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Fig. 2 | IZA Journal of Labor Policy

Fig. 2

From: Reforming retirement age in DB and DC pension systems in an aging OLG economy with heterogenous agents

Fig. 2

Life cycle paths of consumption, savings, and labor supply—initial steady state. Note: For any given set of results, all multipliers but the analyzed one are set to 1. In the simulations, the heterogeneity is allocated simultaneously along all three dimensions. Thus, subcohorts differ in both level and slope effects, depending on the combination of values ϕ,δ, and ω. Varying leisure preference ϕ: a consumption, b savings, and c labor supply. Varying impatience δ: d consumption, e savings, and f labor supply. Varying endowment ω: g consumption, h savings, and i labor supply

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