under risk and arrives at utilitarianism using expected utility theory. This paper investigates the implications of applying … prospect theory instead, which better describes behavior under risk. I find that the specific type of inequality in bottom …

Education and wealth are positively correlated for individuals approaching retirement, but the direction of the causal … relationship is ambiguous in theory and has not been identified in practice. We combine administrative data on individual total … wealth with a reform expanding access to lower secondary school in Denmark in the 1950s, finding that schooling increases …

imperfections imply that entreprenurial investment will yield high average returns The final possibility is that wealth enters … utility of anticipated bequests) implying that risk aversion declines as wealth rises The paper concludes that the overall …

. A standard explanation of the disposition effect refers to prospect theory and in particular to the asymmetric risk … that for reasonable parameter values the disposition effect can however not be explained by the prospect theory as proposed … first place not have invested in stocks. That is to say the standard prospect theory argument is sound ex-post, assuming …

between initial wealth and entrepreneurship. However, in a recent paper Hurst and Lusardi (2004) use higher order of … polynomials in wealth and find that there is no relationship between household initial wealth and the probability of starting an … own business throughout most of the wealth distribution in the United States. In this paper we examine this relationship …

wealth accumulation in these two countries can be enlightening. In this paper we examine wealth inequality and mobility in … Sweden and the United States over the past decade. We show that wealth inequality has been significantly greater in the U …. In addition to less inequality and a higher median wealth, we also show that wealth quintile mobility in the 1990's has …

inequality results in trade theory that are focused strictly on functional rather than household inequality. As an application of …

Wealth is distributed more unevenly than income, and one contributing factor might be that richer households earn … higher portfolio returns. I uncover one channel that causes portfolio returns to be increasing in wealth: Poorer households … engage in such cyclical trading patterns. I estimate the trading patterns for households across wealth levels, in the US …