Job search and hyperbolic discounting: Structural estimation and policy evaluation

• 成果类型: Article
• 署名作者: Paserman, M. Daniele
• 署名单位: Boston University; Hebrew University of Jerusalem
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2008.02175.x
• 发表日期: 2008
• 页码: 1418-1452
• 关键词: randomized-trials; transition rate; unemployment; SANCTIONS; MODEL

摘要

This article estimates the degree of hyperbolic discounting in a job search model quantitatively, using data on unemployment spells and accepted wages from the NLSY. The results point to a substantial degree of hyperbolic discounting for low and medium wage workers. The structural estimates are then used to evaluate alternative policy interventions aimed at reducing unemployment. The estimated effects of a given policy can vary by up to 40%, depending on the assumed type of time discounting. Some interventions may raise the long-run utility of hyperbolic workers, and at the same time reduce unemployment duration and lower government expenditures.