Showing 1 - 9 of 9
Persistent link: https://www.econbiz.de/10001581321
In this paper we use the two waves of the British Retirement Survey (1988/89 and 1994) to quantify the relationship between socio-economic status and health outcomes. We find that, even after conditioning on the initial health status, wealth rankings are important determinants of mortality and...
Persistent link: https://www.econbiz.de/10012470483
The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide...
Persistent link: https://www.econbiz.de/10012472248
In this paper we argue that once one departs from the simple classroom example, or `stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the main features of the data. More specifically, we show that allowing demographics to affect...
Persistent link: https://www.econbiz.de/10012473519
This paper presents an (S,s) model for automobile consumption and estimates it using a data set of US households. The model allows for unobserved heterogeneity in both the target level and the band width, takes into account the possibility of a zero desired level, constrains the band to be non...
Persistent link: https://www.econbiz.de/10012473593
The issue of asset accumulation and decumulation is central to the life cycle theory of consumer behavior and to many policy questions. One of the main implications of the life cycle model is that assets are decumulated in the last part of life. Most empirical studies in this area use...
Persistent link: https://www.econbiz.de/10012473760
Liquidity constraints and, more generally, imperfections in credit markets, can be extremely important for the intertemporal allocation of consumption and have received a substantial amount of attention in the theoretical and empirical literature on consumption. In the first part of the paper I...
Persistent link: https://www.econbiz.de/10012474109
In this paper we show that some of the predictions of models of consumer intertemporal optimization are not inconsistent with the patterns of non-durable expenditure observed in US household-level data. Our results and our approach are new in several respects. First, we use the only US micro...
Persistent link: https://www.econbiz.de/10012474125
frequencies. (ii) estimation of a flexible specification of preferences indicates that the elasticity of intertemporal …
Persistent link: https://www.econbiz.de/10012474493