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SUMMARY:Recursive Preferences\, the Value of Life\, and Household Finance
DTSTART:20241004T140000
DTEND:20241004T150000
DTSTAMP:20260507T102031Z
UID:e0ee5d7e71144ff2bb14775b295f1218c00c4ad0ffb8d2892f6c703f
CATEGORIES:Conferences - Seminars
DESCRIPTION:Antoine Bommier - ETH Zurich\nWe analyze lifecycle saving usin
 g a recursive utility model calibrated to match estimates of the value of 
 a statistical life. The novelty of our approach is that we require prefere
 nces to be monotone with respect to first-order stochastic dominance while
  disentangling risk aversion and the intertemporal elasticity of substitut
 ion. We show that\, with a positive value of life\, risk aversion reduces 
 each of savings\, stock market participation\, and annuity purchase. Risk 
 averse agents insure against early death by consuming more when young and 
 retaining wealth for bequests. These results contrast with those of previo
 us studies using non-monotonic recursive models.\nThis is joint work with 
 François Le Grand\, Cormac O’Dea and Daniel Harenberg.
LOCATION:UniL Campus\, Room Extra 126 https://agenda.unil.ch/display/17182
 85537826
STATUS:CONFIRMED
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