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Life-cycle hypothesis
In economics, the life-cycle hypothesis (LCH) is a model that strives to explain the consumption patterns of individuals.
The life-cycle hypothesis suggests that individuals plan their consumption and savings behaviour over their life-cycle. They intend to even out their consumption in the best possible manner over their entire lifetimes, doing so by accumulating when they earn and dis-saving when they are retired. The key assumption is that all individuals choose to maintain stable lifestyles. This implies that they usually don't save up a lot in one period to spend furiously in the next period, but keep their consumption levels approximately the same in every period. The first period should be ignored otherwise housing depreciates below its marginal rate of substitution.
==Background==
In the early 1950s, Franco Modigliani and his student, Richard Brumberg, developed a theory based on the observation that people make consumption decisions based both on resources available to them over their lifetime, and on their current life stage. Modigliani and Brumberg observed that individuals build up assets at the initial stages of their working lives. Later on during retirement, they make use of their stock of assets. The working people save up for their post-retirement lives and alter their consumption patterns according to their needs at different stages of their lives.
While based on an examination of individual behaviour, this theory provided important predictions for the economy as a whole. It predicts that the aggregate saving of a country is dependent on the rate of growth of national income, not its level. Also, the stock of wealth in an economy is related to the length of retirement span. Although there were initially many challenges to this theory of consumption, its relevance in economic thinking has been recently acknowledged.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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