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One of the most prominent contemporary success stories is tourism. This industry began to significantly increase only … in 1960, and during the last 50 years, tourism revenues and number of outgoing people have increased by a number of times …. Therefore, the tourism sector is highly attractive to new business initiation and development of its dynamic growth, new …
Persistent link: https://www.econbiz.de/10011822308
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Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use CEX repeated cross-section data on consumption and income to...
Persistent link: https://www.econbiz.de/10012733915
This paper aims to test the microfoundations of consumption models and quantify the macro implications of heterogeneity in consumption behavior. We propose a new empirical method to estimate the sensitivity of consumption to permanent and transitory income shocks for different groups of...
Persistent link: https://www.econbiz.de/10011930206
We measure the extent of consumption insurance to income shocks accounting for high-order moments of the income distribution. We derive a nonlinear consumption function, in which the extent of insurance varies with the sign and magnitude of income shocks. Using PSID data, we estimate an...
Persistent link: https://www.econbiz.de/10014349877
This paper investigates the effect of economic policy uncertainty (EPU) on gambling activity in China. Based on a theoretical model, we hypothesize that EPU increases the demand for hope which raises the willingness to pay for lottery tickets, resulting in higher lottery sales. We estimate a...
Persistent link: https://www.econbiz.de/10013503360
This paper investigates the effect of economic policy uncertainty (EPU) on gambling activity in China. Based on a theoretical model, we hypothesize that EPU increases the demand for hope which raises the willingness to pay for lottery tickets, resulting in higher lottery sales. We estimate a...
Persistent link: https://www.econbiz.de/10014262034
alternative derivation for a measure of time-varying disaster risk suggested by Wachter (2013), implying that both the disaster …
Persistent link: https://www.econbiz.de/10012797771
Persistent link: https://www.econbiz.de/10012615915
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