The limits of choice : saving decisions and basic needs in developed countries (eBook, 2013) []
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The limits of choice : saving decisions and basic needs in developed countries

The limits of choice : saving decisions and basic needs in developed countries

Author: Sahra Wagenknecht
Publisher: Frankfur : Campus Verlag, 2013.
Edition/Format:   eBook : Document : GermanView all editions and formats
Hauptbeschreibung Wann und warum sparen private Haushalte? Sahra Wagenknecht untersucht in ihrer Dissertation den Zusammenhang von Sparentscheidungen und Grundbedürfnissen in Deutschland und den USA von den 1950er-Jahren bis heute. Ihre zentrale Hypothese lautet, dass der Einkommensanteil der Ausgaben zur Befriedigung von Grundbedürfnissen die entscheidende Erklärungsvariable des individuellen Sparverhaltens  Read more...

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Genre/Form: Electronic books
Additional Physical Format: Print version:
Wagenknecht, Sahra.
Limits of choice.
Frankfurt : Campus Verlag, [2013]
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Sahra Wagenknecht
ISBN: 9783593421117 3593421119
OCLC Number: 861080457
Notes: 3.1.2 Subsistence Consumption in Developing Countries.
Description: 1 online resource (329 pages) : illustrations
Contents: List of Figures; List of Variables and Abbreviations; Introduction; Chapter 1. Stylised Facts of Saving; Paragraph 1.1 Data Sets and Statistical Issues; 1.1.1 Various Saving Aggregates and Their Relationship; 1.1.2 Macroeconomic Data Sources for the U.S. and Germany; 1.1.3 Measurement Problems-Saving Offshore or Saving Out of Realised Capital Gains; 1.1.4 Statistical Revisions; 1.1.5 Microeconomic Data Sources for the U.S. and Germany; Paragraph 1.2 The Historic Path of Saving; 1.2.1 General Trends in the OECD; 1.2.2 Saving in the U.S. and its Various Components. 1.2.3 Saving in Germany and its Various ComponentsParagraph 1.3 Stylised Facts at the Macroeconomic Level; 1.3.1 Real Income; 1.3.2 Growth; 1.3.3 Real Interest Rates; 1.3.4 Inflation; 1.3.5 Unemployment and Social Security Standards; 1.3.6 Demographics; 1.3.7 Inequality; 1.3.8 Institutional Environment; 1.3.9 Persistency; Paragraph 1.4 Stylised Facts at the Microeconomic Level; 1.4.1 Macroeconomic Facts and Microeconomic Distributions; 1.4.2 Saving Rates in Cross-Section; 1.4.3 Current Income, Real and Relative; 1.4.4 Permanent Income; 1.4.5 The Distribution of Financial Wealth. 1.4.6 Growth, Income Fluctuations and the Role of Expectations1.4.7 Uncertainty and Precautionary Saving; 1.4.8 Life-Cycle Patterns of Saving; 1.4.9 Saving Motives; Paragraph 1.5 Summary: Stylised Facts of Saving; Chapter 2. Do Standard Models of Saving Match the Facts?; Paragraph 2.1 The Standard LCPIH; 2.1.1 Basic Ideas of the Standard Approach; 2.1.2 The Modigliani-Diagram; 2.1.3 The Perfect Foresight Model in Discrete Time; 2.1.4 The Perfect Foresight Model in Continuous Time; 2.1.5 The Certainty Equivalent Model; Paragraph 2.2 The Empirical Failure of the Standard Models. 2.2.1 Excess Sensitivity and Excess Smoothness-Ambiguous Results2.2.2 MPC and Income Growth-Wrong Predictions; 2.2.3 Incapability to Explain Saving Rate Differentials; Paragraph 2.3 Refinements: Allowing for Precautionary Saving, Liquidity Constraints and Habit Formation; 2.3.1 Convex Marginal Utility and the Precautionary Motive; 2.3.2 The Technique of Stochastic Dynamic Programming; 2.3.3 The Buffer-Stock Model; 2.3.4 Liquidity Constrained Consumers; 2.3.5 Models Including Habit Formation; Paragraph 2.4 Do the Elaborated Models Perform Better? 2.4.1 Gain in Realism at the Cost of Predictive Power2.4.2 Remaining Deficiencies; Paragraph 2.5 The Optimal Consumption Path-General Remarks; 2.5.1 Hidden Assumptions and Fundamental Flaws; 2.5.2 Arguments of the Utility Function-Wealth as an End in Itself; 2.5.3 A Realistic Time-Horizon; 2.5.4 The Representative Consumer; 2.5.5 Per-period Consumption as a Single Entity; 2.5.6 The Elasticity of Intertemporal Substitution; 2.5.7 The Optimising Procedure-Benefits and Costs; Chapter 3. A New Approach to Saving Behaviour; Paragraph 3.1 Basic Needs and Saving; 3.1.1 The Relative-Income Hypothesis.
Responsibility: Sahra Wagenknecht.


Arguing against the hypothesis that assumes consumers optimize their consumption intertemporally based on their permanent or lifetime income, this title proposes a rule of thumb according to which  Read more...


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