作者：Bartling, Bjoern; Fehr, Ernst; Herz, Holger
作者单位：University of Zurich
摘要：Philosophers, psychologists, and economists have long argued that certain decision rights carry not only instrumental value but may also be valuable for their own sake. The ideas of autonomy, freedom, and liberty derive their intuitive appealat least partlyfrom an assumed positive intrinsic value of decision rights. Providing clean evidence for the existence of this intrinsic value and measuring its size, however, is intricate. Here, we develop a method capable of achieving these goals. The da...
作者：Guvenen, Fatih; Smith, Anthony A., Jr.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Yale University
摘要：This paper uses the information contained in the joint dynamics of individuals' labor earnings and consumption-choice decisions to quantify both the amount of income risk that individuals face and the extent to which they have access to informal insurance against this risk. We accomplish this task by using indirect inference to estimate a structural consumption-savings model, in which individuals both learn about the nature of their income process and partly insure shocks via informal mechanis...
