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Does Home Owning Smooth the Variability of Future Housing Consumption?
Sinai, Todd; Paciorek, Andrew - National Bureau of Economic Research (NBER) - 2010
We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...
Persistent link: https://www.econbiz.de/10008727860
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Do Lottery Payments Induce Savings Behavior: Evidence from the Lab
Guryan, Jonathan; Filiz-Ozbay, Emel; Hyndman, Kyle; … - National Bureau of Economic Research (NBER) - 2013
structurally estimate the parameters of the decision problem governing time preference, risk aversion, and probability weighting …
Persistent link: https://www.econbiz.de/10010796709
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Ambiguity Aversion and Household Portfolio Choice: Empirical Evidence
Mitchell, Olivia; Dimmock, Stephen G.; Kouwenberg, Roy; … - National Bureau of Economic Research (NBER) - 2013
.S. household survey, we measure ambiguity aversion using custom- designed questions based on Ellsberg urns. As theory predicts …
Persistent link: https://www.econbiz.de/10010821732
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How general are risk preferences? Choices under uncertainty in different domains.
Einav, Liran; Finkelstein, Amy; Pascu, Iuliana; Cullen, … - National Bureau of Economic Research (NBER) - 2010
willingness to bear risk, relative to his peers, across different contexts. We do so by examining the same individuals' decisions …-general component of risk preferences. …
Persistent link: https://www.econbiz.de/10008610988
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Heterogeneity and Risk Sharing in Village Economies
Townsend, Robert M.; Chiappori, Pierre-André; … - National Bureau of Economic Research (NBER) - 2011
We measure heterogeneity in risk aversion among households in Thai villages using a full risk-sharing model and …-markets consumption allocation. There is substantial heterogeneity in risk preferences estimated from the full-insurance model, positively … would benefit from eliminating village-level risk, less-risk-averse households who are paid to absorb that risk would be …
Persistent link: https://www.econbiz.de/10008788772
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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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Tipping Points and Ambiguity in the Economics of Climate Change
Lemoine, Derek M.; Traeger, Christian P. - National Bureau of Economic Research (NBER) - 2012
We model welfare-maximizing policy in an infinite-horizon setting when the probability of a tipping point, the welfare change due to a tipping point, and knowledge about a tipping point's trigger all depend on the policy path. Analytic results demonstrate how optimal policy depends on the...
Persistent link: https://www.econbiz.de/10010969374
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On the Interaction of Memory and Procrastination: Implications for Reminders
Ericson, Keith M Marzilli - National Bureau of Economic Research (NBER) - 2014
I examine the interaction between present-bias and limited memory. Individuals in the model must choose when and whether to complete a task, but may forget or procrastinate. Present-bias expands the effect of memory: it induces delay and limits take-up of reminders. Cheap reminder technology can...
Persistent link: https://www.econbiz.de/10010888676
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Understanding Corporate Governance Through Learning Models of Managerial Competence
Hermalin, Benjamin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2014
A manager's shareholders, board of directors, and potential future employers are continually assessing his ability. A rich literature has documented that this insight has profound implications for corporate governance because assessment generates incentives (good and bad), introduces assorted...
Persistent link: https://www.econbiz.de/10010950722
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A Tale of Repetition: Lessons from Florida Restaurant Inspections
Lee, Jungmin; Jin, Ginger Zhe - National Bureau of Economic Research (NBER) - 2014
We examine the role of repetition in government regulation. Using Florida restaurant inspection data from 2003 to 2010, we find that inspectors new to the inspected restaurant report 12.7-17.5% more violations than the second visit of a repeat inspector. This effect is even more pronounced if...
Persistent link: https://www.econbiz.de/10010950881