This paper explores the general-equilibrium impact of social security portfolio diversification
into private securities, either through the trust fund or private accounts. The analysis …

The objective of the paper is to explore the saving and consumption responses of a
representative household to a range of policy interventions such as changes in taxes and …

The standard assumption that asset demand increases in income and decreases in price
has its origin in Arrow's classic model with one risky and one risk free asset, where both are …

We study empirically households' portfolio and insurance decisions, two opposite risk
retention tradeoffs. We identify common determinants (eg subjective expectations, risk …

The labor supply decision under wage rate uncertainty has received considerable attention
in the literature. While the literature has obtained the Slutsky decomposition for an increase …

This paper uses duality to provide an analysis of compensated and uncompensated
decisions under income and/or price risk. We focus on a two-good model, in which the …

We develop a theory and perform an experiment to study the effect of performance
thresholds on effort and risk-taking in economic decisions. We find that effort unambiguously …

In this paper a simple dynastic overlapping-generations model with homogeneous agents is
used to analyze the optimal use of capital income tax, labor income tax and estate tax. The …

In a stochastic environment, with political constraints, we analyse the behavior of a fully
funded system, whose portfolio is composed of a risk free and a risky asset. When an …

While the comparative statics of asset demand have been studied extensively, surprisingly
little work has been done on the behavior of equilibrium asset prices and returns in …