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Individual Survival Curves Comparing Subjective and Observed Mortality Risks

Bissonnette, Luc; Hurd, Michael D.; Michaud, Pierre-Carl - Institute for the Study of Labor (IZA) - 2014

In this paper, we compare individual survival curves constructed from objective (actual mortality) and elicited subjective information (probability of survival to a given target age). We develop a methodology to estimate jointly subjective and objective individual-survival curves accounting for...

Persistent link: https://www.econbiz.de/10011094071

Forecasting Errors: Yet More Problems for Identification?

Contini, Bruno - Institute for the Study of Labor (IZA) - 2009

Forecasting errors pose a serious problem of identification, often neglected in empirical applications. Any attempt of estimating choice models under uncertainty may lead to severely biased results in the presence of forecasting errors even when individual expectations on future events are...

Persistent link: https://www.econbiz.de/10005762154

Preparing for Policy Changes: Social Security Expectations and Pension Scheme Participation

Wiel, Karen M. van der - Institute for the Study of Labor (IZA) - 2008

Western governments are currently contemplating how to adapt their Pay-As-You-Go pension systems so that these remain financially sustainable, even with an aged population. To the extent that policy-makers haven't already adapted their old age social security schemes, an ageing population thus...

Persistent link: https://www.econbiz.de/10005763471

A Reason for Unreason: Returns-Based Beliefs in Game Theory

Velu, Chander; Iyer, Sriya; Gair, Jonathan R. - Institute for the Study of Labor (IZA) - 2012

all strategies. Using a decision analytic solution concept, Luce's (1959) probabilistic choice model, and 'hyperpriors …

Persistent link: https://www.econbiz.de/10010558691

The Future of Retirement and the Pension System: How the Public's Expectations Vary over Time and across Socio-Economic Groups

Bissonnette, Luc; van Soest, Arthur - Institute for the Study of Labor (IZA) - 2011

We analyze expectations of the Dutch population of ages 25 and older concerning the future generosity state and occupational pensions, the two main pillars of the Dutch pension system. Since the summer of 2006, monthly survey data were collected on the expectations of Dutch households concerning...

Persistent link: https://www.econbiz.de/10009149145

Rationalizing Boundedly Rational Choice: Sequential Rationalizability and Rational Shortlist Methods

Manzini, Paola; Mariotti, Marco - Institute for the Study of Labor (IZA) - 2004

A sequentially rationalizable choice function is a choice function which can be obtained by applying sequentially a fixed set of asymmetric binary relations (rationales). A Rational ShortlistMethod (RSM) is a choice function which is sequentially rationalizable by two rationales. These concepts...

Persistent link: https://www.econbiz.de/10005700951

Relative Income, Happiness and Utility: An Explanation for the Easterlin Paradox and Other Puzzles

Clark, Andrew E.; Frijters, Paul; Shields, Michael - Institute for the Study of Labor (IZA) - 2007

presence of relative income terms in the utility function. Income may be evaluated relative to others (social comparison) or to … also discuss the relation (or not) between happiness and utility and discuss some non-happiness research (behavioural …, experimental, neurological) dealing with income comparisons. We last consider how relative income in the utility function affects …

Persistent link: https://www.econbiz.de/10005763569

Heterogeneity in Reported Well-Being: Evidence from Twelve European Countries

Clark, Andrew; Etilé, Fabrice; Postel-Vinay, Fabien; … - Institute for the Study of Labor (IZA) - 2004

This paper models the relationship between income and reported well-being using latent class techniques applied to panel data from twelve European countries. Introducing both intercept and slope heterogeneity into this relationship, we strongly reject the hypothesis that individuals transform...

Persistent link: https://www.econbiz.de/10005763608

What Is the Value of Entrepreneurship? A Review of Recent Research

Praag, Mirjam van; Versloot, Peter H. - Institute for the Study of Labor (IZA) - 2007

group’? A fourth type of contribution studied is the role of entrepreneurship in increasing individuals’ utility levels …

Persistent link: https://www.econbiz.de/10005822686

Seemingly Irrelevant Events Affect Economic Perceptions and Expectations: The FIFA World Cup 2006 as a Natural Experiment

Dohmen, Thomas; Falk, Armin; Huffman, David; Sunde, Uwe - Institute for the Study of Labor (IZA) - 2006

Prominent economic theories have emphasized the role of commonly held perceptions and expectations for determining macroeconomic outcomes. A key empirical question is how such collectively held beliefs are formed. We use the FIFA World Cup 2006 as a natural experiment. We provide direct evidence...

Persistent link: https://www.econbiz.de/10005703189