This paper tests whether consumption pattern in Korea exhibits a time-inconsistent discounting behavior using a quasi-hyperbolic Euler equation estimated by the generalized method of moments (GMM). In particular, we examine whether consumers change their discounting behavior during financial crises in 1997 and 2008. The estimation results show that Korean consumers exhibit a time-inconsistent q...

Carroll and Kimball (1996) show that the consumption function for an agent with time-separable, isoelastic preferences is concave in the presence of income uncertainty. In this paper I show that concavity breaks down if we abandon time-separability. Namely, if an agent maximizing an isoelastic recursive utility has preferences for early resolution of uncertainty, there always exists a distribut...

This study documents the presence of local protectionism and quantifies its impacts on market competition social welfare in context China’s automobile market. A salient feature auto is that vehicle models by joint ventures state-owned enterprises command much higher shares their headquarter provinces than at national level. Through county border analysis, falsification tests, a consumer survey,...

This paper investigates the relationship between firm heterogeneity and a firm’s decision to export, using the annual survey of Thai manufacturing firms from 2001 to 2004. A significant contribution of this paper is that we are, for the first time, able to break down FDI by country of origin to observe whether the behavior of MNEs differs by region of origin. We find that entry sunk costs and f...

Based on a structural vector autoregressive framework the monthly data from April 1997 to July 2016, this study is an attempt show impact of crude oil price rate inflation and economic growth in India. The results showed that has positive whereas inverse relation exists between growth. Further, we segregated into two components, is, negative partial sum through nonlinear asymmetric distribution...

â â â â â â â â  abstract â  this work was supported by the academy of korean studies of the republic of korea in year 2012-2013 (aks-2010-caa-2101) energy security has assumed newfound geopolitical importance at the outset of xxi century (moran and russell, 2008). diminishing fossil fuel supplies have led to fears of energy shortages, while rapid economic and population growth have fuelled the...

in this paper, the behavior of saving and consumption has been considered in ramsey – cass- koopmans model’s framework. our purpose was investigation of dynamics of these variables and analysis of their response to other parameter and variable variations. so, we made lagrangian function subject to some restrictions and euler equations and other steady state path equations. and then, we have cal...

People often consume non-durable goods in a way that seems inconsistent with preferences for smoothing consumption over time. We suggest that such patterns of consumption can be better explained if one takes into account the future utility flows generated by memorable consumption goods—goods, such as a honeymoon or a vacation, whose utility flow outlives their physical consumption. We consider ...

This paper uses an unusual month-long blackout in Zanzibar, Tanzania, to measure the effect of electricity on labor and health. Relying on special purpose household surveys I find that the power cut caused a large decline in household income among those employed in occupations that require the use of electricity. Workers relying on artificial lighting reduced work hours by an average of 8%, or ...

Energy has been the main pillar of the global growth and development. Amongst various sources of energy, oil has the largest share in the global energy consumption. As these energy reserves tend to decline, few regions, most notably the Middle East which has been at the forefront with the largest reserves, can fulfill the rising global energy demand. Even then, in view of its vast energy potent...