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An Economic Model of the Planning Fallacy

Brunnermeier, Markus K.; Parker, Jonathan A.; … - National Bureau of Economic Research (NBER) - 2008

People tend to underestimate the work involved in completing tasks and consequently finish tasks later than expected or do an inordinate amount of work right before projects are due. We present a theory in which people underpredict and procrastinate because the ex-ante utility benefits of...

Persistent link: https://www.econbiz.de/10005710350

Welfare Payments and Crime

Foley, C. Fritz - National Bureau of Economic Research (NBER) - 2008

This paper tests the hypothesis that the timing of welfare payments affects criminal activity. Analysis of daily reported incidents of major crimes in twelve U.S. cities reveals an increase in crime over the course of monthly welfare payment cycles. This increase reflects an increase in crimes...

Persistent link: https://www.econbiz.de/10005248866

The Short-Term Mortality Consequences of Income Receipt

evans, william n.; Moore, Timothy J. - National Bureau of Economic Research (NBER) - 2009

Many studies find that households increase their consumption after the receipt of expected income payments, a result inconsistent with the life-cycle/permanent income hypothesis. Consumption can increase adverse health events, such as traffic accidents, heart attacks and strokes. In this paper,...

Persistent link: https://www.econbiz.de/10005059061

Credit, Bankruptcy, and Aggregate Fluctuations

Nakajima, Makoto; Ríos-Rull, José-Víctor - National Bureau of Economic Research (NBER) - 2014

We ask two questions related to how access to credit affects the nature of business cycles. First, does the standard … theory of unsecured credit account for the high volatility and procyclicality of credit and the high volatility and … that more households than normal fare very poorly). Second, does access to credit smooth aggregate consumption or aggregate …

Persistent link: https://www.econbiz.de/10010969312

Annuitized Wealth and Post-Retirement Saving

Laitner, John; Silverman, Dan; Stolyarov, Dmitriy L. - National Bureau of Economic Research (NBER) - 2014

We introduce a tractable model of post-retirement saving behavior in which households have a precautionary motive arising from uninsured health status risks. The model distinguishes between annuitized and non-annuitized wealth, emphasizes the importance of asset composition in determining...

Persistent link: https://www.econbiz.de/10010950965

Optimal Financial Knowledge and Wealth Inequality

Michaud, Pierre-Carl; Mitchell, Olivia; Lusardi, Annamaria - National Bureau of Economic Research (NBER) - 2013

While financial knowledge is strongly positively related to household wealth, there is also considerable cross-sectional variation in both financial knowledge and net asset levels. To explore these patterns, we develop a calibrated stochastic life cycle model featuring endogenous financial...

Persistent link: https://www.econbiz.de/10010950966

Are Americans and Indians More Altruistic than the Japanese and Chinese? Evidence from a New International Survey of Bequest Plans

Horioka, Charles Yuji - National Bureau of Economic Research (NBER) - 2014

This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on...

Persistent link: https://www.econbiz.de/10010951187

Household Debt: Facts, Puzzles, Theories, and Policies

Zinman, Jonathan - National Bureau of Economic Research (NBER) - 2014

Borrowing decisions affect most households, with large stakes and implications for subfields as varied as macroeconomics and industrial organization. I review theoretical and empirical work on household debt: its prevalence, level, growth, and composition, as well as various measures of consumer...

Persistent link: https://www.econbiz.de/10010951247

The Great Recession, Decline and Rebound in Household Wealth for the Near Retirement Population

Gustman, Alan L.; Steinmeier, Thomas L.; Tabatabai, Nahid - National Bureau of Economic Research (NBER) - 2014

This paper uses data from the Health and Retirement Study to examine the effects of the Great Recession on the wealth held by the near retirement age population from 2006 to 2012. For the Early Boomer cohort (ages 51 to 56 in 2004), real wealth in 2012 remained 3.6 percent below its 2006 value....

Persistent link: https://www.econbiz.de/10010951339

The Money Value of a Man

Huggett, Mark; Kaplan, Greg - National Bureau of Economic Research (NBER) - 2012

This paper posits a notion of the value of an individual's human capital and the associated return on human capital. These concepts are examined using U.S. data on male earnings and financial asset returns. We find that (1) the value of human capital is far below the value implied by discounting...

Persistent link: https://www.econbiz.de/10011271380

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