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utility of attending school and the wage regression function are estimated flexibly. The null hypothesis that the local …
Persistent link: https://www.econbiz.de/10011411639
We estimate a dynamic programming model of schooling decisions in which the degree of risk aversion can be inferred from schooling decisions. In our model, individuals are heterogeneous with respect to school and market abilities but homogeneous with respect to the degree of risk aversion. We...
Persistent link: https://www.econbiz.de/10011411833
-population mostly affected by a counterfactual change in the utility of attending school is composed of individuals who have any … combination of some of the following attributes: absolute advantages in the labor market, high returns to experience, low utility …
Persistent link: https://www.econbiz.de/10011411668
We estimate a finite mixture dynamic programming model of schooling decisions in which the log wage regression function is set within a correlated random coefficient model and we use the structural estimates to perform counterfactual experiments. We show that the estimates of the dynamic...
Persistent link: https://www.econbiz.de/10002772737
It is shown that any completely preordered topological real algebra admits a continuous utility representation which is … utility pace is discussed. …
Persistent link: https://www.econbiz.de/10003531436
state utility function--utility with a single argument, consumption plus monetized leisure. The monetized leisure model is … alternative utility function assumptions. A standard neoclassical utility function is used to characterize the utility function … possibility of first-best moral-hazard-free (FB MHF) utility structures, but the first-best UI replacement rate remains very much …
Persistent link: https://www.econbiz.de/10011455570
economic presumption of concave utility rather than Machiavelli's prescript of inflicting all injuries at once. Yet …
Persistent link: https://www.econbiz.de/10012180363
If the marginal utility of consumption depends on health status, this will affect the economic analysis of a number of … marginal utility of consumption. Our basic conclusion is that while none of these approaches is a panacea, many offer the … ; marginal utility …
Persistent link: https://www.econbiz.de/10003793984
hedonic methods. Usually strong enough assumptions are made on the functional form of utility to point identify individuals … partial identification without relying on functional form restrictions for utility. Identification given general, potentially … restrictions imposed on utility rather than by the data or properties of equilibrium. -- hedonic ; partial identification ; value …
Persistent link: https://www.econbiz.de/10008688857
Can conventional economic analysis help in defining and measuring the success of labor unions? In this paper, a general indicator of union welfare is proposed and particular expressions for the wage and employment objectives of unions are rearranged to derive measures of union success or...
Persistent link: https://www.econbiz.de/10003750310