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Does Home Owning Smooth the Variability of Future Housing Consumption?
Sinai, Todd; Paciorek, Andrew - National Bureau of Economic Research (NBER) - 2010
We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of housing are offset by commensurate changes in wealth...
Persistent link: https://www.econbiz.de/10008727860
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Market Liquidity -- Theory and Empirical Evidence
Vayanos, Dimitri; Wang, Jiang - National Bureau of Economic Research (NBER) - 2012
In this paper we survey the theoretical and empirical literature on market liquidity. We organize both literatures around three basic questions: (a) how to measure illiquidity, (b) how illiquidity relates to underlying market imperfections and other asset characteristics, and (c) how illiquidity...
Persistent link: https://www.econbiz.de/10010951230
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On the Interaction of Memory and Procrastination: Implications for Reminders
Ericson, Keith M Marzilli - National Bureau of Economic Research (NBER) - 2014
I examine the interaction between present-bias and limited memory. Individuals in the model must choose when and whether to complete a task, but may forget or procrastinate. Present-bias expands the effect of memory: it induces delay and limits take-up of reminders. Cheap reminder technology can...
Persistent link: https://www.econbiz.de/10010888676
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Investment Under Uncertainty and Time-Inconsistent Preferences
Wang, Neng; Grenadier, Steven R. - National Bureau of Economic Research (NBER) - 2006
The real options framework has been used extensively to analyze the timing of investment under uncertainty. While standard real options models assume that agents possess a constant rate of time preference, there is substantial evidence that agents are very impatient about choices in the...
Persistent link: https://www.econbiz.de/10005034923
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Uncertainty as Commitment
Ordonez, Guillermo L.; Nosal, Jaromir - National Bureau of Economic Research (NBER) - 2013
Time-inconsistency of no-bailout policies can create incentives for banks to take excessive risks and generate endogenous crises when the government cannot commit. However, at the outbreak of financial problems, usually the government is uncertain about their nature, and hence it may delay...
Persistent link: https://www.econbiz.de/10010969240
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Understanding Corporate Governance Through Learning Models of Managerial Competence
Hermalin, Benjamin; Weisbach, Michael S. - National Bureau of Economic Research (NBER) - 2014
actors for corporate control. Consequently, assessment (or learning) is a key perspective from which to study, evaluate, and … possibly even regulate corporate governance. Moreover, because learning is a behavior notoriously subject to systematic biases …
Persistent link: https://www.econbiz.de/10010950722
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Adverse Selection and Switching Costs in Health Insurance Markets: When Nudging Hurts
Handel, Benjamin R. - National Bureau of Economic Research (NBER) - 2011
This paper investigates consumer switching costs in the context of health insurance markets, where adverse selection is a potential concern. Though previous work has studied these phenomena in isolation, they interact in a way that directly impacts market outcomes and consumer welfare. Our...
Persistent link: https://www.econbiz.de/10009323425
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Do Lottery Payments Induce Savings Behavior: Evidence from the Lab
Guryan, Jonathan; Filiz-Ozbay, Emel; Hyndman, Kyle; … - National Bureau of Economic Research (NBER) - 2013
This paper presents the results of a laboratory experiment designed to investigate whether the option of a Prize Linked Savings (PLS) product alters the likelihood that subjects choose to delay payment. By comparing PLS and standard savings products in a controlled way, we find strong evidence...
Persistent link: https://www.econbiz.de/10010796709
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Ambiguity Aversion and Household Portfolio Choice: Empirical Evidence
Mitchell, Olivia; Dimmock, Stephen G.; Kouwenberg, Roy; … - National Bureau of Economic Research (NBER) - 2013
We test the relation between ambiguity aversion and five household portfolio choice puzzles: non- participation, low ….S. household survey, we measure ambiguity aversion using custom- designed questions based on Ellsberg urns. As theory predicts …, ambiguity aversion is negatively associated with stock market participation, the fraction of financial assets in stocks, and …
Persistent link: https://www.econbiz.de/10010821732
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How general are risk preferences? Choices under uncertainty in different domains.
Einav, Liran; Finkelstein, Amy; Pascu, Iuliana; Cullen, … - National Bureau of Economic Research (NBER) - 2010
We examine the extent to which an individual's actual insurance and investment choices display a stable ranking in willingness to bear risk, relative to his peers, across different contexts. We do so by examining the same individuals' decisions regarding their 401(k) asset allocations and their...
Persistent link: https://www.econbiz.de/10008610988