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Updated: Oct 7, 2025

An R-Based Landscape Validation of a Competing Risk Model

An R-Based Landscape Validation of a Competing Risk Model

Published on: September 16, 2022

New results on precautionary saving and nonlinear risks.

Claudio Bonilla¹, Marcos Vergara²

¹School of Economics and Business, University of Chile, Av. Diagonal Paraguay 257, Suite 1906, Santiago de Chile, Chile.

Journal of Economics (Vienna, Austria : Online)

|January 10, 2022

Summary

This summary is machine-generated.

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This study examines precautionary saving behavior using a two-period model with nonlinear risks and nonseparable preferences. It finds that a positive income effect, larger than the negative substitution effect, is crucial for precautionary saving amid economic uncertainty.

Area of Science:

Economics
Econometrics
Behavioral Economics

Background:

Nonlinear risks and nonseparable preferences are prevalent in developing economies and during global shocks like COVID-19.
Nonseparable preferences allow for modeling intergenerational transfers and habit persistence in economic decisions.

Purpose of the Study:

To analyze precautionary saving behavior in a two-period model incorporating nonlinear risks and nonseparable preferences.
To decompose risk shocks and examine income and substitution effects on saving decisions.
To identify conditions ensuring precautionary saving across various risk types.

Main Methods:

Utilized a two-period economic model with nonlinear risks and nonseparable preferences.
Applied Davis's compensation method to decompose risk shocks.

Keywords:

Increases in risk Mean-preserving spreads Nonlinear risk Nonseparable preferences Precautionary saving

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An R-Based Landscape Validation of a Competing Risk Model

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Published on: September 16, 2022

Errors as a Means of Reducing Impulsive Food Choice

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Analyzed income and substitution effects of increased risk on saving.

Main Results:

The substitution effect of increased risk on saving is consistently negative.
A positive income effect, exceeding the substitution effect, is necessary for a net precautionary saving outcome.
Conditions for precautionary saving were determined for income, interest rate, and wealth risks.

Conclusions:

The study provides a novel perspective on precautionary saving through covariance analysis.
Understanding the interplay of income and substitution effects is key to explaining precautionary saving behavior.
The findings offer insights into economic decision-making under uncertainty, particularly in diverse economic contexts.