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Keeping public finances on a sustainable foundation while the population ages is clearly a problem in Finland, as in many other western countries. The shrinking of the working-age population, ageing of the labour force, and growth in the number of very old persons form a difficult combination...
Persistent link: https://www.econbiz.de/10005412491
This paper explores the consequences of skill biased technological progress on the savings rates. The literature, both theoretical and empirical, on the causes and consequences of skill biased technological progress in the past few years has burgeoned considerably. So has the literature on...
Persistent link: https://www.econbiz.de/10005412682
This chapter analyzes the effects of an aging population on individual skill choices and the production structure by means of a dynamic general equilibrium model with overlapping generations and probabilistic aging. The model allows for capital-skill complementarity, which strongly affects the...
Persistent link: https://www.econbiz.de/10005408449
This article has a twofold objective and addresses two central questions. Is there a gap between the preferences for and availability of various ways to make working patterns more flexible over the life course? What is the role of life course policy (LCP) in narrowing this gap? Using the...
Persistent link: https://www.econbiz.de/10005556954
The article presents an analysis of welfare effects in Slovenia, an analysis of macroeconomic effects of the Slovenian pension reform and an analysis of effects of the pension fund deficit on sustainability of Slovenian public finances with a dynamic OLG general equilibrium model. It has been...
Persistent link: https://www.econbiz.de/10005125636
We examine whether a simple agent--based model can generate asset price bubbles and crashes of the type observed in a series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the methodology of Gode and Sunder (1993, 1997) and...
Persistent link: https://www.econbiz.de/10005076911
optimal investment strategy of a rational risk- neutral agent as risk-seeking mistakes and risk-aversion mistakes. Nucleus … accumbens activation preceded risky choices as well as risk- seeking mistakes, while anterior insula activation preceded … riskless choices as well as risk-aversion mistakes. These findings suggest that distinct neural circuits linked to anticipatory …
Persistent link: https://www.econbiz.de/10005556666
This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an … the two rational expectations equilibria is stable under least-squares learning, and that it is always the low …
Persistent link: https://www.econbiz.de/10005125682
allow for greater diversification and higher long-run risk to overcome the capacity problem of the local stock market. This …
Persistent link: https://www.econbiz.de/10005412460
The paper is an updated first performance evaluation study of the Polish pension funds operating from 1999. The unconditional performance evaluation models are used. It is shown that pension fund managers did produce additional value due to active management. Therefore, unsatisfactory overall...
Persistent link: https://www.econbiz.de/10005413168