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The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets

Chen, M. Keith - Cowles Foundation for Research in Economics, Yale University - 2011

Languages differ widely in the ways they encode time. I test the hypothesis that languages that grammatically associate the future and the present, foster future-oriented behavior. This prediction arises naturally when well-documented effects of language structure are merged with models of...

Persistent link: https://www.econbiz.de/10009275590

I'll See It When I Believe It - A Simple Model of Cognitive Consistency

Yariv, Leeat - Cowles Foundation for Research in Economics, Yale University - 2002

Psychological experiments demonstrate that people exhibit a taste for consistency. Individuals are inclined to interpret new evidence in ways that confirm their pre-existing beliefs. They also tend to change their beliefs to enhance the desirability of their past actions. I present a model that...

Persistent link: https://www.econbiz.de/10005463891

Continuous Workout Mortgages

Shiller, Robert J.; Wojakowski, Rafal M.; Ebrahim, M. Shahid - Cowles Foundation for Research in Economics, Yale University - 2011

This paper models Continuous Workout Mortgages (CWMs) in an economic environment with refinancings and prepayments by employing a market-observable variable such as the house price index of the pertaining locality. Our main results include: (a) explicit modelling of repayment and interest-only...

Persistent link: https://www.econbiz.de/10009001016

Estimated Age Effects in Athletic Events and Chess

Fair, Ray C. - Cowles Foundation for Research in Economics, Yale University - 2004

Rates of decline are estimated using record bests by age for chess and for various track and field, road running, and swimming events. Using a fairly flexible functional form, the estimates show linear percent decline between age 35 and about age 70 and then quadratic decline after that. Chess...

Persistent link: https://www.econbiz.de/10005762672

The Health of Nations: The Contribution of Improved Health to Living Standards

Nordhaus, William D. - Cowles Foundation for Research in Economics, Yale University - 2002

health status of the population. The present study develops a methodology and presents preliminary estimates of how standard … economic measures would change if they adequately reflected improvements in health status. The study first discusses the theory … concept called 'health income' that can be used to incorporate improvements in health status. The study next discusses how the …

Persistent link: https://www.econbiz.de/10005087364

Reforming Social Security with Progressive Personal Accounts

Geanakoplos, John; Zeldes, Stephen P. - Cowles Foundation for Research in Economics, Yale University - 2008

The heated debate about how to reform Social Security has come to a standstill because the view of most Democrats (that Social Security must be a defined benefits plan similar in spirit to the current system) seems irreconcilable with the proposals supported by many Republicans (to create a...

Persistent link: https://www.econbiz.de/10005010140

Hyperbolic Discounting Is Rational: Valuing the Far Future with Uncertain Discount Rates

Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2009

Conventional economics supposes that agents value the present vs. the future using an exponential discounting function. In contrast, experiments with animals and humans suggest that agents are better described as hyperbolic discounters, whose discount function decays much more slowly at large...

Persistent link: https://www.econbiz.de/10005010141

The Ideal Inflation Indexed Bond and Irving Fisher's Impatience Theory of Interest in an Overlapping Generations World

Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2003

Irving Fisher long advocated inflation indexed bonds. I prove in the context of a multicommodity CAPM world that the best welfare improving bond pays the minimum money needed to achieve the same utility, and not the minimum needed to buy an ideal commodity bundle. Irving Fisher also developed...

Persistent link: https://www.econbiz.de/10005761445

History-Dependent Risk Attitude

Dillenberger, David; Rozen, Kareen - Cowles Foundation for Research in Economics, Yale University - 2010

We propose a model of history-dependent risk attitude, allowing a decision maker’s risk attitude to be affected by his history of disappointments and elations. The decision maker recursively evaluates compound risks, classifying realizations as disappointing or elating using a threshold rule....

Persistent link: https://www.econbiz.de/10008462010

A Note on the Dual Approach to the Existence and Characterization of Optimal Consumption Decisions Under Uncertainty and Liquidity Constraints

Hajivassiliou, Vassilis A.; Ioannides, Yannis M. - Cowles Foundation for Research in Economics, Yale University - 1992

This paper considers a dual approach to the problem of maximizing lifetime utility subject to liquidity constraints in a discrete time setting. These constraints prohibit the decision maker from borrowing against future endowment income. The dual approach allows us to exploit directly the...

Persistent link: https://www.econbiz.de/10005593177

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