What would a hypothetical one million US deaths in the Covid-19 epidemic mean for mortality of individuals at the population level? To put estimates of Covid-19 mortality into perspective, we estimate age-specific mortality for an epidemic claiming for illustrative purposes one million US lives,...

What would a hypothetical one million US deaths in the Covid-19 epidemic mean for mortality of individuals at the population level? To put estimates of Covid-19 mortality into perspective, we estimate age-specific mortality for an epidemic claiming for illustrative purposes one million US lives,...

Even with well-developed capital markets, there is no private market mechanism for trading between current and future generations, so a potential role for public old-age pension systems is to spread economic and demographic shocks among different generations. This paper evaluates the smoothing...

We consider a formal approach to comparative risk aversion and applies it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman [15], Selden [26], Epstein and Zin [9] and Quiggin [24] are well-ordered...