We find that single women exhibit relatively more risk aversion in financial
decision making than single men. Using U.S. sample data, we examine household
holdings of risky assets to determine whether there are gender differences in
financial risk taking. As wealth increases, the proportion of wealth held as
risky assets is estimated to increase by a smaller amount for single women than
for single... hiện toàn bộ
Self‐control, mental accounting, and framing are incorporated in a behavioral
enrichment of the life‐cycle theory of saving called the Behavioral Life‐Cycle
(BLC) hypothesis. The key assumption of the BLC theory is that households treat
components of their wealth as nonfungible, even in the absence of credit
rationing. Specifically, wealth is assumed to be divided into three mental
accounts: curre... hiện toàn bộ
In this article, we investigate the long‐run relationships among disasters,
capital accumulation, total factor productivity, and economic growth. The
cross‐country empirical analysis demonstrates that higher frequencies of
climatic disasters are correlated with higher rates of human capital
accumulation, increases in total factor productivity, and economic growth.
Though disaster risk reduces the ... hiện toàn bộ
This article shows that identical offers in an ultimatum game generate
systematically different rejection rates depending on the other offers that are
available to the proposer. This result casts doubt on the consequentialist
practice in economics to define the utility of an action solely in terms of the
consequences of the action irrespective of the set of alternatives. It means in
particular tha... hiện toàn bộ
This paper distinguishes two types of asymmetry in business cycles: deepness and
steepness. Deepness is defined as the characteristic that troughs are further
below trend than peaks are above. Most previous research has focused exclusively
on steepness, which refers to cycles in which contractions are steeper than
expansions. A test for deepness is proposed and applied to U.S. post‐war
quarterly u... hiện toàn bộ
A growing number of field and experimental studies focus on the institutional
arrangements by which individuals are able to solve collective action problems.
Important in this research is the role of reciprocity and institutions that
facilitate cooperation via opportunities for monitoring, sanctioning, and
rewarding others. Sanctions represent a cost to both the participant imposing
the sanction a... hiện toàn bộ
The ultimatum game has generated considerable interest because experimental
evidence strongly rejects the standard game‐theoretic predictions. A limitation
to this general result is the possibility that experimental results are an
artifact of small stakes. Implementing the ultimatum game in Indonesia makes it
possible to raise the stakes to three times the monthly expenditure of the
average partic... hiện toàn bộ
Theories of commitment, altruism, and reciprocity have been invoked to explain
and describe behavior in public goods and social dilemma situations. Commitment
has been used to explain behaviors like water conservation and voting. Altruism
has been applied to explain contributions to charities and intergenerational
transfers and bequests. Reciprocity has been invoked to explain gift exchange
and la... hiện toàn bộ
Multinational enterprises are often accused of having a preference for investing
in countries in which the working populations' civil and political rights are
largely disregarded. This article presents an empirical investigation of the
popular “political repression boosts FDI” hypothesis and arrives at the
conclusion that the hypothesis is not supported. On the contrary, multinational
enterprises ... hiện toàn bộ
The time inconsistency of optimal monetary policy is due to the effects of tax
distortions. Thus the issue of how to improve upon the time‐consistent
suboptimal monetary policy is related to that of the coordination of monetary
and fiscal policy. We present a model with three players (the central bark, the
fiscal authority, and wage setters) in which distortionary taxes are explicitly
modelled. We... hiện toàn bộ