Can subjective morality expectations and stated preferences explain varying consumption and saving behaviors among the elderly?


Salm, Martin


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URL: http://ub-madoc.bib.uni-mannheim.de/1575
URN: urn:nbn:de:bsz:180-madoc-15755
Document Type: Working paper
Year of publication: 2006
Publication language: English
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject: 300 Social sciences, sociology, anthropology
Subject headings (SWD): Sparverhalten , Verbraucherverhalten , Älterer Mensch , Moral
Abstract: This study investigates how subjective mortality expectations and heterogeneity in time and risk preferences affect the consumption and saving behavior of the elderly. Previous studies find that the large wealth disparities observed among the elderly cannot be explained by differences in preferences. In contrast, this study identifies a strong relationship between answers to survey questions about time and risk preferences and consumption and saving behaviors. This paper uses data on information about preferences and subjective mortality expectations from the Health and Retirement Study merged with detailed consumption data from two waves of the Consumption and Activities Mail Survey. The main results are: 1) consumption and saving choices vary with subjective mortality rates in a way that is consistent with the life cycle model; 2) different answers to survey questions about time and risk preferences reflect differences in actual saving and consumption behavior; and 3) there is substantial heterogeneity in estimated time discount rates and risk aversion parameters.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Salm, Martin (2006) Can subjective morality expectations and stated preferences explain varying consumption and saving behaviors among the elderly? Open Access [Working paper]
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