소득불확실성과 부의 축적

Abstract

This paper argues that income uncertainty is likely to be an important source of wealth accumulation. This paper uses the Korean Household Panel Study to provide some of the evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. Two measures of wealth are considered in this empirical work. (i) Financial assets are those assets which could be liquidated immediately. (ii) Total assets add financial assets to what are generally the most illiquid assets owned by households-equity in the primary residence. We uses a variance of labor income for income uncertainty. Since uncertainty is present in virtually all aspects of life, the theory of choice under uncertainty is likely to become even more important in economics in the future than it is now.