Saver types
An evolutionary-adaptive approach
Bibliographic Data
| ID | 12846304 |
|---|---|
| Authors | Gergely Varga (Corvinus University of Budapest, corresponding author), János Vincze (ELTE Centre for Economic and Regional Studies) |
| Year | 2019 |
| Volume | 41 |
| Issue | 2 |
| Pages | 263-287 |
| Publication date | 2019-06-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Society and Economy (JOURNAL) |
| Journal identifiers | ISSN: 1588-970X • E-ISSN: 1588-9726 |
| Publisher | Akadémiai Kiadó (PUBLISHER • HU) |
| DOI | 10.1556/204.2019.41.2.6 |
| OpenAlex | W2599176778 |
| Language | EN |
| References cited | 16 |
We set up an agent-based macro-model that focuses on the consumption-saving decision. Agents do not maximize utility, but their behaviour features certain “rational” aspects of human choice based on the idea of ecological rationality. Three qualitatively different saving strategies are defined: 1, buffer stock saving (prudent and forward looking); 2, permanent income saving (forward looking without prudence); and 3, myopic saving (caring only about immediate consumption). It is found that prudent saving behaviour becomes prevalent when the selection pressure is very high, but an economy comprising only prudent households tends to accumulate capital in excess of what is implied by the Golden Rule. Lowering the intensity of evolutionary forces results in more diversity in saver types, and, somewhat puzzlingly, may be socially beneficial in some sense
Consumption (sociology · Economics · Microeconomics · Prudence · Rationality · Set (abstract data type · Sociology · Stock (firearms · Complex Systems and Time Series Analysis · Computer Science · Economic theories and models · Housing Market and Economics
Lectures on Macroeconomics
Capital in the Twenty-First Century
Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis
On random graphs. I.
A Dual-Self Model of Impulse Control
The Sensitivity of Consumption to Transitory Income
Golden Eggs and Hyperbolic Discounting
Uninsured Idiosyncratic Risk and Aggregate Saving
Analysis of the Emergent Properties
Poor Economics
| Highly cited | No |
|---|