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[5月13日]发展经济学和劳动经济学workshop


 发布日期:2015-5-7 13:02:00 来源:本站         浏览:         字体:       打印
发展经济学和劳动经济学workshop

讲座时间:5月13日(星期三)下午2:00-3:30
讲座地点:国家发展研究院小教室
主讲人:Kathleen McGarry,Professor of Economics, UCLA

Heterogeneity in State-Dependent Utility: Evidence from Strategic Surveys

Jeffrey R. Brown, Gopi Shah Goda and Kathleen McGarry

A standard result of life-cycle models under uncertainty is that optimizing individuals will equate the expected marginal utility of consumption across various states of the world. A small empirical literature has suggested that the marginal utility of consumption may be lower in less healthy states. This paper uses a novel survey-based measure to document significant heterogeneity in health-state dependence across the population that is largely orthogonal to standard demographic controls. We further show evidence of differences in state-dependence between cognitive and physical impairments, as well as differences related to the stage of life at which the health shock occurs.
 
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