“…ISSN 2162-4860 2021 Since Leland (1968) incorporated uncertainty into an intertemporal saving model, precautionary saving motive has long been recognized as an alternative to the life-cycle hypothesis (Kimball, 1992;Weil, 1993;Cagetti, 2000;Menegatti, 2007;Nocetti & Smith, 2011;Magnani, 2017;Vergara, 2017). With the presumption that there is a link between income uncertainty and the level of dissaving (Carroll, 1992), the precautionary saving hypothesis captures the effects of future income uncertainty on intertemporal wealth allocation (Baiardi et al, 2019).…”