The authors would like to make the following corrections to this article:
In the second paragraph of the introduction “<6% of households” should read “less than 6% of households”.
Equation (13) should read:
(13)
$${\rm {\opf E}}\Lambda _{v,t} \equiv \sum\limits_{\tau = t}^{v + D - 1} U\left( {C_{v,\tau} ^{\varepsilon _c} \left[ {1 - L_{v,\tau}} \right]^{1 - \varepsilon _c}} \right)(1 + \rho )^{ - (\tau - t)} \mathop \prod \limits_{s = t - v}^{\tau - v} (1 - \mu _s ),$$
$${\rm {\opf E}}\Lambda _{v,t} \equiv \sum\limits_{\tau = t}^{v + D - 1} U\left( {C_{v,\tau} ^{\varepsilon _c} \left[ {1 - L_{v,\tau}} \right]^{1 - \varepsilon _c}} \right)(1 + \rho )^{ - (\tau - t)} \mathop \prod \limits_{s = t - v}^{\tau - v} (1 - \mu _s ),$$
Footnote 6 should read:
Model age is denoted by i ≡ t − v and thus runs from i = 0 (newborn) to i = D − 1 (oldest). Persons enter the economy at the biological age of 18. Biological age is thus given by i + 18. Unless noted otherwise, throughout the paper we refer to the agent's biological age.
In the penultimate paragraph of section 3.7. “lil.5% nearly” should read “linearly”.
In footnote 15 “2,100” should read “2100”.
