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The Probability Premium Approach to Comparative Risk Aversion
(Private Enterprise Research Center, Texas A&M University, 2015-04-23)
In the framework of expected utility, nth-degree risk aversion/loving is unequivocally characterized by the sign of the nth-order derivative of the utility function, but there exist different notions of one decision maker ...
The Time Varying Effect of Monetary Policy Surprise on Stock Returns: Bursting Bubble Beating Forward Guidance
(Private Enterprise Research Center, Texas A&M University, 2015-07-09)
The authors study the time varying effects of monetary policy on the stock returns in order to capture changes in the effectiveness of monetary policy over time. They find that a one percentage point surprise federal funds ...
Nonlinear Evidence on the Existence of Jobless Recoveries
(Private Enterprise Research Center, Texas A&M University, 2015-07-01)
The sluggish growth in employment following the Great Recession has spurred research into investigating its cause. Economists are split as to whether it reflects the advent of “jobless recoveries� or just reflects ...
Power to Choose? An Analysis of Consumer Inertia in the Residential Electricity Market
(Private Enterprise Research Center, Texas A&M University, 2015-06-01)
Many jurisdictions around the world have deregulated utilities and opened retail markets to competition. However, inertial decisionmaking can diminish consumer benefits of retail competition. Using household-level data ...
What Happened to Rosie?
(Private Enterprise Research Center, Texas A&M University, 2015-02-01)
Identifying the relationship between wartime work and women’s lifetime outcomes is difficult due to scant work histories from the 1940s. This study identifies “Rosie the Riveters� using data from the 1973 Current ...
Restricted Increases in Risk Aversion and Their Application
(Private Enterprise Research Center, Texas A&M University, 2015-02-23)
This paper proposes two restricted forms of an increase in risk aversion. Using examples from portfolio choice, self-protection and insurance demand, it is shown that these stronger notions of increased risk aversion ...
Tradeoffs for Downside Risk-Averse Decision-Makers and the Self-Protection Decision
(Private Enterprise Research Center, Texas A&M University, 2015-03-26)
Besides risk aversion, decision makers are often assumed to be downside risk averse. In order to investigate tradeoffs that downside risk averse decision makers face, this paper proposes five stochastic orders, each ...
Cash for Corollas: When Stimulus Reduces Spending
(Private Enterprise Research Center, Texas A&M University, 2015-04-01)
The 2009 Cash for Clunkers program aimed to stimulate consumer spending in the new automobile industry, which was experiencing disproportionate reductions in demand and employment during the Great Recession. Exploiting ...
The Impact of Teacher-Student Gender Matches: Random Assignment Evidence from South Korea
(Private Enterprise Research Center, Texas A&M University, 2015-11-23)
Gender disparities in academic performance may be driven in part by the interaction of teacher and student gender, but systematic sorting of students into classrooms makes it difficult to identify causal effects. The authors ...