We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and …

This paper explores the introduction of collective risk-sharing elements in defined contribution pension contracts. We … consider status-contingent, age-contingent and asset contingent risk-sharing arrangements. All arrangements raise aggregate …

chosen combination of risk concepts and stochastic specification of long run aggregate wage income growth. In an additive way … capital income over the life cycle. By means of a model that provides illuminating closed form solutions, we demonstrate that … the magnitude of the optimal paygo program and the nature of the underlying risk sharing effects are very sensitive to the …

Using detailed tax data from the Swiss canton of Bern, I examine how changes in wealth are related to income risk. I … find that only among elderly individuals high kurtosis of income risk may be positively correlated with wealth accumulation … wealth investors experience sharp increases in wealth and income in subsequent periods. Finally, wealth risk is more …

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

differences in risk exposure and assets scale, it also reflects persistent heterogeneity in sophistication and financial …

payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively …-living individuals, represents an appropriate instrument for redistribution, in addition to an optimally designed labour income tax … on capital income …

The present paper studies the growth and efficiency consequences of pension funding with individual retirement accounts … in a general equilibrium overlapping generations model with idiosyncratic lifespan and labor income uncertainty. We … retirement plans. Three major findings are derived in our study: First, we quantify the commitment effect of social security for …

capital incomes. After spelling out this contrast and reviewing (and rejecting) zero taxation of capital income based on the … Atkinson-Stiglitz and Chamley-Judd results, this article raises the issue of tax-favored retirement savings, a topic where the …