Impatient in experiments, but patient in simulations: a challenge to the heckman-type model
Data(s) |
01/06/2016
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Resumo |
Intertemporal labour–leisure choice models typically assume agents have a very low degree of impatience. Yet there is a lot of empirical evidence indicating a high degree of impatience. Using a life-cycle model of consumption–saving and labour–leisure choice, we show that even if an agent displays a relatively moderate degree of impatience, his labour supply choice delivers highly counterfactual patterns. We resolve this counterfactual finding by augmenting the standard model with a time-dependent marginal utility of leisure assumption that is consistent with some recent evidences from leisure studies. We also introduce various extensions and discuss their relative importance and associated challenges. |
Identificador | |
Idioma(s) |
eng |
Publicador |
Economic Society of Australia |
Relação |
http://dro.deakin.edu.au/eserv/DU:30082429/gahramanov-impatientin-2016.pdf http://www.dx.doi.org/10.1111/1475-4932.12244 |
Direitos |
2016, Economic Society of Australia |
Tipo |
Journal Article |