of expected income. Our methodology provides a natural decomposition of saving into its precautionary and retirement … consumption and income over the working lives of typical households across different education and occupation groups. Using these … income uncertainty. The model fits the profiles quite well. In addition to providing tight estimates of the discount rate and …

This paper uses a dynamic optimization model to estimate the welfare gains of hedging against commodity price risk for … domestic welfare through two channels. First, by reducing export income volatility and allowing for a smoother consumption path … to borrow against future export income). Under plausibly calibrated parameters, the second channel may lead to much …

Private pension provision faces the challenging task of providing stable income streams during retirement. The … withdrawal of employers and external insurers as risk bearers of systematic financial and longevity risks. Partly because of … pension: the Personal Pension with Risk sharing (PPR). By unbundling and valuing the investment, (dis)saving, insurance and …

investment. The interest rate subsidy is a regressive policy: eliminating it benefits low-income and low-asset households who did … not own homes or had small mortgages, while lowering the welfare of high-income, high-asset households. …

Household Income and Wealth. …

short sales and borrowing constraints, undiversifiable labour income risk and a predictable time varying equity premium. The …

, agents’ prior beliefs are endogenously heterogeneous. Finally, in a consumption-saving problem with stochastic income, agents …

, while social interactions mainly influence stockholding through retirement accounts. Whether retirement account owners …. Stockholding is more common among retirement account owners, but mainly because of owner characteristics rather than spillovers … from retirement account ownership. …

the risk/return trade-off within an optimizing setting that endogenizes return predictability. In the experiments that we …