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Intertemporal Utility with Heterogeneous Goods and Constant Elasticity of Substitution

Quaas, Martin - 2020

We characterize intertemporal utility functions over heterogeneous goods that feature (i) a constant elasticity of … the goods. We find that a standard (stationary) intertemporal utility function is consistent with these two properties if … elasticities of substitution are identical, or if the instantaneous utility function is Cobb-Douglas. We also characterize the …

Persistent link: https://www.econbiz.de/10012844425

Time Variation in Lifecycle Consumption and Income

Aksoy, Yunus - 2020

We document systematic and significant time variation in US lifecycle non-durable consumption profiles. Consumption profiles have consistently become flatter: differences in consumption across generations have decreased. Pooling data across different periods to identify lifecycle profiles masks...

Persistent link: https://www.econbiz.de/10012839357

Health Dynamics Shape Life-Cycle Incomes

Kotschy, Rainer - 2019

This paper empirically investigates the long-run effects of major health improvements on income growth in the United States. To isolate exogenous changes in health, the econometric model uses quasi-experimental variation in cardiovascular disease mortality across states over time. The results...

Persistent link: https://www.econbiz.de/10012858693

Mapping Educational Disparities in Life-Cycle Consumption

Hougaard Jensen, Svend E.; Olafsson, Sigurdur P.; … - 2022

This paper uses data taken from the tax returns of all Icelandic taxpayers in 2005-2019, a period that saw large changes in disposable income around the country’s financial crisis in 2008, to plot the life-cycle path of consumption and income for different education groups and to estimate the...

Persistent link: https://www.econbiz.de/10014079655

Smart-Working : Work Flexibility Without Constraints

Angelici, Marta - 2020

Does removing the constraints of time and place of work increase the utility of workers and firms? We design a …

Persistent link: https://www.econbiz.de/10012839264

The Quasilinear Quadratic Utility Model : An Overview

Choné, Philippe - 2019

The quasi-linear quadratic utility model is widely used in economics. The knowledge of its exact origin is less …

Persistent link: https://www.econbiz.de/10012866406

Habit formation and labor supply

Cremer, Helmuth; de Donder, Philippe; Maldonado, Darío; … - 2008

This paper shows that the combination of habit formation - present consumption creating additional consumption needs in the future - and myopia may explain why some retirees are forced to unretire, i.e., unexpectedly return to work. It also shows that when myopia about habit formation leads to...

Persistent link: https://www.econbiz.de/10010273778

A permanent income version of the relative income hypothesis

Alvarez-Cuadrado, Francisco; van Long, Ngo - 2008

We propose an overlapping generations economy where households care about relative consumption, the difference between their consumption and the consumption of their reference group. An individual's consumption is driven by the comparison of his lifetime income and the lifetime income of his...

Persistent link: https://www.econbiz.de/10010276979

The Pygmalion effect : an agency model with reference dependent preferences

Daido, Kohei; Itoh, Hideshi - 2005

We attempt to formulate and explain two types of self-fulfilling prophecy, called the Pygmalion effect (if a supervisor thinks her subordinates will succeed, they are more likely to succeed) and the Galatea effect (if a person thinks he will succeed, he is more likely to succeed). To this...

Persistent link: https://www.econbiz.de/10010261169

Is social security behind the collapse of personal saving?

Caliendo, Frank N. - 2009

This paper considers the quantitative role of growth in the size of the social security program in contributing to the collapse of personal saving in the U.S. over the last few decades. Using a calibrated, general equilibrium life-cycle model this paper shows that social security may not be to...

Persistent link: https://www.econbiz.de/10010265973

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