data. In this paper, we study differences between consumption predictions from a single agent model and "adult equivalent …" consumption predictions from a model where household size evolves deterministically over the life-cycle and affects individual … preferences for consumption. Using a theoretical model we prove that, under mild conditions, these predictions are different. In …

bias when these models are used to make predictions for aggregate consumption. In both a theoretical and a quantitative … exercise, we find that economies of scale in consumption inside the household are positively related to the bias introduced by … the single agent approach in predicted consumption profiles over the life-cycle. We also do an external validation …

Although the link between household size and consumption has strong empirical support, there is no consistent way in … deterministic changes in household size and composition affect optimal consumption decisions. We show theoretically that the …. However, our quantitative analysis demonstrates that differences in predictions for consumption are negligible across models …

consumption, controlling for demographics, cohort and time effects. In addition to documenting profiles for total and nondurable … consumption, we devote special attention to the age expenditure pattern for consumer durables. We find hump-shaped paths over the … that households do not smooth consumption over their lifetimes. This is especially true for services from consumer durables …

of the processes generating income, social security wealth, retirement and consumption behaviour of households, and …

By how much do employed households reduce their consumption when the aggregate unemployment rate rises? In Spain during … consumption of more than 0.7% per equivalent adult. This reduction is the response of forward-looking agents to downward revisions … of their expectations on future income growth rates: the shadow of unemployment. Using consumption panel data that …

, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the …

, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the …

, retirement and consumption decisions of forward-looking individuals depend, inter alia, on life expectancy and the design of the …

individuals' employment, retirement and consumption decisions. Our modeling approach allows life expectancy and the nature of the …