Figure 6: Welfare Losses, ∆W0 / W0, for U.S. (SCF) Data; Gender = 0 (male),
γ = 2, δ = 0.97, Age = 50, Education = Low, Middle, or High *
Education =
A
B
BB
C
C
AC
AC
C
AACC
AA
BB
CA CA CA C
B B B AB
Net worth
Net worth
0 50,000 100,000 150,000 200,000
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%).
49
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