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dc.contributor.authorHendricks, Lutzen
dc.date.accessioned2009-01-28T15:54:50Z-
dc.date.available2009-01-28T15:54:50Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/19068-
dc.description.abstractThis paper investigates the role of discount rate heterogeneity for wealth inequality. The keyidea is to infer the distribution of preference parameters from the observed age profile ofwealth inequality. The contribution of preference heterogeneity to wealth inequality can thenbe measured using a quantitative life-cycle model.I find that discount rate heterogeneity increases the Gini coefficient of wealth by 0.06 to 0.11.The share of wealth held by the richest 1% of households rises by 0.03 to 0.13. The largerchanges occur when altruistic bequests are large and when preferences are strongly persistentacross generations. Discount rate heterogeneity also helps account for the large wealthinequality observed among households with similar lifetime earnings.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1604en
dc.subject.jelE2en
dc.subject.ddc330en
dc.subject.keywordwealth inequalityen
dc.subject.keywordpreference heterogeneityen
dc.subject.stwVermögensverteilungen
dc.subject.stwLebenseinkommenen
dc.subject.stwZeitpräferenzen
dc.subject.stwGini-Koeffizienten
dc.subject.stwTheorieen
dc.subject.stwUSAen
dc.titleHow important is discount rate heterogeneity for wealth inequality?-
dc.typeWorking Paperen
dc.identifier.ppn509688225en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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