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Management of a capital stock by Strotz's naive planner
Tyson, Christopher J. - 2007
constraints, limited foresight, and partial commitment. …
Persistent link: https://www.econbiz.de/10010284143
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Nonlinear pricing with self-control preferences
Esteban, Susanna; Miyagawa, Eiichi; Shum, Matthew - 2003
This paper studies optimal nonlinear pricing for a monopolist when consumers' preferences exhibit temptation and self …-control as in Gul and Pesendorfer (2001a). Consumers are subject to temptation inside the store but exercise self-control, and … those foreseeing large self-control costs do not enter the store. Consumers differ in their preferences under temptation …
Persistent link: https://www.econbiz.de/10010293447
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Tax incentives for private life annuities and the social security reform: Effects on consumption and on adverse selection
Pech, Susanne - 2002
In this paper we analyse several measures which are typically included in a social security reform: a cut in the social security benefits, an increase in the social security tax and tax incentives for the purchase of private life annuities, which have recently become quite popular at the...
Persistent link: https://www.econbiz.de/10010294515
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Dynamic, incentive-compatible contracting for health services
Levaggi, Rosella; Moretto, Michele; Pertile, Paolo - 2023
This paper aims to characterise a dynamic, incentive-compatible contract for the provision of health services, allowing for both moral hazard and adverse selection. Patients' severity changes over time following a stochastic process and is private information of the provider. We characterise the...
Persistent link: https://www.econbiz.de/10014451718
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Causes and consequences of the financial crisis and the implications for a more resilient financial and economic system
Hein, Eckhard - 2016
The increasing dominance of finance starting in the late 1970s/early 1980s in the US and the UK, and somewhat later in other countries, was associated with two fundamental and structural processes generating the contradictions of this phase of development and finally the financial and economic...
Persistent link: https://www.econbiz.de/10011431825
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The reaction of consumer spending and debt to tax rebates: Evidence from consumer credit data
Agarwal, Sumit; Liu, Chunlin; Souleles, Nicholas S. - 2007
We use a new panel dataset of credit card accounts to analyze how consumers responded to the 2001 federal income tax rebates. We estimate the monthly response of credit card payments, spending, and debt, exploiting the unique, randomized timing of the rebate disbursement. We find that on average...
Persistent link: https://www.econbiz.de/10010292101
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Theoretical foundations of buffer stock saving
Carroll, Christopher D. - 2004
Buffer-stock versions of the dynamic stochastic optimizing model of saving are now standard in the consumption literature. This paper builds theoretical foundations for rigorous understanding of the main characteristics of buffer stock models, including the existence of a target level of wealth...
Persistent link: https://www.econbiz.de/10010293477
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Solving consumption models with multiplicative habits
Carroll, Christopher D. - 2000
This paper provides derivations necessary for solving an optimal consumption problem with multiplicative habits and a CRRA 'outer' utility function either for a microeconomic problem with both labor income risk and rate-of-return risk or for a macroeoconomic representative agent model.
Persistent link: https://www.econbiz.de/10010293504
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Liquidity constraints and precautionary saving
Carroll, Christopher D.; Kimball, Miles S. - 2001
Economists working with numerical solutions to the optimal consumption/saving problem under uncertainty have long known that there are quantitatively important interactions between liquidity constraints and precautionary saving behavior This paper provides the analytical basis for those...
Persistent link: https://www.econbiz.de/10010293505
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Portfolios of the rich
Carroll, Christopher D. - 2000
Recent research has shown that 'rich' households save at much higher rates than others (see Carroll (2000); Dynan Skinner and Zeldes (1996); Gentry and Hubbard (1998); Huggett (1996); Quadrini (1999)) This paper documents another large difference between the rich and the rest of the population:...
Persistent link: https://www.econbiz.de/10010293507