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Статті в журналах з теми "Intertemporal models of household choices"
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Weber, Michael, Francesco D’Acunto, Yuriy Gorodnichenko, and Olivier Coibion. "The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Implications." Journal of Economic Perspectives 36, no. 3 (August 1, 2022): 157–84. http://dx.doi.org/10.1257/jep.36.3.157.
Повний текст джерелаАнотація:
Households’ and firms’ subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households’ and firms’ economic choices in the data and help us make sense of the observed heterogeneous reactions to business-cycle shocks and policy interventions. We conclude by highlighting the relevant open questions and why tackling them is important for academic research and policymaking.
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Khalid, Mahmood, Wasim Shahid Malik, and Abdul Sattar. "The Fiscal Reaction Function and the Transmission Mechanism for Pakistan." Pakistan Development Review 46, no. 4II (December 1, 2007): 435–47. http://dx.doi.org/10.30541/v46i4iipp.435-447.
Повний текст джерелаАнотація:
Modern macroeconomics literature emphasises both the short run and long run objectives of fiscal policy [Romer (2006)]. In the short run it can be used to counter output cyclicality and/or stabilise volatility in macro variables, which is descriptively same as of effects of the short run monetary policy. Further for the long-run, fiscal policy can also affect both the demand and supply side of the economy. But in most traditional analyses it is assumed that fiscal policy would adjust to ensure the intertemporal budget constraint to be satisfied, while monetary policy is free to adjust its instruments [‘Ricardian Regime’ by Sargent (1982)] such as stock of money supply or the nominal interest rate [Walsh (2003)]. The debt financing methods, expenditure and tax powers of fiscal authorities i.e. the fiscal policy has also been seen as to affect both the supply and demand side of the economy. As noted by Baxter and King (1993), the initial Real Business Cycle models had only the supply side effects of the fiscal policy, where these were transmitted through the wealth effect and labourleisure choices of the household. Recently also New-Keynesian type models with micro-foundations and sticky prices argue that still through the supply side fiscal policy management could be accorded for stabilisation [Linnemann and Schabert (2003)]. The demand side effects of the fiscal policy could also be found only with more imperfections such as ‘Rule of Thumb’ consumers or those with liquidity constraints, which lead to exclusion of Ricardian equivalence [Gali, et al. (2005)]. But all that depends on the structure of the economy, as Blanchard and Perotti (2002) stated:
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Chiappori, Pierre-Andre, and Maurizio Mazzocco. "Static and Intertemporal Household Decisions." Journal of Economic Literature 55, no. 3 (September 1, 2017): 985–1045. http://dx.doi.org/10.1257/jel.20150715.
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We discuss the most popular static and dynamic models of household behavior. Our main objective is to explain which aspects of household decisions different models can account for. Using this insight, we describe testable implications, identification results, and estimation findings obtained in the literature. Particular attention is given to the ability of different models to answer various types of policy questions. (JEL D11, D13, D15, I38)
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Chen, M. Keith. "The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets." American Economic Review 103, no. 2 (April 1, 2013): 690–731. http://dx.doi.org/10.1257/aer.103.2.690.
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Languages differ widely in the ways they encode time. I test the hypothesis that the languages that grammatically associate the future and the present, foster future-oriented behavior. This prediction arises naturally when well-documented effects of language structure are merged with models of intertemporal choice. Empirically, I find that speakers of such languages: save more, retire with more wealth, smoke less, practice safer sex, and are less obese. This holds both across countries and within countries when comparing demographically similar native households. The evidence does not support the most obvious forms of common causation. I discuss implications for theories of intertemporal choice. (JEL D14, D83, E21, I12, J26, Z13)
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Lu, Wei, Yuwei Zhou, Li Sunny Pan, and Yuhao Zhao. "Hungry people cannot take care of their future: impact of hunger on intertemporal choice." Journal of Contemporary Marketing Science 2, no. 3 (December 17, 2019): 233–45. http://dx.doi.org/10.1108/jcmars-02-2019-0014.
