关键词: 预防性储蓄, 习惯形成, 谨慎系数

Abstract: This paper introduces the habit formation into the classical precautionary saving model, and derives the refutable propositions for testing precautionary saving motive under the habit preference. We then use the 1999-2011 provincial-level panel date to estimate the model. Main empirical results are (i) urban and rural residents have strong precautionary saving motive, even after controlling the habit formation effect (ii) the strength of the motive is reduced by half, (iii) rural residents have stronger absolute level precautionary saving motive, while urban residents’ motive is stronger in the relative level. Finally, we offer plausible explanations and policy recommendations to our findings under the urban-rural dual economics structure background.

Key words: Precautionary Saving, Habit Formation, Prudence Coefficient