作者：Blevins, Jason R.; Senney, Garrett T.
作者单位：University System of Ohio; Ohio State University; United States Department of the Treasury; Office of the Comptroller of the Currency
摘要：This paper develops a dynamic model of consumer search that, despite placing very little structure on the dynamic problem faced by consumers, allows us to exploit intertemporal variation in price distributions to estimate the distribution from which consumer search costs are initially drawn. We show that static approaches to estimating this distribution may suffer from dynamic sample selection bias. This can happen if consumers are forward-looking and delay their purchases in a way that system...
作者：Hoffmann, Florian
作者单位：University of British Columbia
摘要：The dispersion of individual returns to experience, often referred to as heterogeneity of income profiles (HIP), is a key parameter in empirical human capital models, in studies of life-cycle income inequality, and in heterogeneous agent models of life-cycle labor market dynamics. It is commonly estimated from age variation in the covariance structure of earnings. In this study, I show that this approach is invalid and tends to deliver estimates of HIP that are biased upward. The reason is tha...
