G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15719
DP15719 Identification of Dynamic Discrete-Continuous Choice Models, with an Application to Consumption-Savings-Retirement
Pasquale Schiraldi; Matthew R. Levy
发表日期2021-01-25
出版年2021
语种英语
摘要This paper studies the non-parametric identification of the discount factor and utility function in the class of dynamic discrete-continuous choice (DDCC) models. In contrast to the discrete-only model we show the discount factor is identified. Our results further highlight why Euler equation estimation approaches that ignore agents’ discrete choices are inconsistent. We estimate utility and discount factors for a consumption- savings-retirement choice problem using the Panel Study of Income Dynamics (PSID). We show that the relative risk aversion parameter and the intertemporal elasticity of substitution are separately identified, and that the latter varies across agents due to the wealth-dependence of the surplus from the discrete choice. This surplus also implies that the value function may be locally convex in wealth, and we find that a simulated Universal Basic Income (UBI) policy counterintuitively benefits wealthier working households more than poorer ones due to this effect.
主题Industrial Organization
URLhttps://cepr.org/publications/dp15719
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544725
推荐引用方式
GB/T 7714
Pasquale Schiraldi,Matthew R. Levy. DP15719 Identification of Dynamic Discrete-Continuous Choice Models, with an Application to Consumption-Savings-Retirement. 2021.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Pasquale Schiraldi]的文章
[Matthew R. Levy]的文章
百度学术
百度学术中相似的文章
[Pasquale Schiraldi]的文章
[Matthew R. Levy]的文章
必应学术
必应学术中相似的文章
[Pasquale Schiraldi]的文章
[Matthew R. Levy]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。