uninsured capital income risk, and suffer from an information-processing capacity constraint. For given attention devoted to … capital income risk, we solve for the optimal consumption-saving choices and show that the expected welfare is increasing with … households would pay more attention to capital income risk if they have (i) lower initial wealth endowment, (ii) lower marginal …

’ income, assets and debt for all taxpayers in the country. Using difference-in-differences, we find that households do not …

We find that segments of society who have shorter life expectancy can expect a lower retirement income and lifetime … utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life … expectancy magnifies the negative effect on the lifetime utility of those who suffer low longevity. Furthermore, when the income …

hundred age brackets and we investigate how changes in the birth rates, survival rates, and the retirement age affect the …, and the capital-income ratio. It follows that the pension composition in general and social security in particular is …

This paper develops a general equilibrium life-cycle model with endogenous retirement and disability risk, in order to … analysis focus on the increase in the normal retirement age (NRA) from age 65 to 67 (Reform 2007) and the recent increase in … early retirement benefits in the future …

risks in retirement. Our life cycle model captures these links in order to explain why homeownership in Germany is so low …

optimal consumption-investment problem with labor income. The utility function is unbounded and uncertainty stems from a …

, an increase in volatility would encourage those with a greater-than-unity relative risk aversion to purchase more …