to depend crucially on the interaction between two preference parameters : γ, which represents risk attitudes (aversion, prudence…), and δ, the rate of time depreciation. Hence, the predictions of four specific accumulation regimes : the Bons pères de famille (high γ, low δ); the entreprenants (low γ, low δ); the têtes brûlées (low γ, high δ); and the cigales prudentes (high γ, high δ). 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).