Public questioning about the role of finance has been fuelled by the perception that financial sector pay is an important factor behind high economic inequalities. This paper is the first to provide a comprehensive look at the level of earnings in finance and the implications for labour income...

In this paper, we extend the class of bivariate Sarmanov distributions by introducing some bivariate mixed Sarmanov distributions. Special attention is paid to the bivariate mixed Sarmanov distribution with Poisson marginals and, in particular, to the resulting bivariate Sarmanov distribution...

This paper analyzes the effect of framing on the stated demand for longevity annuities. We test whether longevity income framed as “insurance” is more attractive than longevity income framed as an “annuity,” since longevity income is consumption protection. In a sample of 1,425...

A controversial new financing phenomenon has recently emerged. New “income share agreements” (“ISAs”) enable an individual to raise funds by pledging a percentage of her future earnings to investors for a certain number of years. These contracts, which have been offered by entities such...

This paper provides an ex ante assessment of the effects of the Income Stabilization Tool (IST), a new risk management tool proposed in the Common Agricultural Policy of the European Union. We investigate the effects of IST on income variability and levels as well as on income inequality in the...

In the machine learning community, the Gini index is a very popular score for model selection, and it is also used in actuarial science for evaluating insurance pricing models. The purpose of this tutorial is to discuss the Gini index, both its version in economics and its version in machine...

Socio-economic differences in longevity have fuelled a debate whether pension systems have a regressive bias favouring groups with a high life expectancy. We show that the distributional implications of such pooling depend critically on the benefit profile across age/time, which in turn is...

One of the most interesting facts about the growth of developed nations, especially of the US growth, in the last three decades is significant growth of the ratio of the wage of skilled labor to that of unskilled labor. At the same time, existing evidence seems to suggest that the ratio of the...

The aim of this paper is to explore a parallelism between two episodes in the history of economic thought in order to suggest that the interaction between them can contribute to the research on Kaleckian growth and distribution models. First, a brief summary of the theoretical development from...

The aim of the present paper is to critically reappraise the validity and the relevance of the notion of total factor productivity (TFP) as a measure of technological progress. Placing the focus on the role that the neoclassical distribution theory plays in measuring technological progress, we...