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Microeconomics: Intertemporal Consumer Choice & Savings eJournal最新文献

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The Drivers and Inhibitors of Factor Investing 要素投资的驱动因素与抑制因素
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-11-22 DOI: 10.2139/ssrn.3492142
Dunhong Jin
{"title":"The Drivers and Inhibitors of Factor Investing","authors":"Dunhong Jin","doi":"10.2139/ssrn.3492142","DOIUrl":"https://doi.org/10.2139/ssrn.3492142","url":null,"abstract":"I model the equilibrium asset allocations when households can invest directly, search for factor (smart-beta and ETFs) investments or fundamental (stock-picking) investments. Managers endogenously choose to specialize in factor or fundamental information given the equilibrium fee structure. Fundamental managers can opt to be opportunistic “closet indexers.” I show that wealth inequality increases demand for factor investing: fundamental investing attracts the wealthiest households, who are more willing to detect closet indexing. Fundamental managers have to compete more aggressively through information acquisition, which lowers their excess returns and thus delegation fees. The reduced fees earned by fundamental managers force factor managers to lower their fees, making factor investing more attractive. However, the equilibrium fraction of capital allocated to factor investing can never reach 100 percent: the ceiling is determined by the endogenous level of opportunism in the fundamental investment industry.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125367517","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Health Shock Risk, Critical Illness Insurance, and Housing Services 健康冲击风险，重大疾病保险和住房服务
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-11-07 DOI: 10.2139/ssrn.3262570
Christoph Hambel
{"title":"Health Shock Risk, Critical Illness Insurance, and Housing Services","authors":"Christoph Hambel","doi":"10.2139/ssrn.3262570","DOIUrl":"https://doi.org/10.2139/ssrn.3262570","url":null,"abstract":"This paper studies a consumption–investment problem involving health shock risk, perishable consumption, and consumption of housing services. Additionally to a risk-free asset and a stock index, the agent can invest in real estate. I analyze the impact of health shocks on the optimal consumption and investment decisions in model specifications with and without the possibility to buy critical illness insurance. I discuss the influence of critical illness insurance on the optimal strategy and analyze the drivers of the optimal critical illness insurance demand. The results indicate that health shock risk has potentially devastating consequences, especially for young agents. It turns out that critical illness insurance is an excellent instrument for hedging health shock risk and for consumption smoothing across different health states. Optimal critical illness insurance demand is decreasing in financial wealth and increasing in human wealth. Real estate prices have a minor influence on optimal critical illness insurance demand.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"161 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132227626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Bridging the Gap: How Families Use the Online Platform Economy to Manage their Cash Flow 弥合差距:家庭如何使用在线平台经济来管理他们的现金流
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-31 DOI: 10.2139/ssrn.3481471
Diana Farrell, Fiona Greig, Amar Hamoudi
{"title":"Bridging the Gap: How Families Use the Online Platform Economy to Manage their Cash Flow","authors":"Diana Farrell, Fiona Greig, Amar Hamoudi","doi":"10.2139/ssrn.3481471","DOIUrl":"https://doi.org/10.2139/ssrn.3481471","url":null,"abstract":"When a family experiences a cash-flow interruption, they can adjust by spending down savings, borrowing, cutting expenditures, or generating supplementary income. With the rise of the Online Platform Economy, this last option has likely become more available. In this report, we leverage the JPMorgan Chase Institute Online Platform Economy data set, which tracks payments from 128 online platforms to 2.3 million families participating on platforms between October 2012 and March 2018, to investigate whether and how families use the Online Platform Economy as a cash-flow management tool to smooth their income. We take two converse perspectives to examine this question. First, we track the evolution of income and cash balances in the weeks leading up to and immediately following a family’s entry into the Online Platform Economy. Second, we track how Online Platform Economy participation rates and average weekly platform revenues evolve around discrete cash flow events. In total, we analyze five specific events: a family’s first entry to the Online Platform Economy, a job loss, a job gain, a tax refund receipt, and a tax payment. We find that in the ten weeks leading up to a family joining the Online Platform Economy, income and cash balances decline by 10 percent, suggesting that families turn to the Online Platform Economy when their payroll incomes are interrupted. Additionally, we find evidence that employment events catalyze changes in platform participation, especially in the transportation sector, and especially for families with male primary account holders. In contrast, tax-related cash flows—the arrival of a tax refund or a tax payment—have no effect on platform participation rates. Altogether, our results indicate that families use the Online Platform Economy as a cash-flow management tool to bridge an income gap between jobs but not during tax time. Our insights add an important dimension to discussions regarding both appropriate policy design for and regulation of these labor markets.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133194968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
