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Insurance and Taxation Over the Life Cycle

Farhi, Emmanuel - 2011

We consider a dynamic Mirrlees economy in a life cycle context and study the op- timal insurance arrangement. Individual productivity evolves as a Markov process and is private information. We use a first order approach in discrete and continuous time and obtain novel theoretical and numerical...

Persistent link: https://www.econbiz.de/10013130780

Individual and Aggregate Labor Supply with Coordinated Working Times

Rogerson, Richard - 2010

I analyze two extensions to the standard model of life cycle labor supply that feature operative choices along both the intensive and extensive margin. The first assumes that individuals face different continuous wage-hours schedules. The second assumes that all work must be coordinated across...

Persistent link: https://www.econbiz.de/10013134860

Precautionary Saving and Social Insurance

Hubbard, R. Glenn - 2011

Microdata studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life-cycle model of saving. This paper...

Persistent link: https://www.econbiz.de/10013118750

Lifecycle Impacts of the Financial and Economic Crisis on Household Optimal Consumption, Portfolio Choice, and Labor Supply

Chai, Jingjing - 2011

The direct financial impact of the financial crisis has been to deal a heavy blow to investment-based pensions; many workers lost a substantial portion of their retirement saving. The financial sector implosion produced an economic crisis for the rest of the economy via high unemployment and...

Persistent link: https://www.econbiz.de/10013123696

Optimal Portfolio Choice with Wage-Indexed Social Security

Li, Jialun - 2011

This paper re-examines the classic question of how a household should optimally allocate its portfolio between risky stocks and risk-free bonds over its lifecycle. We show that allowing for the wage indexation of social security benefits fundamentally alters the optimal decisions. Moreover, the...

Persistent link: https://www.econbiz.de/10013125573

Optimal Financial Knowledge and Wealth Inequality

Lusardi, Annamaria - 2013

While financial knowledge is strongly positively related to household wealth, there is also considerable cross-sectional variation in both financial knowledge and net asset levels. To explore these patterns, we develop a calibrated stochastic life cycle model featuring endogenous financial...

Persistent link: https://www.econbiz.de/10013089021

Time is Money : Life Cycle Rational Inertia and Delegation of Investment Management

Kim, Hugh Hoikwang - 2013

This paper incorporates two empirically-grounded insights into a dynamic life cycle portfolio choice model: the fact that investors forego the opportunity to accumulate job-specific skills when they spend time managing their own money, and the observation that efficiency in financial decision...

Persistent link: https://www.econbiz.de/10013071793

Limited Managerial Attention and Corporate Aging

Loderer, Claudio F. - 2013

As firms have more assets in place, more of management's limited attention is focused on managing assets in place … ability to generate new growth options. This simple theory predicts that Tobin's q falls with age. Further, competition in the … corporate control should accelerate the decline because it forces management to focus more on managing assets in place whose …

Persistent link: https://www.econbiz.de/10013076181

Extending Life Cycle Models of Optimal Portfolio Choice : Integrating Flexible Work, Endogenous Retirement, and Investment Decisions with Lifetime Payouts

Chai, Jingjing - 2010

This paper derives optimal life cycle portfolio asset allocations as well as annuity purchases trajectories for a consumer who can select her hours of work and also her retirement age. Using a realistically-calibrated model with stochastic mortality and uncertain labor income, we extend the...

Persistent link: https://www.econbiz.de/10013152495

Why Do the Rich Save so Much?

Carroll, Christopher D. - 2008

This paper considers several alternative explanations for the fact that households with higher levels of lifetime income ( the rich') have higher lifetime saving rates (Dynan, Skinner, and Zeldes (1996); Lillard and Karoly (1997)). The paper argues that the saving behavior of the richest...

Persistent link: https://www.econbiz.de/10012774892

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