ECON 1010 Lecture Notes - Lecture 4: Budget Constraint, European Cooperation In Science And Technology, Mandatory Retirement
12 Mar 2018
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Document Summary
We discount it at the interest rate: two goods (consumption and leisure) and get utility from both, budget constraint are what are you wages in the periods. If we don"t spend all our income today we can save it at interest rate r and. Fertility and childbearing: the more kids you have the less you work, does having kids cause you to work less, omitted variable- unobserved preference (preference to work less, casual effect. Retirement decisions: mandatory retirement age- is their a legal age where you have to retire, no law for a retirement age, wealth (inheritance, price of your house) and earnings (the money you make) If you earn above a certain income they begin to claw back, pure income. Effect- it says retire earlier work and are collecting your pension- not in canada: retirement test- if you work they claw back your pension, while you.
