Economists
have long theorized about why people save. The most-famous theory, the
so-called “life-cycle” theory of savings put forward by Nobel Prize-winning economist Franco Modigliani
in the 1950s, said—to put it crudely—that people save when they’re
young to finance their lives when they’re old. It sounded reasonable.
And it was hugely influential for decades.
[...]
Researchers Henrik Cronqvist and Stephan Siegel constructed
a measure of savings by essentially tracking the changes in the net
worth of the twins between 2003 and the end of 2007. They found that
identical twins—who share the exact same genes—are significantly more
similar in their savings behavior than fraternal twins. In fact, they
conclude that genetic differences explained roughly 33% of the
variations in individual savings rates.”We and many other financial
mainstream economists had just not thought about it,” Siegel says of the
paper’s findings. “Because it’s slightly outside the mainstream way we
think of human behavior in terms of finance and economics.”
Fonte: aqui
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