The Life-Cycle Model of Consumption and Savings

The Life-Cycle Model of Consumption and Savings

A new approach to calculating life insurance needs is the life-cycle model of consumption and savings, which is based on the life-cycle model. Professor Franco Modigliani and his colleagues at Massachusetts Institute of Technology developed this model in the 1950s and 1960s. Modigliani won the Noble Peace Price in 1985 for the development of this model, which was built on the early work of Irving Fisher, a Yale economist, in the 1920s. In this model,…

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