This paper develops an axiomatic construction of preferences that allows to compare lotteries involving lives of different lengths. Our axioms which basically formalize two assumptions - individuals are rational and have stationary preferences - leads to a class of utility functions that is much...

This papers provides an explanation for time preference: we show that in the case of uncertain lifetime, future consumption should be weighted not only according to survival probability, but also according to a discount factor due to risk aversion with respect to the length of life. When...

Intertemporal correlation aversion is an intuitive concept indicating whether an individual prefers lotteries concerning consumption at different moments in time to be positively or negatively correlated. I show that the difference between the coefficient of relative risk aversion and the...

Le système public de retraite par répartition est un pilier de l'Etat Providence en France. Il se traduit par des transferts financiers des générations jeunes et actives vers les générations plus âgées et inactives. Lontgemps donné pour l'expression même de la solidarité entre...

I compare two different ways of integrating mortality into life-cycle models: the standard additive model with time preferences, on the one hand, and a formulation that rules out the existence of time preference, but allows for risk aversion with respect to the length of life, on the other hand....

This paper makes explicit the links between preferences over lotteries on length of life and intertemporal choice. I show that the approach used by traditional life cycle models to account for uncertain survival corresponds to a strong assumption of risk neutrality with respect to the length of...

We explore how human capital investment of a child is affected by the number and the gender of his/her siblings. We test for two alternative explanations : competition for scarce resources versus direct interactions between siblings. We provide an empirical application using Brazilian data.

We show that taking into account the consequences of child labor on both childhood welfare and human capital investment, instead of focusing exclusively on the human capital dimension, brings new insights on the economic analysis of child labor. In particular, there are new sources of potential...

On poursuit dans cet article l’analyse de Blanchet et Marioni (1996) des évolutions et caractéristiques du marché du travail pour les individus de 50 à 65 ans. Les données des enquêtes Emploi que nous utilisons pour construire les probabilités d’occupation des états d’activités à...