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Ericson, Keith M. Marzilli - 2018

Intertemporal tradeoffs play a key role in many personal decisions and policy questions. We describe models of intertemporal choice, identify empirical regularities in choice, and pose new questions for research. The focus for intertemporal choice research is no longer whether the exponential...

Persistent link: https://www.econbiz.de/10012481007

Intertemporal Labor Supply : An Assessment

Card, David - 1991

The lifecycle labor supply model has been proposed as an explanation for various dimensions of labor supply, including movements over the business cycle, changes with age, and within-person variation over time. According to the model, all of these elements are tied together by a combination of...

Persistent link: https://www.econbiz.de/10012475418

One-Sided Limited Commitment and Aggregate Risk

Ando, Yoshiki; Krueger, Dirk; Uhlig, Harald - National Bureau of Economic Research - 2023

In this paper we study the neoclassical growth model with idiosyncratic income risk and aggregate risk in which risk … pay off depending on both idiosyncratic and aggregate risk, but limited commitment rules out that households sell these … conditions under which it has lower/higher risk premia than the corresponding representative agent version of the model …

Persistent link: https://www.econbiz.de/10014437034

An Intertemporal CAPM with Stochastic Volatility

Campbell, John Y. - 2012

This paper studies the pricing of volatility risk using the first-order conditions of a long-term equity investor who …

Persistent link: https://www.econbiz.de/10012460249

Risks For the Long Run : Estimation with Time Aggregation

Bansal, Ravi - 2012

prices, including the equity premia, risk-free rate and volatility puzzles …

Persistent link: https://www.econbiz.de/10012460356

Investment Under Uncertainty and Time-Inconsistent Preferences

Grenadier, Steven R. - 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/10012466627

Time Preference, Time Discounting, and Smoking Decisions

Khwaja, Ahmed - 2006

This study examines the relationship between time discounting, other sources of time preference, and intertemporal choices about smoking. Using a survey fielded for our analysis, we elicit rates of time discount from choices in financial and health domains. We also examine the relationship...

Persistent link: https://www.econbiz.de/10012466046

Mistakes in Future Consumption, High MPCs Now

Lian, Chen - National Bureau of Economic Research - 2021

of the fungibility principle, excess discounting of future income, and large risk aversion. Methodologically, I develop a …

Persistent link: https://www.econbiz.de/10012696426

Risk Pooling and Precautionary Saving in Village Economies

Fafchamps, Marcel; Shrinivas, Aditya - National Bureau of Economic Research - 2022

We propose a new method to test for efficient risk pooling that allows for intertemporal smoothing, non …-homothetic consumption, and heterogeneous risk and time preferences. The method is composed of three steps. The first one allows for … precautionary savings by the aggregate risk pooling group. The second utilizes the inverse Engel curve to estimate good …

Persistent link: https://www.econbiz.de/10013334347

Optimal Taxation When Consumers Have Endogenous Benchmark Levels of Consumption

Abel, Andrew B. - 2003

I examine optimal taxes in an overlapping generations economy in which each consumer's utility depends on consumption relative to a weighted average of consumption by others (the benchmark level of consumption) as well as on the level of the consumer's own consumption. The socially optimal...

Persistent link: https://www.econbiz.de/10012468595