Повний текст джерелаАнотація:
Purpose People often need to make intertemporal choices in their daily life, such as savings and spending, but their decisions are not always entirely rational. The purpose of this paper is to study the effect of hunger on intertemporal choices and the moderating effect of sensitivity to reward. Design/methodology/approach Two studies verified these two hypotheses. The first study confirmed the existence of the main effect by manipulating food aroma. In the second study, by manipulating hunger with images, the authors increased external validity of the study and confirmed the regulation of the sensitivity of rewards. Findings The authors found that hungry people prefer to reap the benefits as early as possible in an intertemporal choice; this effect is significant only for those people who are sensitive to reward. Practical implications The research contributes to understand more about which factors will influence Chinese residents’ decisions on savings and spending. It also has practical implication for government policy, for example, proposing new ideas for reducing household savings rate and stimulating consumption. Originality/value The results confirmed that hunger significantly affects consumers’ intertemporal choices, which broadened the scope of researches on the factors that influence intertemporal choice, and advanced the study on the influence of individual’s physiological state on intertemporal choices. This study filled the gaps in previous researches, and opened up new research ideas for interdisciplinary study.
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Mazzocco, Maurizio, Claudia Ruiz, and Shintaro Yamaguchi. "Labor Supply and Household Dynamics." American Economic Review 104, no. 5 (May 1, 2014): 354–59. http://dx.doi.org/10.1257/aer.104.5.354.
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Using the Panel Study of Income Dynamics, we provide evidence that to understand household decisions and evaluate policies designed to affect individual welfare, it is important to add an intertemporal dimension to the by-now standard static collective models of the household. Specifically, we document that the observed differences in labor supply by gender and marital status do not arise suddenly at the time of marriage, but rather emerge gradually over time. We then propose an intertemporal collective model that has the potential of explaining the observed patterns.
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Voena, Alessandra. "Yours, Mine, and Ours: Do Divorce Laws Affect the Intertemporal Behavior of Married Couples?" American Economic Review 105, no. 8 (August 1, 2015): 2295–332. http://dx.doi.org/10.1257/aer.20120234.
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This paper examines how divorce laws affect couples' intertemporal choices and well-being. Exploiting panel variation in US laws, I estimate the parameters of a model of household decision-making. Household survey data indicate that the introduction of unilateral divorce in states that imposed an equal division of property is associated with higher household savings and lower female employment, implying a distortion in household assets accumulation and a transfer toward wives whose share in household resources is smaller than the one of their husband. When spouses share consumption equally, separate property or prenuptial agreements can reduce distortions and increase equity. (JEL D13, D14, D91, J12, J16, K36)
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Christelis, Dimitris, Dimitris Georgarakos, Tullio Jappelli, Luigi Pistaferri, and Maarten van Rooij. "Asymmetric Consumption Effects of Transitory Income Shocks*." Economic Journal 129, no. 622 (May 17, 2019): 2322–41. http://dx.doi.org/10.1093/ej/uez013.
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Abstract We use the responses of a representative sample of Dutch households to survey questions that ask how much their consumption would change in response to unexpected, transitory income shocks (positive or negative). The questionnaire also distinguishes between relatively small income changes (a one-month increase or drop in income), and relatively larger ones (equal to three-months' income). The results are broadly in line with models of intertemporal choice with precautionary saving, borrowing constraints and finite horizons.
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Imas, Alex, Michael A. Kuhn, and Vera Mironova. "Waiting to Choose: The Role of Deliberation in Intertemporal Choice." American Economic Journal: Microeconomics 14, no. 3 (August 1, 2022): 414–40. http://dx.doi.org/10.1257/mic.20180233.
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We study the impact of deliberation on intertemporal choices. Using multiple experiments, including a field study in the Democratic Republic of the Congo, we show that the introduction of waiting periods—a policy that temporally separates information about choices from choices themselves—causes substantially less myopic decisions. These results cannot be captured by models of exponential discounting nor present bias. Comparing the effects of waiting periods to making planned choices over future time periods, the former has a larger impact on reducing myopia. Our results highlight the role of deliberation in decision-making and have implications for policy and intervention design. (JEL C93, D12, D83, D91, O12)
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Foerde, Karin, Bernd Figner, Bradley B. Doll, Isabel C. Woyke, Erin Kendall Braun, Elke U. Weber, and Daphna Shohamy. "Dopamine Modulation of Intertemporal Decision-making: Evidence from Parkinson Disease." Journal of Cognitive Neuroscience 28, no. 5 (May 2016): 657–67. http://dx.doi.org/10.1162/jocn_a_00929.
