Beliefs are important determinants of an individual's choices and economic outcomes, so understanding how they differ across individuals is of considerable interest. Researchers often rely on surveys that report individual expectations as qualitative data. We propose using a Bayesian...

Beliefs are important determinants of an individual's choices and economic outcomes, so understanding how they differ across individuals is of considerable interest. Researchers often rely on surveys that report individual expectations as qualitative data. We propose using a Bayesian...

Most empirical studies on liquidity constraints classify a consumer as being constrained on the basis of a single indicator such as the asset to income ratio. In this analysis, we model the probability that a consumer faces liquidity constraints as a function of multiple social and economic...