the first two models, but later in the model with age-dependent mortality. In all cases, the general equilibrium …

redistribution of accidental bequests and private annuities in general equilibrium. Individuals face longevity risk as there is a … annuitization of assets is privately optimal it is not socially beneficial due to adverse general equilibrium repercussions. …

concept of Lindahl equilibrium in a standard endogenous growth model with vertical innovations which is extended by explicitly …

perfect annuities, the market would feature a separating equilibrium (SE) in which each health type obtains an actuarially … attainment of the first-best equilibrium, however, as healthy individuals have a strong incentive to misrepresent their type by … claiming to be unhealthy. Using the equilibrium concept of Pauly (1974) and Abel (1986), we prove the existence of a second …

This paper contributes to the literature on default in general equilibrium. Borrowing and lending takes place via a … clearing house (bank) which monitors agents and enforces contracts. Our model develops a concept of bankruptcy equilibrium that … is a direct generalization of the standard general equilibrium model with financial markets. Borrowers may default in …

equilibrium depends on the value of the intertemporal elasticity of substitution in consumption. In particular, if that elasticity … is at least half, but not exactly one, stationary equilibria are saddle points. The stationary equilibrium is stable when …