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http://hdl.handle.net/10419/53165
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| Title: | | Consumption and precautionary saving: An empirical analysis under both financial and environmental risks  |
| Authors: | | Baiardi, Donatella Manera, Matteo Menegatti, Mario |
| Issue Date: | | 2011 |
| Series/Report no.: | | Nota di lavoro // Fondazione Eni Enrico Mattei: Climate Change and Sustainable Development 62.2011 |
| Abstract: | | This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the period 1965-2007. The results support the theoretical conclusions that both financial risk alone and the interaction between financial and environmental risks affect consumption. Moreover, we suggest a solution to some shortcomings which concern the empirical analysis performed with one-argument utility functions. Finally, we provide new estimates of indexes of relative risk aversion and relative prudence, and relative preference of environmental quality. |
| Subjects: | | Consumption Precautionary Saving Financial Risk Environmental Risk Prudence Relative Risk Aversion Uncertainty |
| JEL: | | D81 E21 Q50 |
| Document Type: | | Working Paper |
| Appears in Collections: | | FEEM Working Papers, Fondazione Eni Enrico Mattei
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