Precautionary Saving and Consumption Smoothing Across Time and Possibilities
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This paper examines how aversion to risk and aversion to intertemporal substitution determine the strength of the precautionary saving motive in a two-period model with Selden/Kreps-Porteus preferences. For small risks, we derive a measure of the strength of the precautionary saving motive which
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美国国家经济研究局创建时间：
1992-01-01
