Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory fully funded occupational pension systems, and mandatory social security financed by pay-as-you-go. The specific mixture of the three systems we will call the pension composition....

A model is presented that explains the mix between funded and unfunded pension systems. It turns out that total pension and the relative shares of the two systems may be explained and are determined by the population growth rate, technological growth, the time-preference discount rate, the...

This survey reviews the literature on the political economy of financial structure, broadly defined to include the size of capital markets and banking systems as well as the distribution of access to external finance across firms.The theoretical literature on the institutional basis for...

This paper has a twofold objective. First, we develop a new method toassess the monetary value for individuals of external effects (viz., aircraftnoise nuisance) which are not or only partly internalized in market prices. The method makes use of an ordinal index of life satisfaction as scored by...

In this paper we attempt to explain individual, ordinally comparable,satisfaction levels. We postulate a simultaneous equation model where general satisfaction isexplained by exogenous shock and level variables, and by the values of the satisfactionswith respect to six distinct endogenous...

In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of a large prize is smoothed over a largertime period. It...

We assess the monetary value of the noise damage, caused by aircraft noise nuisance around Amsterdam Airport, as the sum of hedonic house price differentials and a residual cost component. The residual costs are assessed from a survey, including an ordinal life satisfaction scale, on which...