Tape Reading By Linda Bradford Raschke 6 pdf

... Pension Annuity (in $). Period=certain Age 50 Age 65 Age 70 MFMFMF 0-year 514 492 65 5 60 5 747 67 7 10-year 509 490 63 0 592 69 4 64 9 20-year 498 484 569 555 591 583 Notes: M, male; F, female. Income ... 2, (10.7) and r(z) = f (z)/F (z) for all z, 0 ≤ z ≤ T. Adding (10 .6) and (10.7), we obtain (multiplying by F (z) and integrating by parts over the relevant ranges)  M 0 F (z)(w...

Ngày tải lên: 22/06/2014, 18:20

... these expenditures by annuitants. Let the rate of return faced by individuals at August 3, 2007 Time: 04:10pm chapter 06. tex 48 • Chapter 6 Figure 6. 2. Demand for annuities under pessimistic beliefs. Figure 6. 2 ... dz. (6. 10) Denote the solution to the maximization of (6. 8) subject to (6. 9) by ( ˆ c(z), ˆ R). Of course, this solution depends on the level of a(M), which is the...

Ngày tải lên: 22/06/2014, 18:20

... and Wealth at Retirement. ρ = 1 2 ρ = 2 3 M = 0 M = 5 M = 0 M = 5 c .89 .68 . 86 .66 1 − c .11 .32 .14 .34 W 5.37 10.14 6. 91 11.31 The values chosen for ρ take into account that social security ... affected by changes in income and by changes in longevity. The effects of a positive subjective time preference by individuals and positive interest rates are also analyzed. The classic Y...

Ngày tải lên: 22/06/2014, 18:20

... 109; competitive equilibrium and, 65 ; defined, 56; exponential survival functions and, 65 66 ; first best equilibrium and, 56 58; long-term annuities and, 62 66 ; lower longevity and, 70; optimum ... 25– 26, 42–43, 47–48, 65 66 , 102–3; first best equilibrium and, 56 58; income uncertainty and, 77–80; life cycle model and, 25– 26; longevity increase and, 30–32, 44; long-term annuities and...

Ngày tải lên: 22/06/2014, 18:20

... directly by government-run social security systems and taxes/subsidies can, if so desired, be applied to the prices of annuities offered by private pension funds. These prices can be used by govern- ments ... (annuities),  c 1h and  c 2h , are given by  c 1h =  c 2h =  c h = y h /(1 + p h ). The first-best allocation can be supported by a competitive annuity market accompanied...

Ngày tải lên: 22/06/2014, 18:20

... Female Male Female 65 0.978503 0.9 867 35 0.989007 0.992983 66 0.955 567 0.9723 36 0.9770 86 0.985 266 67 0.931401 0.9 568 73 0. 964 103 0.9 769 22 68 0.9 063 03 0.940484 0.949935 0. 967 8 86 69 0.880455 0.923244 ... 0.934490 0.9581 16 70 0.853800 0.9050 86 0.91 769 7 0.947530 71 0.8 261 72 0.885875 0.899490 0.9 360 04 72 0.797493 0. 865 541 0.879829 0.9233 86 73 0. 767 666 0.843998...

Ngày tải lên: 22/06/2014, 18:20

... (z)e(z) dz. Multiplying (5.27) by F (z) and integrating by parts, using b(0) = b(T) = 0,  T 0 f (z)b(z) dz =  T 0 F (z)(w(z) − ˆ c(z)) dz > 0. (5. 36) In view of (5. 36) , there exists a positive ... dx = 0. 6 We conclude that when (4.9) is satisfied, and hence (4.8) and (4.2) are identical, the competitive equilibrium yields the first-best solution, (c ∗ (R ∗ ), R ∗ ). 6 As obser...

Ngày tải lên: 22/06/2014, 18:20

... pu( ˆ c 2 )] ( 16. 9) subject to ( 16. 6). By the envelope theorem, the first-order condition is −E [u  ( ˆ c 1 )]q 0 + E [pu  ( ˆ c 2 )] = 0. ( 16. 10) Denote the optimum amount of period 0 annuities by ˆ a 0 . ... uniqueness of ( ˆ q 1 1 , ˆ q 2 1 ), defined by ( 16. 20) and ( 16. 21), requires certain conditions. From ( 16. 21) and ( 16. 22), ˆ q 1 1 − ˆ q 2 1 =  p p pϕ( p) dF( p),...

Ngày tải lên: 22/06/2014, 18:20

... lengthen (a) break down (b) delegate (c) prolong (d) venture 36 Answers Index PHOTOCOPIABLE © www.english-test.net Test 21 TOEIC Vocabulary / Word by Meaning / Test # 21 Q1 n. model; pattern; something ... efficient (d) precise Q5 adj. shiny; polished; smooth (a) major (b) conscious (c) including (d) glossy Q6 adj. signed with initials; marked with the first letter or letter of a name (a)...

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