This paper studies optimal pay-as-you-go social security with positive bequests and endogenous fertility. With an investment externality, a competitive solution without social security suffers from under-investment in capital and over-reproduction of population. We show that social security can improve welfare by reducing fertility and increasing capital intensity. We also illustrate numericall...

Although private pension plans are thought of primarily as a source of cash income for the elderly, they typically serve other functions as well . For example, they usually contain early retirement features and often provide pensions to workers who lose their jobs because of disability . The high proportion of pension plans with disability retirement features is dramatized in data from the Bure...

This paper, using individual data from Japan, explores how the circumstances of where a person resides is related to the degree of their investment in social capital. Controlling for unobserved area-specific fixed effects and various individual characteristics, I found: (1) not only is the rate of homeowners in a locality positively related to investment in social capital, but also the rate of ...

Modifying the proof of a theorem of Wilkie, it is shown that if a one dimnsional set S is definable in an O minimal expansion of the ordered field of the reals, and if it is regularly exponentially near to many integral points, then there is an unbounded set, which is R definable without parameters, and which is exponentially near to S.

In this article we will describe some of the main developments in interest-rate modelling since Black & Scholes’ (1973) and Merton’s (1973) original articles on the pricing of equity derivatives. In particular, we will focus on continuoustime, arbitrage-free models for the full term structure of interest rates. Other models which model a limited number of key interest rates or which operate in ...

In this paper we review Fiji's social development policies and strategies in the postindependence period, drawing on various development plans. We conclude that Fiji has followed a fairly good set of social development strategies over the last 40 years. Education and health, which were prioritized from the colonial period, have received continued government commitment. The strategies and focuse...

Abstract The purpose of this study is to identify the knowledge real estate market by students and graduates find out their housing investment plans. A literature relating was conducted. diagnostic survey method used determine plans graduates, expectations regarding changes in policy, level basic concepts relationships related market. conducted March 2022 among Wroclaw University Economics Busi...