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Liability and the incentive to obtain information about risk

Shavell, Steven - In: The journal of legal studies 21 (1992) 2, pp. 259-270

Persistent link: https://www.econbiz.de/10001141139

Macroeconomic effects of demographic change: the role of human capital

Geppert, Christian - 2015

Demographic change belongs to the mega-trends of the 20th and the 21st century. The ongoing aging process in major industrialized countries gives rise to the relative scarcity of raw labor and the relative abundance of physical capital. Standard macroeconomic models suggest that this depresses...

Persistent link: https://www.econbiz.de/10011432257

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risks

Harenberg, Daniel; Ludwig, Alexander - In: International tax and public finance 22 (2015) 4, pp. 579-603

Persistent link: https://www.econbiz.de/10011529829

Idiosyncratic risk, aggregate risk, and the welfare effects of social security

Harenberg, Daniel; Ludwig, Alexander - 2017 - This Version: December 1, 2017

convexity of the welfare gain in total risk. The other reason is a direct risk interaction which amplifies the utility losses …

Persistent link: https://www.econbiz.de/10012061567

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2015 - This Version: April 13, 2015

When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations. We derive the equilibrium dynamics in closed form and show that joint presence of both...

Persistent link: https://www.econbiz.de/10012061588

Optimal taxes on capital in the OLG model with uninsurable idiosyncratic income risk

Krueger, Dirk; Ludwig, Alexander - 2019

private precautionary saving on factor prices. For logarithmic utility a complete analytical solution of the Ramsey problem … state utility is positive, then implementing this tax rate permanently induces a Pareto-improving transition even if the … initial equilibrium is dynamically efficient. For general Epstein-Zin-Weil utility we show that the optimal steady state …

Persistent link: https://www.econbiz.de/10012062122

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2014 - This Version: September 22, 2014

When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations and demonstrate that they interact over the life-cycle. The interactions appear even though...

Persistent link: https://www.econbiz.de/10010419846

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2014 - This version: September 22, 2014

Persistent link: https://www.econbiz.de/10011280253

Social security in an analytically tractable overlapping generations model with aggregate and idiosyncratic risk

Harenberg, Daniel; Ludwig, Alexander - 2014

Persistent link: https://www.econbiz.de/10010440590

Higher-order income risk over the business cycle

Busch, Christopher; Ludwig, Alexander - 2020

We extend the canonical income process with persistent and transitory risk to shock distributions with left-skewness and excess kurtosis, to which we refer as higherorder risk. We estimate our extended income process by GMM for household data from the United States. We find countercyclical...

Persistent link: https://www.econbiz.de/10012182809