Economic Ageing and Demographic Change
Journal
Vienna yearbook of population research
ISSN
1728-4414
Type
journal article
Date Issued
2007-05-06
Author(s)
Editor(s)
Lutz, Wolfgang
Abstract
This paper presents a generalised model of overlapping generations with economic ageing of households. Economic age is defined as a set of personal attributes such as earnings potential and tastes that are characteristic of a person's position in the life-cycle. We separate the concepts of economic age and time since birth by assuming only a small number of different states of age. Agents sharing the same economic characteristics are aggregated analytically to a small number of age groups. The model thus allows for a very parsimonious approximation of life-cycle differences in earnings, wealth and consumption. As an illustration, we apply the model quantitatively to study the impact of demographic change.
Language
English
Keywords
Overlapping generations
ageing
demographic change
life-cycle
HSG Classification
not classified
Refereed
No
Publisher
Verlag der österreichischen Akademie der Wissenschaften
Publisher place
Wien
Number
5
Start page
133
End page
165
Pages
33
Subject(s)
Eprints ID
41821