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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
Lihat Detail Induk
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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