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Complete and incomplete markets with short-sale constraints
Giménez, Eduardo L. - 2001
This paper argues that the introduction of a short-sale constraint in the Arrow-Radner frameworkinvalidates standard definitions of complete and incomplete markets. In this constrained set-up,two threshold values with familiar properties arise.The case of a zero short-sale bound set on some...
Persistent link: https://www.econbiz.de/10011316880
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2023
In this paper, we document that households' consumption expenditures crucially depend on their expected earnings - even after controlling for realized earnings, wealth and time-invariant unobserved characteristics such as permanent income and over-confidence. To explain this evidence, we develop...
Persistent link: https://www.econbiz.de/10014249642
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Consumption choices and earnings expectations : empirical evidence and structural estimation
Stoltenberg, Christian; Uhlendorff, Arne - 2022
In this paper, we document that households' consumption expenditures depend on their expected earnings - even after controlling for realized earnings and wealth. To explain this evidence, we develop and structurally estimate a standard-incomplete markets model in which rational households...
Persistent link: https://www.econbiz.de/10013332707
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Advance information and consumption insurance : evidence from panel data
Pedroni, Marcelo; Singh, Swapnil; Stoltenberg, Christian - 2022 - Preliminary, April 15, 2022
We investigate whether US households possess advance information about their future income and what this means for consumption insurance. Based on insights from a theoretical model, we propose a new test to detect advance information, which requires only panel data on consumption and income....
Persistent link: https://www.econbiz.de/10013186823
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A nonparametric method for predicting survival probabilities
Klaauw, Bas van der; Vriend, Sandra - 2015
Public programs often use statistical profiling to assess the risk that applicants will become long-term dependent on the program. The literature uses linear probability models and (Cox) proportional hazard models to predict duration outcomes. These either focus on one threshold duration or...
Persistent link: https://www.econbiz.de/10011391532
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Equilibrium directed search with multiple applications
Albrecht, James W.; Gautier, Pieter; Vroman, Susan B. - 2005
We analyse a model of equilibrium directed search in a large labour market. Each worker, observing the wages posted at all vacancies, makes a fixed, finite number of applications, a. We allow for the possibility of ex post competition should more than one vacancy want to hire the same worker....
Persistent link: https://www.econbiz.de/10011332815
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Matching with multiple applications
Albrecht, James W.; Gautier, Pieter; Vroman, Susan B. - 2001
We analyze the implications of multiple applications by job seekers for the microfoundations of the matching function …
Persistent link: https://www.econbiz.de/10011317448
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International assortative matchingin the European labor market
Peeters, Thomas; Ours, Jan C. van - 2022
We investigate whether national borders within Europe hinder the assortative matching of workers to firms in a high … productivity estimates and study the ensuing rank correlation to gauge the degree of assortative matching within and across … countries. We find strong evidence for positive assortative matching at the national level, and even more so at the …
Persistent link: https://www.econbiz.de/10013359032
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Labor market matching under imperfect information
Willems, Tim - 2011
Recent research has shown that the standard labor matching model hasdifficulties in reproducing the co …), shocks are propagated. Under this specificationthe standard matching model even manages to make recoveries initially jobless …
Persistent link: https://www.econbiz.de/10011382000
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Returns to on-the-job search and the dispersion of wages
Gottfries, Axel; Teulings, Coen N. - 2016
A wide class of models with On-the-Job Search (OJS) predicts that workers gradually select into better-paying jobs, until lay-off occurs, when this selection process starts over from scratch. We develop a simple methodology to test these predictions. Our inference uses two sources of...
Persistent link: https://www.econbiz.de/10011540616