In this paper we empirically derive the welfare effects of a shift from joint taxation with full income splitting to a revenue neutral system of individual taxation in Germany. For the empirical welfare evaluation we estimate the preference heterogeneity in the population and use normative...

This paper presents an empirical framework for the analysis of mothers' labor supply and child care choices, explicitly taking into account access restrictions to subsidized child care. This is particularly important for countries such as Germany, where subsidized child care is rationed and...

This paper empirically investigates the effects of differential income taxation on households' portfolio choice and asset allocation applying a two-stage budgeting model of asset demand to German survey data. The model is structured into the discrete asset choice and the continuous asset choice,...

Although hybrid choice models are fairly popular nowadays, the way in which different types of latent variables are considered into the utility function has not been extensively analysed. Latent variables accounting for attitudes resemble socioeconomic characteristics and, therefore, systematic...

This paper addresses the continuity of attitudinal and perceptual indicators in hybrid discrete choice models and the main objective of this work is to compare the consequences of treating the indicators as continuous or ordinal outcomes, given different assumptions about the way in which these...

The interconnection among different choices by the same decision-maker is fairly well established in the literature. Along this line, this paper aims to identify how preferences for electromobility are affected by mode choices for regular trips. With this purpose in mind, a framework based on...

Structural identification schemes are of essential importance to vector autoregressive (VAR) analysis. This paper tests a commonly used structural parameter identification scheme to assess whether it can properly capture fundamental and non-fundamental shocks to stock prices. In particular, five...

We examine the determinants of low income transitions using first-order Markov models that control for initial conditions effects (those found to be poor in the base year may be a non-random sample) and for attrition (panel retention may also be non-random). Our econometric model is a form of...

In this paper R2-type measures of the explanatory power of multivariate linear and categorical probit models proposed in the literature are reviewed and their deficiencies are discussed. It is argued that a measure of the explanatory power should take into account the components which are...

The aim of this paper is to apply recently proposed individual welfare measures in the context of random utility models of labour supply. Contrary to the standard practice of using reference preferences and wages, these measures preserve preference heterogeneity in the normative step of the...