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dc.contributor.authorAchury, Carolinaen_US
dc.contributor.authorHubar, Sylwiaen_US
dc.contributor.authorKoulovatianos, Christosen_US
dc.date.accessioned2012-04-20T17:09:41Z-
dc.date.available2012-04-20T17:09:41Z-
dc.date.issued2011en_US
dc.identifier.piurn:nbn:de:hebis:30-92944en_US
dc.identifier.urihttp://hdl.handle.net/10419/57372-
dc.description.abstractWe analytically show that a common across rich/poor individuals Stone-Geary utility function with subsistence consumption in the context of a simple two-asset portfolio-choice model is capable of qualitatively and quantitatively explaining: (i) the higher saving rates of the rich, (ii) the higher fraction of personal wealth held in risky assets by the rich, and (iii) the higher volatility of consumption of the wealthier. On the contrary, time-variant 'keeping-up-with-the-Joneses' weighted average consumption which plays the role of moving benchmark subsistence consumption gives the same portfolio composition and saving rates across the rich and the poor, failing to reconcile the model with what micro data say.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2011/06en_US
dc.subject.jelG11en_US
dc.subject.jelD91en_US
dc.subject.jelE21en_US
dc.subject.jelD81en_US
dc.subject.jelD14en_US
dc.subject.jelD11en_US
dc.subject.ddc330en_US
dc.subject.keywordElasticity of Intertemporal Substitutionen_US
dc.subject.keywordStone-Geary Preferencesen_US
dc.subject.keywordTwo-asset Portfolioen_US
dc.subject.keywordHousehold Portfoliosen_US
dc.subject.keywordWealth Inequalityen_US
dc.subject.keywordControlled Diffusionen_US
dc.subject.stwAnlageverhaltenen_US
dc.subject.stwPortfolio-Managementen_US
dc.subject.stwKonsuminterdependenzen_US
dc.subject.stwVermögensverteilungen_US
dc.subject.stwExistenzminimumen_US
dc.subject.stwKonsumentenverhaltenen_US
dc.subject.stwTheorieen_US
dc.titleSaving rates and portfolio choice with subsistence consumptionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn647478382en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:cfswop:201106-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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