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The Age-Wealth Profile and the Life-Cycle Hypothesis: A Cohort Analysis with Time Series of Cross-Sections of Italian Households Author info | Abstract | Publisher info | Download info | Related research | Statistics Jappelli, Tullio
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In this paper, the author estimates the age-wealth profile under two different identification assumptions about age, cohort, and time effects. According to the life-cycle model, the two sets of assumptions should yield similar age-wealth profiles. Using the 1984-93 Italian Survey of Household Income and Wealth, the estimated average annual rate of wealth decumulation in old age is found to be between 3 and 6 percent. As in the life-cycle model, the cohort effect increases with year of birth. However, the results also uncover considerable population heterogeneity: the rates of wealth decumulation are much lower for rich households and households headed by individuals with higher education. Copyright 1999 by The International Association for Research in Income and Wealth.
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Article provided by Blackwell Publishing in its journal Review of Income & Wealth .
Volume (Year): 45 (1999)
Issue (Month): 1 (March)
Pages: 57-75
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Handle: RePEc:bla:revinw:v:45:y:1999:i:1:p:57-75Contact details of provider: Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6586
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References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Richard T. Curtin & Thomas Juster & James N. Morgan, 1989.
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