Does the selfish life-cycle model apply in the case of Japan?

Arbeitspapier

In this paper, we first provide a brief exposition of the simplest version of the selfish life cycle model or hypothesis, which is undoubtedly the most widely used theoretical model of household behavior in economics, and then survey the literature on household saving behavior in Japan (with emphasis on the author's own past research) to shed light on whether or not the selfish life-cycle model applies in the case of Japan. In particular, we survey the literature on the impact of the age structure of the population on the saving rate, the saving behavior of retired households, saving motives, the prevalence of bequests, bequest motives, tests of altruism, and the importance of borrowing (liquidity) constraints and show that almost all of the available evidence suggests that the selfish life-cycle model applies to a greater extent in Japan than it does in other countries. Finally, we discuss the policy implications of our findings.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ISER Discussion Paper ; No. 1084

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Consumer Economics: Theory ; Consumer Economics: Empirical Analysis ; Household Saving; Personal Finance ; Intertemporal Household Choice; Life Cycle Models and Saving ; Altruism; Philanthropy; Intergenerational Transfers ; Macroeconomics: Consumption; Saving; Wealth ; Economics of the Elderly; Economics of the Handicapped; Non-labor Market Discrimination
• Thema: Age structure of the population ; aged ; altruism ; bequests ; bequest motives ; borrowing constraints ; consumption ; dissaving ; elderly ; estates ; household behavior ; household saving ; households ; inheritances ; intergenerational transfers ; Japan ; lifecyclehypothesis ; life-cycle model ; life-cycle theory ; liquidity constraints ; old age ; retirees ; saving ; saving motives ; selfishness

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Horioka, Charles
• Ereignis: Veröffentlichung
• (wer): Osaka University, Institute of Social and Economic Research (ISER)
• (wo): Osaka
• (wann): 2020

Weitere Informationen

• Handle: http://hdl.handle.net/10419/230489
• Letzte Aktualisierung: 10.03.2025, 11:44 MEZ