The marginal propensity to consume and multidimensional risk

Elyès Jouini; Clotilde Napp; Diego Nocetti

doi:10.1016/j.econlet.2013.02.002

The marginal propensity to consume and multidimensional risk

Elyès Jouini
, Clotilde Napp
, Diego Nocetti

Producción científica: Contribución a una revista › Artículo › revisión exhaustiva

Resumen

Kimball (1990a,b) established that income risk increases the marginal propensity to consume if and only if absolute prudence decreases. We characterize decreasing and increasing multivariate prudence and show that a multidimensional risk increases the marginal propensity to consume if and only if absolute prudence decreases with wealth, in the sense that its derivative is negative-definite.

Idioma original	Inglés
Páginas (desde-hasta)	124-127
Número de páginas	4
Publicación	Economics Letters
Volumen	119
N.º	2
DOI	https://doi.org/10.1016/j.econlet.2013.02.002
Estado	Publicada - may. 2013
Publicado de forma externa	Sí

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10.1016/j.econlet.2013.02.002

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title = "The marginal propensity to consume and multidimensional risk",

abstract = "Kimball (1990a,b) established that income risk increases the marginal propensity to consume if and only if absolute prudence decreases. We characterize decreasing and increasing multivariate prudence and show that a multidimensional risk increases the marginal propensity to consume if and only if absolute prudence decreases with wealth, in the sense that its derivative is negative-definite.",

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author = "Ely{\`e}s Jouini and Clotilde Napp and Diego Nocetti",

year = "2013",

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AU - Jouini, Elyès

AU - Napp, Clotilde

AU - Nocetti, Diego

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AB - Kimball (1990a,b) established that income risk increases the marginal propensity to consume if and only if absolute prudence decreases. We characterize decreasing and increasing multivariate prudence and show that a multidimensional risk increases the marginal propensity to consume if and only if absolute prudence decreases with wealth, in the sense that its derivative is negative-definite.

KW - Marginal propensity to consume

KW - Multivariate risk

KW - Prudence

UR - https://www.scopus.com/pages/publications/84874798052

U2 - 10.1016/j.econlet.2013.02.002

DO - 10.1016/j.econlet.2013.02.002

M3 - Article

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VL - 119

SP - 124

EP - 127

JO - Economics Letters

JF - Economics Letters

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The marginal propensity to consume and multidimensional risk

Resumen

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