Precautionary saving under recursive preferences
研究了递归效用下预防性储蓄的两种偏好渠道，发现风险偏好驱动大部分预防性储蓄，而二阶跨期偏好（消费平滑）对总储蓄影响最大，高阶风险引起的预防性反应很小。
The preferences responsible for precautionary saving under recursive utility can be decomposed into two channels. One exactly mirrors expected utility, while the other is unique to recursive utility. Although these channels contain numerous competing saving effects, theoretical and numerical comparative statics point to some generalizable features. Risk preferences drive most of precautionary saving, and they are the only higher-order preferences ever expressed. But, plain 2nd-order intertemporal preferences (consumption smoothing) influence total saving far more than any other kind of preference. Precautionary responses to risks beyond 2nd order are minimal. Responses to return risk are typically negative.