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Labor Supply and Capital Accumulation in an Aging Economy : When Beveridge Meets Bismarck

Giorgio, Gnecco - 2015

In the context of an aging economy, the question addressed in this paper is: since pension systems differ in the funding methods -- pay-as-you-go (PAYG) or fully funded -- and payment schemes -- Beveridgean or Bismarckian -- under which setting can a sustainable public pension system provide...

Persistent link: https://www.econbiz.de/10013014951

Online Appendix to the Paper : Approximate Analytical Solutions for Consumption/Investment Problems Under Recursive Utility and Finite Horizon

Campani, Carlos Heitor - 2015

Persistent link: https://www.econbiz.de/10013014952

A Smooth Component of the Fractional Brownian Motion and Optimal Portfolio Selection

Dokuchaev, Nikolai - 2015

We consider fractional Brownian motion with the Hurst parameters from (1/2,1). We found that the increment of a fractional Brownian motion can be represented as the sum of a two independent Gaussian processes one of which is smooth in the sense that it is differentiable in mean square. We...

Persistent link: https://www.econbiz.de/10013014954

Managing Inventories for Agricultural Products : The Optimal Selling Policies

Shi, Jim (Junmin) - 2015

The inventory control theory in the operations research and management literature is primarily concerned about … theory. Inspired by real-life practice in the Kenya coffee industry, we consider a class of stochastic and dynamic inventory … additional insights and deepens the understanding of inventory management for agricultural products. Applying the theory to …

Persistent link: https://www.econbiz.de/10013014959

Doctrinal Redundancies

Hessick, F. Andrew - 2015

doctrinal redundancy. Drawing on psychology, behavioral economics, and social choice theory, it shows that doctrinal redundancy …

Persistent link: https://www.econbiz.de/10013014962

Characterising the Financial Cycle : A Multivariate and Time-Varying Approach

Schüler, Yves Stephan - 2015

We introduce a methodology to characterise financial cycles combining a novel multivariate spectral approach to identifying common cycle frequencies across a set of indicators, and a time varying aggregation emphasising systemic developments. The methodology is applied to 13 European Union...

Persistent link: https://www.econbiz.de/10013014965

Note on the Stock-Wise Utility Function Used in Their Option-Value Analysis

Börsch-Supan, Axel H. - 2015

The option value of postponing retirement is the difference between the utility when retiring at the age that maximizes utility minus the utility when retiring now. This note shows that a utility function which depends only weakly on the value of leisure such as the utility function proposed by...

Persistent link: https://www.econbiz.de/10013014991

Hedonic Quality and Social Norms : A Hybrid Model of Product Differentiation

Mantovani, Andrea - 2015

We analyse how strategic competition between a green firm and a brown competitor develops when their products are differentiated along two dimensions: hedonic quality and environmental quality. The former dimension refers to the pure (intrinsic) performance of the good, whereas the latter...

Persistent link: https://www.econbiz.de/10013014999

Pareto Improving Climate Policies : Distributing the Benefits Across Generations and Regions

Hoel, Michael - 2015

Most studies show that the present generation has to take the burden and reduce consumption to mitigate future climate change. However, significant climate change is due to a market failure, and corrections of market failures give possibilities of Pareto improvements. In this paper, we study the...

Persistent link: https://www.econbiz.de/10013015000

Hicks' Wilful Compensation Theory

Choi, Hak - 2015

This paper disproves Hick's compensation principle. It shows that compensation is wilful and wrong. Compensation, like intervention, is non-economics. Instead, this paper suggests using one of the products as input to produce another as output, for profit

Persistent link: https://www.econbiz.de/10013015002