We consider natural exponential families of Lévy processes with randomized parameter. Such processes are Markov, and under suitable assumptions, pairs of such processes with shared randomization can be “stitched together” into a single harness. The stitching consists of deterministic reparametrization of the time for both processes, so that they run on adjacent time intervals, and of the choice of the appropriate law at the boundary.Processes in the Lévy–Meixner class have an additional property that they are quadratic harnesses, and in Cheap Nike Air Max 1
this case stitching constructions produce quadratic harnesses on [0,∞)[0,∞).
The empirical retirement literature measures individual responses to variations in income flows due to public transfers, private Nike Air Max Classic Trainers
individual or employer-provided pensions. We estimate a model accounting for the incentive effects from these sources. A dynamic structural model is extended to allow both individual and employer heterogeneity. This is applied to a Danish matched panel of workers and establishments, spanning a period of reforms to a public early retirement programme. Employer-specific compensation is found to be an important determinant of work and retirement income flows. Employer effects on retirement age are
only found among sub-samples where access to public transfers is limited.