Figure 7: Welfare Losses, ∆W0 / W0, for U.S. (SCF) Data; Gender = 0 (male),
γ = 2, δ = 0.97, Age = 30, 50, or 65, Education = Middle, Labor Income = Median
(age-specific) *
0.60
5
I
≡≡∙
φ
-σ
0.40
Q
Q
Q
Q
Q
Q
Q
Q
Q
G QQ
G QQQ
G
G
GGG
GG
GG
Noncapital Income (age-specific median)
A21,300(age = 65)
Q 28,000 (age = 30)
G 36,000 (age = 50)
0.20
AAA AAA A
0.00 -I-
0
100,000
200,000
300,000
Net worth
* Age-specific quantiles for Net worth (25%, 50% and 75%) are for age = 30: 12,300; 32,950; 93,100;
for age = 50: 35,800;93,800; 170,100; for age = 65: 7,540; 67,020; 275,360
50
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