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update slides
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alanlujan91 committed Jun 20, 2024
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22 changes: 12 additions & 10 deletions content/slides/slides.html
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<meta name="author" content="Alan Lujan">
<meta name="dcterms.date" content="2024-06-20">
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<li>households derive utility from wealth itself OR</li>
<li>wealth provides a flow of services such as political power or social status</li>
</ul></li>
<li><p>Do the rich save more? - Dynan Skinner Zeldes [2004]</p></li>
<li><p>Do the rich save more? - Dynan Skinner Zeldes [2004]</p>
<ul>
<li>Yes! (savings rate increases by income)</li>
</ul></li>
</ul>
</section>
<section id="the-baseline-life-cycle-incomplete-markets-model" class="slide level2">
Expand Down Expand Up @@ -968,6 +971,8 @@ <h2>Wealth in the Utility Literature</h2>
<h3 id="separable-bequest-models">Separable – Bequest Models</h3>
<ul>
<li>Wealth inequality and intergenerational links - De Nardi [2004]</li>
<li>To Leave or Not to Leave: The Distribution of Bequest Motives - Kopczuk, Lupton [2007]</li>
<li>Bequests and heterogeneity in Retirement Wealth - De Nardi, Yang [2014]</li>
</ul>
<h3 id="non-separable-money-in-the-utility">Non-separable – Money in the Utility</h3>
<ul>
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<h2>Sensitivity</h2>

<img data-src="figures/lcim_sensitivity.svg" class="r-stretch quarto-figure-center"><p class="caption">
Figure&nbsp;5: Sensitivity
Figure&nbsp;5: Sensitivity from Andrews, Gentzkow &amp; Shapiro [2017]
</p></section>
<section id="more-results" class="slide level2">
<h2>More Results</h2>
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<li>working middle aged</li>
<li>retirees with low wealth</li>
</ul></li>
<li>Separable WG Non-Homothetic has best fit, but not well identified</li>
</ul>
<h4 id="future-work">Future Work</h4>
<ul>
<li>Better estimation techniques such as Sequence Space Jacobians (Auclert et al.&nbsp;[2021])
<ul>
<li>Will also help speed up sensitivity analysis</li>
</ul></li>
<li>Implement policy experiments and derive impulse response functions by life cycle</li>
<li>Analyze the effect of policy experiments on different segments of the population</li>
<li>Evaluate optimal policy to minimize differential harm</li>
<li>Portfolio Choice: How well do these models match risky share of portfolio?</li>
<li>Alternative sources of data: PSID, CES, HRS</li>
<li>Correlation of income / mortality / health expense shocks</li>
</ul>
<div class="quarto-auto-generated-content">
<p><img src="econ-ark-logo.png" class="slide-logo"></p>
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18 changes: 9 additions & 9 deletions content/slides/slides.qmd
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- Do the rich save more? - Dynan Skinner Zeldes \[2004\]

- Yes! (savings rate increases by income)

## The baseline Life Cycle Incomplete Markets model

The agent maximizes PDV of utility from consumption over life cycle with
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### Separable -- Bequest Models

- Wealth inequality and intergenerational links - De Nardi \[2004\]
- To Leave or Not to Leave: The Distribution of Bequest Motives - Kopczuk, Lupton \[2007\]
- Bequests and heterogeneity in Retirement Wealth - De Nardi, Yang \[2014\]

### Non-separable -- Money in the Utility

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::: {#fig-sensitivity}
![](figures/lcim_sensitivity.svg)

Sensitivity
Sensitivity from Andrews, Gentzkow & Shapiro [2017]
:::

## More Results
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- young parents with children and low income
- working middle aged
- retirees with low wealth
- Separable WG Non-Homothetic has best fit, but not well identified

#### Future Work

- Better estimation techniques such as Sequence Space Jacobians
(Auclert et al. \[2021\])
- Will also help speed up sensitivity analysis
- Implement policy experiments and derive impulse response functions
by life cycle
- Analyze the effect of policy experiments on different segments of
the population
- Evaluate optimal policy to minimize differential harm
- Portfolio Choice: How well do these models match risky share of portfolio?
- Alternative sources of data: PSID, CES, HRS
- Correlation of income / mortality / health expense shocks

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