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The presence of a heavy truck on the road can impose an externality if accidents occur that would not have otherwise. We find each additional truck on the road increases the risk of a truck accident--but also, at an even higher rate, the risk of a car-on-car collision. Our estimates imply two...
Persistent link: https://www.econbiz.de/10012453920
We propose a simple model of trooper behavior to design empirical tests for whether troopers of different races are monolithic in their search behavior, and whether they exhibit relative racial prejudice in motor vehicle searches. Our test of relative racial prejudice provides a partial solution...
Persistent link: https://www.econbiz.de/10012467421
How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on households, we estimate the parameters of the demand for money derived from the generalized Baumol-Tobin model. Our data set contains information on average holdings of cash, on...
Persistent link: https://www.econbiz.de/10012472217
An important factor driving energy policy over the past two decades has been the Energy Paradox,' the perception that consumers apply unreasonably high hurdle rates to energy saving investments. We explore one possible explanation for this apparent puzzle: that realized returns fall short of the...
Persistent link: https://www.econbiz.de/10012472740
We investigate the stochastic relation between income and consumption (specifically, consumption of food) within a panel of about 2,000 households. Our major findings are: 1. Consumption responds much more strongly to permanent than to transitory movements of income. 2. The response to...
Persistent link: https://www.econbiz.de/10012478631
on household outcomes by developing and estimating an equilibrium job search model in which multiple household members …
Persistent link: https://www.econbiz.de/10012480294
This paper studies household financial choices in four euro area countries. The goal of the analysis is to understand …. The estimation of key parameters uses a simulated method of moments approach to match moments related to asset market … estimation are used to characterize the distributions of the marginal propensity to consume across households for each of the …
Persistent link: https://www.econbiz.de/10012480733
relative magnitudes in proportion with the predictions of theories. Incorporating survey measurement error in the estimation … of what benchmark finance theories predict. Because of the careful attention in the estimation to measurement error, the …
Persistent link: https://www.econbiz.de/10012480920
The classic Working-Leser household Engel curve is unpacked to reveal individual budget allocations across commodities … as a function of both individual and household total spending. Two main findings emerge on calibrating our model to an … unusual sub-household dataset for Senegal. First, for all except education spending, our results are consistent with the …
Persistent link: https://www.econbiz.de/10012482031
In response to the Covid-19 pandemic, many localities instituted non-essential business closure orders, keeping individuals categorized as essential workers at the frontlines while sending their non-essential counterparts home. We examine the extent to which being designated as an essential or...
Persistent link: https://www.econbiz.de/10012482592