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On the origin of the family
Francesconi, Marco; Ghiglino, Christian; Perry, Motty - 2009
This paper presents an overlapping generations model to explain why humans live in families rather than in other pair groupings. Since most non-human species are not familial, something special must be behind the family. It is shown that the two necessary features that explain the origin of the...
Persistent link: https://www.econbiz.de/10010269437
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Career progression and formal versus on-the-job training
Adda, Jérôme; Dustmann, Christian; Meghir, Costas; … - 2006
We develop a dynamic discrete choice model of training choice, employment and wage growth, allowing for job mobility, in a world where wages depend on firm-worker matches, as well as experience and tenure and jobs take time to locate. We estimate this model on a large administrative panel data...
Persistent link: https://www.econbiz.de/10010292974
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Intergenerational risk sharing in the spirit of Arrow, Debreu, and Rawls, with applications to social security design
Ball, Laurence; Mankiw, N. Gregory - 2002
This paper examines the optimal allocation of risk in an overlapping-generations economy It compares the allocation of … risk the economy reaches naturally to the allocation that would be reached if generations behind a Rawlsian 'veil of … ignorance' could share risk with one another through complete Arrow-Debreu contingent-claims markets The paper then examines how …
Persistent link: https://www.econbiz.de/10010293496
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Climate change and event uncertainty in a dynamic model with overlapping generations
Moretto, Michele; Tamborini, Roberto - 1997
In this paper the climate change effect is an unforeseen earth temperature level above which a negative externality on technology and hence on society's welfare is exerted. We use a dynamic overlapping generations model to develop a positive analysis of the growth path of an economy with the...
Persistent link: https://www.econbiz.de/10011608278
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Risky human capital investment, income distribution, and macroeconomic dynamics
Grossmann, Volker - 2003
uninsurable labor income risk, and economic growth in a small open overlapping-generations economy with heterogeneous agents. It …
Persistent link: https://www.econbiz.de/10010261651
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Intergenerational risk sharing by means of pay-as-you-go programs: an investigation of alternative mechanisms
Thøgersen, Øystein - 2006
the magnitude of the optimal paygo program and the nature of the underlying risk sharing effects are very sensitive to the … chosen combination of risk concepts and stochastic specification of long run aggregate wage income growth. In an additive way … we distinguish between the pooling of wage and capital risks within periods and two different intertemporal risk sharing …
Persistent link: https://www.econbiz.de/10010263946
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Sharing demographic risk: who is afraid of the baby bust?
Ludwig, Alexander; Reiter, Michael - 2008
We model the optimal reaction of a public PAYG pension system to demographic shocks. We compare the ex-ante first best and second best solution of a Ramsey planner with full commitment to the outcome under simple third best rules that mimic the pension systems observed in the real world. The...
Persistent link: https://www.econbiz.de/10010264455
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Should old-age benefits be earnings-tested?
Määttänen, Niku; Poutvaara, Panu - 2007
model with idiosyncratic labor income risk. In our model economy, even a moderate earnings testing reduces individuals …
Persistent link: https://www.econbiz.de/10010267806
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Career progression and formal versus on-the-job training
Adda, Jérôme; Dustmann, Christian; Meghir, Costas; … - 2006
We develop a dynamic discrete choice model of training choice, employment and wage growth, allowing for job mobility, in a world where wages depend on firm-worker matches, as well as experience and tenure and jobs take time to locate. We estimate this model on a large administrative panel data...
Persistent link: https://www.econbiz.de/10010268053
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Labor income risk, demographic risk, and the design of (wage-indexed) social security
Borgmann, Christoph - 2002
Pay-as-you-go pension programs can help to share risk amongst generations. While a wage-indexed pension program is best … suited to share labor income risk, I show that the combination of stochastic labor income and stochastic population growth … may reduce the possibilities for intergenerational risk sharing: Labor income risk can only be shared when individuals are …
Persistent link: https://www.econbiz.de/10010308319