Fearing the worst: the importance of uncertainty for inequality
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| 003 | CHVBK | ||
| 005 | 20210128100352.0 | ||
| 007 | cr unu---uuuuu | ||
| 008 | 210128e20151001xx s 000 0 eng | ||
| 024 | 7 | 0 | |a 10.1007/s00199-015-0876-9 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s00199-015-0876-9 | ||
| 245 | 0 | 0 | |a Fearing the worst: the importance of uncertainty for inequality |h [Elektronische Daten] |c [Keith Blackburn, David Chivers] |
| 520 | 3 | |a We present an overlapping generations model in which aspirational agents face uncertainty about the returns to human capital investment. This uncertainty implies the prospect that aspirations will not be fulfilled, the probability of which is greater the lower is the human capital endowment of an agent. We show that agents with sufficiently low human capital endowments may experience such a strong influence of loss aversion that they abstain from human capital investment. We further show how this behaviour may be transmitted through successive generations to cause initial inequalities to persist. These results do not rely on any credit market imperfections, though they may appear as if they do. | |
| 540 | |a Springer-Verlag Berlin Heidelberg, 2015 | ||
| 690 | 7 | |a Inequality |2 nationallicence | |
| 690 | 7 | |a Uncertainty |2 nationallicence | |
| 690 | 7 | |a Aspirations |2 nationallicence | |
| 690 | 7 | |a Loss aversion |2 nationallicence | |
| 700 | 1 | |a Blackburn |D Keith |u Department of Economics, Centre for Growth and Business Cycles Research, University of Manchester, M13 9PL, Manchester, UK |4 aut | |
| 700 | 1 | |a Chivers |D David |u Exeter College, University of Oxford, OX1 3DP, Oxford, UK |4 aut | |
| 773 | 0 | |t Economic Theory |d Springer Berlin Heidelberg |g 60/2(2015-10-01), 345-370 |x 0938-2259 |q 60:2<345 |1 2015 |2 60 |o 199 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-015-0876-9 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s00199-015-0876-9 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Blackburn |D Keith |u Department of Economics, Centre for Growth and Business Cycles Research, University of Manchester, M13 9PL, Manchester, UK |4 aut | ||
| 950 | |B NATIONALLICENCE |P 700 |E 1- |a Chivers |D David |u Exeter College, University of Oxford, OX1 3DP, Oxford, UK |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Economic Theory |d Springer Berlin Heidelberg |g 60/2(2015-10-01), 345-370 |x 0938-2259 |q 60:2<345 |1 2015 |2 60 |o 199 | ||