Figure 5: Welfare Losses, ∆W0 / W0, for U.S. (SCF) Data; Gender = 0 (male),
γ = 2, δ = 0.95, 0.97, or 0.99, Age = 50, Education = Middle *
delta = 0.95
Net worth
delta = 0.97
0 50,000 100,000 150,000 200,000
Net worth
delta = 0.99
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%).
48
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