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The effect of better information on income inequality
Eckwert, Bernhard; Zilcha, Itzhak - 2003
which is used for updating beliefs. Thus, a better information system affects the distribution of human capital in each …) If the relative measure of risk aversion is less (more) than 1 then more information raises (reduces) income inequality …. (b) When a risk sharing market is available better information results in higher inequality regardsless of the measure …
Persistent link: https://www.econbiz.de/10011507996
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Imperfect Capital Markets and Persistence of Initial Wealth Inequalities
Piketty, Thomas - 2008
We consider an infinite-horizon inter-generational economy with identical agents differing only in their inherited wealth and with a constant-returns-to-scale technology using capital and labour (called quot;effortquot;) and displaying a purely idiosyncratic risk. If effort is contractible, full...
Persistent link: https://www.econbiz.de/10012771117
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The Effect of Better Information on Income Inequality
Eckwert, Bernhard; Zilcha, Itzhak - 2021
which is used for updating beliefs. Thus, a better information system affects the distribution of human capital in each …) If the relative measure of risk aversion is less (more) than 1 then more information raises (reduces) income inequality …. (b) When a risk sharing market is available better information results in higher inequality regardless of the measure of …
Persistent link: https://www.econbiz.de/10013319888
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Uncertain length of life, retirement age, and optimal pension design
Aronsson, Thomas; Blomquist, Nils Sören - 2018
In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals' labor supply and retirement-decisions, the results...
Persistent link: https://www.econbiz.de/10011809912
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Social Insurance and the Public Budget
Andersen, Torben M.; Dogonowski, Robert Rene - 2008
Restraints on the public budget limit the ability of the public sector to use financial markets for intertemporal substitution. This interferes with the role of the public budget as a buffer which provides insurance and possibly stabilizes income and thereby private consumption. We consider this...
Persistent link: https://www.econbiz.de/10014224832
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Time and Uncertainty in Overlapping Generations Economies
Davila, Julio - 2001
This paper shows the general reversibility of every perfect foresight equilibrium of an overlapping generations economy. It then shows and characterizes the existence of reversible sunspot equilibria in these economies as well, which seems to be at odds with our intuition about the...
Persistent link: https://www.econbiz.de/10014128514
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Pareto optimal pension risk allocations
Muns, Sander; Werker, Bas J. M. - In: De economist : quarterly review of the Royal … 170 (2022) 1, pp. 133-172
Persistent link: https://www.econbiz.de/10013184164
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Pareto optimal pension risk allocations
Muns, Sander; Werker, Bas J. M. - 2022
Persistent link: https://www.econbiz.de/10013341263
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Financial intermediaries, markets and growth
Fecht, Falko; Huang, Kevin; Martin, Antoine - 2005
We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be...
Persistent link: https://www.econbiz.de/10010295671
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Essays in economics of organization
Mukherjee, Arijit - 2005
Persistent link: https://www.econbiz.de/10003909176