We study the optimal consumption-saving problem for consumers who are ambiguous about labor income shocks and have a preference for (absolute) wealth. It is shown that the preference for wealth interacts with the degree of ambiguity in non-trivial ways in determining the optimal consumption. The model predicts that ambiguity and preference for wealth can produce substitution or complementarity effects on consumption. In addition, we find that the interactions of ambiguity and desire for wealth generate different implications for MPCs. We then show that these interactions significantly influence the contribution of ambiguity to excess sensitivity of consumption growth and the contribution of preference for wealth to excess smoothness of consumption.

我们为那些对劳动收入冲击模棱两可并偏爱（绝对）财富的消费者研究了最佳的储蓄节约问题。结果表明，在确定最佳消费时，对财富的偏好以不平凡的方式与歧义程度相互作用。该模型预测，对财富的歧义和偏好会对消费产生替代或互补效应。此外，我们发现歧义性和对财富的渴望的相互作用对MPC产生了不同的影响。然后，我们表明，这些相互作用显着影响了歧义性对消费增长的过度敏感性的贡献以及对财富的偏好对过度消费的平稳性的贡献。