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On the curvature of the reporting function from objective reality to subjective feelings
Oswald, Andrew J. (contributor) - 2008
I suggest the idea of a reporting function, r(.), from reality to feelings. The 'happiness' literature claims we have demonstrated diminishing marginal utility of income. I show not, and that knowing r(.)'s curvature is crucial. A quasi-experiment on heights is studied. -- Money ; diminishing...
Persistent link: https://www.econbiz.de/10003652716
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Distribution and growth in an economy with limited needs
Saint-Paul, Gilles - 2001
This paper studies a model of the distribution of income under bounded needs. Utility derived from any given good reaches a bliss point at a finite consumption level of that good. On the other hand, introducing new varieties always increases utility. It is assumed that each variety is owned by a...
Persistent link: https://www.econbiz.de/10011401020
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On the common claim that happiness equations demonstrate diminishing marginal utility of income
Oswald, Andrew J. (contributor) - 2005
It is commonly claimed in the recent happiness literature in psychology and economics that we have proved diminishing marginal utility of income. This paper suggests that we have not. It draws a distinction between concavity of the utility function and concavity of the reporting function. --...
Persistent link: https://www.econbiz.de/10003257643
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Altruism or diminishing marginal utility?
Gauriot, Romain; Heger, Stephanie A.; Slonim, Robert - 2018
We challenge a commonly used assumption in the literature on social preferences and show that this assumption leads to significantly biased estimates of the social preference parameter. Using Monte Carlo simulations, we demonstrate that the literature's common restrictions on the curvature of...
Persistent link: https://www.econbiz.de/10011893881
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On measuring uncertainty : snakes and ladders
Junankar, Pramod N. - 2016
The Global Crisis demonstrated to the world that Ratings Agencies had misled the public about the stability of financial institutions. The Finance literature had decided that it was impossible to have bubbles in financial markets and any surge in the stock market would be self-correcting. Recent...
Persistent link: https://www.econbiz.de/10011543578
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Worker self-selection and the profits from cooperation
Kosfeld, Michael (contributor);  … - 2008
different firms and firms employing cooperative workers make strictly positive profits. Profit differences across firms persist …
Persistent link: https://www.econbiz.de/10003784391
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Using firm optimization to evaluate and estimate returns to scale
Gorodnichenko, Yuriy (contributor) - 2008
often inconsistent with profit maximization or imply implausibly large profits. The puzzle arises because popular estimators … the restrictions imposed by profit maximization (cost minimization) so that estimators are inconsistent or poorly … rather than production functions and demonstrates that the profit share in revenue is a robust non-parametric economic …
Persistent link: https://www.econbiz.de/10003656928
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The price of capital, factor substitutability, and corporate profits
Hergovich, Philipp; Merz, Monika - 2018
The capital-to-labor ratio has steadily risen in the U.S. and elsewhere during the post-WWII period. Since the 1970s this rise has been accompanied by a rise in the level and variability of corporate profits whereas the labor share of income has declined. In this paper we ask whether these...
Persistent link: https://www.econbiz.de/10011906166
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Performance pay and wage inequality
Lemieux, Thomas (contributor);  … - 2007
We document that an increasing fraction of jobs in the U.S. labor market explicitly pay workers for their performance using bonuses, commissions, or piece-rates. We find that compensation in performance-pay jobs is more closely tied to both observed (by the econometrician) and unobserved...
Persistent link: https://www.econbiz.de/10003601916
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Rent-sharing and the cyclicality of wage differentials
Du Caju, Philip (contributor); Rycx, François (contributor) - 2008
This paper investigates inter-industry wage differentials in Belgium, taking advantage of access to a unique matched employer-employee data set covering all the years from 1999 to 2005. Findings show the existence of large wage differentials among workers with the same observed characteristics...
Persistent link: https://www.econbiz.de/10003778859