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Increase in Life-Expectancy and Saving Behaviour

Bernard, Philippe; El Mekkaoui de Freitas, Najat; Lavigne, Anne; Mahieu, Ronan (2003), Increase in Life-Expectancy and Saving Behaviour, XXème Journées Internationales d'Economie Monétaire et Bancaire (GDR) - 20 th symposium on banking and monetary economics, Birmingham, UNITED KINGDOM

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bernard_birmingham1.pdf (188.9Kb)
Type
Communication / Conférence
Date
2003
Conference title
XXème Journées Internationales d'Economie Monétaire et Bancaire (GDR) - 20 th symposium on banking and monetary economics
Conference city
Birmingham
Conference country
UNITED KINGDOM
Metadata
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Author(s)
Bernard, Philippe cc
Laboratoire d'Economie de Dauphine [LEDa]
El Mekkaoui de Freitas, Najat
Laboratoire d'Economie de Dauphine [LEDa]
Lavigne, Anne cc
Laboratoire d'économie d'Orleans [2008-2011] [LEO]
Mahieu, Ronan
Abstract (EN)
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.
Subjects / Keywords
saving; Life-expectancy
JEL
D91 - Intertemporal Household Choice; Life Cycle Models and Saving
G22 - Insurance; Insurance Companies; Actuarial Studies
G11 - Portfolio Choice; Investment Decisions

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