This paper analyzes the macroeconomic and welfare effects of population aging and Social Security reform. First, a stochastic overlapping-generations model with heterogeneous agents is carefully extended to an aging society. The model uses the intermediate population projection of the Trustee...

This paper provides a preliminary investigation into the lifetime cost of children upon a household's lifetime wealth. By comparing the lifetime cost function of a household with children compared to the lifetime cost function of a household without children, an intertemporal equivalence scale...

This paper focuses on the identification and estimation of the intertemporal and intratemporal elasticities of substitution for the wife and separately for the husband using individual Euler equations. To that end, the household is represented as a group of agents making joint decisions. By...

Theories on the formation of information cascades have been tested in experimental settings in which players publicly announce binary expectations of a binary event based on private signals and preceding public announcements. We replicate and supplement the experimental data collection by...

This talk will describe a stream of research in experimental economics focusing on the illumination and demonstration of other-regarding preferences (ORPs). Evidence will come primarily from public goods experiments, but also bargaining games (ultimatum, dictator, trust, ...

Despite sustained efforts of equal opportunities for men and women, large gender differences prevail in competitive high ranking positions. Possible explanations include discrimination, differences in human capital and preferences, which overall may make women less effective in competitive...

This paper reports an experiment involving two mechanisms that allocate a single unit of an indivisible private good among two players, at no cost to either of them. Both mechanisms, proposed by Moore (1992) and Perry and Reny (1999), are compared in terms of their relative performance to assign...

Field and experimental research demonstrate the positive relationship between efficiency and both trust and trustworthiness. Berg, Dickhaut and McCabe (BDM), 1995, first showed the existence and strength of both trust and trustworthiness in a laboratory economic experiment. Building off BDM,...