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Longevity Shocks with Age-Dependent Productivity Growth
Heijdra, Ben J. - 2015
The aim of this paper is to study the long-run effects of a longevity increase on individual decisions about education and retirement, taking macroeconomic repercussions through endogenous factor prices and the pension system into account. We build a model of a closed economy inhabited by...
Persistent link: https://www.econbiz.de/10013021702
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Should We Subsidize Longevity?
Leroux, M.‐L. - 2009
, and depends on three factors: longevity genes, health investment and farsightedness. Provided earnings, farsightedness and …
Persistent link: https://www.econbiz.de/10012763911
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The Relationship between Economic Preferences and Psychological Personality Measures
Becker, Anke - 2012
then regress life outcomes - such as labor market success, health status and life satisfaction - simultaneously on …
Persistent link: https://www.econbiz.de/10013107552
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The Effect of Language on Economic Behavior : Experimental Evidence from Children's Intertemporal Choices
Sutter, Matthias - 2015
According to Chen's (2013) linguistic-savings hypothesis, languages which grammatically separate the future and the present (like English or Italian) induce less future-oriented behavior than languages in which speakers can refer to the future by using present tense (like German). We complement...
Persistent link: https://www.econbiz.de/10013013093
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Measuring Time and Risk Preferences : Reliability, Stability, Domain Specificity
Woelbert, Eva - 2013
To accurately predict behavior economists need reliable measures of individual time preferences and attitudes toward risk and typically need to assume stability of these characteristics over time and across decision domains. We test the reliability of two choice tasks for eliciting discount...
Persistent link: https://www.econbiz.de/10013078528
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'Ito's Lemma' and the Bellman Equation for Poisson Processes : An Applied View
Sennewald, Ken; Wälde, Klaus - 2021
Using the Hamilton-Jacobi-Bellman equation, we derive both a Keynes-Ramsey rule and a closed form solution for an optimal consumption-investment problem with labor income. The utility function is unbounded and uncertainty stems from a Poisson process. Our results can be derived because of the...
Persistent link: https://www.econbiz.de/10013317637
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The Design of Pension Pay Out Options When the Health Status During Retirement is Uncertain
Kifmann, Mathias - 2021
This paper examines the optimal design of pension plans when the health status during retirement is uncertain. Assuming … that the health status affects both life expectancy and the marginal utility of consumption, choice between a lump …-sum payment and an annuity can be welfare-enhancing if the health status is not observable by pension plans. This result holds if …
Persistent link: https://www.econbiz.de/10013316589
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Interpreting Time Horizon Effects in Inter-Temporal Choice
Dohmen, Thomas J. - 2012
We compare different designs that have been used to test for an impact of time horizon on discounting, using real incentives and two representative data sets. With the most commonly used type of design we replicate the typical finding of declining (hyperbolic) discounting, but with other designs...
Persistent link: https://www.econbiz.de/10013109751
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Why Uncertainty Matters - Discounting Under Intertemporal Risk Aversion and Ambiguity
Traeger, Christian P. - 2012
Uncertainty has an almost negligible impact on project value in the economic standard model. I show that a comprehensive evaluation of uncertainty and uncertainty attitude changes this picture fundamentally. The analysis relies on the discount rate, which is the crucial determinant in balancing...
Persistent link: https://www.econbiz.de/10013110758
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Pension Funding and Individual Accounts in Economies with Life-Cyclers and Myopes
Fehr, Hans - 2009
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 distinguish between economies with rational and hyperbolic...
Persistent link: https://www.econbiz.de/10013157654