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Approaches to estimating the health state dependence of the utility function
Finkelstein, Amy (contributor);  … - 2009
If the marginal utility of consumption depends on health status, this will affect the economic analysis of a number of central problems in public finance, including the optimal structure of health insurance and optimal life cycle savings. In this paper, we describe the promises and challenges of...
Persistent link: https://www.econbiz.de/10003793984
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Interpersonal comparisons of utility : an algebraic characterization of projective preorders and some welfare consequences
Candeal-Haro, Juan Carlos (contributor);  … - 2007
It is shown that any completely preordered topological real algebra admits a continuous utility representation which is an algebra-homomorphism (i.e., it is linear and multiplicative). As an application of this result, we provide an algebraic characterization of the projective (dictatorial)...
Persistent link: https://www.econbiz.de/10003531436
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Moral-hazard-free first-best unemployment insurance
Parsons, Donald O. - 2016
Unemployment insurance replacement rates world-wide are well below 100 percent, a fact often attributed to search moral hazard concerns. As Blanchard and Tirole (2008) have illustrated, however, neither search nor layoff moral hazard (firing cost) distortions need arise in first-best insurance...
Persistent link: https://www.econbiz.de/10011455570
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Unobserved ability and the return to schooling
Belzil, Christian; Hansen, Jörgen - 2002
We estimate a structural dynamic programming model of schooling decisions with unobserved heterogeneity in school ability and market ability on a sample taken from the National Longitudinal Survey of Youth (NLSY). Both the instantaneous utility of attending school and the wage regression...
Persistent link: https://www.econbiz.de/10011411639
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Earnings dispersion, risk aversion and eduation
Belzil, Christian; Hansen, Jörgen - 2002
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
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Machiavelli versus concave utility functions : should bads be spread out or concentrated?
Frijters, Paul; Krekel, Christian; Ulker, Aydogan - 2020
Is wellbeing higher if the same number of negative events is spread out rather than bunched in time? Should positive events be spread out or bunched? We answer these questions exploiting quarterly data on six positive and twelve negative life events in the Household, Income and Labour Dynamics...
Persistent link: https://www.econbiz.de/10012180363
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Comparative statics for a consumer with possibly multiple optimum consumption bundles
Dasgupta, Indraneel; Pattanaik, Prasanta K. - 2010
in the standard revealed preference theory of consumers’ behaviour. These results are however derived for demand … preference approach to the theory of consumers' behaviour, this note establishes such results for demand correspondences; the …
Persistent link: https://www.econbiz.de/10003942309
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Are children "normal"?
Black, Dan A.; Kolesnikova, Natalia; Sanders, Seth; … - 2011
We examine Becker's (1960) contention that children are "normal." For the cross section of non-Hispanic white married couples in the U.S., we show that when we restrict comparisons to similarly-educated women living in similarly-expensive locations, completed fertility is positively correlated...
Persistent link: https://www.econbiz.de/10009408778
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A theory of price adjustment under loss aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …
Persistent link: https://www.econbiz.de/10010350414
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The dynamics of market insurance, insurable assets, and wealth accumulation
Koeniger, Winfried - 2002
We analyze dynamic interactions between market insurance, the stock of insurable assets and liquid wealth accumulation in a model with non-durable and durable consumption. The stock of the durable is exposed to risk against which households can insure. Since the model does not have a closed form...
Persistent link: https://www.econbiz.de/10011414203