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Measuring the U.S. Social Discount Rate : Reply to Azar
Lally, Martin - 2010
Azar (2007) argues that an appropriate market-based estimate of the US real social discount rate is 5.66%, with a 95% confidence interval ranging from 5.62 to 5.71%. However, this line of argument implicitly and wrongly equates the risk on public sector projects with that for the optimal...
Persistent link: https://www.econbiz.de/10013149165
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Disentangling the Stern/Nordhaus controversy : beyond the discounting clash
Espagne, Etienne; Perrissin Fabert, Baptiste; Pottier, … - 2012
The Stern/Nordhaus controversy has polarized the widely disparate beliefs about what to do in order to tackle the climate challenge. To explain differences in results and policy recommendations, comments following the publication of the Stern Review have mainly focused on the role played by the...
Persistent link: https://www.econbiz.de/10009628143
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Evidence on individual preferences for longevity risk
Delprat, Gae͏̈tan; Leroux, Marie-Louise; Michaud, … - 2013
The standard model of intertemporal choice assumes risk neutrality toward the length of life: due to additivity, agents are not sensitive to a mean preserving spread in the length of life. Using a survey fielded in the RAND American Life Panel (ALP), this paper provides empirical evidence on...
Persistent link: https://www.econbiz.de/10009730526
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"Rule-of-thumb" consumption, intertemporal substitution, and risk aversion
Weber, Christian E. - In: Journal of business & economic statistics : JBES ; a … 18 (2000) 4, pp. 497-502
Persistent link: https://www.econbiz.de/10001521716
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Aging, probability weighting, and reference point adoption : an experimental study
Suzuki, Ayako (contributor); Kume, Koichi (contributor) - 2008
incentives. We estimate the parameterized models in the framework of cumulative prospect theory and examine the risk aversion … elderly group’s behavior departs more from the traditional expected utility theory than does the young group’s behavior …. -- age ; cumulative prospect theory ; risk aversion ; probability weights ; reference point …
Persistent link: https://www.econbiz.de/10003757815
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Patient preferences and treatment thresholds under diagnostic risk : an economic laboratory experiment
Krieger, Miriam; Mayrhofer, Thomas - 2012
risk, medical decision theory predicts lower treatment thresholds for risk-averse than for risk-neutral decision makers …
Persistent link: https://www.econbiz.de/10009669833
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Looming large or seeming small? : attitudes towards losses in a representative sample
Chapman, Jonathan; Snowberg, Erik; Wang, Stephanie; … - 2022
We measure individual-level loss aversion using three incentivized, representative surveys of the U.S. population (combined N = 3,000). We find that around 50% of the U.S. population is loss tolerant, with many participants accepting negative-expected-value gambles. This is counter to earlier...
Persistent link: https://www.econbiz.de/10013284901
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Household characteristics, ability and education : evidence from a dynamic expected utility model
Belzil, Christian; Hansen, Jörgen - 1999
We estimate a Dynamic Programming model of the decision between continuing schooling or entering the labor market using a panel from the National Longitudinal Survey (NLSY). The model, set in an expected utility framework (with a power utility function), fits data on both schooling attainments...
Persistent link: https://www.econbiz.de/10011295416
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Seasonal asset allocation : evidence from mutual fund flows
Kamstra, Mark J.; Kramer, Lisa A.; Levi, Maurice D.; … - 2013
Over the past 30 years, mutual funds have become the dominant vehicle through which individual investors prepare for retirement via defined contribution plans. Further, money market mutual funds, which hold $2.7 trillion as of September 2013, are now a major part of the cash economy in the U.S....
Persistent link: https://www.econbiz.de/10010223510
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Human capital, weak identification, and asset pricing
Zhang, Qiang - In: Journal of money, credit and banking : JMCB 38 (2006) 4, pp. 873-899
Persistent link: https://www.econbiz.de/10003343651