Course Unit Page

Academic Year 2023/2024

Learning outcomes

The course aims to analyze the households' consumption and saving choices during the life cycle.

At the end of the course the student is expected to know the main theoretical issues inherent to saving choices and the related stylized empirical facts, to be able to analyze the effects of income shocks on the saver's choices.

Course contents

The course analyzes individual consumption and saving choices in the case of complete and incomplete capital markets, the effects of expected or unexpected changes in income and other personal characteristics  on consumption choices .

Detailed program.

Human, real and financial wealth (GS)
Intertemporal consumption and saving choices (JP 1-2; GS)
Consumption, saving and accumulation of wealth with complete and incomplete markets. Liquidity constraints, precautionary behavior, accumulation of buffer stocks. Behavioral elements in consumption (JP 3-7)
Consumption and income shocks (JP 8-10)
Savings for hereditary reasons; survival risk (JP 11-12); Consumption and income distribution (JP1); Saving and cultural factors (CGO)


JP: Jappelli T. e Pistaferri L., 2017, The Economics of Consumption: Theory and Evidence, Oxford UP

JP1: Jappelli T. e Pistaferri L., 2014, Fiscal Policy and MPC Heterogeneity, American Economic Journal: Macroeconomics 2014, 6(4): 107–136 http://dx.doi.org/10.1257/mac.6.4.107

CGO: Costa-Font J., Giuliano P., Ozcan B., 2018, The cultural origin of saving behavior. PLoS ONE13(9): e0202290.

GS: Guiso L. e Sodini P., Household finance: an emerging field, Handbook of the Economics of Finance, vol. 2 part B., Elsevier North Holland, Amsterdam

Teaching methods

Frontal lessons

Assessment methods

Written and oral exam on the published program.

The exam program is the same for attending and non-attending students.

There is the possibility of agreeing with the teacher on the presentation of specific topics of the program.

The candidate evaluation follows the following grid.
• Insufficient preparation and analytical capacity: rejected.
• Sufficient preparation and analytical skills, expressed in formally correct language: 18-22.
• Technically adequate preparation, sufficient analytical skills, not particularly articulated, expressed in correct language: 23-26.
• In-depth knowledge of the topics addressed in the course, good analytical and critical skills, mastery of specific terminology: 27-29.
• Very in-depth knowledge of the topics addressed in the course, critical analysis and connection skills, mastery of specific terminology: 30-30L.

The student has the right to refuse the grade once, via written communication, in line with the University rules.

Office hours

See the website of Antonello Eugenio Scorcu