Повний текст джерелаАнотація:
Choosing between smaller prompt rewards and larger later rewards is a common choice problem, and studies widely agree that frontostriatal circuits heavily innervated by dopamine are centrally involved. Understanding how dopamine modulates intertemporal choice has important implications for neurobiological models and for understanding the mechanisms underlying maladaptive decision-making. However, the specific role of dopamine in intertemporal decisions is not well understood. Dopamine may play a role in multiple aspects of intertemporal choices—the valuation of choice outcomes and sensitivity to reward delays. To assess the role of dopamine in intertemporal decisions, we tested Parkinson disease patients who suffer from dopamine depletion in the striatum, in either high (on medication, PDON) or low (off medication, PDOFF) dopaminergic states. Compared with both PDOFF and healthy controls, PDON made more farsighted choices and reduced their valuations less as a function of increasing time to reward. Furthermore, reduced discounting in the high dopaminergic state was robust across multiple measures, providing new evidence for dopamine's role in making decisions about the future.
Дисертації з теми "Intertemporal models of household choices"
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Menon, Martina. "Theory and models of family behaviour : labour participation, household production, and fertility choices." Thesis, University of York, 2007. http://etheses.whiterose.ac.uk/14092/.
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Daminato, Claudio. "Structural models for policy evaluation and intertemporal individual choices." Doctoral thesis, 2016. http://hdl.handle.net/11562/936331.
Повний текст джерелаАнотація:
Questa tesi si compone di tre capitoli dove viene considerato un approccio strutturale al fine di condurre analisi empirica.
Il primo capitolo studia i meccanismi attraverso i quali variazioni inattese nei salari e nei rendimenti delle attivita' presenti nel portafogli delle famiglie hanno un impatto sulle loro scelte di consumo e lavoro, in un contesto di ciclo di vita con due lavoratori, proprieta' immobiliari e preferenze flessibili. Deriviamo un microfondamento del cosiddetto "wealth effect" su consumi e lavoro delle famiglie, sottolineando l'importanza delle dinamiche presenti all'interno delle famiglie per determinare l'offerta di lavoro. I risultati forniscono evidenza di preferenze non separabili tra consumo, servizi dalla casa e ore di lavoro dei due lavoratori, mostrando come le dinamiche di lavoro familiari siano un'importante determinante della risposta delle famiglie a variazioni inattese nelle loro risorse.
Il secondo capitolo considera il ruolo della conoscenza finanziaria delle famiglie nella relazione tra le loro scelte ed il sistema pensionistico, utilizzando un modello strutturale con scelte di consumo, allocazione della ricchezza ed investimento in conoscenza finanziaria, dove quest'ultima ha un impatto sul segnale ricevuto dalle famiglie riguardo ai futuri assegni pensionistici. Il modello calibrato e' utilizzato per mostrare come la presenza di eterogeneita' endogena nell'accumulazione di conoscenza finanziaria aiuti a spiegare effetti eterogenei in forma ridotta di riforme delle pensioni tra famiglie con diverse esperienze di reddito nel corso del ciclo di vita.
Il terzo capitolo propone una combinazione di metodi di valutazione d'impatto ex-ante ed ex-post al fine di condurre l'analisi di politiche pensionistiche. La variazione esogena derivante da importanti riforme delle pensioni, introdotte in Italia all'inizio degli anni novanta, e' usata per validare un modello strutturale di ciclo di vita che utilizzo per studiare la determinazione congiunta di ricchezza pensionistica, consumi, scelta di portafogli e decisione di pensionamento. In particolare, stimo i parametri strutturali del modello replicando gli effetti della riforma stimati nei dati reali su consumi, accumulazione della ricchezza e partecipazione ai mercati finanziari, con i corrispondenti effetti stimati utilizzando i dati simulati dal modello economico. Il modello stimato e' usato per condurre analisi di welfare ed un esercizio di valutazione ex-ante.This thesis consists of three papers employing a structural approach to conduct empirical analysis. The first chapter explores how shocks to wages and asset returns affect consumption and labor supply decisions of households in a life-cycle setting with two earners, housing and flexible preferences. We provide a microfoundation of the wealth effect on consumption and labor supply, and highlight the importance of family labor supply in understanding the response of households to shocks to the financial markets. The results provide evidence of non-separability between non durable consumption, housing services and hours of the two earners, and show how family labor supply is an important determinant of the response of households to shocks. The second chapter considers the role of financial literacy in the interplay between social security and households decisions using a fully structural model of consumption, portfolio choice and investment in financial literacy, where financial literacy impacts the precision of the signal about future pension benefits. We use the model to show how the introduction of investment in financial literacy helps to explain reduced form evidence about heterogeneous effects of pension reforms among households facing different earnings risks over the life-cycle. The third chapter proposes a combination of ex-ante and ex-post evaluation methods to conduct pension policy analysis. I exploit exogenous variation coming from pension reforms introduced in Italy in the nineties to validate a structural life-cycle model for the joint interplay of social security, consumption, portfolio choice and endogenous retirement. I estimate the structural parameters of the model by matching the effects of the reform on consumption, asset accumulation and participation to the financial markets estimated from actual data employing a diff-in-diff identification strategy, with the corresponding effects from simulated data. The estimated model is used to conduct welfare analysis and an ex-ante policy experiment.
