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Increase in Life-Expectancy and Saving Behaviour

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bernard_birmingham1.pdf (188.9Kb)
Date
2003
Indexation documentaire
Economie financière
Subject
saving; Life-expectancy
Code JEL
D91; G22; G11
Titre du colloque
XXème Journées Internationales d'Economie Monétaire et Bancaire (GDR) - 20 th symposium on banking and monetary economics
Ville du colloque
Birmingham
Pays du colloque
UNITED KINGDOM
URI
https://basepub.dauphine.fr/handle/123456789/3513
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Auteur
Bernard, Philippe
559342 Laboratoire d'Economie de Dauphine [LEDa]
El Mekkaoui de Freitas, Najat
559342 Laboratoire d'Economie de Dauphine [LEDa]
Lavigne, Anne
1724 Laboratoire d'économie d'Orleans [LEO]
Mahieu, Ronan
Type
Communication / Conférence
Résumé en anglais
The age structure of the French population has been experiencing dramatic changes over the past decades and is likely to do so in a near future. The increasing proportion of the elder people may modify the savings behaviour of households. The level of savings, as well as its composition, may be altered by the ageing of the French population. This paper investigates the relationship between an increasing life expectancy and saving behaviour. We set up a life- cycle model in which the increase in life-expectancy is modelled as an increase in the probability of death at older ages. We introduce uncertainty as a consumption shock to stylise the fact that individuals may face an (uncertain) increase in expenditure for long term care (such as Alzheimer disease). We then show that, contrary to the standard life-cycle message, an increase in individual life-expectancy does not imply a decrease in saving or a more risk averse behaviour.

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