This paper introduces a tractable, structural model of subjective beliefs. Since agents that plan for the future care … overestimate the return of their investment and underdiversify. In general equilibrium, agents' prior beliefs are endogenously … and overoptimistic, and consume more than implied by rational beliefs early in life. Third, in choosing when to undertake …

disadvantage in terms of income than their counterparts. What is less well understood is how they fare in terms of their wealth … and household wealth holdings. We find that overall disabled people have substantially lower household wealth and all … components of wealth (property, financial, pension, physical) than non-disabled people but even these average differences mask …

This paper examines trends in the distribution of household wealth in Great Britain from 1995 to 2005 using the British … Household Panel Survey (BHPS). The data show that wealth is very unevenly distributed and reveal a widening absolute gap over … the period between wealthier households and those with no or negative wealth. However, in relative terms, wealth grew …

Using the evidence from the Luxembourg Wealth Study it appears that the distribution of wealth in the UK is … considerably less than in Canada, the US or Sweden. But does this result come from an underestimate of inequality among the wealthy … and of the wealth differential between the rich and the rest? Using a Pareto model for the upper tail of the distribution …

The theory of functional equations is used to clarify the relationship between equilibrium distributions of wealth and …

There has been a large rise in the UK ratio of personal wealth to national income. Personal wealth has grown since the … 1970s about twice as fast in real terms as national income. Has this rise in the wealth-income ratio led to a corresponding … increase in the wealth being passed on from one generation to the next? Are we returning to the levels of inheritance found in …

This paper investigates the relationship between growth and inequality from a demographic point of view. In an extended … inequality is at first positive and then may be negative in the process of population aging. The results are consistent with the …

This paper employs a decomposition analysis of inequality by income source to understand and explain particular aspects … of income inequality in Greece. The results suggest that entrepreneurial income is the most significant contributor to … overall inequality in Greece. It is also shown that there is a weak redistributive impact of taxes and social security …