Arbeitspapier
Probabilistic aging
The paper develops an overlapping generations model with probabilistic aging of households. We define age as a set of personal attributes such as earnings potential, health and tastes that are characteristic of a person's position in the life-cycle. In assuming a limited number of different states of age, we separate the concepts of age and time since birth. Agents may retain their age characteristics for several periods before they move with a given probability to another state of age. Different generations that share the same age characteristics are aggregated analytically to a low number of age groups. The probabilistic aging model thus allows for a very parsimonious yet rather close approximation of demographic structure and life-cycle differences in earnings, wealth and consumption. Existing classes of overlapping generations models follow as special cases.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 1680
- Klassifikation
-
Wirtschaft
Labor Force and Employment, Size, and Structure
Social Security and Public Pensions
Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making‡
Computable and Other Applied General Equilibrium Models
- Thema
-
overlapping generations
aging
demographics
life-cycle earnings
Overlapping Generations
Alternde Bevölkerung
Bevölkerungsentwicklung
Lebenseinkommen
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Grafenhofer, Dominik
Jaag, Christian
Keuschnigg, Christian
Keuschnigg, Mirela
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2006
- Handle
- Letzte Aktualisierung
- 10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Grafenhofer, Dominik
- Jaag, Christian
- Keuschnigg, Christian
- Keuschnigg, Mirela
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2006
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