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A well-known common agreement in decision theory is that only exponential decision makers are time consistent i.e. with the mere passage of time, future choices must not contradict the initial choice. Building on this result, a large range of works has studied time inconsistency as a direct...
Persistent link: https://www.econbiz.de/10010933846
In a continuous time life cycle model of consumption with uncertain lifetime and no ''pure time preference", we use a non-parametric specification of rank dependent utility theory to characterize the preferences of the agents. From normative point of view, the paper discusses the implication of...
Persistent link: https://www.econbiz.de/10010929098
The spectacularly early decline of French fertility is one of the great puzzles of economic history. There are no … analysis links highly detailed individual level fertility life histories to wealth at death data for four rural villages in …
Persistent link: https://www.econbiz.de/10010738834
There is a capital taxation puzzle in most developed countries. Since the 1960s, revenues from wealth transfer taxation … cases; by contrast, lifetime wealth or capital taxation generates much higher revenues and shows no decreasing trend. The … full tax puzzle is certainly not easy to explain. Many usual explanations of the aversion to wealth transfer taxation also …
Persistent link: https://www.econbiz.de/10010738837
1950, and back up to about 15% by 2010. A simple theoretical model of wealth accumulation, growth and inheritance can fully … wealth accumulation well above 100%. Our findings illustrate the fact that when the growth rate g is small, and when the rate … of return to private wealth r is permanently and substantially larger than the growth rate (say, r=4%-5% vs. g=1 …
Persistent link: https://www.econbiz.de/10010738844
in explaining households' wealth behaviors, and to construct more accurate tests of the theories of savings and portfolio … composition of wealth are similar across surveys, in line with theoretical predictions, and more significant than those obtained …
Persistent link: https://www.econbiz.de/10010738899
.25, so that the two preferences are nonetheless far from identical. In addition, the elasticity of children's wealth with … respect to that of their parents is around 0.22. This correlation is corrected for the influence of age on wealth, and … intergenerational transmission of wealth inequalities, but is far from being the most important factor. …
Persistent link: https://www.econbiz.de/10010739024
For a sub-sample of French households of an Insee wealth survey, we obtain new and relative measures of 5 individual … altruism are found no to affect wealth but, contrarily to recent results of behavioural analysis, the three other parameters … have significant effects on wealth (financial, gross or net), which are consistent with theoretical predictions : wealth …
Persistent link: https://www.econbiz.de/10010739045
amount and composition of wealth shows then that this savers' typology has sizeable explanatory power, with effects as … predicted. Ceteris paribus, "armchair investors" accumulate more wealth than other households. Hotheads own less homes and Pep …
Persistent link: https://www.econbiz.de/10010739102
shareholder wealth by measuring the offered premiums and the CAAR (Cumulative Average Abnormal Return). Finally we analyse the … impact of Public to Private to the wealth shareholder. The main sources for firms from going private are incentive … is a source of wealth effects for Asia and Family blockholder (for the control hypothesis) is significant for Europe …
Persistent link: https://www.econbiz.de/10008788888