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Consumption and Wage Humps in a Life-Cycle Model with Education
(2015-02-24)
The observed hump-shaped life-cycle pattern in individuals’ consumption cannot be explained by the classical consumption-savings model. The consensus explanation is that the hump is caused by constraints and unspanned ...
Does Product Familiarity Matter for Participation?
(2015-05-19)
"Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The ""experiment"" of German reunification ...
Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security
(2017-12-01)
We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic productivity and aggregate business cycle risk. We show analytically that the whole welfare benefit from ...
Incompatible European Partners? Cultural Predispositions and Household Financial Behavior
(2015-01-27)
The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of ...
A Life-Cycle Model with Ambiguous Survival Beliefs
(2015-10-02)
Based on a cognitive notion of neo-additive capacities reflecting likelihood insensitivity with respect to survival chances, we construct a Choquet Bayesian learning model over the life-cycle that generates a motivational ...
Peer Effects and Risk Sharing in Experimental Asset Markets
(2015-02-02)
Previous research has documented strong peer effects in risk taking, but little is known about how such social influences affect market outcomes. Since the consequences of social interactions are hard to isolate in financial ...
Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk
(2015-04-13)
When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations. We derive the ...
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
(2016-04-18)
This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different ...
Control Thyself: Self-Control Failure and Household Wealth
(2014-10-09)
We examine the relationship between household wealth and self-control. Although self-control has been linked to consumption and financial behavior, its measurement remains an open issue. We employ a definition of self-control ...
Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation
(2014-12-29)
Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase ...