Hypothetical Intertemporal Consumption Choices

The paper extends and replicates part of the analysis by Barsky, Juster, Kimball, and Shapiro (1997), which exploits hypothetical choices among different consumption streams to infer intertemporal substitution elasticities and rates of time preference.We use a new and much larger dataset than Barsky et al. Furthermore, we estimate structural models of intertemporal choice, while parameterizing the parameters of interest as a function of relevant individual characteristics.We also consider lobehaviorallc extensions, like habit formation.Models with habit formation appear to be superior to models with intertemporally additive preferences.consumer choice;econometric models

Social interactions and habit formation in a model of female labor supply

female workers;labour supply;models

Subjective Measures of Risk Aversion and Portfolio Choice

risk aversion;portfolio choice;subjective measures;econometric models

Mode and Context Effects of Measuring Household Assets

Differences in answers in Internet and traditional surveys can be due to selection, mode, or context effects. We exploit unique experimental data to analyze mode and context effects controlling for arbitrary selection. The Health and Retirement Study (HRS) surveys a random sample of the US 50+ population, with CAPI or CATI core interviews once every two years. In 2003 and 2005, random samples were drawn from HRS respondents in 2002 and 2004 willing and able to participate in an Internet interview. Comparing core and Internet survey answers of the same people, we analyze mode and context effects, controlling for selection. We focus on household assets, for which mode effects in Internet surveys have rarely been studied. We find some large differences between the first Internet survey and the other three surveys which we interpret as a context and question wording effect rather than a pure mode effect.Internet surveys;CAPI;CATI;portfolio choice

Female labor supply and the demand for housing

female workers;labour supply;housing

Evaluation Periods and Asset Prices in a Market Experiment

We test whether the frequency of feedback information about the performance of an investment portfolio and the flexibility with which the investor can change it influence her risk attitude in markets.In line with the prediction of Myopic Loss Aversion (Benartzi and Thaler, 1995), we find that more information and more flexibility result in less risk taking.Market prices of risky assets are significantly higher if feedback frequency and decision flexibility are reduced.This result supports the findings from individual decision making, and shows that markets do not eliminate such behavior.information;portfolio investment;performance;financial risk;asset valuation