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We develop a general equilibrium model of wealth transfers in the presence of uncertain lifetimes and default. Without introducing exogenous debt constraints, agents are allowed to make collateral-backed promises at any state of their life span.
Persistent link: https://www.econbiz.de/10011807351
In this paper we study the problem of indifference pricing in a discrete‐time setting where the decision‐maker's preferences are represented by a general monotone increasing and quasiconcave dynamic preference functional. We show that the indifference price is a dynamic convex risk measure...
Persistent link: https://www.econbiz.de/10013011503
Fundraising interventions may lift donations and/or shift their composition and timing, making it important to study … their effect across charity space and time. We find that major fundraising appeals lift total donations, but surprisingly … shift donations to other charities across time. To explain this, we develop a two-period model with two sources of warm glow …
Persistent link: https://www.econbiz.de/10012028645
Fundraising interventions may lift donations and/or shift their composition and timing, making it important to study … their effect across charity space and time. We find that major fundraising appeals lift total donations, but surprisingly … shift donations to other charities across time. To explain this, we develop a two-period model with two sources of warm glow …
Persistent link: https://www.econbiz.de/10011751333
Persistent link: https://www.econbiz.de/10011401226
tolerance and patience in intertemporal choice increase, in general, the level of donations, albeit the effects are non …
Persistent link: https://www.econbiz.de/10010401354
tolerance and patience in intertemporal choice increase, in general, the level of donations, albeit the effects are non …
Persistent link: https://www.econbiz.de/10010257602
Persistent link: https://www.econbiz.de/10014473623
Fundraising interventions may lift donations and/or shift their composition and timing, making it important to study … their effect across charity space and time. We find that major fundraising appeals lift total donations, but surprisingly … shift donations to other charities across time. To explain this, we develop a two-period model with two sources of warm glow …
Persistent link: https://www.econbiz.de/10011735980
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle model in which the optimal employment, retirement and consumption decisions of forward-looking...
Persistent link: https://www.econbiz.de/10011601038