Showing 1 - 10 of 729
more attractive for social insurance if a larger part of risk is realized in the first period of the life-cycle. Our …
Persistent link: https://www.econbiz.de/10010266030
To analyze the optimal social insurance package, we set up a two-period life-cycle model with risky human capital investment in which the government has access to labor taxation, education subsidies and capital taxation. Social insurance is provided by redistributive labor taxation. Moreover,...
Persistent link: https://www.econbiz.de/10010274987
of years spent in retirement' are characterized by constant or decreasing absolute risk aversion. A similar result …
Persistent link: https://www.econbiz.de/10010274764
In this paper, we consider how the hours of work and retirement age ought to respond to a change in the uncertainty of the length of life. In a first best framework, where a benevolent government exercises perfect control over the individuals’ labor supply and retirement-decisions, the results...
Persistent link: https://www.econbiz.de/10011815833
the literature on wage effects we add a breakdown of variances in heterogeneity and risk. …
Persistent link: https://www.econbiz.de/10014377512
find a quarter of students violated the order. Yet, neither risk preference, altruism, nor preexisting health conditions …
Persistent link: https://www.econbiz.de/10012214187
This paper estimates a bivariate HEAVY system including daily and intra-daily volatility equations and its macro-augmented asymmetric power extension. It focuses on economic factors that exacerbate stock market volatility and represent major threats to financial stability. In particular, it...
Persistent link: https://www.econbiz.de/10012844423
Macroeconomic uncertainty affects the subjective distribution of individual expectations. Using four panel datasets, we document the effects of macro uncertainty on the mean expectation (first moment) and subjective uncertainty (second moment) of income forecasts. We find that macro uncertainty...
Persistent link: https://www.econbiz.de/10013309488
risky labour-market outcomes, adverse selection, moral hazard and risk aversion. The model combines structured student loans … (redistribution). In separating optima, the talented types bear more risk than the less-talented ones; they arise only if the social …
Persistent link: https://www.econbiz.de/10010317016
This paper considers how optimal education and tax policy depends on the risk properties of human capital. It is … demonstrated that a key feature of human capital investments is whether they increase or decrease wage risk. In a benchmark model …
Persistent link: https://www.econbiz.de/10010264479