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An alternative explanation for the variation in reported estimates of risk aversion

Conniffe, Denis; O'Neill, Donal - 2012

There is a large literature estimating Arrow-Pratt coefficients of absolute and relative risk aversion. A striking feature of this literature is the very wide variation in the reported estimates of the coefficients. While there are often legitimate reasons for these differences in the estimates,...

Persistent link: https://www.econbiz.de/10010289966

A flexible sample selection model: A GTL-copula approach

Hasebe, Takuya; Vijverberg, Wim P. M. - 2012

In this paper, we propose a new approach to estimating sample selection models that combines Generalized Tukey Lambda (GTL) distributions with copulas. The GTL distribution is a versatile univariate distribution that permits a wide range of skewness and thick- or thin-tailed behavior in the data...

Persistent link: https://www.econbiz.de/10010289969

Can taxes stabilize the economy in the presence of consumption externalities?

Lloyd-Braga, Teresa; Modesto, Leonor - 2012

Considering a finance constrained economy, we discuss the stabilization role of variable labour and capital income taxes under a balanced-budget rule in the presence of consumption externalities of the keeping up with the Joneses type. We find that sufficiently procyclical labor and/or capital...

Persistent link: https://www.econbiz.de/10010289988

An experimental test of a committee search model

Hizen, Yoichi; Kawata, Keisuke; Sasaki, Masaru - 2012

The objective of this paper is to design a laboratory experiment for an infinite-horizon sequential committee search model in order to test some of the implications obtained by the model in Albrecht, Anderson, and Vroman (2010) (AAV). We find that, compared with single-agent search, the search...

Persistent link: https://www.econbiz.de/10010289995

Efficiency in a search and matching economy with a competitive informal sector

Charlot, Olivier; Malherbet, Franck; Ulus, Mustafa - 2012

We consider a dual labor market with a frictional formal sector and a competitive informal sector. We show that the size of the informal sector is generally too large compared to the optimal allocation of the workers. It follows that our results give a rationale to informality-reducing policies.

Persistent link: https://www.econbiz.de/10010290000

The fixed wage puzzle: Why profit sharing is so hard to implement

Jerger, Jürgen; Michaelis, Jochen - 2010

It is well known that profit sharing arrangements Pareto-dominate fixed wage contracts. Share agreements are (far) less than ubiquitous, however. This paper offers a solution of this 'fixed wage puzzle' by adopting a perspective of bounded rationality. We show that share arrangements that...

Persistent link: https://www.econbiz.de/10010290027

The dependence of prices on labour-values

Guerrero, Diego - In: Atlantic Review of Economics 1 (2011), pp. 1-33

It is frequently believed, in a quite schizophrenic fashion, that a theory of value must just solve the question of … relative prices (a microeconomic problem), being mainly the theory of money the piece needed for determining the absolute or … theoretically prior to any consideration of the money market, whereas on the other hand no theory of value can aspire to be complete …

Persistent link: https://www.econbiz.de/10010290066

Geldpolitik und Staatsverschuldung - welche Rolle spielt die Unabhängigkeit der Notenbank?

Solveen, Ralph - 1996

Two theoretical modeis are developed. Both describe the connection between public debt and inflation. In the first one, monetary policy inflates the economy to rcduce the bürden of existing debt. In the second one, the causality runs directly from the level of public debt to inflation via a...

Persistent link: https://www.econbiz.de/10010290096

Extended income inequality and poverty dynamics of labour market and household activities: A ten years microanalysis with the German socio-economic panel

Merz, Joachim; Kirsten, Dagmar - 1998

Labour market dynamics according the individual working hour tension (preferred working hours minus actual working hours) of active people with focus on the self-employed, as professions and entrepreneurs, and employees are investigated in our study. The individual longitudinal analysis based on...

Persistent link: https://www.econbiz.de/10010290101

Microdata adjustment by the minimum information loss principle

Merz, Joachim - 1994

(MIL) principle. Based on information theory this principle satisfies the desired positivity constraint on the weighting …

Persistent link: https://www.econbiz.de/10010290113