We provide an alternative estimation method which can be used to estimate the coefficient of intertemporal substitution and risk aversion separately, without assuming log-normal distribution or using a social market portfolio. We find the two parameters are significantly positive. This finding...

This paper examines whether there is an incentive in the wage structure of employees compared with the wage structure of self-employed workers using the most comprehensive survey of workers in Japan. While the estimation results of the whole sample of 35 092 indicate that there is an incentive,...

The paper is the first to discuss the relationship between smoking initiation and gender, time discount factor, risk aversion, and information about diseases due to smoking. The estimated results show that gender and time discount rate significantly affect smoking initiation but risk aversion...