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Using Neural Data to Test a Theory of Investor Behavior : An Application to Realization Utility
Frydman, Cary - 2015
utility" theory of investor behavior, which posits that people derive utility directly from the act of realizing gains and … exhibit a strong disposition effect in their trading, even though it is suboptimal. Consistent with the realization utility … options during choices, correlates with the capital gains of potential trades; that the neural measures of realization utility …
Persistent link: https://www.econbiz.de/10013036251
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Delays in Claiming Social Security Benefits
Coile, Courtney; Diamond, Peter A.; Gruber, Jonathan; … - 2021
previous literature. Using financial calculations and simulations based on an expected utility maximization model, we show that …
Persistent link: https://www.econbiz.de/10013221087
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Inflation Stabilization and Welfare : The Case of a Distorted Steady State
Benigno, Pierpaolo; Woodford, Michael - 2021
approximation to the expected utility of the representative household in a model of this kind is related inversely to the expected …
Persistent link: https://www.econbiz.de/10013247421
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Welfare Dynamics Under Time Limits
Grogger, Jeffrey; Michalopoulos, Charles - 2021
recipient chooses how to allocate her time-limited endowment of benefits so as to maximize her expected lifetime utility. Not …
Persistent link: https://www.econbiz.de/10013248681
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Self-Fulfilling Risk Panics : An Expected Utility Framework
Benhabib, Jess; Liu, Xuewen; Wang, Pengfei - 2022
-driven equilibria under general utility functions within an OLG structure. Our paper further shows that the existence of sentiment …
Persistent link: https://www.econbiz.de/10014237591
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Individual Subjective Survival Curves
Gan, Li; Hurd, Michael D.; McFadden, Daniel L. - 2021
Testing life-cycle models and other economic models of saving and consumption at micro level requires knowledge of individuals' subjective believes of their mortality risk. Previous studies have shown that individual responses on subjective survival probabilities are generally consistent with...
Persistent link: https://www.econbiz.de/10013226056
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On the Validity of Using Census Geocode Characteristics to Proxy Individual Socioeconomic Characteristics
Geronimus, Arline T.; Bound, John; Neidert, Lisa J. - 2022
Investigators of social differentials in health outcomes commonly augment incomplete micro data by appending socioeconomic characteristics of residential areas (such as median income in a zip code) to proxy for individual characteristics. However, little empirical attention has been paid to how...
Persistent link: https://www.econbiz.de/10013309358
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Estimating Dynamic Equilibrium Models with Stochastic Volatility
Fernández-Villaverde, Jesús - 2012
We propose a novel method to estimate dynamic equilibrium models with stochastic volatility. First, we characterize the properties of the solution to this class of models. Second, we take advantage of the results about the structure of the solution to build a sequential Monte Carlo algorithm to...
Persistent link: https://www.econbiz.de/10013100665
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Implications of Stochastic Transmission Rates for Managing Pandemic Risks
Hong, Harrison G. - 2020
We develop a model of pandemic risk management and firm valuation. We introduce aggregate transmission shocks into an epidemic model and link valuations to infections via an asset-pricing framework with vaccines. Infections lower earnings growth but firms can mitigate damages. We estimate a...
Persistent link: https://www.econbiz.de/10012833123
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Strategic Interaction Among Heterogeneous Price-Setters in an Estimated DSGE Model
Coibion, Olivier - 2010
We consider a DSGE model in which firms follow one of four price-setting regimes: sticky prices, sticky-information, rule-of-thumb, or full-information flexible prices. The parameters of the model, including the fractions of each type of firm, are estimated by matching the moments of the...
Persistent link: https://www.econbiz.de/10012758402