,524,071). Models of reference-dependent preferences such as prospect theory predict bunching of finishing times at reference points. We … Marathon), peer effects, or institutional features (e.g., pacesetters). We calibrate a simple model of prospect theory as well …

satisfaction among employees. We conducted a randomized controlled experiment with a bank in Colombia to change the frequency and …

second moments of the joint distribution over individual wages, consumption and hours. …

initial heterogeneity in wages and preferences. Equilibrium allocations and variances and covariances of wages, hours and … wages and hours, and cross-sectional data on consumption. The model is estimated on US data. Second moments involving hours …

A large portion of the variation in wages and wage growth rates among individuals is due to "unobserved" heterogeneity … sources of heterogeneity (both of which can clearly account for the variation in wages and wage growth rates): learning … ability and workers' inter-temporal preferences (discounting). We apply this test to the large observed differences in wages …

; newly hired workers earn relatively flexible wages, but not as much as in the benchmark without reference dependence; market …