The adoption decision for durable goods is intertemporal by definition. However, estimating utility and discount functions from revealed preference data using dynamic discrete choice models is difficult because of an inherent identification problem. To overcome this issue, we use stated...

Poor people have, on average, a higher marginal propensity to consume. One (out of many) possible explanations for this is that poverty affects impatience. This would have important implications for monetary and fiscal policy. While some macroeconomists simply assume lower individual discount...

In the past several decades the experimental method has lent deep insights into economics. One perhaps surprising area that has contributed is the experimental study of children, where advances as varied as the evolution of human behaviors that shape markets and institutions, to how early life...

Marriage data show a strong degree of positive assortative mating along a variety of attributes. But since marriage is an equilibrium outcome, it is unclear whether positive sorting is the result of preferences rather than opportunities. We assess the relative importance of preferences and...

The primary objective of this study is to examine the contribution of available information constrained by parents' fields of study to the observed assortative preferences in their children's choice of major. Comparable to panel models, we define within-family transmission functions with 1-to-2...

We consider a class of additively time-separable life-cycle consumption-savings models with iso-elastic per period power utility featuring resistance to inter-temporal substitution of θ with linear consumption policy functions. The utility maximization problem is dynamically inconsistent for...