education arising from a Swedish compulsory schooling reform in the 1950s and 1960s, and the wealth holdings of the population …

allocation decisions when managing her retirement financial wealth and annuities, and we prove that she can benefit from both the …; rather, her optimal stock allocation amounts initially to more than half of her financial wealth and declines with age …. Welfare gains from this strategy can amount to 40 percent of financial wealth (depending on risk parameters and other …

This paper considers the role that high levels of income inequality and low rates of social mobility play in driving …, who grow up in locations with greater levels of lower-tail income inequality and lower levels of social mobility are …, our empirical results indicate that high levels of lower-tail income inequality and low levels of social mobility hinder …

portfolios. We examine how much the individual optimally saves and where, taking into account liquid financial wealth and …