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Evidence on Individual Preferences for Longevity Risk
Delprat, Gaëtan - 2013
The standard model of intertemporal choice assumes risk neutrality toward the length of life: due to additivity, agents are not sensitive to a mean preserving spread in the length of life. Using a survey fielded in the RAND American Life Panel (ALP), this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10013082967
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Adaptation, Anticipation-Bias and Optimal Income Taxation
Aronsson, Thomas - 2012
-formation process. The analysis is based on a general equilibrium OLG model with endogenous labor supply and savings where each consumer …-bias through a combination of time-variant marginal labor income taxes and savings subsidies. Furthermore, the optimal policy mix … remains the same, irrespective of whether consumers commit to their original life-time plan for work hours and savings decided …
Persistent link: https://www.econbiz.de/10013104834
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Matching and Saving in Continuous Time : Theory
Bayer, Christian - 2010
generalized Keynes-Ramsey rule includes a precautionary savings term. A phase diagram analysis illustrates consumption and wealth …
Persistent link: https://www.econbiz.de/10013144214
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A Theory of Government Procrastination
Furusawa, Taiji - 2011
We present a theory to explain government procrastination as a consequence of its present-bias resulting from the political uncertainty in a two-party political system. We show that under a two-party political system the party in office tends to be present-biased. This may lead to inefficient...
Persistent link: https://www.econbiz.de/10013117258
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Once Upon a Time Preference - How Rationality and Risk Aversion Change the Rationale for Discounting
Traeger, Christian - 2012
The paper develops an axiomatic framework for rational decision making. The von Neumann-Morgenstern axioms give rise to a richer risk attitude than that captured in the standard discounted expected utility model. I derive three models that permit a more comprehensive risk evaluation. These...
Persistent link: https://www.econbiz.de/10013107349
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The Value of Technology Improvements in Games with Externalities : A Fresh Look at Offsetting Behavior
Hoy, Michael - 2015
How should we evaluate the welfare implications of improvements to safety technologies in the presence of offsetting behavior? We model this problem as a symmetric game in which each player's payoff depends on his own action and the average action of the other players, and analyze under which...
Persistent link: https://www.econbiz.de/10013033346
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The Penalty-Duel and Institutional Design : Is There a Neeskens-Effect?
Leininger, Wolfgang; Ockenfels, Axel - 2021
We document an increase in the scoring probability from penalties in soccer, which separates the time period before 1974 significantly from that after 1976: the scoring probability increased by 11%. We explain this finding by arguing that the institution of penalty-shooting before 1974 is best...
Persistent link: https://www.econbiz.de/10013317057
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Investment Policy for Time-Inconsistent Discounters
Harstad, Bård - 2014
savings and decrease investments in the strategic substitutes, for example. To characterize the principal's choices they are … benefits from subsidizing investments in "green" capital (complementary to future savings) and tax investments in substitute …
Persistent link: https://www.econbiz.de/10013060520
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Statute Law or Case Law?
Anderlini, Luca; Felli, Leonardo; Riboni, Alessandro - 2021
In a Case Law regime Courts have more flexibility than in a Statute Law regime. Since Statutes are inevitably incomplete, this confers an advantage to the Statute Law regime over the Case Law one. However, all Courts rule ex-post, after most economic decisions are already taken. Therefore, the...
Persistent link: https://www.econbiz.de/10013316491
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Time Inconsistency and Retirement Choice
Findley, T. Scott - 2015
Hyperbolic discounting with naiveté is widely believed to provide a better explanation than exponential discounting of why people borrow so much and why they wait so long to save for retirement. We reach a different set of conclusions. We show that if financial planning is enriched to include...
Persistent link: https://www.econbiz.de/10013027082