equilibrium risk sharing, the precautionary savings motive in the aggregate can vastly exceed that of even the most prudent actual … reasonable risk aversions for all agents. One downside of a large aggregate savings motive is that savings rates become extremely …Movements in asset prices are a major risk confronting individuals. This paper establishes new asset pricing results …

Using data from a field experiment in Kenya, we document that providing individuals with simple informal savings … providing a safe place to keep money was sufficient to increase health savings, through a mental accounting effect. Adding an … earmarking feature was only helpful when funds were put towards emergencies; earmarking for preventative health reduced savings …

We present a tractable model of the effects of nonfinancial risk on intertemporal choice. Our purpose is to provide a … economy, where most modelers have chosen not to incorporate serious nonfinancial risk because available methods were too … most of the key implications of nonfinancial risk for intertemporal choice …

There is considerable variation in retirement savings within income, age, and educational categories. Using a broad … retirement savings, even while controlling for measures of IQ and general financial literacy as well as a rich set of demographic … savings. We assess potential threats to a causal interpretation of our results with a hypothetical choice experiment and …

marginal value of liquidity. Risk aversion and the elasticity of inter-temporal substitution play very different roles on …

Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite …