ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)最新文献

{"title":"Cumulation of Cross-Section Surveys: Evaluation of Alternative Concepts for the Cumulated Continuous Household Budget Surveys (LWR) 1999 Until 2003 Compared to the Sample Survey of Income and Expenditures (EVS) 2003","authors":"J. Merz, H. Stolze","doi":"10.2139/ssrn.1666194","DOIUrl":"https://doi.org/10.2139/ssrn.1666194","url":null,"abstract":"With the development of household budget systems and with regard to the requirements of the European Union with new EU-SILC approaches, the cumulation of cross-section surveys to an integrated information system is recently discussed and required. In particular the reconstruction of household budget surveys should deliver yearly results as well multi-annual sufficient large samples to allow in depth analyses. This study contributes by a general conceptual foundation of the cumulation of cross-sections and an application which in particular evaluates the new cumulation concept with actual large official samples: the cross sectional cumulation of five yearly Continuous Household Budget Surveys (Laufende Wirtschaftsrechnungen, LWR) which will be compared to the large quinquennial Sample Survey of Income and Expenditures (Einkommens- und Verbrauchsstichprobe, EVS) of the German Federal Statistical Office. Therewith the sensitivity of the cumulation concept with its alternatives is evaluated for private household consumption expenditures of selected expenditure groups. A recommendation concludes.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122990916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Age on Portfolio Choices: Evidence Form an Italian Pension Fund","authors":"Giuseppe Cappelletti, Giovanni Guazzarotti, Pietro Tommasino","doi":"10.2139/ssrn.1786389","DOIUrl":"https://doi.org/10.2139/ssrn.1786389","url":null,"abstract":"Optimal Portfolio Theory prescribes that investors reduce their exposure to financial market risk as they get near to retirement. To assess the effect of ageing on portfolio choices, we study the case of an Italian defined contribution pension fund during the period 2002-08. We find that on average the willingness to hold risky assets does indeed significantly decrease with age, but we also document that inertial behaviour is quite widespread, and can be very costly.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131488879","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effectiveness of Individual Funding Approaches for Disability Support","authors":"K. Fisher, R. Edwards, R. Gleeson, Christiane Purcal, T. Sitek, Brooke Dinning, C. Laragy, Lel D'aegher, Denise Thompson","doi":"10.2139/SSRN.1700847","DOIUrl":"https://doi.org/10.2139/SSRN.1700847","url":null,"abstract":"Use of Individual Funding: Individual funding is defined in this report as a portable package of funds allocated for a particular person that facilitates control over how they purchase their disability support needs. The way individual funding is organised varies in relation to who holds the funds, which parts of it are portable and what disability support types it can be spent on from which parts of the market. The profiles from the Commonwealth State and Territory Disability Agreements (CSTDA) National Minimum Data Set and surveys show that individual funding is more likely to be used by people of working age with low support needs, by male and non-Indigenous service users, by people with one disability and by people without informal care networks. This applies across disability types and disability support services. Individual Funding in the States and Territories: Australian government disability agencies demonstrate a growing policy interest in individual funding and self-directed approaches. They are developing policies and guidelines, extending pilots, introducing and refining models and conducting evaluations to better understand consumer outcomes. The dominant approach to individual funding in Australia is a portable individual funding package held by a service provider, except in Western Australia (WA), which has a longer history of individual funding and use of direct funding. Managing effective approaches to individual funding: Issues to be Considered Include: • person-centred disability support • support according to capacity and vulnerability • administrative systems to support management responsibilities • viability of support type and amount of funding • workforce and quality of care • service integration • contextual impact. Costs of Individual Funding: The average individual package funding size in this study was $28,500 and ranged from $700 to $250,000. The variation relates to disability support type and support need. The average management cost was 14 per cent of the individual funding package and ranged from 5 to 22 per cent. This is similar to the management cost of other disability and community services. Individual funding has not increased the total specialist disability support cost to government. Officials said some individual funding is more cost-effective than other models of organising support, particularly where it supplements social housing and informal care. Some government officials and service providers said that costs were higher during the transition to a mixed system of funding and organising disability support, because during the transition, new systems need to be established to support informed decision making and accountability for people using individual packages. Individual funding packages pay for disability support and management support. The cost of disability support and management support is not usually less expensive than other forms of organising disability support. Rather it enables choice in th","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126425434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Good Strategies for Wealth Distribution in Retirement","authors":"G. Pang, M. Warshawsky","doi":"10.2139/ssrn.1623308","DOIUrl":"https://doi.org/10.2139/ssrn.1623308","url":null,"abstract":"This analysis puts forward good wealth distribution strategies for individuals and couples in retirement, considering trade-offs of wealth preservation and income security. We search among strategies that combine systematic mutual fund withdrawals with purchases of fixed payout life annuities. The search looks at a rich range of tactics including ages for annuity purchase, withdrawal rates, degrees of annuitization, and initial asset allocations. These strategies produce retirement account balances and incomes and we evaluate them using stochastic simulations of asset and annuity returns with overlays of rare financial and economic catastrophes as well as bankruptcies of insurers.