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首页> 外文期刊>Journal of Economic Dynamics and Control >Revisiting the effect of household size on consumption over the life-cycle
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Revisiting the effect of household size on consumption over the life-cycle

机译：重新审视家庭规模对生命周期内消费的影响

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Although the link between household size and consumption has strong empirical support, there is no consistent way in which demographics are dealt with in standard life-cycle models. We study the relationship between the predictions of the Single Agent model (the standard in the literature) versus a simple model extension (the Demographics model) where deterministic changes in household size and composition affect optimal consump-tion decisions. We show theoretically that the Demographics model is conceptually preferable to the Single Agent model as it captures economic mechanisms ignored by the latter. However, our quantitative analysis demonstrates that differences in predictions for consumption are negligible across models, when using standard calibration strategies. This suggests that it is largely irrelevant which model specification is used.
机译：尽管家庭规模和消费之间的联系有很强的经验支持，但是在标准的生命周期模型中并没有一致的方法来处理人口统计问题。我们研究了单一代理人模型（文献中的标准）与简单模型扩展（人口统计学模型）的预测之间的关系，在简单模型扩展中，家庭规模和组成的确定性变化会影响最佳的消费决策。我们从理论上证明，人口统计模型在概念上优于单一代理模型，因为它捕获了后者忽略的经济机制。但是，我们的定量分析表明，使用标准校准策略时，各个模型的消耗量预测差异可忽略不计。这表明使用哪种模型规范与很大程度上无关。

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