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Habit formation and labor supply
Cremer, Helmuth; De Donder, Philippe; Maldonado, Darío; … - 2008
This paper shows that the combination of habit formation - present consumption creating additional consumption needs in the future - and myopia may explain why some retirees are forced to "unretire", i.e., unexpectedly return to work. It also shows that when myopia about habit formation leads to...
Persistent link: https://www.econbiz.de/10003730377
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Time inconsistency and retirement choice
Scott, Findley, T.; Caliendo, Frank - 2015
Hyperbolic discounting with naiveté is widely believed to provide a better explanation than exponential discounting of why people borrow so much and why they wait so long to save for retirement. We reach a different set of conclusions. We show that if financial planning is enriched to include...
Persistent link: https://www.econbiz.de/10010479952
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Life insurance, precautionary saving and contingent bequest
Chang, Fwu-ranq - 2001
Purchasing life insurance is for the welfare of young children, par-ticularly preteens, who are liquidity constrained. In this paper, we present a life cycle model of life insurance that takes into account the ages of these young beneciaries. We show that, as the child ages, the need for...
Persistent link: https://www.econbiz.de/10011398104
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Annuity market imperfection, retirement and economic growth
Heijdra, Ben J.; Mierau, Jochen O. - 2009
We study the effects of an annuity market imperfection on individual agents' labour supply and retirement decisions and on the macroeconomic growth rate in an overlapping generations model with endogenous growth. We model imperfect annuities by introducing a load factor on the interest rate...
Persistent link: https://www.econbiz.de/10003871897
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Buffer-stock saving and households' response to income shocks
Fella, Giulio; Frache, Serafin; Koeniger, Winfried - 2016
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income,...
Persistent link: https://www.econbiz.de/10011551036
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Savings externalities and wealth inequality
Angelopulos, Kōnstantinos; Lazarakis, Spyridon; … - 2019
Incomplete markets models imply heterogeneous household savings behaviour which in turn generates pecuniary … in the population, these savings externalities may contribute to inequality. Working with an open economy heterogenous … earnings processes of British households with university and non-university educated heads entail savings externalities that …
Persistent link: https://www.econbiz.de/10012001856
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Short-time work and precautionary savings
Dengler, Thomas; Gehrke, Britta - 2022
risk of workers, which mitigates their precautionary savings motive. Using a quantitative model analysis, we show that this …
Persistent link: https://www.econbiz.de/10013332143
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Should unemployment insurance be asset-tested
Köhne, Sebastian; Kuhn, Moritz - 2013
We study asset-tested unemployment insurance in an incomplete markets model with moral hazard during job search. Asset testing has two counteracting effects on welfare. On the one hand, it improves consumption insurance by introducing state contingent transfers to agents most in need. On the...
Persistent link: https://www.econbiz.de/10009765509
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Age-targeted income taxation, labor supply, and retirement
Gustafsson, Johan - 2021
cycle labor supply, retirement timing, and savings. I develop a structural model in continuous time where the life-cycle of … for consumption/savings, labor supply/leisure, and retirement timing are then obtained by solving the model as a salvage …
Persistent link: https://www.econbiz.de/10012495695
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Taxing education in Ramsey's tradition
Richter, Wolfram F. - 2009
Assuming a two-period model with endogenous choices of labour, education, and saving, it is shown to be second-best efficient to deviate from Ramsey's Rule and to distort qualified labour less than nonqualified labour. The result holds for arbitrary utility and learning functions. Efficient...
Persistent link: https://www.econbiz.de/10003818036