The Limits of Choice

Lists of Figures

Lists of Variables and Abbreviations

Introduction

1. Stylised Facts of Saving

                 1.1 Data Sets and Statistical Issues

                1.2 The Historic Path of Saving

                1.3 Stylised Facts at the Macroeconomic Level

                1.4 Stylised Facts at the Microeconomic Level

                1.5 Summary: Stylised Facts of Saving

2. Do Standard Models of Saving Match the Facts?

                2.1 The Standard LCPIH

                2.2 The Empirical Failure of the Standard Models

                2.3 Refinements: Allowing for Precautionary Saving, Liquidity Restraints and Habit Formation

                2.4 Do the Elaborated Models Perform Better?

                2.5 The Optimal Consumption Path – General Remarks

3. A New Approach to Saving Behavior

                3.1 Basic Needs and Saving

                3.2 Basic Needs in Standard Models

                3.3 Modeling Saving Decisions by a Simple Rule of Thumb

4. The Patterns of Consumption Shares

                4.1 How to Identify Basic Needs?

                4.2 Consumption Patterns at the Macroeconomic Level

                4.3 Consumption Patterns at the Microeconomic Level

                4.4 Summary: The Historic Path of the Necessity Share

5. Does our Model Match the Facts?

                5.1 Model Predictions and the Stylised Facts of Saving

                5.2 Model Predictions and Empirical Evidence at the Microeconomic Level

                5.3 Model Predictions and Empirical Evidence at the Macroeconomic Level

Summary

References