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Fernandes, Nuno Filipe Rocha. "Intertemporal choices: framing effect on household food waste." Master's thesis, 2020. http://hdl.handle.net/10071/20868.
Повний текст джерелаАнотація:
Food waste has several long-term implications for the environmental, economic, and social domains, with households assuming the major responsibility for these losses. Specifically, the fear of not being a “good” provider is linked to an over-serving behaviour. Despite literature suggesting that this over-serving behaviour could be due to a risk aversion effect towards facing status losses, this was never experimentally tested. So, we hypothesized that status losses would prevent people from reducing their served food quantities, and that this would be explained by a higher risk aversion towards these immediate losses. To accomplish that, 126 participants were presented with binary choice paradigms regarding hypothetical food quantities options (cook just the enough food vs cook more than the enough food). In a within-subjects design, where each of these two options were accompanied by a description of its possible consequences relatively to two different specific domains (environmental, economic, social, and status), we manipulated the temporal framing perspective of those consequences (immediate losses and delayed gains vs immediate gains and delayed losses). The results show that the salience of the status losses increased the served food quantities, while temporal effect had no significant effect in this relationship. Overall, our findings open a path for other researchers to explore the household food waste from an empirically perspective, as well as these have practical implications for consumers, for packaged goods managers, and for public policy officials, since these findings may be a useful insight towards the designing of effective food waste reduction nudging interventions.O desperdício alimentar acarreta implicações a longo prazo em termos ambientais, económicos, e sociais, sendo as famílias os principais responsáveis. O medo de não ser um “bom” anfitrião está associado a um comportamento de preparar comida em excesso. A literatura sugere que este comportamento poder-se-á dever a um efeito de aversão ao risco face às perdas de estatuto, contudo isto nunca foi testado experimentalmente. Desta forma, hipotetizámos que as perdas de estatuto impediriam a redução das quantidades de comida servida, sendo isto explicado por uma aversão ao risco superior para perdas imediatas. Assim, 126 participantes foram apresentados com paradigmas de escolhas binárias relativamente a opções hipotéticas de escolhas de quantidades de comida (cozinhar à justa vs cozinhar de sobra). Num desenho intra-sujeitos, estas duas opções foram acompanhadas por uma descrição das suas possíveis consequências relativamente a dois domínios específicos diferentes (ambiental, económico, social, e de estatuto), sendo manipulado o enquadramento temporal dessas mesmas consequências (perdas imediatas e ganhos futuros vs ganhos imediatos e perdas futuras). Os resultados mostram que as perdas de estatuto aumentaram as quantidades de comida servida, enquanto que o efeito temporal não teve um efeito significativo nesta relação. As nossas descobertas possibilitam que outros investigadores explorem o desperdício alimentar doméstico do ponto de vista empírico, assim como têm implicações práticas para os consumidores, para os responsáveis por mercadorias embaladas, e para os oficiais de políticas públicas, uma vez que poderão ser um insight útil para o desenho de intervenções com vista à redução do desperdício alimentar.
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Burress, David Anthony. "The interest elasticity of household savings under selected models of intertemporal optimization a microeconomic method /." 1985. http://catalog.hathitrust.org/api/volumes/oclc/12679233.html.
Повний текст джерелаАнотація:
Thesis (Ph. D.)--University of Wisconsin--Madison, 1985.Typescript. Vita. eContent provider-neutral record in process. Description based on print version record. Includes bibliographical references (leaves 214-221).
Книги з теми "Intertemporal models of household choices"
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Intertemporal macroeconomic models, money and rational choices. New York: St. Martin's Press, 2000.
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Attanasio, Orazio P. intertemporal consumption choices, transaction costs and limited participation to financial markets: Reconciling data and theory. Cambridge, Mass: National Bureau of Economic Research, 2006.
