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analyzing labour supply elderly people life cycle approach pdf
... after age 64, this additional financial wealth is used to fund retirement in advance of age 67. this illustrates that individuals ... life-cycle model of labour supply, retirement, and savings behaviour. the agent chooses both hours of work and retirement (participation). future health ... job is the main job, which provides the agent with a pension. after the agent retires from his main job, and starts ...
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doc211.pdf
... and scope of systemic regulation differs per scenario. the ability of financial intermediaries to fund themselves by issuing securities determines the length of intermediation chains. longer chains increase interconnectedness ... . outside investors can only observe the noisy signal. because the signal is noisy, an agent with a bad project can evaluate the project and hope it will succeed. therefore, ...
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Microsoft Word - cpbdoc214.doc
... . was resolved by abolishing several local taxes related to income and to introduce a municipality fund organised by the central government. during the next fifty years, a centralised welfare state was ... political process can also be regarded as a principal agent problem the voter is the principal and the politician is the agent that does not do what the voter wants due to ...
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discounting investments mitigation and adaptation pdf
... case where the growth of the economy follows a stationary random process and the representative agent has a constant relative risk aversion, the wealth and uncertainty effect exactly compensate each other ... . tol , 2008, the climate framework for uncertainty, negotiation and distribution (fund), technical description, version 3.3, http www.fnu.zmaw.de fund.5679.0.html. arrow, k.j., w.r. cline, k ...
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Microsoft Word - cpbdoc96
... the differences in the risk of the underlying assets or in the performance of the fund managers. in these cases, product heterogeneity may facilitate unilateral departures from competitive prices. 2.4 ... to the difficulty of aligning the interests of advisors and customers, the so-called principal agent problem. this misalignment of incentives may give rise to commission bias, i.e. financial advice ...
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dp174-flexible-retirement.pdf
... determine who is really disabled and who is not (diamond, 1977). the government (or pension fund) can therefore raise total welfare by introducing a flexible pension scheme, which provides insurance to ... where it maximizes the individuals utility irrespective of the source of income. a ra- tional agent following the life-cycle model would typically smooth a wealth increase over his remaining life ...
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Microsoft Word - discussion52
... (stock and wise, 1990a; 1990b) rather than maximising expected lifetime utility (or indirect utility) an agent chooses the retirement date for which the expected utility is at its maximum, i.e ... retirement arrangements that were close to the old vut schemes. an exception was the pension fund of civil servants (abp), which started reforming their early retirement schemes relatively early, and ...
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fiscal prefunding response demographic uncertainty pdf
... indexed to prices and partly to wages, reflecting the situation for the average dutch pension fund. essentially the model is deterministic. agents have perfect foresight; that is, their expectations coincide ... simulations? the dynamic taxation literature typically presents the problem in the context of a representative agent setting with a finite time horizon. in contrast to the real world as well ...
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exports and productivity selection effects pdf
... of higher hierarchical order than an establishment. the ...rm is considered as the actual economic agent in ...nancial processes (...nancing, income generation). it may have one or more establishments. the ...rm ... which the netherlands held an international frontier position in 1995 was the insurance and pension fund sector (nace 66). in that year the frontier gap was therefore zero, but industry had ...
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Microsoft Word - cpbdoc58_cornet_vandeven.doc
... are in congruence with the role of the organisations. hence, following the so called principal-agent framework,1 we ask what measure of technology transfer output strongly correlates with social value ... decisions. available evidence suggests that the marginal welfare costs of raising a public fund is about size of the fund (lattimore, 1997) 17 a lack of complaints suggests, but does not prove ...
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