Precautionary Saving and Social Learning Across Generations
An Experiment
Bibliographic Data
| ID | 9715387 |
|---|---|
| Authors | T Parker Ballinger (Stephen F. Austin State University), Michael Palumbo (Federal Reserve Board of Governors), Michael G Palumbo (Board of Governors of the Federal Reserve System, Washington), Nathaniel T Wilcox (0000-0002-3126-0425, University of Houston) |
| Year | 2003 |
| Volume | 113 |
| Issue | 490 |
| Pages | 920-947 |
| Publication date | 2003-10-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/1468-0297.t01-1-00158 |
| OpenAlex | W2163406415 |
| Language | EN |
| Citations received | 4 |
| References cited | 34 |
We use experimental methods to study how individuals solve life cycle 'precautionary savings' tasks. Some results resemble previous experimental work on dynamic optimisation tasks. Within our experiment, however, opportunities exist for subjects to learn from one another. Subjects participated in three-member 'families'. Second and third 'generation' subjects observe and/or communicate with their 'antecedent' first or second generation subject. We find that later generations perform significantly better than earlier generations. The results speak to questions concerning the precautionary model of consumption, the modelling of dynamic decision behaviour more generally, and the possible importance of social learning to individual decision-making. Copyright 2003 Royal Economic Society
Antecedent (behavioral psychology · Cognitive psychology · Consumption (sociology · Economics · Knowledge management · Precautionary savings · Social learning · Social science · Sociology · Subject (documents · Computer Science · Decision-Making and Behavioral Economics · Economic theories and models · Housing Market and Economics · Psychology · Social Psychology
An Introduction to the Bootstrap
Understanding Consumption
On a measure of lack of fit in time series models
On Players′ Models of Other Players
Buffer-Stock Saving and the Life Cycle/Permanent Income Hypothesis
Tests for Parameter Instability and Structural Change With Unknown Change Point
The Sensitivity of Consumption to Transitory Income
Subjective probability
Saving and Liquidity Constraints
Precautionary Saving in the Small and in the Large
Permanent Income, Current Income, and Consumption
Precautionary Saving and Social Insurance
The Adjustment of Consumption to Changing Expectations About Future Income
Intertemporal Choice and Inequality
Consumption and Liquidity Constraints
Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey
Probabilities vs Money
Optimal Consumption Under Uncertainty
Demonstrability and social combination processes on mathematical intellective tasks
Group versus individual performance
Group versus individual performance
When does cooperative learning increase student achievement
| Citations per year | 0.18 |
|---|---|
| Citation span | 2004 - 2023 (20) |
| Highly cited | No |