Euler equation estimation of intertemporal consumption models requires many, often unverifiable assumptions. These include assumptions on expectations and preferences. We aim at reducing some of these requirements by using direct subjective information on respondents' preferences and...

Socioeconomic outcomes of parents and their children are more correlated for sons than for daughters. This paper presents empirical evidence from Denmark that these gender differences result from different transmission mechanisms by separating the effects of parental education and income

Household heads are defined in many micro data sets and are usually male. This paper illustrates potential consequences of the common practice of using only the household head's characteristics in empirical research

We develop a panel data model explaining answers to subjective probabilities about binary events and estimate it using data from the Health and Retirement Study on six such probabilities. The model explicitly accounts for several forms of “reporting behavior”: rounding, focal point “50...

Locus of control, that is, people's perception of how much influence they have over their lives, is an important predictor for economic outcomes – earnings, health, and education, to name a few. This paper uses difference-in-differences analysis to investigate the importance of the...

The noncognitive skill of conscientiousness has been linked to favorable labor market and health outcomes. But how is conscientiousness affected by events that happen in childhood? We investigate the effects of negative parental selection and economic and social upheaval on conscientiousness in...

Euler equation estimation of intertemporal consumption models imposes heavy demands on data and identifiability conditions. For example, one typically needs panel data on consumption, assumptions on expectations, and a parameterization of preferences. The authors aim at reducing some of these...