Figure 3: Welfare Losses, ∆W0 / W0, for U.S. (SCF) Data;
Gender = 0 (male) or 1 (female), γ = 2, δ = 0.97, Age = 50, Education = Middle *
Male
Female
0.60'
A
BA
C
BC
C
CB
CC B
B
S
~~~
S
(ŋ
Ч-*
φ
B
0.50'
0.40'
0.30'
C
AC
A
A
B
B
B
C
C
A A CCC
A AA
B
B
BBB
50,000 100,000 150,000 200,000 250,000
50,000 100,000 150,000 200,000 250,000
Net worth
Net worth
Noncapital Income
B 20,000
A 36,000
C 49,000
* Dotted vertical lines indicate age-specific quantiles for Net worth (25%, 50% and 75%); age-specific
quantiles for Labor Income are labeled by △ (25%), O (50%) and V (75%).
46
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