Insatiable Wealth Preference : Evidence from Japanese Household Survey

Material type: 文書・図像類

Author: Akesaka, Mikaほか

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

Publication date: 2024-04

Material Format: Paper

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Note (General)：: This study theoretically considers household behavior with wealth preference and empirically investigates the validity of insatiable wealth preference...

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Paper

Material Type: 文書・図像類
Title: Insatiable Wealth Preference : Evidence from Japanese Household Survey
Author/Editor: Akesaka, Mika
Mikami, Ryo
Ono, Yoshiyasu
Author Heading: Akesaka, Mika
https://nrid.nii.ac.jp/nrid/1000040844593
Mikami, Ryo
Ono, Yoshiyasu
https://nrid.nii.ac.jp/nrid/1000070130763
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2024-04
Publication Date (W3CDTF): 2024-04
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1241
Volume: 1241
Pages: 1-26
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: wealth preference
survey data
secular stagnation
bubbles
Target Audience: 一般
Note (General): This study theoretically considers household behavior with wealth preference and empirically investigates the validity of insatiable wealth preference using a nationally representative survey. With wealth preference, the marginal rate of substitution of asset holdings for consumption depends on the nominal interest rates of assets at each point in time. We focus on this property and find that the marginal utility of holding financial assets remains strictly positive as asset holdings increase and has a strictly positive lower bound, implying the insatiability of wealth preference. This property plays a crucial role in creating secular demand stagnation and expanding asset price bubbles.
References (URI): https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1241.pdf
URI
https://www.iser.osaka-u.ac.jp/library/dp/2024/DP1241.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