Comment on Kotlikoff, Shoven, and Spivak

Loading...
Thumbnail Image
Penn collection
Finance Papers
Degree type
Discipline
Subject
Finance and Financial Management
Funder
Grant number
License
Copyright date
Distributor
Related resources
Author
Abel, Andrew B
Contributor
Abstract

In the absence of perfect annuity markets, individual consumers generally undertake precautionary saving to provide resources for their future consumption in the event that they live longer than expected. Kotlikoff, Shoven, and Spivak (in this issue) (hereafter KSS) have provided us with a well-conceived and well-executed study of the effects of various annuity arrangements on individual and aggregate saving in the presence of lifetime uncertainty. Each of these authors has had a long-standing interest in this area, and their current paper reflects their accumulated expertise. Their results indicate that a potentially sizable fraction of U.S. household wealth represents precautionary saving resulting from the absence of perfect annuity market.

Advisor
Date Range for Data Collection (Start Date)
Date Range for Data Collection (End Date)
Digital Object Identifier
Series name and number
Publication date
1986-07-01
Journal title
Journal of Labor Economics
Volume number
Issue number
Publisher
Publisher DOI
Journal Issue
Comments
At the time of publication, author Andrew B. Abel was affiliated with the Harvard University & National Bureau of Economic Research . Currently (September 2017), he is a faculty member in the Finance Department of the Wharton School at the University of Pennsylvania.
Recommended citation
Collection