Mirela Keuschnigg

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Dr.
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Keuschnigg
First name
Mirela
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mirela.keuschnigg@unisg.ch
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    Item type:Publication,
    Probabilistic Aging
    (Volkswirtschaftliche Abteilung, Universität St. Gallen, CESifo WP No. 1680, 2007-01-15)
    Keuschnigg, Christian  
    ;
    Jaag, Christian  
    ;
    Grafenhofer, Dominik
    ;
    Keuschnigg, Mirela  
    The paper develops an overlapping generations model with probabilistic aging of households. We define age as a set of personal attributes such as earnings potential, health and tastes that are characteristic of a person's position in the life-cycle. In assuming a limited number of different states of age, we separate the concepts of age and time since birth. Agents may retain their age characteristics for several periods before they move with a given probability to another state of age. Different generations that share the same age characteristics are aggregated analytically to a low number of age groups. The probabilistic aging model thus allows for a very parsimonious yet rather accurate approximation of demographic change and of life-cycle differences in earnings, wealth and consumption. Existing classes of overlapping generations models follow as special cases.
    Type:discussion paper
    URI:https://www.alexandria.unisg.ch/handle/20.500.14171/81093