important to individuals. The model can also account qualitatively for the positive skewness of wealth and income distributions …, and significantly greater wealth inequality compared to income inequality. …

This paper presents a methodology for comparing income rank volatility profiles over time and across distributions …

franchisee may wish to acquire the franchise even if franchisor takes the full amount of additional income or if this additional … income is negative. …

individual income data and assume that agents have to consume their endowment. I find that the model does not pass the Hansen and … Jagannathan test even for very volatile idiosyncratic income data. …