Erratum to: S. C. Ahn, H. Y. Kim, and T. H. Kang. 2017. Life-cycle consumption, precautionary saving, and risk sharing: an integrated analysis using household panel data. The B.E. Journal of Macroeconomics. Volume 17, Issue 2. (DOI: 10.1515/bejm-2016-0082):
For equation (5), ϕ was erroneously defined as ϕ=(1/α)θ. Instead, it should be ϕ=1/α. Together with the equation, the sentence then reads:
where is the growth of real consumption, , and (by the first-order approximation of ) with and .
In equation (6), the left side is incorrect. The correct equation is this:
In equation (18), the term was misprinted as . A similar mistake appears in equation (25), where the term was misprinted as .
In equations (23) and (24), the term should be replaced by .