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Housing, Household Portfolio, and Intertemporal Elasticity of Substitution: Evidence from the Consumer Expenditure Survey

Hasanov, Fuad - EconWPA - 2005

This paper investigates whether the inclusion of housing in a household portfolio is important to the household …, into a household portfolio. In particular, we estimate the intertemporal elasticity of substitution (IES), that is, how a … change in asset or portfolio return affects household’s consumption growth, using a sample of households from the Consumer …

Persistent link: https://www.econbiz.de/10005126248

The Rate of Interest or the Rate of Return: Estimating Intertemporal Elasticity of Substitution

Dacy, Douglas; Hasanov, Fuad - EconWPA - 2005

return on a household portfolio is more relevant to the household’s intertemporal decision making. In a current era … estimate the intertemporal elasticity of substitution, namely, how a change in the asset or portfolio return affects household …

Persistent link: https://www.econbiz.de/10005126444

Pension Contributions as a Commitment device: evidence of sophistication among time-inconsistent households

Sourdin, Patricia - EconWPA - 2005

Australian household data, I test whether these households value commitment devices in the form of illiquid pension contributions …

Persistent link: https://www.econbiz.de/10005556890

Wealth Trasfer Taxation: A Survey

Cremer, Helmuth; Pestieau, Pierre - EconWPA - 2004

The purpose of this paper is to survey the theoretical literature on wealth transfer taxation. The focus is normative: we are looking at the design of an optimal tax structure from the standpoint of both equity and efficiency. The gist of this survey is that the optimal design closely depends on...

Persistent link: https://www.econbiz.de/10005076621

Procrastination on Long-Term Projects

O'Donoghue, Ted; Rabin, Matthew - EconWPA - 2003

Previous papers on time-inconsistent procrastination assume projects are completed once begun. We develop a model in which a person chooses whether and when to complete each stage of a long-term project. In addition to procrastination in starting a project, a naive person might undertake costly...

Persistent link: https://www.econbiz.de/10005076661

The Rise in Returns to Education and the Decline in Household Savings

Chanda, Areendam - EconWPA - 2005

to argue the presence of 'skill biased technological progress'. The literature explaining household savings has also …

Persistent link: https://www.econbiz.de/10005076792

Happiness Maintenance and Asset Prices

Falato, Antonio - EconWPA - 2003

This paper explores the implications of investors’ everyday mild feelings for aggregate asset returns. To this end, it introduces a novel class of state dependent preferences - happiness maintenance preferences - into the standard Mehra and Prescott (1985) economy by allowing investors’...

Persistent link: https://www.econbiz.de/10005077033

Efficiency-Enhancing Signalling in the Samaritan's Dilemma

Lagerlof, Johan - EconWPA - 2002

Suppose an altruistic person, A, is willing to transfer resources to a second person, B, if B comes upon hard times. If B anticipates that A will act in this manner, B will save too little from both agents' point of view. This is the Samaritan's dilemma. The logic of the dilemma has been...

Persistent link: https://www.econbiz.de/10005077070

Volatility, Heterogeneous Agents and Chaos

Gomes, Orlando - EconWPA - 2004

Agent heterogeneity has been used in recent economic literature to justify nonlinear dynamics for the time paths of aggregate economic variables. In this paper, the mechanism through which heterogeneous agents leads to chaotic motion is explained. Adding to a system with initial behavior...

Persistent link: https://www.econbiz.de/10005125624

Economia sintetica

Vildosola, Luis - EconWPA - 1998

Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.

Persistent link: https://www.econbiz.de/10005125628