Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation  

Oleh:

Paserman, M. Danielle

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Economic Journal (EBSCO) vol. 118 no. 531 (Aug. 2008), page 1418.
Topik: Job Search; Hyperbolic Discounting; Structural Estimation; Policy Evaluation
Fulltext: 1418.pdf (755.48KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: EE28.29 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This article estimates the degree of hyperbolic discounting in a job search model quantitatively, using data on unemployment spells and accepted wages from the NLSY. The results point to a substantial degree of hyperbolic discounting for low and medium wage workers. The structural estimates are then used to evaluate alternative policy interventions aimed at reducing unemployment. The estimated effects of a given policy can vary by up to 40%, depending on the assumed type of time discounting. Some interventions may raise the long-run utility of hyperbolic workers, and at the same time reduce unemployment duration and lower government expenditures.

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