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Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Survey
Individuals' preferences underlying most economic behavior are likely to display substantial heterogeneity. This paper reports on direct measures of preference parameters relating to risk tolerance,Expand
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Precautionary Saving in the Small and in the Large
The theory of precautionary saving is shown in this paper to be isomorphic to the Arrow-Pratt theory of risk aversion, making possible the application of a large body of knowledge about risk aversionExpand
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Are Technology Improvements Contractionary?
Yes. We construct a measure of aggregate technology change, controlling for imperfect competition, varying utilization of capital and labor, and aggregation effects. On impact, when technologyExpand
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The Quantitative Analytics of the Basic Neomonetarist Model
This paper constructs a dynamic macroeconomic model with less- than-perfect price flexibility which has a real side consistent with Real Business Cycle Theory, augmented by investment adjustmentExpand
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Sticky Price Models and Durable Goods
This paper shows that there are striking implications that stem from including durable goods in otherwise conventional sticky price models. The behavior of these models depends heavily on whetherExpand
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Cyclical Productivity with Unobserved Input Variation
In this paper, we derive and estimate relationships governing variable utilization of capital and labor for a firm solving a dynamic cost-minimization problem. Our method allows for (i) imperfectExpand
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On the Concavity of the Consumption Function
Zeldes (1989) Carroll (1992; 1993), and others have shown that optimal consumption behavior for consumers facing income uncertainty can be remarkably different from the certainty-equivalent case.Expand
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Standard Risk Aversion
This paper introduces the concept of standard risk aversion. A von Neumann-Morgenstern utility function has standard risk aversion if any risk makes a small reduction in wealth more painful (in theExpand
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Imputing Risk Tolerance From Survey Responses
Economic theory assigns a central role to risk preferences. This article develops a measure of relative risk tolerance using responses to hypothetical income gambles in the Health and RetirementExpand
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Labor Supply: Are the Income and Substitution Effects Both Large or Both Small?
Labor supply is unresponsive to permanent changes in wage rates. Thus, income and substitution effects cancel, but are they both close to zero or both large? This paper develops a theory of laborExpand
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