Intertemporal allocation with incomplete markets [Elektronische Ressource] / vorgelegt von Wolfgang Kuhle

Intertemporal AllocationwithIncomplete MarketsInaugural Dissertation zur Erlangung des akademischenGrades eines Doktors der Wirtschaftswissenschaften derUniversit¨at Mannheimvorgelegt vonWolfgang KuhleApril 2010Dekan: Prof. Tom Krebs Ph.D.Referent: Prof. Dr. Alexander LudwigKorreferent: Prof. Axel B¨orsch-Supan Ph.D.Korreferent: Prof. David de la Croix Ph.D.Tag der mundlic¨ hen Prufung:¨ 03.08.2010TONataliyaAcknowledgementsThisdoctoralthesiswaswrittenduringmytimeattheMannheimResearchInstitutefortheEconomicsofAging(MEA).IwouldliketothankKlausJaeger,MartinSalm,Edgar Vogel, and Matthias Weiss for helpful discussions and comments on variouschapters of this thesis. Regarding my studies at the mathematics department of theUniversit¨at Mannheim I have to thank Martin Schmidt for his eye-opening lecturesondifferentialequationsanddynamicalsystems. ViktorBindewald,SebastianKlein,Markus Knopf, and Marianne Nowak made the time in the A5 worth while.My parents provided indispensable support and advice. Nataliya Demchenkocontributed to this thesis with her patience and unreserved support. She also trans-formed my drawings into the subsequent figures.I am particularly indebted to my advisors Axel B¨orsch-Supan, David de la Croixand Alexander Ludwig for their support, advice and helpful comments on earlierdrafts of this thesis− they helped me to adopt a more contemporary approach toeconomics.Contents1 Introduction and Summary 11.1 Organization . . . . . . . .