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Consumer Revolving Credit and Debt Over the Life Cycle and Business Cycle

Fulford, Scott L. - 2016

Despite the centrality of credit and debt in the financial lives of Americans, little is known about how U.S. consumers' access and utilization of credit changes in the short and long term, and how these changes are related to changes in U.S. consumers' debt. This paper uses data from the...

Persistent link: https://www.econbiz.de/10013000226

To Leave or Not to Leave : The Distribution of Bequest Motives

Kopczuk, Wojciech; Lupton, Joseph P. - 2004

In this paper, we examine the effect of observed and unobserved heterogeneity in the desire to die with positive net worth. Using a structural life-cycle model nested in a switching regression with unknown sample separation, we find that roughly 70 percent of the elderly single population has a...

Persistent link: https://www.econbiz.de/10014069573

Does the selfish life-cycle model apply in the case of Japan?

Horioka, Charles - 2020

In this paper, we first provide a brief exposition of the simplest version of the selfish life cycle model or hypothesis, which is undoubtedly the most widely used theoretical model of household behavior in economics, and then survey the literature on household saving behavior in Japan (with...

Persistent link: https://www.econbiz.de/10012195738

Competitive risk sharing contracts with one-sided commitment

Uhlig, Harald (contributor); Krueger, Dirk (contributor) - 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/10003035794

Nonexponential Discounting : A Direct Test and Perhaps a New Puzzle

Startz, Richard; Tsang, Kwok Ping - 2012

Standard models of intertemporal utility maximization assume that agents discount future utility flows at a constant rate — exponential discounting. Euler equations estimated over different time horizons should have equal discount rates. They do not. Rising term yield premia imply discount...

Persistent link: https://www.econbiz.de/10014212256

Smoking Kills : An Economic Theory of Addiction, Health Deficit Accumulation, and Longevity

Strulik, Holger - 2017

theory in which individuals take into account the fact that the consumption of addictive goods reduces their health and …

Persistent link: https://www.econbiz.de/10012952264

Chapter 11 The distribution of wealth

Davies, James B.; Shorrocks, Anthony F. - In: Handbook of income distribution : volume 1, (pp. 605-675). 2000

This chapter is concerned with the distribution of personal wealth, which usually refers to the material assets that can be sold in the marketpace, although on occasion pension rights are also included. We summarise the available evidence on wealth distribution for a number of countries. This...

Persistent link: https://www.econbiz.de/10014024198

Promotion and Prevention in Consumer Decision Making : State of the Art and Theoretical Propositions

Pham, Michel Tuan; Higgins, E. Tory - 2011

The purpose of this chapter is to discuss how regulatory focus theory, a theory of motivation and self-regulation, can … theory, which proposes a fundamental distinction between two modes of self-regulation called promotion and prevention … traditional stages of the decision making process postulated by standard consumer behavior theory (i.e., problem recognition …

Persistent link: https://www.econbiz.de/10014029073

Hyperbolic Discounting and Pension Design : The Case of Germany

Zimmermann, Stefan - 2011

Both data and people's self-reports reveal that there is an undersaving problem. Behavioral economics seeks to explain this phenomenon with the concept of hyperbolic discounting. In essence, short-term actions are inconsistent with long-term goals. This is applied to the German pension system in...

Persistent link: https://www.econbiz.de/10013124429

Uncertain Longevity and Investment in Education

Sheshinski, Eytan - 2009

It has been argued that increased life expectancy raises the rate of return on education, causing a rise in the investment in education followed by an increase in lifetime labor supply. Empirical evidence of these relations is rather weak. Building on a lifecycle model with uncertain longevity,...

Persistent link: https://www.econbiz.de/10013156047