6,037 research outputs found
Optimal Sustainable Intergenerational Insurance
No full textOptimal intergenerational insurance is examined in a stochastic overlapping generations endowment economy with limited enforcement of risk-sharing transfers. Transfers are chosen by a benevolent planner who maximizes the expected discounted utility of all generations while respecting the participation constraint of each generation. We show that the optimal sustainable intergenerational insurance is history dependent. The risk from a shock is unevenly spread into the future, generating heteroscedasticity and autocorrelation of consumption even in the long run. The optimum can be interpreted as a social security scheme characterized by a minimum welfare entitlement for the old and state-contingent entitlement thresholds
Intergenerational Insurance
Full text linkHow should successive generations insure each other when the young can default on previously promised transfers to the old? This paper studies intergenerational insurance that maximizes the expected discounted utility of all generations subject to participation constraints for each generation. If complete insurance is unattainable, the optimal intergenerational insurance is history-dependent even when the environment is stationary. The risk from a generational shock is spread into the future, with periodic resetting. Interpreting intergenerational insurance in terms of debt, the fiscal reaction function is nonlinear and the risk premium on debt is lower than the risk premium with complete insurance
Stock returns after a Brexit vote: the winners and the losers
No full textNumerous reports warn that Brexit may have negative effects on the UK stock market. But whatever the outcome, it seems unlikely that the impact will be a uniform one, argue Costas Milas, Tim Worrall, and Robert Zymek
Replication Data for: Intergenerational Insurance, https://doi.org/10.7910/DVN/XDBGVY, Harvard Dataverse, V1, UNF:6:Orz4NCbou3GqYAwbkDezmw== [fileUNF]
No full textThis is the replication package for "Intergenerational Insurance," accepted in 2024 by the Journal of Political Econom
CAVT
No full textMathematica Files For simulations depicted in Figures 1-5 and Tables 2 and 4 of the paper
Intergenerational Insurance
No full textHow should successive generations insure each other when the young can default on previously promised transfers to the old? This paper studies intergenerational insurance that maximizes the expected discounted utility of all generations subject to participation constraints for each generation. If complete insurance is unattainable, the optimal intergenerational insurance is history-dependent even when the environment is stationary. The risk from a generational shock is spread into the future, with periodic resetting. Interpreting intergenerational insurance in terms of debt, the fiscal reaction function is nonlinear and the risk premium on debt is lower than the risk premium with complete insurance
Do dolphins benefit from nonlinear mathematics when processing their sonar returns?
No full textAn interview with author Tim Leighton about the paper
Opportunities for linking young surveyors across professional surveying member organisations and FIG
No full textTim Di Muzio on 'Sabotage'
No full textIn a series of essays published in 2013 and 2014 on capitaspower.com, political economist Tim Di Muzio explored the concept of ‘sabotage’ as it applies to capitalist power. I recently rediscovered these essays and was so impressed by them that I have reposted them here as a single piece.
About the author: Tim Di Muzio is a researcher at the University of Wollongong. He is the author of numerous books, including Debt as power, Carbon capitalism, and The 1% and the Rest of us
1996-1997 Tim Gautreaux
No full textTim Gautreaux is the author of three novels and two earlier short story collections. His work has appeared in The New Yorker, The Best American Short Stories, The Atlantic, Harper’s, and GQ. After teaching for thirty years at Southeastern Louisiana University, he now lives, with his wife, in Chattanooga, Tennessee. (Photo credit: Randy Bergeron)https://egrove.olemiss.edu/grisham_res/1023/thumbnail.jp
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