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Glaeser, E.L.; Saiz, A.; Kolko, J. - Harvard Institute of Economic Research (HIER), … - 2000

Urban economics has traditionally viewed cities as having advantages in production and disadvantages in consumption. We … argue that the role of urban density in facilitating consumption is extremely important and understudied. As firms become … more mobile the success of cities hinges more and more on cities' role as centers of consumption. Empirically, we find that …

Persistent link: https://www.econbiz.de/10005245604

The Social Costs of Rent Control Revisited.

Glaeser, E.L. - Harvard Institute of Economic Research (HIER), … - 1996

The textbook graphical analysis of price control is inappropriate any time thre is substantial consumer heterogeneity. In cases, such as rental apartments, where one unit is usually the maximum bought per consumer, and the downward slope of the demand function comes exclusively from consumer...

Persistent link: https://www.econbiz.de/10005245612

Investing Retirement Wealth: a Life-Cycle Model.

Campbell, J.Y.; Cocco, J.F.; Gomes, F.J.; Maenhout, P.J. - Harvard Institute of Economic Research (HIER), … - 2000

If household portfolios are constrained by borrowing and short-sales restrictions, or by fixed costs of participating in risky asset markets, then alternative retirement savings systems may affect household welfare by relaxing these constraints. This paper uses a calibrated partial-equilibrium...

Persistent link: https://www.econbiz.de/10005245617

Dynamic Choices of Hyperbolic Consumers.

Harris, C.; Laibson, D. - Harvard Institute of Economic Research (HIER), … - 1999

Hyperbolic Euler Relation implies that hyperbolic consumers will engage in high interest borrowing even when the consumption path … is downward sloping, will experience predictable sharp drops in consumption, and will fail to exhibit precautionary …

Persistent link: https://www.econbiz.de/10005245626

Elasticities of Substitution in Real Business Cycle Models with Home Production.

Campbell, J.Y.; Ludvigson, S. - Harvard Institute of Economic Research (HIER), … - 2000

elasticity of substitution in market consumption (IES) and the static elasticity of substitution between home and market … consumption (SES). Understanding this connection is important because there is a large body of empirical evidence suggesting that …

Persistent link: https://www.econbiz.de/10005245628

Behavioural Heterogeneity and the Income Effect.

Calvet, L.E.; Comon, E. - Harvard Institute of Economic Research (HIER), … - 2000

Inspired by the recent literature on aggregation theory, this paper introduces HITS, a semiparametric model of consumer demand that allows for diversity in tastes. The strong variation of budget shares observed aacross income strata can arise from two economic factors: the individual income...

Persistent link: https://www.econbiz.de/10005245641

Who Should Buy Long-Term Bonds?.

Campbell, J.Y.; Viceira, L.M. - Harvard Institute of Economic Research (HIER), … - 2000

develops a model of optimal consumption and portfolio choice for infinite-lived investors with recursive utility who face …

Persistent link: https://www.econbiz.de/10005245660

Customer Poaching and Brand Switching.

Fudenberg, D.; Tirole, J. - Harvard Institute of Economic Research (HIER), … - 1999

Firms sometimes try to "poach" the current customers of their competitors by offering them special inducements to switch. The authors analyze duopoly poaching under both short-term and long-term contracts in two polar cases: either each consumer's brand preferences are constant from one period...

Persistent link: https://www.econbiz.de/10005245677

Income Smoothing and Consumption Smoothing.

Morduch, J. - Harvard Institute of Economic Research (HIER), … - 1995

Persistent link: https://www.econbiz.de/10005245685

The Linearized Hamiltonian as Comprehensive NDP.

Weitzman, M.L. - Harvard Institute of Economic Research (HIER), … - 1998

For guidance in determining which items should be included in comprehensive NDP and how they should be included, reference is often made to the libearized Hamiltonian from an optimal growth problem. This note shows how the heuristic linearized-Hamiltonian argumentcan be given a rigorous welfare...

Persistent link: https://www.econbiz.de/10005256014