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|Title:||On the effects of changing mortality patterns on investment, labour and consumption under uncertainty|
|Citation:||Insurance: Mathematics and Economics, 2017, 73, pp. 105–115|
|Abstract:||In this paper we extend the consumption-investment life cycle model for an uncertain-lived agent, proposed by Richard (1974), to allow for flexible labor supply. We further study the consumption, labor supply and portfolio decisions of an agent facing age-dependent mortality risk, as presented by UK actuarial life tables spanning the time period from 1951-2060 (including mortality forecasts). We find that historical changes in mortality produces significant changes in portfolio investment (more risk taking), labour (de- crease of hours) and consumption level (shift to higher level) contributing up to 5% to GDP growth during the period from 1980 until 2010.|
|Rights:||Creative Commons “Attribution Non-Commercial No Derivatives” licence CC BY-NC-ND, further details of which can be found via the following link: http://creativecommons.org/licenses/by-nc-nd/4.0/ Archived with reference to SHERPA/RoMEO and publisher website.|
|Description:||JEL Subject Classi cation: G11; J11; J22; C61; 18 months embargo from publication|
The file associated with this record is under embargo until 18 months after publication, in accordance with the publisher's self-archiving policy. The full text may be available through the publisher links provided above.
|Appears in Collections:||Published Articles, Dept. of Mathematics|
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|On the effects of changing mortality 2nd Revision 2017 Jan 24th plain.pdf||Post-review (final submitted author manuscript)||256.07 kB||Adobe PDF||View/Open|
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