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Unemployment Dynamics and Social Security

Rojas, Juan; Rendon, Silvio - Econometric Society - 2004

future unemployment spells, a less generous system induces agents to accept bad job offers to save for retirement. To …

Persistent link: https://www.econbiz.de/10005328864

Intergenerational Linkages in Consumption Behavior

Cox, Donald; Ng, Serena; Waldkirch, Andreas - Econometric Society - 2000

negatively to large post-retirement shortfalls in consumption of the parents. This behavior holds up even after allowing for the …

Persistent link: https://www.econbiz.de/10005063539

Getting Odysseus to Save: Evidence from a Commitment Savings Product in the Philippines

Yin, Wesley; Ashraf, Nava; Karlan, Dean - Econometric Society - 2004

We designed a commitment savings product and implemented it using a randomized control experiment in the Philippines. This savings product was intended for individuals who want to commit now to save later, and who were sophisticated enough to engage in such a mechanism. Before offering the...

Persistent link: https://www.econbiz.de/10005702643

Stock market optimism and participation cost: a mean-variance estimation

Paiella, Monica; Tiseno, Andrea - Econometric Society - 2004

We use household data to estimate the cost of participating to financial markets and the cross sectional dispersion of stock market optimism. Our analysis is based on a mean-variance framework, within which we derive structural decision rules for individual composition of the risky assets...

Persistent link: https://www.econbiz.de/10005699630

Pricing Psychology: Evidence from a Randomized Field Experiment in a Consumer Credit Market

Bertrand, Marianne; Karlan, Dean - Econometric Society - 2004

This paper tests stylized facts and theories from behavioral economics and laboratory experiments using a randomized field experiment of our design. A major South African consumer credit lender issued 60,000 scripted direct mail solicitations where several marketing â€œtreatmentsâ€ were...

Persistent link: https://www.econbiz.de/10005702606

Consumption Patterns around the Time of Retirement: Evidence from the Consumer Expenditure Surveys

Ulker, Aydogan - Econometric Society - 2004

This study,using the Consumer Expenditure Surveys from 1984 through 1998, revisits the widely pronounced retirement …-savings puzzle, which claims the existence of a sharp drop in consumption at the time of retirement. In contrast to previous work, I … living around the time of retirement due to a shortage in savings or some other reasons. While the evidence does not favor a …

Persistent link: https://www.econbiz.de/10005063652

Obsolescence of Durable Goods and Optimal Consumption

Stolyarov, Dmitriy; Stacchetti, Ennio - Econometric Society - 2004

We study a model with a durable good subject to abrupt, periodic obsolescence, and characterize the optimal purchasing policy. Consumers optimally synchronize new purchases with the arrival of new durable models. Hence, some agents use a "flexible" optimal replacement rule that switches between...

Persistent link: https://www.econbiz.de/10005328887

A Life-cycle Model with Housing, Portfolio Allocation, and Mortgage Financing

Nichols, Joseph - Econometric Society - 2004

Retirement Survey. As a result, the model proves that the “over-investment” of housing is not inconsistent with the behavior of …

Persistent link: https://www.econbiz.de/10005328942

Mortgages as Recursive Contracts

Marquis, Milton H.; Krainer, John - Econometric Society - 2004

Mortgages are one-sided contracts under which the borrower may terminate the contract at any time, while the lender must commit to honoring the terms of the contract throughout its life. There are two aspects to this feature of the contract that are modeled in this paper. The first is that the...

Persistent link: https://www.econbiz.de/10005328972

Tax Policy Under Keeping Up with the Joneses and Imperfectly Competitive Product Markets

Guo, Jang-Ting - Econometric Society - 2004

This paper examines the optimal (first-best) fiscal policy in a stochastic representative agent model that exhibits a ``keeping up with the Joneses'' utility function and imperfectly competitive product markets. We find that the optimal labor tax is a constant, whose sign is determined by the...

Persistent link: https://www.econbiz.de/10005329006