Consumption models with endogenous debt constraints differ from standard incomplete markets models in their predictions about an individual household’s ability to smooth consumption across time and states of the world. In this paper we develop these differences, both theoretically and quantitatively. We then use data from the US Consumer Expenditure Survey (CE) to assess along which dimensions ...

Two agents sequentially contracts with different principals under moral hazard. If agents care for one another, the second principal gains by insuring them over first wages. Even with independent tasks, the first principal must offer riskier payments to induce effort. JEL Codes: D10, D64, D82.

We propose a pseudo-market solution to resource allocation problems subject constraints. Our treatment of constraints is general: including bihierarchical due considerations diversity in school choice, or scheduling course allocation; and other forms needed model, for example, the market roommates, combinatorial assignment problems, knapsack Constraints give rise pecuniary externalities, which ...

We study fairness in economies where humans consume one private good and public representing the welfare of other species. show that a social evaluator cannot be egalitarian with respect to while always respecting humans’ unanimous preferences. One solution is preferences only when doing so does not lead decrease Social satisfying these properties reveal surprising connections between concerns ...

This paper investigates fair (i.e., envy-free and efficient) allocations in an overlapping generations economy without production with two-period lived agents. We show that there is a conflict between no-envy efficiency when all have identical preferences. crucially depends on the size of given young age consumption initial old generation relative to at golden-rule. then exist non-stationary pr...

This manual describes a z-Tree (Fischbacher, 2007) implementation of the paper-based Social Vaule Orientation (SVO) Slider Measure by Murphy et al. (2011). Using the paperbased version instead of the slider-based version (as implemented on the SVO-Website) avoids server-traffic related delays we experienced in the latter implementation. JEL-Classification: C91, D03, D64

Charitable giving data from a new Panel Study of Income Dynamics (PSID) philanthropy module are introduced. Relative distribution methods are used to compare the data to Internal Revenue Service (IRS) charitable deductions. Results indicate the new data are high quality. JEL Classification: C80, D64, H40.

In this paper we explore the notion that players are “decent” in the sense that their choices are bounded by certain unwritten social rules. We apply this idea to problems of Bankruptcy and Implementation. JEL Classification: D78, D63

This manual describes a z-Tree (Fischbacher, 2007) implementation of the paper-based Social Vaule Orientation (SVO) Slider Measure by Murphy et al. (2011). Using the paperbased version instead of the slider-based version (as implemented on the SVO-Website) avoids server-traffic related delays we experienced in the latter implementation. JEL-Classification: C91, D03, D64

This manual describes a z-Tree (Fischbacher, 2007) implementation of the paper-based Social Vaule Orientation (SVO) Slider Measure by Murphy et al. (2011). Using the paperbased version instead of the slider-based version (as implemented on the SVO-Website) avoids server-traffic related delays we experienced in the latter implementation. JEL-Classification: C91, D03, D64