Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income …

, and is far from generic. This paper tests wealth-based evolution in a simple, stylized agent-based financial market. The … predictability. In the case of utility functions which differ from log, wealth selection alone converges to parameters which are … economically far from the optimal forecast parameters. This serves as a strong reminder that wealth selection and utility …

Using harmonized wealth data and a novel decomposition approach, we show that cohort effects exist in the income …