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Age, luck, and inheritance

Author: Jess Benhabib; Shenghao Zhu; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2008.
Series: Working paper series (National Bureau of Economic Research), no. 14128.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We present a mechanism to analytically generate a double Pareto distribution of wealth in a continuous time OLG model with optimizing agents who have bequest motives, are subject to stochastic returns on capital and have uncertain lifespans. We disentangle, roughly, the contribution of inheritance, age and stochastic rates of capital return to wealth inequality, in particular to the Gini coefficient. We investigate  Read more...
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Additional Physical Format: Print version:
Benhabib, Jess, 1948-
Age, luck, and inheritance.
Cambridge, Mass. : National Bureau of Economic Research, 2008
(DLC) 2008610947
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jess Benhabib; Shenghao Zhu; National Bureau of Economic Research.
OCLC Number: 232958416
Notes: "June 2008."
Description: 1 online resource (63 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 14128.
Responsibility: Jess Benhabib, Shenghao Zhu.

Abstract:

We present a mechanism to analytically generate a double Pareto distribution of wealth in a continuous time OLG model with optimizing agents who have bequest motives, are subject to stochastic returns on capital and have uncertain lifespans. We disentangle, roughly, the contribution of inheritance, age and stochastic rates of capital return to wealth inequality, in particular to the Gini coefficient. We investigate the role of the fiscal and redistributive policies for wealth inequality and social welfare.

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