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Life Cycle Model. Choice of leisure and goods consumption over the life cycle. B. Bosworth, G. Burtless and C. Sahn “The Trend in Lifetime Earnings Inequality and Its Impact on the Distribution of Retirement Income” August 2001 . Male Labor force Participation Rates by Age. 1948. 2003.

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life cycle model

Life Cycle Model

Choice of leisure and goods consumption over the life cycle

slide2

B. Bosworth, G. Burtless and C. Sahn “The Trend in Lifetime Earnings Inequality and Its Impact on the Distribution of Retirement Income” August 2001

slide3

Male Labor force Participation Rates by Age

1948

2003

F.D. Blau, M.A. Ferber and A.E. Winkler, The Economics of Women, Men and Work 5th ed. Upper Saddle River, NJ: Pearson Prentice Hall.2006

slide4

B. Bosworth, G. Burtless and C. Sahn “The Trend in Lifetime Earnings Inequality and Its Impact on the Distribution of Retirement Income” August 2001

slide5

Female Labor force Participation Rates by Age

2003

1980

1960

1940

F.D. Blau, M.A. Ferber and A.E. Winkler, The Economics of Women, Men and Work 5th ed. Upper Saddle River, NJ: Pearson Prentice Hall.2006

slide6

Lt

wt

Ht

slide7

Life Cycle Model (No discounting)

Annual consumption of goods and leisure

Annual time budget

Lifetime income

Annual goods consumption

income and substitution effects
Income and Substitution effects

Do fully anticipated wage increases have income effects? Substitution effects?

Do unanticipated wage increases have income effects? Substitution effects?

Transitory versus permanent wage shocks

slide9

Life expectancy at birth by gender, 1900—1990

How does rising life expectancy affect lifetime income? Leisure consumption?

Source: Robert Wood Johnson Foundation, 1996. Chronic Care in America: A 21st Century Challenge.

slide10

Earnings expectations: early information is not perfect

B. Bosworth, G. Burtless and C. Sahn “The Trend in Lifetime Earnings Inequality and Its Impact on the Distribution of Retirement Income” August 2001

slide11

Earnings expectations: early information is not perfect

B. Bosworth, G. Burtless and C. Sahn “The Trend in Lifetime Earnings Inequality and Its Impact on the Distribution of Retirement Income” August 2001