Download e-book for iPad: Assets, Beliefs, and Equilibria in Economic Dynamics: Essays by Charalambos D. Aliprantis, Kenneth J. Arrow, Peter Hammond,

By Charalambos D. Aliprantis, Kenneth J. Arrow, Peter Hammond, Felix Kubler, Ho-Mou Wu, Nicholas C. Yannelis

ISBN-10: 3642056636

ISBN-13: 9783642056635

ISBN-10: 3662058588

ISBN-13: 9783662058589

This quantity incorporates a selection of papers facing a wide diversity of issues in mathematical economics, online game idea and financial dynamics. The contributions current either theoretical and utilized learn. the quantity is devoted to Mordecai Kurz. The papers have been awarded in a different symposium co-hosted by way of the Stanford college division of Economics and through the Stanford Institute of monetary coverage study in August 2002.

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Extra info for Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz

Sample text

Uncertain lifetimes and the welfare enhancing properties of annuity markets and social security. Journal of Public Economics 26, 303-326 (1985) Friedman, B. : The cost of annuities: implications for saving behavior and bequest. Quarterly Journal of Economics 420, 135-154 (1990) Merton. R. : On the role of social security as a means for efficient risk-bearing in an economy where human capital is not tradeable. , Shoven, J. 12, pp. 325-358. Chicago: University of Chicago Press (1981) Mitchell, O.

2) where

Proof is straightforward. 13 This is the case in many of the mandatory privately managed pension schemes, following the example of Chile (see Diamond and Valdez-Prieto. 1994). Assets of deceased members in each fund are transferred to designated beneficiaries. It is assumed here that individuals put no value on these transfers. In Section 6 below, we introduce a bequest motive. 35 Annuities and retirement c eR(R) ------------------------=-=-- e - - - - - - e o T R z Figure 1 3 Comparison of optimnm retirement ages We want to compare optimum retirement ages and levels of consumption during retirement under the different insurance regimes.

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Assets, Beliefs, and Equilibria in Economic Dynamics: Essays in Honor of Mordecai Kurz by Charalambos D. Aliprantis, Kenneth J. Arrow, Peter Hammond, Felix Kubler, Ho-Mou Wu, Nicholas C. Yannelis

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