-
作者：Skira, Meghan M.
作者单位：University System of Georgia; University of Georgia
摘要：This article formulates and estimates a dynamic discrete choice model of elder parent care and work to analyze how caregiving affects a woman's current and future labor force participation and wages. The model incorporates parental health changes, human capital accumulation, and job offer availability. The estimates indicate that women face low probabilities of returning to work or increasing work hours after a caregiving spell. I use the estimated model to simulate the caregiving, employment,...
-
作者：Boucher, Vincent
作者单位：Laval University
摘要：Homophily, or the fact that similar individuals tend to interact with each other, is a prominent feature of economic and social networks. I show that the equilibrium structure of homophily has empirical power. I build a strategic model of network formation, which produces a unique equilibrium network. Individuals have homophilic preferences and face capacity constraints on the number of links. I develop a novel empirical method, based on the shape of the equilibrium network, which allows for t...
-
作者：Brumm, Johannes; Grill, Michael; Kubler, Felix; Schmedders, Karl
作者单位：University of Zurich; European Central Bank; Swiss Finance Institute (SFI)
摘要：Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In this article, we investigate this collateral premium and its impact on asset returns in an infinite-horizon general equilibrium model with heterogeneous agents. We document that borrowing against collateral substantially increases the return volatility of long-lived assets. Moreover, otherwise identical assets with different degrees of collateralizability exhibit substantially ...
-
作者：Muehlenbachs, Lucija
作者单位：University of Calgary; Resources for the Future
摘要：The environmental remediation required to permanently decommission most industrial projects is an expensive, irreversible investment. Real options literature shows that temporary closure has value under uncertainty. However, even if there is no intention to restart operations, there is an incentive to label a closure as temporary to avoid having to remediate ongoing or future environmental externalities. I estimate a dynamic discrete choice model of closure under price and quantity uncertainty...
-
作者：Hamilton, James D.; Wu, Jing Cynthia
作者单位：University of California System; University of California San Diego; University of Chicago
摘要：We develop a simple model of futures arbitrage that implies that if purchases by commodity index funds influence futures prices, then the notional positions of the index investors should help predict excess returns in these contracts. We find no evidence that the positions of index traders in agricultural contracts as identified by the Commodity Futures Trading Commission can help predict returns on the near futures contracts. Although there is some support that these positions might help pred...
-
作者：Gervais, Martin; Jaimovich, Nir; Siu, Henry E.; Yedid-Levi, Yaniv
作者单位：University of Iowa; Duke University; National Bureau of Economic Research; University of British Columbia
摘要：The search-and-matching model of the labor market fails to match two important business cycle facts: (i) a high volatility of unemployment relative to labor productivity, and (ii) a mild correlation between these two variables. We address these shortcomings by focusing on technological learning-by-doing: the notion that it takes workers' time using a technology before reaching their full productive potential with it. We consider a novel source of business cycles, namely, fluctuations in the sp...
-
作者：Peer, Stefanie; Verhoef, Erik; Knockaert, Jasper; Koster, Paul; Tseng, Yin-Yen
作者单位：Vrije Universiteit Amsterdam; Vienna University of Economics & Business; Tinbergen Institute
摘要：Earlier studies on scheduling behavior have mostly ignored that consumers have more flexibility to adjust their schedule in the long run than in the short run. We introduce the distinction between long-run choices of travel routines and short-run choices of departure times, using data from a real-life peak avoidance experiment. We find that participants value travel time higher in the long-run context, supposedly because changes in travel time can be exploited better through the adjustment of ...
-
作者：Song, Minjae
摘要：In this article, I consider a new discrete choice model of differentiated product demand that distinguishes a brand-level differentiation from a product-level differentiation. The model is a hybrid of the random coefficient logit model of Berry etal. (Econometrica 63 (1995), 841-90) and the pure characteristics model of Berry and Pakes (International Economic Review 48 (2007), 1193-1225) and describes markets where firms offer multiple products of different qualities under the same brand name....
-
作者：Dillenberger, David; Segal, Uzi
作者单位：University of Pennsylvania; Boston University; University of Warwick
摘要：Machina (American Economic Review 99 (2009), 385-392; American Economic Review 104 (2014), 3814-40) lists a number of situations where Choquet expected utility, as well as other known models of ambiguity aversion, cannot capture plausible features of ambiguity attitudes. Most of these problems arise in choice over prospects involving three or more outcomes. We show that the recursive nonexpected utility model of Segal (International Economic Review 28 (1987), 175-202) is rich enough to accommo...
-
作者：Bruze, Gustaf
作者单位：Aarhus University
摘要：A collective marriage matching model is estimated and calibrated to quantify the share of returns to schooling that is realized through marriage. The predictions of the model are matched with detailed Danish household data on the relationship between schooling and wage rates, the division of time and goods within the household, and the extent to which men and women sort positively on several traits in marriage. Counterfactual analysis conducted with the model suggests that Danish men and women...
