Among the most important changes brought about by the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA) is the imposition of time limits. In this paper, we analyze a simple model in which a potential welfare recipient chooses how to allocate her time-limited endowment of benefits so as to maximize her expected lifetime utility. Not surprisingly, the model reveals ...

Studies examining the relationship between globalisation and the welfare state tend to focus on the effects of economic dimensions of globalisation, the extent to which a country is part of the world market. Globalisation also has a social and political dimension and their effects on welfare states – in terms of social security transfers and generosity – are studied in this article. Data from t...

In this study we test the hypothesis that stringent state welfare policies promote adolescents’ enrollment and reduce their employment. The underlying mechanisms operate in the larger society, the local labor market and the family, particularly for adolescents from low-income families. We use static and dynamic models and separate out welfare policies from non-welfare state policies, youth-spec...

Welfare problems related to the way horses are bred, whether by coitus or by the application of artificial reproduction techniques (ARTs), have been given no discrete consideration within the academic literature. This paper reviews the existing knowledge base about welfare issues in horse breeding and identifies areas in which data is lacking. We suggest that all methods of horse breeding are a...

We provide a life-cycle framework for comparing insurance and disincentive effects of disability benefits. The risks that individuals face and the parameters of the Disability Insurance (DI ) program are estimated from consumption, health, disability insurance, and wage data. We characterize the effects of disability insurance and study how policy reforms impact behavior and welfare. DI feature...

Many papers have investigated how personal characteristics and environmental variables affect welfare durations of unmarried mothers. This paper estimates proportional hazard models for welfare durations that allow for either fixed state or fixed labor market area effects. Conditioning on residence location by fixed effects can limit the impact of three types of potential bias. (1) Estimates of...

We introduce heterogeneous preferences into a tractablemodel ofmonetary search to generate price dispersion, and then examine the effects of money growth on price dispersion and welfare. With buyers’ search intensity fixed, we find that money growth increases the range of (real) prices and lowers welfare as agents shift more of their consumption to less desirable goods.When buyers’search intens...

This paper quantifies the welfare impact of a permanent increase in the level of per capita income brought about by a temporary growth effect following financial liberalization. We find that a lion’s share of the welfare benefits from financial liberalization accrue over relatively short horizons, and in the early years after the policy is implemented. Evaluating welfare gains from liberalizati...