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The paper analyzes the welfare consequences of insuring mortality risk by means of standard, fully funded Social … Security pensions when individuals wish to make transfers to their heirs. In the presence of uninsured mortality risk, within …
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We propose a new microeconomic explanation for the divergent experiences of economies in forming human capital. We suggest that the positive effect of a longer life expectancy on human capital formation arises from two separate effects: a life expectancy effect and a prolonged intergenerational...
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