An Intertemporal Analysis of the Interdependence between Risk Preference, Retirement, and Work Rate Decisions
不依赖消费不可分割性或市场缺陷，而是通过工作率和退休决策对终身收入曲线的影响，解释了购买保险的赌徒行为，假设消费边际效用递减和时间可分离效用。
Indivisibilities in consumption, investment, choice of employment, and so forth have been used by others to justify the behavior of the insurance-buying gambler. Unfortunately, these theories ignore the market incentives to make the indivisible divisible through leasing or variation in quality, as well as individual initiative through borrowing and lending. In this paper the same behavior toward risk is explained without resort to indivisibilities or market imperfections, using the effect of work rates and retirement decisions on lifetime earning profiles. This is done using assumptions normally consistent with risk aversion: diminishing marginal utility of consumption and time-separable utility.