Tape Reading By Linda Bradford Raschke 8 pdf

... in August 18, 2007 Time: 10:40am chapter11.tex 88 • Chapter 11 individual is alive and an additional amount if they die before age X. We continue to denote the amount of regular annuities by a and ... obtain (multiplying by F (z) and integrating by parts over the relevant ranges)  M 0 F (z)(w(z) − c) dz +  R i M F (z)w i (z) dz − c i  T M F (z) dz = 0, i = 1, 2, (10 .8) or c i = W...

Ngày tải lên: 22/06/2014, 18:20

... solution to (8. 22) and (8. 23) that satisfies (8. 1), with r(z) given by (8. 25), is c = c 1 = c 2 = c ∗ and R ∗ 1 = R ∗ 2 = R ∗ , where (c ∗ , R ∗ ) is the First-Best solution (8. 3) and (8. 4). A separating ... e −αM   T M e −α i (z−M) r(z) dz = 0, i = 1, 2. (8. 30) Multiplying (8. 13) by p for i = 1 and by 1 − p for i = 2, and adding, it can be seen that the unique solution to (8....

Ngày tải lên: 22/06/2014, 18:20

... 2.1 Consumption, Savings, 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 ... age 81 and 85 , respectively, and there is a substantial variation in survival probabilities prior to and after these ages. Brown et al. (2001) report that at age 65, 12 percent of men and...

Ngày tải lên: 22/06/2014, 18:20

... 97–1 08; average, 82 ; bundling and, 131; changes in, 18 20, 30–32, 35– 38, 44; elasticity and, 31; first best equilibrium and, 56– 58, 83 84 ; income uncertainty and, 77 80 ; individual savings and, 98 100; life ... equilibrium); predetermined flow of returns and, 63, 147– 48; profile mismatch and, 2–3; protected, 81 ; refundable, 8, 136, 144–49; regular, 81 , 84 , 87 89 ; revaluation o...

Ngày tải lên: 22/06/2014, 18:20

... August 18, 2007 Time: 10:43am chapter12.tex Annuities and Aggregate Savings • 107 By assumption (12.14) z µ( ˜ z,α) ∂µ(z,α) ∂z ≤ 1 implying that ϕ  ( ˜ z,α,g) ≤ 0. (12A .8) With strict ... 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 gover...

Ngày tải lên: 22/06/2014, 18:20

... 0.9 581 16 70 0 .85 380 0 0.905 086 0.917697 0.947530 71 0 .82 6172 0 .88 587 5 0 .89 9490 0.936004 72 0.797493 0 .86 5541 0 .87 982 9 0.923 386 73 0.767666 0 .84 39 98 0 .85 86 78 0.909496 74 0.736 589 0 .82 1157 0 .83 5 989 0 .89 4166 75 ... 0.704 187 0.79 686 8 0 .81 1695 0 .87 7234 76 0.670393 0.771044 0. 785 733 0 .85 8575 77 0.635149 0.743735 0.7 580 39 0 .83 8109 78 0.5 984 56 0.7...

Ngày tải lên: 22/06/2014, 18:20

... unintended bequests (and endowments) see chapter 12. 5 .8 No Annuities: Risk Pooling by Couples It has been observed by Kotlikoff and Spivak (1 981 ) that, in the absence of an annuity market, couples ... and hence (4 .8) and (4.2) are identical, the competitive equilibrium yields the first-best solution, (c ∗ (R ∗ ), R ∗ ). 6 As observed by Sheshinski (1999), this can be implemented b...

Ngày tải lên: 22/06/2014, 18:20

... August 18, 2007 Time: 11:25am chapter16.tex Financial Innovation • 139 When q 2 1 < q 1 1 , then by (16.7) and (16 .8) , individuals are either lenders ( ˆ a 1 > ... are −u  (c 1 )q 1 1 + pu  (c 2 ) ≤ 0 (16.7) and u  (c 1 )q 2 1 − pu  (c 2 ) ≤ 0. (16 .8) Denote the solutions to (16.6)–(16 .8) by ˆ a 1 (p), ˆ b 1 (p), ˆ c 1 (p), and ˆ c 2 (p), where we suppress the dependence .....

Ngày tải lên: 22/06/2014, 18:20

Ngày tải lên: 25/01/2014, 23:20

... we gotten filled by bidding into contraction, the most we would have gotten was about $ 28, certainly not worth the risk. And we’d have held the position looking for a move over $ 28. 25 or so. This ... always reenter again into another support area. To summarize: We found support areas defined by Fibonacci lines, used tape- reading principles of faster selling into a support area to find...

Ngày tải lên: 21/06/2014, 00:20