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controls are not available and in others age profiles is probably not estimated with sufficient accuracy to be included within the analysis. Changes in age construction have predictable compositional effects if per capita age profiles are comparatively insensitive to modifications in age construction or their underlying causes – primarily fertility and mortality decline. The analysis offered within the previous chapters on consumption and labor revenue have shown that lots of the broad options of these per capita age profiles maintain across very completely different circumstances, but changes in fertility, mortality, and age structure might affect consumption, labor revenue, and, thereby, saving and asset earnings (Mason 1987, 1988; Attanasio et al. 1999). The possibility of a bequest motive is particularly essential when the relationship between transfers and asset-primarily based flows is considered. If the aged are altruistic towards future New version way maker miracle worker promise keeper light in the darkness my God tote baggenerations, they could compensate their descendants by growing bequests in response to an increase in internet public transfers. Thus a rise in internet transfers to retirees would lead to an increase in saving and a larger supposed bequest quite than a discount in saving in the course of the working ages and decrease asset revenue for retirees. This is the type of

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