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There are theoretical foundations which allow hypothesizing on a positive association of life expectancy or retirement age with income. If both cannot be falsified, the relationship of income and the internal rate of return of a public pension system is not straight forward. By application of a...
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nonlinearities in household demand. Therefore, the econometric framework should not impose any strong restrictions on the functional … forms of household expenditure shares. The chosen semiparametric specification meets this requirement. It is flexible, it …
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