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Precautionary Saving in the Small and in the Large

Miles S. Kimball

出版	National Bureau of Economic Research, 1989
URL	http://books.google.com.hk/books?id=qrEiAQAAMAAJ&hl=&source=gbs_api

註釋

The theory of precautionary saving is shown in this paper to be isomorphic to the Arrow-Pratt theory of risk aversion, making possible the application of a large body of knowledge about risk aversion to precautionary saving, and more generally, to the theory of optimal choice under risk. In particular, a measure of the strength of precautionary saving motive analogous to the Arrow-Pratt measure of risk aversion is used to establish a number of new propositions about precautionary saving, and to give a new interpretation of the Oreze-Modigliani substitution effect.