When Saving Is Not Enough – The Wealth Decumulation Decision in Retirement 当储蓄不够时——退休后的财富积累决策
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-31 DOI: 10.2139/ssrn.3478847
Pascal Kieren, M. Weber
{"title":"When Saving Is Not Enough – The Wealth Decumulation Decision in Retirement","authors":"Pascal Kieren, M. Weber","doi":"10.2139/ssrn.3478847","DOIUrl":"https://doi.org/10.2139/ssrn.3478847","url":null,"abstract":"In this study, we investigate the wealth decumulation decision from the perspective of a retiree who is averse to the prospect of fully annuitizing her accumulated savings. We field a large online survey of hypothetical product choices for phased drawdown offerings and annuities. While the demand for annuities remains low in our sample, we find significant demand for phased withdrawal products with equity-based asset allocations and flexible payout structures. Consistent with the product choice, the most important self-reported considerations for the wealth decumulation decision are low default risk in the products they purchase, the size of the withdrawal rates, and flexibility in the timing of their withdrawal. As determinants of the decision of how much wealth individuals are willing to draw down, we identify consumers' attitudes towards future economic conditions, the extent to which they are protected against longevity risk, and their desire to leave bequests. Policy implications are discussed.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129600746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Switching Costs and Store Choice 转换成本和存储选择
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-25 DOI: 10.2139/ssrn.3470937
T. Richards, Jūra Liaukonytė
{"title":"Switching Costs and Store Choice","authors":"T. Richards, Jūra Liaukonytė","doi":"10.2139/ssrn.3470937","DOIUrl":"https://doi.org/10.2139/ssrn.3470937","url":null,"abstract":"Switching costs are generally regarded as anti-competitive as firms can raise prices to \"locked-in\" consumers, at least up to the cost of switching to a lower-priced alternative. However, there is some evidence, both theoretical and empirical, that tends to show the opposite. Namely, suppliers, anticipating the pool of rents potentially available, compete aggressively to acquire non-switching consumers. Moreover, fixed shopping costs and uncertain prices imply that there is a \"real option\" value embedded in consumers' shopping behavior, and which must be compensated if consumers are to switch stores. We argue that retail prices are lower when retailers use programs designed to increase customer retention, or \"stickiness.\" We test our theory using a panel of household-level store-choice data. Contrary to the conventional wisdom, we find that loyalty is pro-competitive and leads to lower prices than would otherwise be the case. We also find that approximately 50% of the loyalty effect is attributable to the existence of a real option in store choice.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122877945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
Large Firms in Retail Markets: Multiple Products for Heterogeneous Consumers 零售市场中的大公司:面向异质消费者的多种产品
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-25 DOI: 10.2139/ssrn.3475289
Luca Macedoni, Mingzhi Xu, R. Feenstra
{"title":"Large Firms in Retail Markets: Multiple Products for Heterogeneous Consumers","authors":"Luca Macedoni, Mingzhi Xu, R. Feenstra","doi":"10.2139/ssrn.3475289","DOIUrl":"https://doi.org/10.2139/ssrn.3475289","url":null,"abstract":"We study the ability of firms of various sizes to cater to the tastes of different consumer niches. In the presence of consumer niches with heterogeneous tastes, firm performance depends on the appeal of each product in each niche. The selection of products to cater to the taste of one or many niches allows firms to influence their product appeal. Using data on purchases at the household-barcode level from Nielsen, we cluster consumers into niches according to their consumption purchases within the product category of toothpaste. We model product appeal as a demand shifter, which we decompose into a common component and a niche specific component that captures the taste of the niche for a given product. Our main finding is that large firms exploit their greater scope to cater to the tastes of several niches. Furthermore, large firms have mainstream products that are highly valued across niches. In contrast, small firms exploit the taste heterogeneity of niches by offering highly personalized products focused for a few profitable niches.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128141563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Inequality and Trade Policy: Pro-Poor Bias of Contemporary Trade Restrictions 不平等与贸易政策:当代贸易限制的亲穷倾向
