Kapteyn, Arie; Alessie, Rob; Lusardi, Annamaria - VU University Amsterdam, Faculty of Economics, Business … - 1999
It is well-known that individuals born in different periods of time (cohorts) exhibit different wealth accumulation paths. While previous studies have used cohort dummies to proxy for this fact, research in this area suffers from a serious identification problem, i.e., how to disentangle age,...