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Contraception and Fertility : Household Production Under Uncertainty
Michael, Robert T. - 2010
Over the past century fertility behavior in the United Stated has undergone profound changes Measured by cohort … fertility the average number of children per married woman had declined from about 5.5 children at the time of the Civil War to … took place in the dispersion of fertility among these women: the percentage of women with, say, seven or more children …
Persistent link: https://www.econbiz.de/10012763230
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Social Security and Demographic Uncertainty : the Risk Sharing Properties of Alternative Policies
Bohn, Henning - 2021
As the U.S. population ages, the growing retiree-worker ratio increases the burden of public retirement systems. Is it efficient to maintain a defined benefit social security system? Should PAYGO benefits be reduced and private retirement savings be encouraged? The paper examines these questions...
Persistent link: https://www.econbiz.de/10013239349
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The Economics of Hedge Funds : Alpha, Fees, Leverage, and Valuation
Lan, Yingcong - 2011
Hedge fund managers are compensated via management fees on the assets under management (AUM) and incentive fees indexed to the high-water mark (HWM). We study the effects of managerial skills (alpha) and compensation on dynamic leverage choices and the valuation of fees and investors' payoffs....
Persistent link: https://www.econbiz.de/10013128908
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International Risk Sharing in the Short Run and in the Long Run
Baxter, Marianne - 2011
International risk-sharing has far-reaching implications both for economic policy and for basic research in economics. When countries do not share risk, individuals in those countries experience fluctuations in their consumption levels that are undesirable and possibly unnecessary. This paper...
Persistent link: https://www.econbiz.de/10013129220
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An Empirical Assessment of Alternative Models of Risky Decision Making
Baker, Joanna R. - 2010
enough to approximate Kahnenman and Tversky's prospect theory and that for certain parametric values will yield the expected …
Persistent link: https://www.econbiz.de/10013135363
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The Time Variation of Risk and Return in Foreign Exchange Markets : A General Equilibrium Perspective
Bekaert, Geert - 2010
This paper investigates the statistical properties of high frequency nominal exchange rates and forward premiums in the context of a dynamic two-country general equilibrium model. Primary focus is on the persistence, variability, leptokurtosis and conditional heteroskedasticity of exchange rates...
Persistent link: https://www.econbiz.de/10013138143
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Policy Analysis with Incredible Certitude
Manski, Charles F. - 2010
Analyses of public policy regularly express certitude about the consequences of alternative policy choices. Yet policy predictions often are fragile, with conclusions resting on critical unsupported assumptions. Then the certitude of policy analysis is not credible. This paper develops a...
Persistent link: https://www.econbiz.de/10013139903
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Starting Small in an Unfamiliar Environment
Rauch, James E. - 2012
Motivated by a characteristic way in which firms in developed countries make their decisions regarding cooperation with potential partners from less developed countries, we design a simple model of a DC firm's search for an LDC partner/supplier and the subsequent relationship between the two...
Persistent link: https://www.econbiz.de/10013114940
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Precautionary Saving and Social Insurance
Hubbard, R. Glenn - 2011
Microdata studies of household saving often find a significant group in the population with virtually no wealth, raising concerns about heterogeneity in motives for saving. In particular, this heterogeneity has been interpreted as evidence against the life-cycle model of saving. This paper...
Persistent link: https://www.econbiz.de/10013118750
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Speculation and Risk Sharing with New Financial Assets
Simsek, Alp - 2011
While the traditional view of financial innovation emphasizes the risk sharing role of new financial assets, belief disagreements about these assets naturally lead to speculation, which represents a powerful economic force in the opposite direction. This paper investigates the effect of...
Persistent link: https://www.econbiz.de/10013119601