This paper employs cohort technique and Consumer Expenditure Survey data to construct average age-profiles of consumption and income over the working lives of typical households across different education and occupation groups. Using these profiles, we estimate a structural model of optimal...

This paper examines and compares the effectiveness of hedging and buffer-stock strategies for stabilizing the revenues of individual producers who face different supply conditions in a market with uncertainty about prices and output. The results are obtained in a model-free framework, with...