The 19th century economist, Thomas Robert Malthus, hypothesized that the long-run supply of labor is completely elastic at a fixed wage-income level because population growth tends to outstrip real output growth. Dynamic equilibrium with constant income and population is achieved through...

We evaluate the economic consequences of immigration in a two-country, two-skill, overlapping-generations framework, where immigration, population, human and physical capital formation, and economic growth are endogenous variables. We go beyond extant literature by integrating physical capital...

Unlike physical capital, human capital has both embodied and disembodied dimensions. It can be perceived not only as skill and acquired knowledge but also as knowledge spillover effects between overlapping generations and across different skill groups within and across countries. We illustrate...

Extending Ehrlich et al.’s (2008, 2011) labor-theoretic, rational-expectations model of asset management (AM), we investigate the interplay between AM and portfolio choices of older-age households in a sample of 11 European countries plus Israel over 5 waves of the SHARE longitudinal data in...

Little attempt has been made so far to quantify the extent to which individual willingness to spend on life protection may account for the observed trends and diversities in agespecific life expectancies across individuals and over time. We address these issues via calibrated simulations of a...

Using an endogenous-growth, overlapping-generations framework where human capital is the engine of growth, we trace the dynamic evolution of income and fertility distributions and their interdependencies over three endogenous phases of economic development. In our model, heterogeneous families...

We specify a demand function for longevity, or quantity of life, along with corresponding demand functions for indicators of quality of life and a value-of-health and life extension function. We show that the demand for health must be derived in conjunction with that for longevity and the...

We develop an overlapping-generations model of endogenous growth in which human capital is the engine of growth and the generations are linked through material and emotional interdependencies within the family. Parents invest in their children to achieve both old-age support (care) and emotional...

By allowing for imperfectly informed markets and the role of private information, we offer newinsights about observed deviations of portfolio concentrations in domestic relative to foreignrisky assets, or “home bias”, from what standard finance models predict. Our model ascribesthe...