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129647763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Attitudes to Risk and Roulette","authors":"Adi Schnytzer, S. Westreich","doi":"10.2139/ssrn.1688228","DOIUrl":"https://doi.org/10.2139/ssrn.1688228","url":null,"abstract":"We present an empirical framework for determining whether or not customers at the roulette wheel are risk averse or risk loving. Thus, we present a summary of the Aumann-Serrano (2007) risk index as generalized to allow for the presence of risk lovers by Schnytzer and Westreich (2010). We show that, for any gamble, whereas riskiness increases for gambles with positive expected return as the amount placed on a given gamble is increased, the opposite is the case for gambles with negative expected return. Since roulette involves binary gambles, we restrict our attention to such gambles exclusively and derive empirically testable hypotheses. In particular, we show that, all other things being equal, for gambles with a negative expected return, riskiness decreases as the size of the contingent payout increases. On the other hand, riskiness increases if the gamble has a positive expected return. We also prove that, for positive return gambles, riskiness increases, ceteris paribus, in the variance of the gamble while the reverse is true for gambles with negative expected returns. Finally, we apply these results to the specific gambles involved in American roulette and discuss how we might distinguish between casino visitors who are risk averse and those who are risk loving as well as those who may suffer from gambling addictions of one form or another.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132670875","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Precautionary Saving and Endogenous Labor Supply With and Without Intertemporal Expected Utility","authors":"Diego C. Nocetti, William T. Smith","doi":"10.2139/ssrn.1441315","DOIUrl":"https://doi.org/10.2139/ssrn.1441315","url":null,"abstract":"We analyze precautionary saving behavior in a framework with labor and non-labor income risks, an endogenous supply of labor, and a representation of preferences that disentangles attitudes towards risk, attitudes towards intertemporal smoothing, and ordinal preferences for consumption and leisure. This preference structure allows us to disentangle and to describe in an intuitive way the different forces that determine precautionary saving “in the small” and “in the large”.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117080759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Global Habits, Habit Differentials, and International Macroeconomic Adjustment to Income Shocks","authors":"Shinsuke Ikeda, Ichiro Gombi","doi":"10.2139/ssrn.1593855","DOIUrl":"https://doi.org/10.2139/ssrn.1593855","url":null,"abstract":"In a two-country model with habit formation, we focus on interdependent macroeconomic adjustments to global and country-specific income shocks. Global habits and habit differentials play key roles in the global equilibrium dynamics, possibly nonmonotonic, and in the determination of international asset distribution. A country's steady-state holdings of net external assets rely on (i) weighted income difference in excess of habit differentials and (ii) global income in excess of global habits. Local income shocks have greater effects on the international asset distribution than global income shocks. With habit formation, positive income shocks lower the world interest rate, thereby harming the creditor country and benefitting the debtor country due to the intertemporal terms-of-trade effect. In contrast to the case of trade theory, this intertemporal immiserizing growth effect is more likely to be caused by global income shocks than by country-specific income shocks.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124045627","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"On the Persistence of Income Shocks Over the Life Cycle: Evidence and Implications, Second Version","authors":"Fatih Karahan, Serdar Ozkan","doi":"10.2139/ssrn.1585884","DOIUrl":"https://doi.org/10.2139/ssrn.1585884","url":null,"abstract":"How does the persistence of earnings change over the life cycle? Do workers at different ages face the same variance of idiosyncratic shocks? This paper proposes a novel specification for residual earnings that allows for a lifetime profile in the persistence and variance of labor income shocks. We show that the statistical model is identified and estimate it using PSID data. We strongly reject the hypothesis of a at life-cycle profile for persistence and variance of persistent shocks, but not for the variance of transitory shocks. Shocks to earnings are only moderately persistent (around 0.75) for young individuals. Persistence rises with age up to unity until midway in life. On the other hand, the variance of persistent shocks exhibits a U-shaped profile over the life cycle (with a minimum of 0.01 and a maximum of 0.045). Our estimate of persistence, for most of the working life, is substantially lower than typical estimates in the literature. We investigate the implications of these profiles for consumption-savings behavior with a standard life-cycle model. The welfare cost of idiosyncratic risk implied by the age-dependent income process is 32% lower compared to an AR(1) process without age profiles. This is mostly due to a higher degree of consumption insurance for young workers, for whom persistence is moderate. We conclude that the welfare cost of idiosyncratic risk will be overstated if one does not account for the age profiles in the persistence and variance of shocks.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134282707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Generalised Nested-Logit Model of the Demand for Automobile Variants","authors":"Øyvind Thomassen","doi":"10.2139/ssrn.1612218","DOIUrl":"https://doi.org/10.2139/ssrn.1612218","url":null,"abstract":"This paper estimates the demand for car model variants instead of looking only at demand for models in terms of the ’baseline’ variant of each model as done in the literature. The data has sex and age of the buyer for every car sold in Norway 2000-2004, in addition to characteristics of the cars. The demand model uses this information to estimate taste coefficients which depend on demographic characteristics. A nested logit model and a generalised nested logit model are used to induce correlation in the logit error between products with observable and unobservable similarities. Results indicate that it may be problematic to have different logit errors for every product when the number of products is very high, even when allowing for flexible correlation patterns.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126665493","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Squeezed in and Squeezed Out: The Effects of Population Aging on the Demand for Housing","authors":"A. Coleman","doi":"10.2139/ssrn.1622030","DOIUrl":"https://doi.org/10.2139/ssrn.1622030","url":null,"abstract":"This paper examines how increasing longevity affects the housing choices of working age and retired people using a heterogeneous agent overlapping generations model that incorporates owner-occupier and rental sectors, credit constraints, detailed tax regulations, and a housing supply sector. Increasing longevity generally leads to declining home ownership rates among young people, with bigger declines if the government increases taxes and pensions rather than relying on additional private provision of retirement income. The model suggests raising tax rates to provide pensions can reduce the welfare of all agents, even those who are net beneficiaries, because they tighten credit constraints when young.","PeriodicalId":175023,"journal":{"name":"ERN: Intertemporal Consumer Choice; Life Cycle Models & Savings (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123384481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}