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Risk aversion and the subjective time discount rate : a joint approach
Praag, Bernard M. S. van; Booij, Adam S. - 2003
In this paper we analyze a large sample of individual responses to six lottery questions. Wederive a simultaneous estimate of risk aversion ? and the time preference discount rate ? perindividual. This can be done because the consumption of a large prize is smoothed over a largertime period. It...
Persistent link: https://www.econbiz.de/10011333268
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Empirical estimation results of a collective household time allocation model
Klaveren, Chris van; Praag, Bernard M. S. van; Maassen … - 2005
In this paper an empirical model is developed where the collective household model is used as a basic framework to describe the time allocation problem. The collective model views household behavior as the outcome of maximizing a household utility function which is a weighted sum of the utility...
Persistent link: https://www.econbiz.de/10011346466
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Age-differentiated QALI losses
Ferrer-i-Carbonell, Ada; Praag, Bernard M. S. van - 2001
physical handicaps. The analysis is based on an individual self-rating health satisfaction question asked in the British … Household Panel Survey data set. This question provides a natural cardinalization of health utility .Our method is a refinement … of the method introduced by Cutler and Richardson (1997). We extend their approach in two directions. First, the health …
Persistent link: https://www.econbiz.de/10011326417