Precautionary and Entrepreneurial Savings: New Evidence from German Households*
利用德国家庭面板数据，发现企业家因缺乏法定养老金而更多储蓄，而非出于预防性动机，纠正了以往研究因忽略异质性而高估预防性储蓄的偏差。
Abstract Various studies interpret the positive correlation between income risk and wealth as evidence of significant precautionary savings. However, these high estimates emerge from pooling non‐entrepreneurs and entrepreneurs, without controlling for heterogeneity. This article provides evidence for Germany based on representative panel data that includes private wealth balance sheets. Entrepreneurs, who face high income risk, hold more wealth than employees, but this tendency is not because of precautionary motives. Instead, they appear to save more for their old age, because they are usually not covered by statutory pension insurance. The analysis accounts for endogeneity in entrepreneurial choice and heterogeneous risk attitudes.