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On Consequences of State Dependent Preferences for the Pricing of Financial Assets
Danthine, Jean-Pierre; Donaldson, John B.; Giannikos, … - Institut für Schweizerisches Bankwesen <Zürich>; … - 2002
This paper introduces state dependent utility into the standard Mehra and Prescott (1985) economy by allowing the representative agents coefficient of relative risk aversion to vary with the underlying economys growth rate. Existence of equilibrium is proved and its asymptotic properties...
Persistent link: https://www.econbiz.de/10005859325
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Heterogeneous Life-Cycle Profiles, Income Riskand Consumption Inequality
Primiceri, Giorgio E.; Rens, Thijs van - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
Was the increase in income inequality in the US due to permanent shocks or merely to anincrease in the variance of transitory shocks? The implications for consumption and welfaredepend crucially on the answer to this question. We use CEX repeated cross-section data onconsumption and income to...
Persistent link: https://www.econbiz.de/10005861079
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Competitive Risk Sharing Contracts with One-Sided Commitment
Krueger, Dirk; Uhlig, Harald - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005
This paper analyzes dynamic equilibrium risk sharing contracts between profit-maximizing intermediaries and a large pool of ex-ante identical agents that face idiosyncratic income uncertainty that makes them heterogeneous ex-post. In any given period, after having observed her income, the agent...
Persistent link: https://www.econbiz.de/10005862334
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Consumption Comparisons and Happiness:A Calibration Study
Strulik, Holger - Universität <Hannover> / Wirtschaftswissenschaftliche … - 2009
paper tries ananswer by bringing together two disparate literatures: the macro (growth)theory on habit formation and the …
Persistent link: https://www.econbiz.de/10005867430
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The structure of optimal consumption streams ingeneral incomplete markets
Malamud, Semyon; Trubowitz, Eugene - Swiss National Centre of Competence in Research North … - 2008
We prove that for any incomplete market and any concave utilityfunction the marginal propensities to consume and to save are alwayspositive. Furthermore, we introduce a class of incomplete markets thatincludes almost all well known examples of market incompleteness infinance and macroeconomics....
Persistent link: https://www.econbiz.de/10005869069
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Ownership Structure, Income Distribution, and Competitive Equilibrium: A Theory of Business Cycles, Human Capital, and Asset Returns
Dai, Quiang - 2000
In this paper, I present a theory of dynamic economic growth, business cycles, and asset pricing that integrates (1 …
Persistent link: https://www.econbiz.de/10005846603
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TV Channels, Self Control and Happiness
Benesch, Christine; Frey, Bruno S.; Stutzer, Alois - Institut für Empirische Wirtschaftsforschung <Zürich>; … - 2006
In many countries, TV viewers have access to more and more TVchannels. We study whether people can cope with this and watch the amount of TVthey find optimal for themselves or whether they are prone to over-consumption. Wefind that heavy TV viewers do not benefit, but instead report lower life...
Persistent link: https://www.econbiz.de/10005867923
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Does watching TV make us happy?
Frey, Bruno S.; Benesch, Christine; Stutzer, Alois - Institut für Empirische Wirtschaftsforschung <Zürich>; … - 2006
Watching TV is a major human activity. Because of its immediate benefits at negligible immediatemarginal costs it is for many people tempting to view TV rather than to pursue more engaging activities.As a consequence, individuals with incomplete control over, and foresight into, their...
Persistent link: https://www.econbiz.de/10005868506
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What Inspires Leisure Time Invention?
DAVIS, LEE N.; Davis, Jerome; Hoisl, Karin - Universität <München> / Fakultät für Betriebswirtschaft - 2009
This paper seeks to understand the intriguing but only sparsely explored phenomenon of “leisure timeinvention,” where … over 3,000German inventors, we tested hypotheses on the conditions under which leisure time invention is likelyto arise …. Results suggest that the incidence of leisure time invention is positively related to exposure toa variety of knowledge inputs …
Persistent link: https://www.econbiz.de/10009418809
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UNDERSTANDING THE MECHANISMS OF ECONOMIC DEVELOPMENT
Deaton, Angus - National Bureau of Economic Research <Cambridge, Mass.> - 2010
drives higher rates of nationalsaving, the theory of speculative commodity storage and its implications for the time …
Persistent link: https://www.econbiz.de/10005870316