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Weather Fluctuations and Economic Growth at Subnational Level: Evidence from Thailand
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8 āļāļļāļĄāļ āļēāļžāļąāļ™āļ˜āđŒ 2566
20231675814400000
No. 198

Age-Dependent Risk Aversion: Re-evaluating Fiscal Policy Impacts of Population Aging

āļžāļīāļ—āļ§āļąāļŠ āļžāļđāļ™āļœāļĨāļāļļāļĨ

Abstract

The integration of age-dependent increasing risk aversion (IRA) into an overlapping generations model (OLG) with risk-sensitive preferences provides a more comprehensive understanding of risk aversion, life-cycle behavior, and welfare under uncertainties. A quantitative analysis shows that IRA individuals accumulate more precautionary savings and adjust working hours to mitigate income shocks. However, this mitigation of uncertainty entails a cost of reduced resources, which could have otherwise been used to increase overall consumption of goods and leisures. Three alternative policies to address the challenges posed by aging are evaluated: increasing a payroll tax rate, reducing pension benefits, and extending the retirement age. The results show that individuals who expect to become more risk averse in old age may prefer the payroll tax rate increase, as the other two options results in relatively higher income uncertainty, which contradicts the results of previous studies that assumed constant risk aversion (CRA).

āļžāļīāļ—āļ§āļąāļŠ āļžāļđāļ™āļœāļĨāļāļļāļĨ
āļžāļīāļ—āļ§āļąāļŠ āļžāļđāļ™āļœāļĨāļāļļāļĨ
āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ
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JEL: D15D81E62J11
Tags: overlapping generations modelfiscal sustainabilitydemographic changesincreasing risk aversionnon-expected utility
āļ‚āđ‰āļ­āļ„āļīāļ”āđ€āļŦāđ‡āļ™āļ—āļĩāđˆāļ›āļĢāļēāļāļāđƒāļ™āļšāļ—āļ„āļ§āļēāļĄāļ™āļĩāđ‰āđ€āļ›āđ‡āļ™āļ„āļ§āļēāļĄāđ€āļŦāđ‡āļ™āļ‚āļ­āļ‡āļœāļđāđ‰āđ€āļ‚āļĩāļĒāļ™ āļ‹āļķāđˆāļ‡āđ„āļĄāđˆāļˆāļģāđ€āļ›āđ‡āļ™āļ•āđ‰āļ­āļ‡āļŠāļ­āļ”āļ„āļĨāđ‰āļ­āļ‡āļāļąāļšāļ„āļ§āļēāļĄāđ€āļŦāđ‡āļ™āļ‚āļ­āļ‡āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ
āļžāļīāļ—āļ§āļąāļŠ āļžāļđāļ™āļœāļĨāļāļļāļĨ
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āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ

āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ

273 āļ–āļ™āļ™āļŠāļēāļĄāđ€āļŠāļ™ āđāļ‚āļ§āļ‡āļ§āļąāļ”āļŠāļēāļĄāļžāļĢāļ°āļĒāļē āđ€āļ‚āļ•āļžāļĢāļ°āļ™āļ„āļĢ āļāļĢāļļāļ‡āđ€āļ—āļžāļŊ 10200

āđ‚āļ—āļĢāļĻāļąāļžāļ—āđŒ: 0-2283-6066

Email: pier@bot.or.th

āđ€āļ‡āļ·āđˆāļ­āļ™āđ„āļ‚āļāļēāļĢāđƒāļŦāđ‰āļšāļĢāļīāļāļēāļĢ | āļ™āđ‚āļĒāļšāļēāļĒāļ„āļļāđ‰āļĄāļ„āļĢāļ­āļ‡āļ‚āđ‰āļ­āļĄāļđāļĨāļŠāđˆāļ§āļ™āļšāļļāļ„āļ„āļĨ

āļŠāļ‡āļ§āļ™āļĨāļīāļ‚āļŠāļīāļ—āļ˜āļīāđŒ āļž.āļĻ. 2568 āļŠāļ–āļēāļšāļąāļ™āļ§āļīāļˆāļąāļĒāđ€āļĻāļĢāļĐāļāļāļīāļˆāļ›āđ‹āļ§āļĒ āļ­āļķāđŠāļ‡āļ āļēāļāļĢāļ“āđŒ

āđ€āļ­āļāļŠāļēāļĢāđ€āļœāļĒāđāļžāļĢāđˆāļ—āļļāļāļŠāļīāđ‰āļ™āļŠāļ‡āļ§āļ™āļŠāļīāļ—āļ˜āļīāđŒāļ āļēāļĒāđƒāļ•āđ‰āļŠāļąāļāļāļēāļ­āļ™āļļāļāļēāļ• Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported license

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