In many industrial countries, ownership rates of risky assets have risen substantially over the past decade.This trend has potentially wide-ranging implications for the intertemporal and cross-sectional allocation of risk, and for the macro economy, establishing the need for understanding...

In this paper we use individual level data from the Australian National Drug Strategy Household Survey to study the relationship between initiation into cannabis use and educational attainment. Using instrumental variable estimation and bivariate duration analysis we find that those initiating...

We apply the collective consumption model of Browning, Chiappori and Lew- bel (2006) to analyse economic well-being and poverty among the elderly. The model focuses on individual preferences, a consumption technology that captures the economies of scale of living in a couple, and a sharing rule...

This paper studies the wage effects of the use of alcohol and tobacco.The analysis based on a recent survey in the Netherlands shows that for males the use of tobacco has a negative wage effect of about 10% while the use of alcohol has a positive wage effect of about the same size.The wages of...

This paper uses a dataset collected among inhabitants of Amsterdam, to study the employment effects of the use of cannabis and cocaine.For females no negative effects of drug use on the employment rate are found.For males there is a negative correlation between past cannabis and cocaine use and...

This paper applies Obstfeld's Euler equation tests to assess the degree of financial integration in the European Union. In addition, we design a new Euler equation test which is intimately related to Obstfeld's Euler equation tests. Using data from the latest Penn World Table (Mark 6), we arrive...

Subjective expectations about future income changes are analyzed, using household panel data.The models used are extensions of existing binary choice panel data models to the case of ordered response.We consider both random and fixed individual effects.The random effects model is estimated by...

This paper uses information about prime age individuals living in Amsterdam, to study whether the use of alcohol, or tobacco stimulates the use cannabis, i.e. whether alcohol or cannabis are stepping stones for cannabis.The special element of the study is that it concerns the use in an...

Recent increases in flexibility and automation in the production of goods and services allow a growing number of suppliers to offer their products in flexible sets of modules from which consumers can create their own individualized packages. This paper addresses the question how consumer choices...