In the present paper, the issue of the existence of optimal barter steady states is addressed in a stationary overlapping generations model with many commodities and many different long-lived consumers. A general characterization of the individual endowments leading to an optimal barter steady state is obtained. The result, which is a generalization of Benveniste and Cass (1986), is obtained as...

This paper analyzes the relationships between the values and dispersion of residential properties and the environmental-health quality of their locations. It constructs residents’ health-adjusted lifetime-utility function by combining satisfaction from consumption over the lifespan with risk to life from living in an environmentally unhealthy location. It employs this utility function to analyz...

The objective of this article is to explain populist attitudes that are prevailing in a number European democracies. Populist usually lead social protests and votes. We capture the wave by relying on values traditionally viewed as populist—such distrust institutions neighbors, rejection migrations, strong preferences for law order—rather than voting behavior. Our study covers period 2004–2018 2...

We examine the impact of retirement exibility and the constraint against borrowing from future labor income on optimal consumption, optimal investment, and optimal retirement policy. We solve three alternative models almost explicitly in parametric forms (up to at most a constant) and provide veri cation theorems for the claimed solutions. In addition, we also obtain analytical comparative stat...

We introduce noisy belief equilibrium (NBE) for normal-form games in which players best respond to realizations. Axioms restrict distributions be unbiased with respect and responsive changes the opponents’ behavior. The axioms impose testable restrictions both within across games, we compare these those of regular quantal response (QRE) are placed on function as primitive. NBE can generate simi...

Using administrative data from a large public university, we show that male students are 18.6 percent more likely than female to receive favorable grade changes made by instructors. Surveys of and instructors reveal regrade requests prevalent ask for regrades on the intensive margin. We corroborate gender differences in an incentivized controlled experiment: find males have higher willingness p...

This paper shows that in a buffer stock saving model, wealth-to-income and other interesting variables have unique stable invariant distributions. Previously this ergodic property has only been conjectured and demonstrated numerically by means of simulations. The proof proceeds by extending earlier results about the existence and uniqueness of an ergodic distribution to Markov processes on non-...

We study the impact of deliberation on intertemporal choices. Using multiple experiments, including a field in Democratic Republic Congo, we show that introduction waiting periods—a policy temporally separates information about choices from themselves—causes substantially less myopic decisions. These results cannot be captured by models exponential discounting nor present bias. Comparing effect...

Moral behavior is more prevalent when individuals cannot easily distort their beliefs self-servingly. Do seek to limit or enable ability beliefs? How do these choices affect behavior? Experiments with over 9,000 participants show preferences are heterogeneous—30 percent of prefer belief distortion, while 40 it, even if costly. A random assignment mechanism reveals that being assigned the prefer...

The Earned Income Tax Credit distributes more than $60 billion to over 20 million low-income families annually. Nevertheless, an estimated one-fifth of eligible households do not claim it. We ran six preregistered, large-scale field experiments with 1 observations test whether “nudges” could increase EITC take-up. Despite varying the content, design, messenger, and mode our messages, we find no...