Consumption over the life cycle: The role of annuities
We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over...
Gespeichert in:
| Veröffentlicht in: | Review of economic dynamics 2008-07, Vol.11 (3), p.566-583 |
|---|---|
| Hauptverfasser: | , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 583 |
|---|---|
| container_issue | 3 |
| container_start_page | 566 |
| container_title | Review of economic dynamics |
| container_volume | 11 |
| creator | Hansen, Gary D. İmrohoroğlu, Selahattin |
| description | We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age. |
| doi_str_mv | 10.1016/j.red.2007.12.004 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_cross</sourceid><recordid>TN_cdi_proquest_miscellaneous_36919184</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><els_id>S109420250700083X</els_id><sourcerecordid>1497872001</sourcerecordid><originalsourceid>FETCH-LOGICAL-c460t-3fd2302b091327ba097228c8362856b773e5d11917a6dd136cb5df570a7286783</originalsourceid><addsrcrecordid>eNp9kD1PwzAQhi0EEqXwA9giBraEs534AyZU8SVVYimzlTgX4SqNi51U6r_HpUwMTHcnvc_p7iHkmkJBgYq7dRGwLRiALCgrAMoTMqOgRS5A69OfvswZsOqcXMS4BqBUgJgRsfBDnDbb0fkh8zsM2fiJWe86zOze9nifrdIcfI-Z77J6GCY3OoyX5Kyr-4hXv3VOPp6fVovXfPn-8rZ4XOa2FDDmvGsZB9aAppzJpgYtGVNWccFUJRopOVYtpZrKWrQt5cI2VdtVEmrJlJCKz8ntce82-K8J42g2Llrs-3pAP0XDhU60KlPw5k9w7acwpNsMo0oJpTVPIXoM2eBjDNiZbXCbOuwNBXPQaNYmaTQHjYYykzQm5uHIYHpz5zCYaB0OFlsX0I6m9e4f-hsyYneN</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>218868993</pqid></control><display><type>article</type><title>Consumption over the life cycle: The role of annuities</title><source>Access via ScienceDirect (Elsevier)</source><creator>Hansen, Gary D. ; İmrohoroğlu, Selahattin</creator><creatorcontrib>Hansen, Gary D. ; İmrohoroğlu, Selahattin</creatorcontrib><description>We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age.</description><identifier>ISSN: 1094-2025</identifier><identifier>EISSN: 1096-6099</identifier><identifier>DOI: 10.1016/j.red.2007.12.004</identifier><identifier>CODEN: REDEB7</identifier><language>eng</language><publisher>Orlando: Elsevier Inc</publisher><subject>Annuities ; Annuity markets ; Bequests ; Consumption ; Consumption theory ; Economic models ; General economic equilibrium ; General equilibrium ; Life cycle consumption ; Life cycles ; Social security ; Studies ; Uncertainty</subject><ispartof>Review of economic dynamics, 2008-07, Vol.11 (3), p.566-583</ispartof><rights>2008 Elsevier Inc.</rights><rights>Copyright Academic Press Jul 2008</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c460t-3fd2302b091327ba097228c8362856b773e5d11917a6dd136cb5df570a7286783</citedby><cites>FETCH-LOGICAL-c460t-3fd2302b091327ba097228c8362856b773e5d11917a6dd136cb5df570a7286783</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktohtml>$$Uhttps://dx.doi.org/10.1016/j.red.2007.12.004$$EHTML$$P50$$Gelsevier$$H</linktohtml><link.rule.ids>314,780,784,3550,27924,27925,45995</link.rule.ids></links><search><creatorcontrib>Hansen, Gary D.</creatorcontrib><creatorcontrib>İmrohoroğlu, Selahattin</creatorcontrib><title>Consumption over the life cycle: The role of annuities</title><title>Review of economic dynamics</title><description>We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age.</description><subject>Annuities</subject><subject>Annuity markets</subject><subject>Bequests</subject><subject>Consumption</subject><subject>Consumption theory</subject><subject>Economic models</subject><subject>General economic equilibrium</subject><subject>General equilibrium</subject><subject>Life cycle consumption</subject><subject>Life cycles</subject><subject>Social security</subject><subject>Studies</subject><subject>Uncertainty</subject><issn>1094-2025</issn><issn>1096-6099</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2008</creationdate><recordtype>article</recordtype><recordid>eNp9kD1PwzAQhi0EEqXwA9giBraEs534AyZU8SVVYimzlTgX4SqNi51U6r_HpUwMTHcnvc_p7iHkmkJBgYq7dRGwLRiALCgrAMoTMqOgRS5A69OfvswZsOqcXMS4BqBUgJgRsfBDnDbb0fkh8zsM2fiJWe86zOze9nifrdIcfI-Z77J6GCY3OoyX5Kyr-4hXv3VOPp6fVovXfPn-8rZ4XOa2FDDmvGsZB9aAppzJpgYtGVNWccFUJRopOVYtpZrKWrQt5cI2VdtVEmrJlJCKz8ntce82-K8J42g2Llrs-3pAP0XDhU60KlPw5k9w7acwpNsMo0oJpTVPIXoM2eBjDNiZbXCbOuwNBXPQaNYmaTQHjYYykzQm5uHIYHpz5zCYaB0OFlsX0I6m9e4f-hsyYneN</recordid><startdate>20080701</startdate><enddate>20080701</enddate><creator>Hansen, Gary D.