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date: 20 October 2019

Abstract and Keywords

The main purpose of this article is to show that these conclusions are not well supported by empirical studies, which leads the observer to approach these theories with caution. The article proposes some alternative explanations for households' behaviours. The first section deals with the basic LCH model; the second discusses households' intrinsic attitude toward risk; and the article concludes with a consideration of the difficulties in distinguishing these attitudes from the specific environment in which they are embedded. The last section examines the effect of so-called ‘background risks’.

Keywords: life-cycle option, empirical studies, households' behaviours, LCH model, background risks, preferences

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