Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/57372 
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dc.contributor.authorAchury, Carolinaen
dc.contributor.authorHubar, Sylwiaen
dc.contributor.authorKoulovatianos, Christosen
dc.date.accessioned2012-04-20T17:09:41Z-
dc.date.available2012-04-20T17:09:41Z-
dc.date.issued2011-
dc.identifier.piurn:nbn:de:hebis:30-92944en
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
dc.language.isoengen
dc.publisher|aGoethe University Frankfurt, Center for Financial Studies (CFS) |cFrankfurt a. M.en
dc.relation.ispartofseries|aCFS Working Paper |x2011/06en
dc.subject.jelG11en
dc.subject.jelD91en
dc.subject.jelE21en
dc.subject.jelD81en
dc.subject.jelD14en
dc.subject.jelD11en
dc.subject.ddc330en
dc.subject.keywordElasticity of Intertemporal Substitutionen
dc.subject.keywordStone-Geary Preferencesen
dc.subject.keywordTwo-asset Portfolioen
dc.subject.keywordHousehold Portfoliosen
dc.subject.keywordWealth Inequalityen
dc.subject.keywordControlled Diffusionen
dc.subject.stwAnlageverhaltenen
dc.subject.stwPortfolio-Managementen
dc.subject.stwKonsuminterdependenzen
dc.subject.stwVermögensverteilungen
dc.subject.stwExistenzminimumen
dc.subject.stwKonsumentenverhaltenen
dc.subject.stwTheorieen
dc.titleSaving rates and portfolio choice with subsistence consumption-
dc.typeWorking Paperen
dc.identifier.ppn647478382en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfswop:201106en

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