In this paper, I discuss the actual conditions and determinants of the saving behavior and wealth holdings of the aged in China, with emphasis on the impact of bequest motives thereon, using micro data from the 2009 gSurvey of Living Preferences and Satisfactionh (urban households) and the 2010...

This paper provides a theory that explains the cross-country distribution of average years of schooling, as well as the so called human capital premium puzzle. In our theory, credit frictions as well as differences in access to public education, fertility and mortality turn out to be the key...

Previous research has repeatedly found a puzzling one-time drop in consumption at retirement at the mean or median. This study expands upon the previous work by examining these same retirement changes across the entire consumption distribution through the application of quantile regression...

Although the literature on the evolution of industrial clusters is not vast, a preferred approach has already become evident, based around the idea of a cluster 'life-cycle'. This approach has several limitations. In this paper we explore a different conception of cluster evolution drawing on...

In this paper we show that it may be optimal for individuals to educate themselves more and decrease future labor supply (choose earlier retirement) when life expectancy increases. This result reconciles the findings of Hazan [Hazan, M., 2009. Longevity and Lifetime Labor Supply: Evidence and...

We analyze the effect of means-tested benefits on annuitization decisions. Most industrialized countries provide a subsistence level consumption floor in old age, usually in the form of means-tested benefits. The availability of such means-tested payments creates an incentive to cash out...

The present paper develops a general equilibrium model with overlapping generations and endogenous fertility in order to analyze the interaction between public policy and household labor supply and fertility decisions. The model's benchmark equilibrium reflects the current family policy...

In most advanced countries, future retirees will have to rely less on social security schemes and more on private pension plans, which mostly leave to the worker the choice between ashing-in or annuitizing pension wealth at retirement. Therefore, a better understanding of the determinants of the...