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Life-Cycle Theory for Human Beings

  • Antoine Bommier

    ()

    (GREMAQ - Groupe de recherche en économie mathématique et quantitative - UT1 - Université Toulouse 1 Capitole - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique)

Human beings are sure to die but do not know when they will die. This paper proposes a general formulation of life cycle theory that accounts for these two fundamental aspects of human life. We stress in particular the role of intertemporal correlation aversion which it is a key concept to understand the role of mortality risks in intertemporal choices.

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Paper provided by HAL in its series Working Papers with number hal-00441890.

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Date of creation: 15 Apr 2005
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Handle: RePEc:hal:wpaper:hal-00441890
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  1. Bommier, Antoine & Villeneuve, Bertrand, 2008. "Risk Aversion and the Value of Risk to Life," MPRA Paper 11943, University Library of Munich, Germany.
  2. Peart, Sandra J. & Levy, David M., 2003. "Denying Human Homogeneity: Eugenics & The Making of Post-Classical Economics," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(03), pages 261-288, September.
  3. Pye, Gordon, 1973. "Lifetime Portfolio Selection in Continuous Time for a Multiplicative Class of Utility Functions," American Economic Review, American Economic Association, vol. 63(5), pages 1013-16, December.
  4. Johansson, Per-Olov, 2002. "On the Definition and Age-Dependency of the Value of a Statistical Life," Journal of Risk and Uncertainty, Springer, vol. 25(3), pages 251-63, November.
  5. Epstein, Larry G., 1983. "Stationary cardinal utility and optimal growth under uncertainty," Journal of Economic Theory, Elsevier, vol. 31(1), pages 133-152, October.
  6. BOUCEKKINE, Raouf & DE LA CROIX, David & LICANDRO, Omar, . "Early mortality declines at the dawn of modern growth," CORE Discussion Papers RP 1681, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  7. Siegel, Jeremy J., 1992. "The real rate of interest from 1800-1990 : A study of the U.S. and the U.K," Journal of Monetary Economics, Elsevier, vol. 29(2), pages 227-252, April.
  8. Gary S. Becker & Tomas J. Philipson & Rodrigo R. Soares, 2005. "The Quantity and Quality of Life and the Evolution of World Inequality," American Economic Review, American Economic Association, vol. 95(1), pages 277-291, March.
  9. Kreps, David M & Porteus, Evan L, 1978. "Temporal Resolution of Uncertainty and Dynamic Choice Theory," Econometrica, Econometric Society, vol. 46(1), pages 185-200, January.
  10. repec:reg:rpubli:282 is not listed on IDEAS
  11. Antoine Bommier, 2006. "Mortality, Time Preference and Life-Cycle Models," Working Papers hal-00441888, HAL.
  12. Viscusi, W Kip & Aldy, Joseph E, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
  13. David E. Bloom & David Canning & Bryan Graham, 2003. "Longevity and Life-cycle Savings," Scandinavian Journal of Economics, Wiley Blackwell, vol. 105(3), pages 319-338, 09.
  14. James Banks & Richard Blundell & Sarah Tanner, 1995. "Is there a retirement-savings puzzle?," IFS Working Papers W95/04, Institute for Fiscal Studies.
  15. Joseph E. Aldy & W. Kip Viscusi, 2004. "Age Variations in Workers' Value of Statistical Life," NBER Working Papers 10199, National Bureau of Economic Research, Inc.
  16. Scott F. Richard, 1975. "Multivariate Risk Aversion, Utility Independence and Separable Utility Functions," Management Science, INFORMS, vol. 22(1), pages 12-21, September.
  17. repec:ebl:ecbull:v:4:y:2007:i:29:p:1-8 is not listed on IDEAS
  18. Ahn, Chang Mo, 1989. " The Effect of Temporal Risk Aversion on Optimal Consumption, the Equity Premium, and the Equilibrium Interest Rate," Journal of Finance, American Finance Association, vol. 44(5), pages 1411-20, December.
  19. Epstein, Larry G., 1987. "A simple dynamic general equilibrium model," Journal of Economic Theory, Elsevier, vol. 41(1), pages 68-95, February.
  20. Sandra J. Peart, 2000. "Irrationality and intertemporal choice in early neoclassical thought," Canadian Journal of Economics, Canadian Economics Association, vol. 33(1), pages 175-189, February.
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