Motivated by the success of internal habit formation preferences in explaining asset pricing puzzles, we introduce these preferences in a life-cycle model of consumption and portfolio choice with liquidity constraints, undiversifiable labor income risk and stock-market participation costs. In...

Motivated by the success of internal habit formation preferences in explaining asset pricing puzzles, we introduce these preferences in a life-cycle model of consumption and portfolio choice with liquidity constraints, undiversifiable labor income risk and stock-market participation costs. In...

Motivated by the success of internal habit formation preferences in explaining asset-pricing puzzles, we introduce these preferences in a life-cycle model of consumption and portfolio choice with liquidity constraints, undiversifiable labour income risk and stock-market participation costs. In...

A deferred annuity typically includes an option-like right for the policyholder. At the end of the deferment period, he may either choose to receive annuity payouts, calculated based on a mortality table agreed to at contract inception, or receive the accumulated capital as a lump sum....

Die finanzielle Lage und die Rentenaussichten der so genannten Babyboomer (Menschen, die den geburtenstarken Jahrgängen der Nachkriegszeit angehören) gaben in den letzten Jahren in den USA Anlass zur Besorgnis und haben große Aufmerksamkeit erregt. In Deutschland hingegen wurde die Frage, wie...

This paper presents new empirical evidence on intertemporal labor supply elasticities. Weuse administrative data on the census of private sector employees in Austria and variation from mandated discontinuous changes in retirement benefits from the Austrian pension system. We first present...

Die finanzielle Lage und die Rentenaussichten der so genannten Babyboomer (Menschen, die den geburtenstarken Jahrgängen der Nachkriegszeit angehören) gaben in den letzten Jahren in den USA Anlass zur Besorgnis und haben große Aufmerksamkeit erregt. In Deutschland hingegen wurde die Frage, wie...