Precautionary Saving and Consumption Smoothing Across Time and Possibilities
---- Acknowledgements -----
We gratefully acknowledge support from the National Science Foundation. Part of this research was funded by National Institute of Aging Grants P01-AG10179 and 5 P01 AG026571-03. Our research assistant, Thomas Bishop, caught many small errors and made excellent suggestions for tightening up the text. We thank an anonymous referee for useful comments and suggestions. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.