In a prevailing climate of increasing uncertainty (rising risk of unemployment, pension funding problems and unstable family structures), French households have adopted new saving behavior reflected during the nineties, primarily by considerable investment in life insurance products...

This paper studies optimality in dynamic stochastic economies with finitely lived agents. In this set up, an agent's utility level depends on the date at which it is evaluated, and on the available information at that date. A family of Pareto optimality concepts may be defined accordingly, with...

In a prevailing climate of increasing uncertainty (rising risk of unemployment, pension funding problems and unstable family structures), French households have adopted new saving behavior reflected during the nineties, primarily by considerable investment in life insurance and its derivative...