systems on financial imbalance, on inequality in permanent income, and on the rate of return of social security assets of …

We revisit the alleged retirement consumption puzzle. According to the life-cycle theory, foreseeable income reductions …-cycle theory. For retirees we also find significant effects of the income reduction at retirement on housing. However, the effects …

This paper examines whether biased income expectations due to overconfidence lead to higher levels of debt-taking. In a … lab experiment, participants can purchase goods by borrowing against their future income. We exogenously manipulate income … expectations by letting income depend on relative performance in hard and easy quiz tasks. We successfully generate biased income …

A number of studies have evaluated the social welfare impact of price and income changes using equivalent incomes that …

In this paper I study a model of life-cycle consumption in which individuals react optimally to their own income … process but ignore economy wide information. Since individual income is less persistent than aggregate income consumers will … react too little to aggregate income variation. Aggregate consumption will be excessively smooth. Since aggregate …

"Measuring the gain in income from migration is complicated by non-random selection of migrants from the general … overcome this problem, providing an experimental measure of the income gains from migration. New Zealand allows a quota of … conducted by the authors in these two countries allows experimental estimates of the income gains from migration to be obtained …