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Temptation and Self-Control: Some Evidence and Applications
(Vanderbilt University, 2007)
This paper studies the empirical relevance of temptation and self-control using household-level data from the Consumer Expenditure Survey. We construct an infinite-horizon consumption-savings model that allows, but does ...
Substitution, Risk Aversion and Asset Prices: An Expected Utility Approach
(Vanderbilt University, 2008)
The standard power utility function is widely used to explain asset prices. It assumes that the coefficient of relative risk aversion is the inverse of the elasticity of substitution. Here I use the Kihlstrom and Mirman ...
Public Good Differentiation and the Intensity of Tax Competition
(Vanderbilt University, 2007)
We show that, in a setting where tax competition promotes efficiency, variation in the extent to which firms can use public goods to reduce costs brings about a reduction in the intensity of tax competition. This in turn ...
Optimal Nonlinear Taxation of Income and Savings without Commitment
(Vanderbilt University, 2008)
Optimal nonlinear taxation of income and savings is considered in a two-period model with two individuals who have additively separable preferences and who only differ in their skill levels. When the government can commit ...
Learning, Adaptive Expectations, and Technology Shocks'
(Vanderbilt University, 2008)
This study explores theoretical and macroeconomic implications of the self-confirming equilibrium in a standard growth model. When rational expectations are replaced by adaptive expectations, we prove that the self-confirming ...
Optimum Tariffs and Retaliation: How Country Numbers Matter
(Vanderbilt University, 2008)
This paper presents a North-South model of international trade in which (i) there is a relatively small number of countries in the North and (ii) the North is relatively abundant in capital while the South is relatively ...
Conformity, Equity and Correlated Equilibrium
(Vanderbilt University, 2008)
We explore the potential for correlated equilibrium to capture conformity to norms and the coordination of behavior within social groups. Given a partition of players into social groups we propose three properties one may ...
A Class of Chronic Poverty Measures
(Vanderbilt University, 2007)
This paper presents a new family of chronic poverty measures based on the Pa poverty measures of Foster, Greer,and Thorbecke (1984). The chronically poor are identified using two cutoffs: a standard poverty line, which ...
Hidden Talents: Partnerships with Pareto-Improving Private Information
(Vanderbilt University, 2006)
Can the presence of private information in a transaction yield a Pareto-improvement over complete information? In this paper we show that the combination of multi-agent simultaneous signaling of private information, and ...
Menu Costs and Markov Inflation:A Theoretical Revision with New Evidence
(Vanderbilt University, 2006)
We revisit a foundational theoretical paper in the menu cost literature, Sheshinski and Weiss (1983), one of the few to treat stochastic inflation with persistent deviations from trend. In contrast to the original finding, ...