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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
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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
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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
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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
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Measuring the consumption value of higher education
Alstadsæter, Annette - 2009
This paper argues that the consumption value of education is an important motivation for the educational choice. While controlling for ability, we document that individuals are willing to forego substantial future wage returns in order to acquire a particular type of higher education. We...
Persistent link: https://www.econbiz.de/10010265986
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What Can Economists Learn from Happiness Research?
Frey, Bruno S.; Stutzer, Alois - 2001
. We argue that reported subjective well-being is a satisfactory empirical approximation to individual utility and that … some of the consequences for economic policy and for economic theory. …
Persistent link: https://www.econbiz.de/10010315155
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Procedurally Justifiable Strategies: Integrating Context Effects into Multistage Decision Making
Kemper, Fynn; Wichardt, Philipp Christoph - 2021
utility, we differentiate between monetary payoffs and contextual psychological ones, e.g. deriving from the subjects …
Persistent link: https://www.econbiz.de/10012799759
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A Probabilistic Solution to High-Dimensional Continuous-Time Macro and Finance Models
Huang, Ji - 2023
This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...
Persistent link: https://www.econbiz.de/10014345557
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Outside Options and Worker Motivation
Ahammer, Alexander; Fahn, Matthias; Stiftinger, Flora - 2023
We study the relationship between outside options and workers’ motivation to exert effort. We evaluate changes in outside options arising from age and experience cutoffs in the Austrian unemployment insurance (UI) system, and use absenteeism as a proxy for worker effort. Results indicate that...
Persistent link: https://www.econbiz.de/10014345957
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Competition and Career Advancement
Johnsen, Julian; Ku, Hyejin; Salvanes, Kjell G. - 2023
In standard promotion tournaments, contestants are ranked based on their output or productivity. We argue that workers’ career progression may also depend on their relative rankings in dimensions a priori unrelated to their job performance, such as visibility or in-person presence. Such...
Persistent link: https://www.econbiz.de/10014345961