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The inactive group consists of rentiers living on property income and the assisted living on transferincome.
Furthermore, at date t , wage and transferincome are determined by history.
Under the circumstances, there are two strategies an agent can use to transferincome over time.
Every young agent deposits her after-tax/transferincome in the bank.
Senior women whose major source of income is government transfers receive only 59 per cent of the transferincome of elderly women in the same situation.
From this policy perspective the 'targets of opportunity' should be subsidy reform and an equitable global mechanism that will transferincome to pay for the preservation of wild resources.
Only through costly investments in soil conservation is it able to transferincome from the first period to the next at the expense of consumption in the first period.
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