Interpreting life-cycle inequality patterns as an efficient allocation: Mission impossible? |
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| Institution: | 1. Federal Reserve Bank of St. Louis, United States;2. Georgetown University, United States;1. Key Laboratory of Animal Models and Human Disease Mechanisms of the Chinese Academy of Sciences & Yunnan Province, Kunming Institute of Zoology, Chinese Academy of Sciences, Kunming, Yunnan, China;2. Schizophrenia Program, Shanghai Mental Health Center, Shanghai Jiao Tong University School of Medicine, Shanghai, China;3. Institute of Mental Health, the Second Xiangya Hospital, Central South University, Changsha, Hunan, China;4. University of Chinese Academy of Sciences, Beijing, China;1. Servicio de Urología, Hospital Universitario Río Hortega, Valladolid, España;2. Unidad de Bioestadística, Departamento de Salud Pública, Universidad de Barcelona y Saalig Clinical, SL, Barcelona, España |
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| Abstract: | The life-cycle patterns of consumption, wage and hours inequality observed in U.S. cross-sectional data are commonly viewed as incompatible with a Pareto efficient allocation. We determine the extent to which these qualitative and quantitative patterns can or cannot be produced by Pareto efficient allocations in models with preference shocks, wage shocks and full information. |
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| Keywords: | Life cycle Inequality Efficient allocation Preference shocks |
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