Scholz, John Karl; Seshadri, Ananth; Khitatrakun, Surachai - In: Journal of Political Economy 114 (2006) 4, pp. 607-643
We solve each household's optimal saving decisions using a life cycle model that incorporates uncertain lifetimes, uninsurable earnings and medical expenses, progressive taxation, government transfers, and pension and social security benefits. With optimal decision rules, we compare, household...