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ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >
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http://hdl.handle.net/10419/19144
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| Title: | | Probabilistic aging  |
| Authors: | | Grafenhofer, Dominik Jaag, Christian Keuschnigg, Christian Keuschnigg, Mirela |
| Issue Date: | | 2006 |
| Series/Report no.: | | CESifo working papers 1680 |
| Abstract: | | 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. |
| Subjects: | | overlapping generations aging demographics life-cycle earnings |
| JEL: | | J21 H55 D91 D58 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CESifo Working Papers, CESifo Group Munich
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