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Kotlikoff, Laurence J. How regional differences in taxes and public goods distort life cycle location choices. Cambridge, MA: National Bureau of Economic Research, 1991.
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Chirichiello, Giuseppe. Intertemporal Macroeconomic Models, Money and Rational Choices. Palgrave Macmillan, 2000.
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Chirichiello, Giuseppe. Intertemporal Macroeconomic Models, Money and Rational Choices. Palgrave Macmillan, 2000.
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Chirichiello, Giuseppe. Intertemporal Macroeconomic Models, Money and Rational Choices. Palgrave Macmillan Limited, 2000.
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Egger, Eva-Maria, Aslihan Arslan, and Emanuele Zucchini. Does connectivity reduce gender gaps in off-farm employment? Evidence from 12 low- and middle-income countries. 3rd ed. UNU-WIDER, 2021. http://dx.doi.org/10.35188/unu-wider/2021/937-2.
Повний текст джерелаАнотація:
Gender gaps in labour force participation in developing countries persist despite income growth or structural change. We assess this persistence across economic geographies within countries, focusing on youth employment in off-farm wage jobs. We combine household survey data from 12 low- and middle-income countries in Asia, Latin America, and sub-Saharan Africa with geospatial data on population density, and estimate simultaneous probit models of different activity choices across the rural-urban gradient. The gender gap increases with connectivity from rural to peri-urban areas, and disappears in high-density urban areas. In non-rural areas, child dependency does not constrain young women, and secondary education improves their access to off-farm employment. The gender gap persists for married young women independent of connectivity improvements, indicating social norm constraints. Marital status and child dependency are associated positively with male participation, and negatively with female participation; other factors such as education are show a positive association for both sexes. These results indicate entry points for policy.
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O'Donoghue, Cathal. Practical Microsimulation Modelling. Oxford University Press, 2021. http://dx.doi.org/10.1093/oso/9780198852872.001.0001.
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The purpose of this book is to bring together for the first time a description, with examples, of the main methods used in microsimulation modelling, used in the field of income-distribution analysis. The book provides a practical complement to the Handbook of Microsimulation Modelling, published in 2014. It is structured to develop and use the different types of models used in the field, with a focus on household-targeted policy. The book aims to fill a gap in the literature in providing a greater degree of codified knowledge through a practical guide to developing and using microsimulation models. At present, the training of researchers and analysts that use and develop microsimulation modelling is done on a relatively ad-hoc basis through occasional training programmes and lecture series, built around lecture notes. This book would enable a more formalized and organized approach. Each chapter addresses a separate modelling approach in a similar, consistent way, describing in practical terms the key methodological skills for each approach: · It provides some policy context to each modelling approach so as to understand the modelling choices made and structures developed. · As a very data-intensive modelling approach, each chapter describes key data analysis and data-preparation methods. · As a modelling approach that is used extensively for deciding policy, often involving huge budgets, validation is key. Each chapter describes an approach to validating the model. · Depending upon the policy context, the analysis is assessed in different ways. Each chapter contains a section devoted to measurement issues and tabulating output from the models. · Last, each chapter contains an example simulation of a policy analysis using the chapter’s methodological approach.
Частини книг з теми "Intertemporal models of household choices"
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Maturo, Fabrizio, Viviana Ventre, and Angelarosa Longo. "On Consistency and Incoherence in Analytical Hierarchy Process and Intertemporal Choices Models." In Models and Theories in Social Systems, 327–42. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-030-00084-4_18.
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Fehr, Hans, and Fabian Kindermann. "The static general equilibrium model." In Introduction to Computational Economics Using Fortran. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198804390.003.0007.
Повний текст джерелаАнотація:
Our first application is the static general equilibrium model. The model is called static since intertemporal aspects, such as savings and investment, are excluded by assumption. Consequently the capital stock of the economy is constant and we concentrate on the intersectoral allocation of resources and labour–leisure choices. In this chapter, we start the discussion with the most simple model structure and then successively introduce additional complexities, like government activity, intermediate goods production, or international trade. The most simple model structure comprises a closed economy with a representative consumer who supplies labour and capital in fixed amounts which are used by firms to produce two consumption goods. Section 3.1.1 develops the so-called ‘command optimum’ using this basic model. This is the allocation that would be chosen by a social planner who knows endowments, technologies, and preferences. After that we compare the command optimum to the allocation in a market economy. Then we introduce variable labour supply and government activities. The representative household supplies his endowment of capital .K̅ and labour .L̅ to the firms which use these inputs to produce output Y1 and Y2 of goods 1 and 2. Household consumption is denoted by X1 and X2 respectively. The economic problem is to allocate the scarce factor resources K and L to the two different types of firms in order to produce an output combination which maximizes the utility of the representative household. The latter is called an efficient allocation. In order to find the efficient allocation we first have to specify preferences and technologies.
