Is the Selfish Life-Cycle Model More Applicable in Japan and, If So, Why? A Literature Survey

Material type: 文書・図像類

Author: Horioka, Charles Yuji

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2020-09

Material Format: Paper

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Note (General)：: The selfish life-cycle model or hypothesis is, together with the dynasty or altruism model, the most widely used theoretical model of household behavi...

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Paper

Material Type: 文書・図像類
Title: Is the Selfish Life-Cycle Model More Applicable in Japan and, If So, Why? A Literature Survey
Author/Editor: Horioka, Charles Yuji
Author Heading: Horioka, Charles Yuji
https://nrid.nii.ac.jp/nrid/1000090173632
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2020-09
Publication Date (W3CDTF): 2020-09
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1102
Volume: 1102
Pages: 1-36
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Age structure
altruism
bequest motives
borrowing constraints
consumption
culture
dissaving
dynasty model
elderly
family ties
household saving
inheritances
intergenerational transfers
Japan
life-cycle model
religiosity
retirement
Ricardian equivalence
saving motives
selfishness
social norms
Target Audience: 一般
Note (General): The selfish life-cycle model or hypothesis is, together with the dynasty or altruism model, the most widely used theoretical model of household behavior in economics, but does this model apply in the case of a country like Japan, which is said to have closer family ties than other countries? In this paper, we first provide a brief exposition of the simplest version of the selfish life-cycle model and then survey the literature on household saving and bequest behavior in Japan in order to answer this question. The paper finds that almost all of the available evidence suggests that the selfish life-cycle model applies to at least some extent in all countries but that there is more consistent support for this model in Japan than in the United States and other countries. It then explores possible explanations for why the life-cycle model is more consistently supported in Japan than in other countries, attributing this finding to government policies, institutional factors, economic factors, demographic factors, and cultural factors. Finally, it shows that the findings of the paper have many important implications for economic modeling and for government tax and expenditure policies.
References (URI): http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1102.pdf
URI
http://www.iser.osaka-u.ac.jp/library/dp/2020/DP1102.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華