Jess Benhabib, Alberto Bisin, Shenghao Zhu
Abstract
We study the dynamics of the distribution of wealth in an economy with infinitely lived agents, intergenerational transmission of wealth, and redistributive fiscal policy. We show that wealth accumulation with idiosyncratic investment risk and uncertain lifetimes can generate a double Pareto wealth distribution.
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We study the dynamics of the distribution of wealth in an economy with infinitely lived agents, intergenerational transmission of wealth, and redistributive fiscal policy. We show that wealth accumulation with idiosyncratic investment risk and uncertain lifetimes can generate a double Pareto wealth distribution.
Key concepts: Economics, Wealth distribution, Distribution of wealth, Distribution (mathematics), Investment (military), National wealth, Overlapping generations model, Pareto principle