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Fehr, Hans, and Fabian Kindermann. "The life-cycle model and intertemporal choice." In Introduction to Computational Economics Using Fortran. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198804390.003.0009.
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The discussion in the Chapters 3 and 4 centred around static optimization problems.The static general equilibrium model of Chapter 3 features an exogenous capital stock and Chapter 4 discusses investment decisions with risky assets, but in a static context. In this chapter we take a first step towards the analysis of dynamic problems. We introduce the life-cycle model and analyse the intertemporal choice of consumption and individual savings. We start with discussing the most basic version of this model and then introduce labour-income uncertainty to explain different motives for saving. In later sections, we extended the model by considering alternative savings vehicles and explain portfolio choice and annuity demand. Throughout this chapter we follow a partial equilibrium approach, so that factor prices for capital and labour are specified exogenously and not determined endogenously as in Chapter 3. This section assumes that households can only save in one asset. Since we abstract from bequest motives in this chapter, households do save because they need resources to consume in old age or because they want to provide a buffer stock in case of uncertain future outcomes.The first motive is the so-called old-age savings motive while the second is the precautionary savings motive. In order to derive savings decisions it is assumed in the following that a household lives for three periods. In the first two periods the agent works and receives labour income w while in the last period the agent lives from his accumulated previous savings. In order to derive the optimal asset structure a2 and a3 (i.e. the optimal savings), the agent maximizes the utility function . . . U(c1, c2, c3) = u(c1) + βu(c2) + β2u(c3) . . . where β denotes a time discount factor and u(c) = c1−1/γ /1−1/γ describes the preference function with γ ≥ 0 measuring the intertemporal elasticity of substitution.
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Rupert, Peter, and Randall Wright. "Estimating the Intertemporal Elasticity of Substitution in a Model with Household Production: Implications for Macroeconomics." In Panel Data and Structural Labour Market Models, 171–95. Emerald Group Publishing Limited, 2000. http://dx.doi.org/10.1108/s0573-8555(2000)0000243012.
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Doepke, Matthias, and Fabian Kindermann. "Intrahousehold Decision Making and Fertility." In Demographic Change and Long-Run Development. The MIT Press, 2017. http://dx.doi.org/10.7551/mitpress/9780262036627.003.0007.
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This chapter analyzes the implications of modeling fertility choices as outcomes of intrahousehold conflict and bargaining. It argues for a reformulation of fertility theories that are embedded in more realistic theories of household formation and joint decision making within the household. Empirical evidence suggests that disagreement regarding fertility choices is commonplace. In addition to a level difference in the desired fertility of women and men, there is evidence of considerable heterogeneity across households. The data on fertility preferences suggests at least the possibility that within-household disagreement on fertility is an important determinant of fertility outcomes. The chapter also shows how the vast majority of economic models of fertility have been based on a unitary model of the household, where the household is conceived as a single entity with a single utility function.
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Chu, C. Y. Cyrus. "Income-Specific Population Models: Steady States and Comparative Dynamics." In Population Dynamics. Oxford University Press, 1998. http://dx.doi.org/10.1093/oso/9780195121582.003.0008.
