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Risk Preferences Are Not Time Preferences

Andreoni, James; Sprenger, Charles - In: American Economic Review 102 (2012) 7, pp. 3357-76

studying time preferences since uncontrolled risk can generate apparently present-biased behavior. We systematically manipulate … preferences for resolution of uncertainty, but seem consistent with a direct preference for certainty. The data suggest strongly a … difference between risk and time preferences. (JEL C91 D81 D91) …

Persistent link: https://www.econbiz.de/10010815566

Who Is (More) Rational?

Choi, Syngjoo; Kariv, Shachar; Wieland M?ller; … - In: American Economic Review 104 (2014) 6, pp. 1518-50

association is quantitatively robust to conditioning on correlates of unobserved constraints, preferences, and beliefs …

Persistent link: https://www.econbiz.de/10010777186

Reference-Dependent Consumption Plans

Koszegi, Botond; Rabin, Matthew - In: American Economic Review 99 (2009) 3, pp. 909-36

consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news …

Persistent link: https://www.econbiz.de/10005014649

The Evolution of Time Preference with Aggregate Uncertainty

Robson, Arthur J.; Samuelson, Larry - In: American Economic Review 99 (2009) 5, pp. 1925-53

We examine the evolutionary foundations of intertemporal preferences. When all the risk affecting survival and …

Persistent link: https://www.econbiz.de/10008596307

Behavioral Biases and Firm Behavior: Evidence from Kenyan Retail Shops

Kremer, Michael; Lee, Jean; Robinson, Jonathan; … - In: American Economic Review 103 (2013) 3, pp. 362-68

Many subjects in lab experiments exhibit small-stakes risk aversion, consistent with loss aversion. Those with greater math skills are less likely to show small-stakes risk aversion. We argue that departures from expected utility maximization may help explain why many firms in developing...

Persistent link: https://www.econbiz.de/10010659325

Behavioral Constraints on the Design of Subgame-Perfect Implementation Mechanisms

Fehr, Ernst; Powell, Michael; Wilkening, Tom - In: American Economic Review 111 (2021) 4, pp. 1055-1091

retaliation against legitimate uses of arbitration. Incorporating reciprocity preferences into the theory explains the observed …

Persistent link: https://www.econbiz.de/10013502140

Life Insurance and Household Consumption

Hong, Jay H.; Ríos-Rull, José-Víctor - In: American Economic Review 102 (2012) 7, pp. 3701-30

Using life insurance holdings by age, sex, and marital status, we infer how individuals value consumption in different demographic stages. We estimate equivalence scales and bequest motives simultaneously within a fully specified model where agents face US demographics and save and purchase life...

Persistent link: https://www.econbiz.de/10011129967

Optimal Life Cycle Unemployment Insurance

Michelacci, Claudio; Ruffo, Hernán - In: American Economic Review 105 (2015) 2, pp. 816-59

We argue that US welfare would rise if unemployment insurance were increased for younger and decreased for older workers. This is because the young tend to lack the means to smooth consumption during unemployment and want jobs to accumulate high-return human capital. So unemployment insurance is...

Persistent link: https://www.econbiz.de/10011156801

The Price of Experience

Jeong, Hyeok; Kim, Yong; Manovskii, Iourii - In: American Economic Review 105 (2015) 2, pp. 784-815

We identify a key role of factor supply, driven by demographic changes, in shaping several empirical regularities that are a focus of active research in macro and labor economics. In particular, demographic changes alone can account for the large movements of the return to experience over the...

Persistent link: https://www.econbiz.de/10011156812

The Housing Market(s) of San Diego

Landvoigt, Tim; Piazzesi, Monika; Schneider, Martin - In: American Economic Review 105 (2015) 4, pp. 1371-1407

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a life-cycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by...

Persistent link: https://www.econbiz.de/10011211792