This paper formulates and estimates a household-level, billing-cycle water demand model under increasing block prices … household demographics in the utility's service territory to recover the impact of these factors on water demand. An index of … models are used to compute the distribution of utility-level water demand and revenues for any possible price schedule …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … from cross country consumption risk sharing, it is necessary to combine multiple sources of shocks, ex-ante price setting …, employing a newly constructed multi-country and multi-regional data set. Within countries, we find signifcant evidence for risk …

cycle consumption in a general equilibrium overlapping generations model in which markets are otherwise complete. Empirical … studies find that consumption tends to rise early in life, peak around age 45-55, and to decline after that. Our calibrated … model exhibits life cycle consumption that is consistent with this pattern. This follows from the fact that, due to a lack …

We discuss recent developments in the literature that studies how the dynamics of earnings and wages affect consumption … choices over the life cycle. We start by analyzing the theoretical impact of income changes on consumption - highlighting the … contributions, distinguishing between papers that use only income data and those that use both income and consumption data. The …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and … consumption are solved for analytically. We prove that all parameters of the structural model are identified given panel data on … wages and hours, and cross-sectional data on consumption. The model is estimated on US data. Second moments involving hours …

forecasting regressions of consumption growth and returns by the price-dividend ratio and risk free rate, the model implies much … observation that, under the null, the potentially latent state variables, "long-run risk" and the conditional variance of its … innovation, are known a¢ ne functions of the observable market-wide price-dividend ratio and risk free rate. In linear …

of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri and … consumption, compared to the empirical estimates of 32% and 19%. Most of the consumption insurance against permanent male wage …-household income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired …

that rationing binds on input use, such that farmers, despite trivial prices for water extraction, use roughly the socially … optimal amount of water on average. The rationing regime is still grossly inefficient, because it misallocates water across …

The last 15 years has brought forth an explosion of research on consumption-based asset pricing as a leading contender … for explaining aggregate stock market behavior. This research has propelled further interest in consumption-based asset … consumption-based asset pricing theories using formal estimation, hypothesis testing, and model comparison. In addition to …

fully attend to consumption in all periods but fail to attend to some future lumpy expenditure opportunities. This asymmetry …