Figure 4: Welfare Losses, ∆W0 / W0, for U.S. (SCF) Data; Gender = 0 (male),
γ = 1, 2, or 3, δ = 0.97, Age = 50, Education = Middle *
gamma = 1
A
C
A
C
g
—«
I
*J
φ
■О
1. 00
0. 80
0. 60
0. 40
0 50,000 100,000 150,000 200,000
B
B
B
BB
C
C
AC
AC
A
BBB
C
AACAC
BB
AAC
A
BB
Net w orth
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%).
47
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