On Optimality, Endogenous Discounting and Wealth Accumulation
نویسندگان
چکیده
منابع مشابه
On Optimality, Endogenous Discounting and Wealth Accumulation
We endogenize the discount rate via a broad measure of wealth and provide empirical evidence that wealth affects the discount rate negatively. We demonstrate that the Pontryagin conditions require positive felicity for intuitive results, whereas the concavity of the Hamiltonian requires negative felicity for optimality. This dilemma also holds for the endogenizations of Obstfeld (1990) and foll...
متن کاملHousing and Wealth Accumulation:
It has long been argued that promoting homeownership among low-income households is worthwhile because owned housing may be an important source of savings for these families, and that children raised in owned housing are likely to be more successful well-adjusted members of society. This paper employs the Panel Study of Income Dynamics and a dynamic estimating technique to examine the effect of...
متن کاملWealth Inequality and Accumulation.
Research on wealth inequality and accumulation and the data upon which it relies have expanded substantially in the twenty-first century. While the field has experienced rapid growth, conceptual and methodological challenges remain. We begin by discussing two major unresolved methodological concerns facing wealth research: how to address challenges to causal inference posed by wealth's cumulati...
متن کاملContractual Structure and Wealth Accumulation
This paper examines whether historical wealth distributions can affect long run output and distribution despite rational saving behavior and the absence of any technological nonconvexities or externalities. We consider a model of equilibrium short period financial contracts, where poor agents face credit constraints owing to moral hazard and limited liability, and principals and agents are rand...
متن کاملDifferential Mortality and Wealth Accumulation
In this paper, we examine the role played by differential mortality in estimates of life cycle wealth profiles. Our study makes three contributions. First, we show that the Survey of Income and Program Participation (SIPP) provides reliable data on mortality as compared to the US life table data. Second, we provide estimates of the relationship between mortality and wealth and show strong evide...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.970312