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Earnings Risk and Heterogeneous Expected Earnings Profiles
Drewianka, Scott D. - 2020
the Panel Study on Income Dynamics favors models lacking such heterogeneity. Such models invariably indicate workers face …
Persistent link: https://www.econbiz.de/10012830820
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Robust Normative Comparisons of Socially Risky Situations
Gravel, Nicolas; Tarroux, Benoit - Groupement de Recherche en Économie Quantitative … - 2008
In this paper, we characterize and empirically implement robust normative criteria for comparing societies on the basis of their allocations of risks among their members. Risks are modelled as lotteries on the set of distributions of state-contingent pecuniary consequences. Individuals are...
Persistent link: https://www.econbiz.de/10004969043
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The shifting shape of risk : endogenous market failure for insurance
Koch, Thomas G. - In: Risks : open access journal 5 (2017) 1, pp. 1-13
This article considers an economy where risk is insurable, but selection determines the pool of individuals who take it up. First, we demonstrate that the comparative statics of these economies do not necessarily depend on its marginal selection (adverse versus favorable), but rather other...
Persistent link: https://www.econbiz.de/10011636453
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The Evolution of Inequality, Heterogeneity and Uncertainty in Labor Earnings in the U.S. Economy
Cunha, Flavio - 2009
in the variance of returns to schooling is due to increased uncertainty. Using conventional measures of income inequality …
Persistent link: https://www.econbiz.de/10012721105
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Irreversibility and Uncertainty Cause an Intergenerational Equity-Efficiency Trade-Off
Hoberg, Nikolai - 2016
Two important policy goals in intergenerational problems are Pareto-efficiency and sustainability, i.e. intergenerational equity. We demonstrate that the pursuit of these goals is subject to an intergenerational equity-efficiency trade-off. Our analysis highlights two salient characteristics of...
Persistent link: https://www.econbiz.de/10013008702
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Chapter 10 Wealth inequality, wealth constraints and economic performance
Bardhan, Pranab; Bowles, Samuel; Gintis, Herbert - In: Handbook of income distribution : volume 1, (pp. 541-603). 2000
distribution of wealth may affect: (a) residual claimancy over income streams; (b) exit options in bargaining situations; (c) the …
Persistent link: https://www.econbiz.de/10014024199
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Endogenous Growth, the Distribution of Wealth, and Optimal Policy under Incomplete Markets And Idiosyncratic Risk
Clemens, Christiane - 2013
This paper combines the Aiyagari/Huggett–type standard incomplete markets model with the Arrow/Romer approach to growth to analyze feedback effects between growth and inequality, both endogenously determined in equilibrium. We derive conditions on existence/ nonexistence of balanced growth...
Persistent link: https://www.econbiz.de/10013087716
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The Effect of Risk on the CEO Market
Edmans, Alex - 2013
This paper presents a market equilibrium model of CEO assignment, pay and incentives under risk aversion and heterogeneous moral hazard. Each of the three outcomes can be summarized by a single closed-form equation. In assignment models without moral hazard, allocation depends only on firm size...
Persistent link: https://www.econbiz.de/10013095235
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The Effects of Uncertainty Shocks on Income and Wealth Inequality
Albert, Juan-Francisco; Gómez-Fernández, Nerea - 2022
In a context of high economic uncertainty, this paper aims to analyse the impacts of uncertainty on income and wealth …, a positive uncertainty shock increases the Gini coefficient of income and wealth inequality in Spain but reduces it in … between different income and wealth percentiles are used, obtaining results in line with those obtained for the Gini …
Persistent link: https://www.econbiz.de/10013290239
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The Influence of Earnings Risk on Mortgage Terms and Performance
Oberg, P. - 2021
A feature of last decade’s mortgage crisis was that the credit risk of borrowers was not accurately priced into their mortgages. For example, the increased risk of delinquency was not associated with a higher interest rate. I confirm this belief by using a measure of earnings risk, a major...
Persistent link: https://www.econbiz.de/10013217569