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Even the Representative Agent Must Die : Using Demographics to Inform Long-Term Social Discount Rates
Fenichel, Eli P. - 2017
We develop a demographically-based approach for estimating the utility discount rate (UDR) portion of the Ramsey rule …
Persistent link: https://www.econbiz.de/10012951868
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Per Capita Income and the Demand for Skills
Caron, Justin - 2017
Almost all of the literature about the growth of income inequality and the relationship between skilled and unskilled wages approaches the issue from the production side of general equilibrium (skill-biased technical change, international trade). Here, we add a role for income-dependent demand...
Persistent link: https://www.econbiz.de/10012954914
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The Generalized Informativeness Principle
Chaigneau, Pierre - 2014
-separable utility functions …
Persistent link: https://www.econbiz.de/10013040535
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Integrability and Generalized Separability
Fally, Thibault - 2018
such demand systems are integrable, i.e. can be derived from the maximization of a well-behaved utility function. This …
Persistent link: https://www.econbiz.de/10012911109
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Resolving New Keynesian Anomalies with Wealth in the Utility Function
Michaillat, Pascal - 2018
wealth into the utility function; the justification is that wealth is a marker of social status, and people value status …. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of …
Persistent link: https://www.econbiz.de/10012911719
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The Changing (Dis-)Utility of Work
Kaplan, Greg - 2018
We study how changes in the distribution of occupations have affected the aggregate non-pecuniary costs and benefits of working. The physical toll of work is smaller now than in 1950, with workers shifting away from occupations in which people report experiencing tiredness and pain. The...
Persistent link: https://www.econbiz.de/10012916182
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Taking Time Use Seriously : Income, Wages and Price Discrimination
Hamermesh, Daniel S. - 2018
substitution among commodities in utility functions. We then use the evidence of price discrimination in product markets against …
Persistent link: https://www.econbiz.de/10012907139
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Manufactured Inequality
Rosen, Sherwin - 2021
income. Stratification and sorting often manifest state-dependent preferences in which the marginal utility of income … before location is chosen, the a priori von Neuman-Morgenstern utility function over both choices can take the Friedman …
Persistent link: https://www.econbiz.de/10013222217
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Procrastination and Impatience
Reuben, Ernesto; Zingales, Luigi; Sapienza, Paola - 2021
There is a large body of literature documenting both a preference for immediacy and a tendency to procrastinate. O'Donoghue and Rabin (1999a,b, 2001) and Choi et al. (2005) model these behaviors as the two faces of the same phenomenon. In this paper, we use a combination of lab, field, and...
Persistent link: https://www.econbiz.de/10013222925
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International Risk Sharing is Better than You Think (or Exchange Rates are Much Too Smooth)
Brandt, Michael W.; Cochrane, John H.; Santa-Clara, Pedro - 2021
Exchange rates depreciate by the difference between the domestic and foreign marginal utility growths. Exchange rates … vary a lot , as much as 10% per year. However, equity premia imply that marginal utility growths vary much more, by at … least 50% per year. This means that marginal utility growths must be highly correlated across countries -- international …
Persistent link: https://www.econbiz.de/10013222977