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The Weight of Inequality : Variation with Industrialization and Wealth

Carson, Scott A. - 2015

, 19th century weight was higher in states with greater average wealth and population density and lower in states with … greater wealth inequality …

Persistent link: https://www.econbiz.de/10013009843

Heterogeneity and Persistence in Returns to Wealth

Fagereng, Andreas - 2018

We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population … of wealth between safe and risky assets: returns are heterogeneous even within asset classes. Third, returns are … positively correlated with wealth: moving from the 10th to the 90th percentile of the financial wealth distribution increases the …

Persistent link: https://www.econbiz.de/10012913195

Estimation of Heterogeneous Agent Models : A Likelihood Approach

Parra-Alvarez, Juan Carlos - 2020

Bewley-Hugget-Aiyagari model we compute the equilibrium density function of wealth and show how it can be used for likelihood … individual wealth. We also study the finite sample properties of the maximum likelihood estimator using Monte Carlo experiments …

Persistent link: https://www.econbiz.de/10012853321

Partially Adaptive Econometric Methods and the Modern Obesity Epidemic

Carson, Scott A. - 2018

Assumptions about explanatory variables and errors are central in regression analysis. For example, the well-known method of ordinary least squares yields consistent and efficient estimators if the underlying error terms are independently, identically, and normally distributed. Additionally, the...

Persistent link: https://www.econbiz.de/10012915193

Limited Liability, Asymmetric Taxation, and Risk Taking - Why Partial Tax Neutralities Can Be Harmful

Ewert, Ralf - 2011

We examine the combined effects of asymmetric taxation and limited liability on optimal risk taking of investors. Given an optimal risk level in the pre-tax case under full liability, loss-offset restrictions reduce, and limited liability enhances the incentives for taking risk. For every degree...

Persistent link: https://www.econbiz.de/10013131353

The Standard Deviation of Life-Length, Retirement Incentives, and Optimal Pension Design

Aronsson, Thomas - 2010

In this paper, we consider how the retirement age as well as a tax financed pension system ought to respond to a change in the standard deviation of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and...

Persistent link: https://www.econbiz.de/10013137106

Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting

Traeger, Christian P. - 2012

The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...

Persistent link: https://www.econbiz.de/10013107349

Risk Aversion and Prudence in Contests

Sahm, Marco - 2017

I examine the impact of risk preferences on efforts and winning probabilities in generalised Tullock contests between two players. The theoretical analysis yields two main results. First, I specify a sufficient condition on the agents' comparative prudence under which a higher common level of...

Persistent link: https://www.econbiz.de/10012956876

Diversification, Risk Aversion and Expectation in a Holdout Scenario

Eggert, Wolfgang - 2015

We argue a holdout is not a destructive investor behaviour but a rational investment decision. This investment decision is characterised by the mean-variance approach. We investigate intercreditor conflict by diverse portfolio structure. We demonstrate that at some point during the Greek (2012)...

Persistent link: https://www.econbiz.de/10013013489

International Environmental Agreements with Uncertainty, Learning and Risk Aversion

Finus, Michael - 2014

This paper analyses the formation of international environmental agreements (IEAs) under uncertainty, focusing on the role of learning and risk aversion. It bridges two strands of literature: one focused on the role learning for the success of IEA formation when countries are risk neutral and...

Persistent link: https://www.econbiz.de/10013059058

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