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I mentioned in chapter 1 that the standard new household economics model of fertility, derived and modified by Becker (1960), DeTray (1973), Willis (1973), and later followers, emphasized the parental choices and tradeoffs between the quantity and the quality of their children. As Becker (1960) pointed out, one motivation for the new household economics approach to fertility decisions is to construct a demand-side household-decision structure to replace Malthus’s out-of-date supply-side population theory. The fertility decision theory along these lines has been called by Schultz (1981, 1988) and Dasgupta (1995) the demand-side demography theory. One difference between the demand-side demography theory and the classical Malthusian theory is that the former approach emphasized the static decision of a micro agent, whereas the Malthusian theory described the macro dynamic pattern of the population. Thus, from a theoretical point of view, the development of the demand-side demography lacks a macro dynamic counterpart. In this chapter I shall establish a macro dynamic population theory based on a fairly general version of Becker’s and others’ static setup of fertility demand. Once we shift our focus to the household fertility decision, it is natural that the household economic variables that affect female fertility decisions, such as her wages, family income, or the opportunity cost of babysitting, will become important explanatory variables of aggregate demographic patterns. Given that the fluctuation of mortality is no longer significant in recent years and that human fertility decisions are largely affected by the above-mentioned household economic variables, then in order to explain the aggregate pattern of population movement, it is natural to classify people by these economic variables rather than by ages. This is another motivation for the derivation of a non-age-specific stable population theory. As we focus upon the macro dynamic implications of Becker’s micro static fertility decision model, it is convenient to ignore sex differences and suppress the age structure of a person by assuming that everyone lives two periods, young and old. This is very much the same as the one-sex Samuelsonian (1958) overlapping-generation model: individuals who remain in the parental household are called young; they become old when they form their own families.
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Fehr, Hans, and Fabian Kindermann. "Life-cycle choices and risk." In Introduction to Computational Economics Using Fortran. Oxford University Press, 2018. http://dx.doi.org/10.1093/oso/9780198804390.003.0015.
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The optimal savings and investment decisions of households along the life cycle were a central issue in Chapter 5. There, savings decisions were made under various forms of risks.However, we restricted our analysis to three period models owing to the limitations of the numerical all-in-one solution we used. In this chapter we want to take a different approach. Applying the dynamic programming techniques learned so far allows us to separate decision-making at different stages of the life cycle into small sub-problems and therefore increase the number of periods we want to look at enormously. This enables us to take amuchmore detailed look at how life-cycle labour supply, savings, and portfolio choice decisions are made in the presence of earnings, investment, and longevity risk. Unlike in Chapter 9, the models we study here are partial equilibrium models. Hence, all prices as well as government policies are exogenous and do not react to changes in household behaviour. This chapter is split into two parts. The first part focuses on labour supply and savings decisions in the presence of labour-productivity and longevity risk. Insurance markets against these risks are missing, such that households will try to self-insure using the only savings vehicle available, a risk-free asset. This model is a quite standard workhorse model in macroeconomics and a straightforward general equilibrium extension exists, the overlapping generations model, which we study in Chapter 11. In the second part of the chapter, we slightly change our viewpoint and look upon the problem of life-cycle decision-making from a financial economics perspective. We therefore exclude laboursupply decisions, but focus on the optimal portfolio choice of households along the life cycle, when various forms of investment vehicles like bonds, stocks, annuities, and retirement accounts are available. This section is devoted to analysing consumption and savings behaviour when households face uncertainty about future earnings and the length of their life span. We study how households can use precautionary savings in a risk-free asset as a means to selfinsure against the risks they face. While in our baseline model we assume that agents always work full-time, we relax this assumption later on by considering a model with endogenous labour supply as well as a model with a labour-force participation decision of second earners within a family context.
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Heng, Lim Poh, Lu Dong Wen, and Tan Huc Huey. "Regulation of Violence in MMORPG." In Understanding the Interactive Digital Media Marketplace, 349–67. IGI Global, 2012. http://dx.doi.org/10.4018/978-1-61350-147-4.ch028.
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This chapter looks at the MMORPG market, the impact of prolonged exposure to violent game content on children and reviews the current regulatory measures in Singapore. Complementary strategies, apart from legislation and censorship, empower all stakeholders to manage the risks while promoting the growth of the digital game industry in Singapore are recommended. It is hoped that the range of strategies will adequately ensure that children are protected while they develop the skills and capacity to make responsible choices. With the trend moving towards online distribution of game software, increasing household broadband access to the Internet and increasing connectivity via mobile devices, the extent and frequency with which the young are accessing and engaging with violent game content online in MMORPGs needs urgent attention from the authorities and society at large. Regulatory measures based on the film censorship model should be re-considered to address business models that leverage the ubiquitous outreach afforded by the Internet. The game industry, parents, and the society at large should be more participative in influencing the direction for game content development.
Звіти організацій з теми "Intertemporal models of household choices"
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Pendakur, Krishna, Chris Muris, and Irene Botosaru. Intertemporal Collective Household Models: Identification in Short Panels with Unobserved Heterogeneity in Resource Shares. The IFS, June 2020. http://dx.doi.org/10.1920/wp.cem.2020.2620.
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