of return that takes into account tuition, income taxes and forms of uncertainty. We also contrast estimates based on a …

forecastable at the time students decide to go to college (heterogeneity) and components that are unforecastable. About 60% of …

complementarities in skill formation. Investments in the human capital of children should expand relative to investment in older workers …

heterogeneity. Our model allows for four main social insurance programmes. In contrast to simpler models that attribute all income …

. Our first main result is that the more the heir inherits, the lower her labor income becomes. This labor supply effect … transfer. Our second main result is that the more the heir inherits, the higher her capital income becomes. This savings effect …

. Our first main result is that the more the heir inherits, the lower her labor income becomes. This labor supply effect … transfer. Our second main result is that the more the heir inherits, the higher her capital income becomes. This savings effect …