Showing 1 - 10 of 31
Emotions were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory basically abolished emotions, behavioural economics more recently reintroduced emotions in utility theory. Beyond utility theory, economic theorists use...
Persistent link: https://www.econbiz.de/10011522482
Friedrich Hayek’s The Road to Serfdom is an influential book more than seventy years after its publication. This paper examines his arguments and finds that they come up short in many ways and suggests that we have taken “another road to serfdom”. Hayek’s mind was completely closed to...
Persistent link: https://www.econbiz.de/10011522467
This paper is based on the ideas of political philosopher John Rawls who suggested that a just society is one which would be created behind a “veil of ignorance”, that is to say, without knowing where one would end up in the society’s distribution of talent and other attributes valued in...
Persistent link: https://www.econbiz.de/10011522474
This paper contrasts the modern use of the assumption that rationality guides individual economic behaviour, as reflected in simple models of utility and profit maximization, to literature between 1890 and 1930 which sharply challenged the use of such an assumption, as well as to later...
Persistent link: https://www.econbiz.de/10010261170
the share of spending on necessity goods relative to luxury goods in a large national supermarket chain in Israel for the … regulated products, is down by 4.8%, but the cut in spending on luxury goods is even more pronounced at 8%, and the difference … between these two types of goods is up significantly by 3.2%. Within the luxury category, we observe a 10% or more decline in …
Persistent link: https://www.econbiz.de/10014290226
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel … information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information … contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The …
Persistent link: https://www.econbiz.de/10011555586
Using new long-run microdata, this paper studies wealth and income trends of college and non-college households in the … United States since 1956. We document the emergence of a substantial college wealth premium since the 1980s, which is … considerably larger than the college income premium. Over the past four decades, the wealth of American households with a college …
Persistent link: https://www.econbiz.de/10012052832
The use of height data to measure living standards is now a well-established method in economics. Nevertheless, a neglected area in historical stature studies is the relationship between stature and family size, and statures are documented here to be positively related with family size. The...
Persistent link: https://www.econbiz.de/10010272041
Little research exists on the historical relationship between BMI variation, wealth, and inequality. This study finds … BMIs and average state-level wealth, and an inverse relationship between BMI and wealth inequality. After controlling for … wealth and inequality, rural agricultural farmers had greater BMI values than their urban counterparts in other occupations. …
Persistent link: https://www.econbiz.de/10010274782
deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for …
Persistent link: https://www.econbiz.de/10010278886