</creator><creator>İmrohoroğlu, Selahattin</creator><general>Elsevier Inc</general><general>Academic Press</general><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>20080701</creationdate><title>Consumption over the life cycle: The role of annuities</title><author>Hansen, Gary D. ; İmrohoroğlu, Selahattin</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c460t-3fd2302b091327ba097228c8362856b773e5d11917a6dd136cb5df570a7286783</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2008</creationdate><topic>Annuities</topic><topic>Annuity markets</topic><topic>Bequests</topic><topic>Consumption</topic><topic>Consumption theory</topic><topic>Economic models</topic><topic>General economic equilibrium</topic><topic>General equilibrium</topic><topic>Life cycle consumption</topic><topic>Life cycles</topic><topic>Social security</topic><topic>Studies</topic><topic>Uncertainty</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Hansen, Gary D.</creatorcontrib><creatorcontrib>İmrohoroğlu, Selahattin</creatorcontrib><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>Review of economic dynamics</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Hansen, Gary D.</au><au>İmrohoroğlu, Selahattin</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Consumption over the life cycle: The role of annuities</atitle><jtitle>Review of economic dynamics</jtitle><date>2008-07-01</date><risdate>2008</risdate><volume>11</volume><issue>3</issue><spage>566</spage><epage>583</epage><pages>566-583</pages><issn>1094-2025</issn><eissn>1096-6099</eissn><coden>REDEB7</coden><abstract>We explore the quantitative implications of uncertainty about the length of life and a lack of annuity markets for life cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical studies find that consumption displays a hump shape over the life cycle. Our model exhibits life cycle consumption that is consistent with this pattern. Our calibrated model, which includes an unfunded social security system, displays a hump shape but the peak occurs later in the life cycle than in the data. Adding a bequest motive causes this decline to begin at a younger age.</abstract><cop>Orlando</cop><pub>Elsevier Inc</pub><doi>10.1016/j.red.2007.12.004</doi><tpages>18</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 1094-2025 |
| ispartof | Review of economic dynamics, 2008-07, Vol.11 (3), p.566-583 |
| issn | 1094-2025 1096-6099 |
| language | eng |
| recordid | cdi_proquest_miscellaneous_36919184 |
| source | Access via ScienceDirect (Elsevier) |
| subjects | Annuities Annuity markets Bequests Consumption Consumption theory Economic models General economic equilibrium General equilibrium Life cycle consumption Life cycles Social security Studies Uncertainty |
| title | Consumption over the life cycle: The role of annuities |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2024-12-28T18%3A09%3A12IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_cross&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Consumption%20over%20the%20life%20cycle:%20The%20role%20of%20annuities&rft.jtitle=Review%20of%20economic%20dynamics&rft.au=Hansen,%20Gary%20D.&rft.date=2008-07-01&rft.volume=11&rft.issue=3&rft.spage=566&rft.epage=583&rft.pages=566-583&rft.issn=1094-2025&rft.eissn=1096-6099&rft.coden=REDEB7&rft_id=info:doi/10.1016/j.red.2007.12.004&rft_dat=%3Cproquest_cross%3E1497872001%3C/proquest_cross%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=218868993&rft_id=info:pmid/&rft_els_id=S109420250700083X&rfr_iscdi=true |