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A More Realistic Endogenous Time Preference Model and the Slump in Japan

Harashima, Taiji - EconWPA - 2004

This paper presents a more realistic endogenous time preference model, incorporating the property that impatience decreases as consumption increases. The model overcomes a serious drawback of the existing model, which needs the assumption of increasing impatience. The new model is applied to the...

Persistent link: https://www.econbiz.de/10005076835

Discount factors ex post and ex ante, and discounted utility anomalies

Boyarchenko, Svetlana; Levendorskii, Sergei - EconWPA - 2005

The real options approach is used to explain discounted utility anomalies as artifacts of the optimizing behavior of an individual with standard preferences, who perceives the utility from consumption in the future as uncertain. For this ndividual, waiting is valuable because uncertainty is...

Persistent link: https://www.econbiz.de/10005135039

A theory of endogenous time preference, and discounted utility anomalies

Boyarchenko, Svetlana; Levendorskii, Sergei - EconWPA - 2005

We explain essentially all known discounted utility anomalies as artefacts of the optimizing behavior of an individual with a time- separable utility function, who perceives a good as a source of a stochastic consumption stream, and believes that she can wait for an optimal moment to buy or sell...

Persistent link: https://www.econbiz.de/10005135046

Parental Wealth Effects on Living Standards and Asset Holdings: Results from Chile

Torche, Florencia; Spilerman, Seymour - EconWPA - 2005

influenced indirectly, through parental investments in education and earnings capacity, whereas the wealth holdings of families …

Persistent link: https://www.econbiz.de/10005076518

The Evolution of Wealth Inequality in Canada, 1984-1999

Morissette, Rene; Zhang, Xuelin; Drolet, Marie - EconWPA - 2004

evolution of wealth inequality in Canada between 1984 and 1999. Our main findings are as follows: 1) Wealth inequality has … increased between 1984 and 1999; 2) the growth in wealth inequality has been associated with substantial declines in real … average and median wealth for recent immigrants and young couples with children; 3) real median wealth and real average wealth …

Persistent link: https://www.econbiz.de/10005077085

Estimating and testing intertemporal preferences: A unified framework for consumption, work and savings

Chin, William - EconWPA - 2004

Five waves of the Panel Study of Income Dynamics (PSID), 1985-1989 including both wealth supplements, are used to …

Persistent link: https://www.econbiz.de/10005125687

Heterogeneous Time-Preference and the Distribution of Wealth

Andolfatto, David; Redekop, James - EconWPA - 2003

distribution of agents' discount parameters. Degenerate wealth distributions, in which only the most patient agents have any wealth …, are avoided by having a fraction of the agents die each period, and bequeath their wealth to descendants with … agents' stocks of wealth depend on their inherited wealth. If a patient individual lives long enough, she will retire and …

Persistent link: https://www.econbiz.de/10005412825

Distribution of the Economic Gains of the 1990s

Parham, Dean; Barnes, Paula; Roberts, Paul; Kennett, Sharon - EconWPA - 2001

„h Australia¡¦s surge in productivity growth in the 1990s fuelled an acceleration in growth in total income and average income (income per person in Australia). ¡V Annual average income growth accelerated from 1.4 per cent in the 1970s and 1980s to 2.5 per cent in the 1990s. ¡V Faster...

Persistent link: https://www.econbiz.de/10005556030

GUTS IN THE EDGE OF WEALTH: An inquiry to human creativeness

Situngkir, Hokky; Suroso, Rendra - EconWPA - 2004

Creativeness has been a hot topic of human intelligence system underlying innovations, discoveries, and many novelties brought to the enrichment of human civilization. Unfortunately, present cognitive theories relatively separated from speculative philosophical debates only to show the very...

Persistent link: https://www.econbiz.de/10005561520

Estimating and testing preferences for consumption, work hours and savings using the PSID, the profit function and the true dynamic budget constraint

Chin, William - EconWPA - 2003

Five waves of the Panel Study of Income Dynamics (PSID), 1985-1989 including both wealth supplements, are used to …

Persistent link: https://www.econbiz.de/10005561778