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Order effects in eliciting preferences
Kopsacheilis, Orestis; Goerg, Sebastian J. - 2023
patience and altruism while using quantitative items first increases the cross-method correlation for risk and time preferences …
Persistent link: https://www.econbiz.de/10014319143
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Overlapping-Generations Economies under Uncertainty : Dynamic Inefficiency/Efficiency with Multiple Assets and no Labour
Hellwig, Martin F. - 2023
-generations model with a constant rate of population growth and with multiple assets, but without labour. Optimal portfolio choice … than the population growth rate. If the growth rate is uncertain, the standard of comparison is the certainty equivalent of … the population growth rate when interpreted as a marginal rate of return on an asset …
Persistent link: https://www.econbiz.de/10014350589
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One-Sided Limited Commitment and Aggregate Risk
Ando, Yoshiki; Krueger, Dirk; Uhlig, Harald - National Bureau of Economic Research - 2023
In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk …
Persistent link: https://www.econbiz.de/10014437034
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Pandemic-induced wealth and health inequality and risk exposure
Angelopulos, Kōnstantinos; Lazarakis, Spyridon; Mancy, … - 2021
The main waves of a pandemic and subsequent disease outbreaks in the following years influence the evolution of the distributions of health and wealth, leading to differences in the ability to mitigate future income shocks. We study consumption smoothing and precautionary behaviour associated...
Persistent link: https://www.econbiz.de/10012697960
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The Utility Value of Longevity Risk Pooling : Analytic Insights
Milevsky, Moshe A. - 2018
The consensus among scholars is that (some) longevity risk pooling is the optimal strategy for drawing down wealth in retirement and a robust literature has developed around its measurement via annuity equivalent wealth (AEW). However, most of the published work is conducted numerically and...
Persistent link: https://www.econbiz.de/10012925287
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Life-cycle risk-taking with personal disaster risk
Bagliano, Fabio C.; Fugazza, Carolina; Nicodano, Giovanna - 2021
This paper examines households' self-insurance in financial markets when a rare personal disaster, such as disability or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment choices, even if most workers will not experience a disaster....
Persistent link: https://www.econbiz.de/10012793436
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Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies
Hellwig, Martin - 2021
with safe and risky assets. If the rate of population growth is certain, the conditions given depend only on how the rate … of return on safe assets compares to the growth rate. If no safe assets are held, the implicit relative price for non …
Persistent link: https://www.econbiz.de/10012505813
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Incentive and Welfare Effects of Idiosyncratic Return Risk
Courbage, Christophe - 2020
We provide a microeconomic analysis of the incentive and welfare effects of idiosyncratic return risk. While most of the existing literature has focused on risky returns as an aggregate shock, we allow for correlation between returns and the agent's non-financial endowment. Using a simple...
Persistent link: https://www.econbiz.de/10012852575
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Life-Cycle Risk-Taking with Personal Disaster Risk
Bagliano, Fabio C.; Fugazza, Carolina; Nicodano, Giovanna - 2022
This paper examines households’ self-insurance in financial markets when a rare personal disaster, such as disability or long-term unemployment, may occur during working years. Personal disaster risk alters lifetime ex-ante investment choices, even if most workers will not experience a...
Persistent link: https://www.econbiz.de/10013309695
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Pandemic-Induced Wealth and Health Inequality and Risk Exposure
Angelopoulos, Konstantinos; Lazarakis, Spyridon; Mancy, … - 2021
The main waves of a pandemic and subsequent disease outbreaks in the following years influence the evolution of the distributions of health and wealth, leading to differences in the ability to mitigate future income shocks. We study consumption smoothing and precautionary behaviour associated...
Persistent link: https://www.econbiz.de/10013310772