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Mental Accounting in a Business Cycle Model
(2018-12-17)
Motivated by the consumer behavior literature, this paper presents a new business cycle model in which consumers incur a pain of paying and neglect the opportunity costs of consumption. Although consumers maximize their ...
Cognition, Optimism and the Formation of Age-Dependent Survival Beliefs
(2018-06-02)
This paper investigates the roles psychological biases play in deviations between subjective survival beliefs (SSBs) and objective survival probabilities (OSPs). We model deviations between SSBs and OSPs through age-dependent ...
Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback
(2018-03-30)
This paper studies heterogeneity in the reaction to rank feedback. In a laboratory experiment, individuals take part in a series of dynamic real-effort contests with intermediate feedback. To solve the identification problem ...
Quantifying Inertia in Retail Deposit Markets
(2018-03-01)
This paper investigates inertia within and across banks in retail deposit markets using detailed panel data on consumer choices and account characteristics. In a structural choice model, I find that costs of inertia are ...
Macroprudential Policy in the Lab
(2018-12-20)
Higher capital ratios are believed to improve system-wide financial stability through three main channels: (i) higher loss-absorption capacity, (ii) lower moral hazard, (iii) stabilization of the financial cycle if capital ...