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Insurance and Incentives for Medical Innovation

Garber, Alan M.; Jones, Charles I.; Romer, Paul Michael - 2021

This paper studies the interactions between health insurance and the incentives for innovation. Although we focus on pharmaceutical innovation, our discussion applies to other industries producing novel technologies for sale in markets with subsidized demand. Standard results in the growth and...

Persistent link: https://www.econbiz.de/10013220811

Environmental Investment and Policy with Distortionary Taxes and Endogenous Growth

Fullerton, Don; Kim, Seung-Rae - 2021

Recent studies consider public R&D spending that affects abatement knowledge and endogenous growth, distortionary taxes that affect physical and human capital formation, pollution taxes that affect environmental degradation, and regeneration that restores natural capital. Our model combines all...

Persistent link: https://www.econbiz.de/10013222070

On the Existence and Efficiency of Equilibria Under Liability Rules

Singh, Ram Lakhan - 2010

While the focus of mainstream economic analysis of liability rules remains on negligence liability, recently some legal scholars have argued for the sharing of liability. In this paper, our first objective is contribute to the debate regarding the desirability of the sharing of liability for the...

Persistent link: https://www.econbiz.de/10012760607

Stochastic Components of Individual Consumption : A Time Series Analysis of Grouped Data

Attanasio, Orazio P. - 2010

In this paper we propose a method to characterize the time series properties of individual consumption, income and interest rates using micro data, as studies in labour economics have characterized the time series properties of hours and earnings. Our approach, however, does not remove aggregate...

Persistent link: https://www.econbiz.de/10012760713

Myopia and the Effects of Social Security and Capital Taxation on Labor Supply

Kaplow, Louis - 2010

Myopia is increasingly believed to be a significant determinant of behavior and also plays a central role in justifications for social security and policies toward the taxation of capital. It is important, however, to account for labor supply effects, particularly in light of the preexisting...

Persistent link: https://www.econbiz.de/10012760716

Life Cycle Annuity Valuation

Bernheim, B. Douglas - 2010

In this paper, we argue that actuarial valuation of annuity benefit streams is theoretically inconsistent with the assumption of pure lifecycle motives. Instead, we show that the simple discounted value of future benefits (ignoring the possibility of death) is often a good approximation to the...

Persistent link: https://www.econbiz.de/10012762969

What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation

Barberis, Nicholas - 2006

explanation for this puzzle is based on prospect theory. Despite its prominence, this explanation has received little formal … scrutiny. We take up this task, and analyze the trading behavior of investors with prospect theory preferences. We find that …, at least for the simplest implementation of prospect theory, the link between these preferences and the disposition …

Persistent link: https://www.econbiz.de/10012779644

Deferred Acceptance Algorithms : History, Theory, Practice, and Open Questions

Roth, Alvin E. - 2010

The deferred acceptance algorithm proposed by Gale and Shapley (1962) has had a profound influence on market design, both directly, by being adapted into practical matching mechanisms, and, indirectly, by raising new theoretical questions. Deferred acceptance algorithms are at the basis of a...

Persistent link: https://www.econbiz.de/10012759985

E-Stability Vis-a-Vis Determinacy Results for a Broad Class of Linear Rational Expectations Models

McCallum, Bennett T. - 2010

It is argued that learnability/E-stability is a necessary condition for a RE solution to be plausible. A class of linear models considered by Evans and Honkapohja (2001) is shown to include all models of the form used by King and Watson (1998) and Klein (2000), which permits any number of lags,...

Persistent link: https://www.econbiz.de/10012760724

DSGE Models in a Data-Rich Environment

Boivin, Jean - 2011

Standard practice for the estimation of dynamic stochastic general equilibrium (DSGE) models maintains the assumption that economic variables are properly measured by a single indicator, and that all relevant information for the estimation is summarized by a small number of data series. However,...

Persistent link: https://www.econbiz.de/10013118075