Showing 1 - 10 of 651
some, but not all, of the approximation bias …
Persistent link: https://www.econbiz.de/10013245738
Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds'...
Persistent link: https://www.econbiz.de/10013024877
In a world of certainty, the design of environmental policy is relatively straightforward, and boils down to maximizing the present value of the flow of social benefits minus costs. But the real world is one of considerable uncertainty -- over the physical and ecological impact of pollution,...
Persistent link: https://www.econbiz.de/10012778137
This paper considers the factors responsible for differences with age in estimates of the wage compensation an individual requires to accept increased occupational fatality risk. We derive a relationship between the value of a statistical life (VSL) and the degree of complementarity between...
Persistent link: https://www.econbiz.de/10012759625
In what follows we provide a conceptually correct procedure for determining whether a risky project passes the "potential Pareto improvement" welfare criterion which forms the normative basis of cost-benefit analysis. In this approach the role of secondary markets in providing opportunities for...
Persistent link: https://www.econbiz.de/10013308633
We study the design of optimal monetary policy under uncertainty in a dynamic stochastic general equilibrium models. We use a Markov jump-linear-quadratic (MJLQ) approach to study policy design, approximating the uncertainty by different discrete modes in a Markov chain, and by taking...
Persistent link: https://www.econbiz.de/10012759442
The appeal of expected utility theory as a basis for a descriptive model of risky decision making has diminished is a result of empirical evidence which suggests that individuals do not behave in a manner consistent with the prescriptive tenets of EUT. In this paper, we explore the influence of...
Persistent link: https://www.econbiz.de/10012760030
technology. We use a field experiment with two stages of randomization to generate exogenous variation in the payoffs associated … after take-up, which increase take-up but lower average per farmer tree survival. We simulate counterfactual outcomes under …
Persistent link: https://www.econbiz.de/10012937091
We provide the first revealed preference estimates of the benefits of routine weather forecasts. The benefits come from how people use advance information to reduce mortality from heat and cold. Theoretically, more accurate forecasts reduce mortality if and only if mortality risk is convex in...
Persistent link: https://www.econbiz.de/10014347542
eliminating) the observed home bias …
Persistent link: https://www.econbiz.de/10012778483