Habit Formation And Keeping Up With The Joneses
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Author | : Enrichetta Ravina |
Publisher | : |
Total Pages | : 0 |
Release | : 2019 |
Genre | : |
ISBN | : |
This paper provides evidence of habit persistence in household consumption choices. I find that the strength of external habit, captured by the fraction of the consumption of the reference group that enters the utility function, is 0.290, and the strength of internal habit, represented by household past consumption, is 0.503. The results are robust to controlling for various measures of economic activity, tests for the presence of aggregate shocks, liquidity constraints, precautionary saving motives, and learning. Aggregation of the Euler equations as a weighted average of individual marginal rates of substitution accounts for heterogeneity and market incompleteness and preserves the results.
Author | : Chonghyun Byun |
Publisher | : |
Total Pages | : 238 |
Release | : 2005 |
Genre | : Consumption (Economics) |
ISBN | : |
Author | : Christian Pierdzioch |
Publisher | : |
Total Pages | : 24 |
Release | : 2003 |
Genre | : |
ISBN | : |
Author | : Itzhak Venezia |
Publisher | : World Scientific |
Total Pages | : 395 |
Release | : 2016-10-27 |
Genre | : Business & Economics |
ISBN | : 9813100109 |
This unique volume presents new original research exploring factors that lead to investors behavioral biases. It discusses how features such as professionalism, sophistication, gender, media, and culture influence investors' decision-making in general, and in particular, how they generate (or limit) behavioral and cognitive biases. The effects of these factors on capital markets are also discussed. The book is based on the discussions and presentations at the First Israel Behavioral Finance Conference, which took place in Tel Aviv in May 2015. It examines in greater detail some of the key issues discussed at the conference.This is an innovative book in behavioral finance: it is the first to present an extensive collection of papers which discuss a comprehensive array of factors that influence or define investor character and analyzes these factors' effects on financial markets. The book is useful for readers interested in understanding the factors that influence investors' profiles and thus their behavioral biases. The book will be of great interest to researchers and students seeking a reference book which contains timely research on these areas of behavioral finance.
Author | : Klaus Schmidt-Hebbel |
Publisher | : World Bank Publications |
Total Pages | : 184 |
Release | : 1997-01-01 |
Genre | : Business & Economics |
ISBN | : 9780821338520 |
World Bank Technical Paper No. 349. The Bank's approach to water resources development has shifted from one of construction activities to one of improved management quality, creating a new generation of water-related projects and the need for new evaluation procedures. This paper addresses the methodology for economic evaluation of this new group of projects and draws on the experience of the recently approved Mexico Water Resources Management project.
Author | : National Bureau of Economic Research |
Publisher | : MIT Press |
Total Pages | : 508 |
Release | : 2005 |
Genre | : Business & Economics |
ISBN | : 9780262572293 |
Papers by leading researchers consider such questions as the effect of government debt on interest rates; technology shocks, demand shocks, and output volatility; and procyclical macroeconomic policies in developing countries.
Author | : Riccardo Rebonato |
Publisher | : |
Total Pages | : 362 |
Release | : 2023-12-04 |
Genre | : Business & Economics |
ISBN | : 1009404997 |
Caught in the crossfire between climate deniers and catastrophists, the intelligent layperson is understandably bewildered when faced with the complexity of climate change. How To Think About Climate Change shows that economics provides not just a suitable, but an indispensable perspective to understand the root causes of the climate-change problem: scarcity of resources, externalities and free riding. Riccardo Rebonato argues that there are no silver bullets or easy solutions. However, he shows that the new-generation economics models offer a radically different insight about our best course of action from what most early models recommended - in particular, they suggest that fast and large-scale climate action can now be justified as the most cost-effective strategy without requiring the 'infinite altruism' of earlier models. Given the conceptual tools provided in this book, readers can decide whether they agree with these conclusions - and, if they do, what the most effective courses of action are.
Author | : Claus Munk |
Publisher | : Oxford University Press, USA |
Total Pages | : 598 |
Release | : 2013-04-18 |
Genre | : Business & Economics |
ISBN | : 0199585490 |
The book presents models for the pricing of financial assets such as stocks, bonds, and options. The models are formulated and analyzed using concepts and techniques from mathematics and probability theory. It presents important classic models and some recent 'state-of-the-art' models that outperform the classics.
Author | : Rajnish Mehra |
Publisher | : Elsevier |
Total Pages | : 635 |
Release | : 2011-08-11 |
Genre | : Business & Economics |
ISBN | : 0080555853 |
Edited by Rajnish Mehra, this volume focuses on the equity risk premium puzzle, a term coined by Mehra and Prescott in 1985 which encompasses a number of empirical regularities in the prices of capital assets that are at odds with the predictions of standard economic theory.
Author | : Amitai Etzioni |
Publisher | : Springer |
Total Pages | : 312 |
Release | : 2018-01-08 |
Genre | : Philosophy |
ISBN | : 3319696238 |
This book is open access under a CC BY 4.0 license. This timely book addresses the conflict between globalism and nationalism. It provides a liberal communitarian response to the rise of populism occurring in many democracies. The book highlights the role of communities next to that of the state and the market. It spells out the policy implications of liberal communitarianism for privacy, freedom of the press, and much else. In a persuasive argument that speaks to politics today from Europe to the United States to Australia, the author offers a compelling vision of hope. Above all, the book offers a framework for dealing with moral challenges people face as they seek happiness but also to live up to their responsibilities to others and the common good. At a time when even our most basic values are up for question in policy debates riddled with populist manipulation, Amitai Etzioni’s bold book creates a new frame which introduces morals and values back into applied policy questions. These questions span the challenges of jobless growth to the unanswered questions posed by the role of artificial intelligence in a wide range of daily life tasks and decisions. While not all readers will agree with the communitarian solutions that he proposes, many will welcome an approach that is, at its core, inclusive and accepting of the increasingly global nature of all societies at the same time. It is a must read for all readers concerned about the future of Western liberal democracy. Carol Graham, Leo Pasvolsky Senior Fellow, The Brookings Institution and College Park Professor/University of Maryland In characteristically lively, engaging, and provocative style Etzioni tackles many of the great public policy dilemmas that afflict us today. Arguing that we are trapped into a spiral of slavish consumerism, he proposes a form of liberal communitarian that, he suggests, will allow human beings to flourish in changing circumstances. Jonathan Wolff, Blavatnik Chair of Public Policy, Blavatnik School of Government, University of Oxford