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-23 DOI: 10.1111/roiw.12433
Beyza P. Ural Marchand
{"title":"Inequality and Trade Policy: Pro-Poor Bias of Contemporary Trade Restrictions","authors":"Beyza P. Ural Marchand","doi":"10.1111/roiw.12433","DOIUrl":"https://doi.org/10.1111/roiw.12433","url":null,"abstract":"This paper studies the pro-poor bias of contemporary trade policy in India by estimating the household welfare effects of eliminating the current protection structure. The elimination of a pro-poor trade policy is expected to have lower welfare gains or higher welfare loss at the low end of the per capita expenditure distribution. The paper first constructs trade restrictiveness indices for household consumption items and industry affiliations using both tariffs and the ad valorem equivalent of non-tariff barriers. The welfare effects are estimated through its impacts on household expenditure and earnings. The results indicate that Indian trade policy is regressive through the expenditure channel as it disproportionately raises the cost of consumption for poorer households, while it is progressive through the earnings channel in urban areas and neutral in rural areas. The net distributional effect through these two channels is estimated to be regressive, and elimination of current trade protection structure is expected to reduce inequality. These results indicate that a trade protection structure that designed as a progressive trade policy through the earnings channel may induce price effects that are regressive through the expenditure channel.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132878096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Shape Restrictions for Structural Demand Estimation 结构需求估算的形状限制
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-23 DOI: 10.2139/ssrn.3474330
Julien Monardo
{"title":"Shape Restrictions for Structural Demand Estimation","authors":"Julien Monardo","doi":"10.2139/ssrn.3474330","DOIUrl":"https://doi.org/10.2139/ssrn.3474330","url":null,"abstract":"This paper provides shape restrictions for the structural estimation of demand functions derived from a surplus-based model describing the behavior of a population of consumers. I first derive the restrictions that this model imposes on the implied demand function and its inverse. Then, I show that each demand function is consistent with utility maximization by heterogeneous consumers. Overall, these results generate novel demand functions, which accommodate rich substitution patterns and can be estimated by possibly linear instrumental variables regression to answer a wide range of economic questions, including market power, mergers, and regulatory changes in taxes and trade policy.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127183984","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Range Utility Theory for Uncertain Cash-flows 不确定现金流的极差效用理论
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-08 DOI: 10.2139/ssrn.3466617
Manel Baucells, Michał Lewandowski, K. Kontek
{"title":"Range Utility Theory for Uncertain Cash-flows","authors":"Manel Baucells, Michał Lewandowski, K. Kontek","doi":"10.2139/ssrn.3466617","DOIUrl":"https://doi.org/10.2139/ssrn.3466617","url":null,"abstract":"We introduce range utility theory, an integrative behavioral model for uncertain cash flows. The model modifies rank dependent utility, by replacing rank principles with range principles, and extends the domain to time. For gambles played in the future, the model generalizes the probability and time trade-off model. The model comes with three functions: a value function, a subjective survival function for time and an s-shaped range distortion function, and. Range Utility Theory jointly explains the Samuelson paradox for risk and time, the preference reversal phenomenon, and hyperbolic discounting; and produces many novel testable predictions.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115270835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Reported MPC and Unobserved Heterogeneity 报告的MPC和未观察到的异质性
Microeconomics: Intertemporal Consumer Choice & Savings eJournal Pub Date : 2019-10-01 DOI: 10.1257/POL.20180420
T. Jappelli, Luigi Pistaferri
{"title":"Reported MPC and Unobserved Heterogeneity","authors":"T. Jappelli, Luigi Pistaferri","doi":"10.1257/POL.20180420","DOIUrl":"https://doi.org/10.1257/POL.20180420","url":null,"abstract":"Panel data on reported marginal propensity to consume in the 2010 and 2016 Italian Survey of Household Income and Wealth uncover a strong negative relationship between cash on hand and MPC. Even though the relationship is attenuated when using regression methods that control for unobserved heterogeneity, the amount of bias is moderate. MPC estimates are used to evaluate the effectiveness of revenue-neutral fiscal policies targeting different parts of the distribution of household resources.","PeriodicalId":176300,"journal":{"name":"Microeconomics: Intertemporal Consumer Choice & Savings eJournal","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123329878","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 22
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