challenges of conducting contingent valuation studies in developing countries we review the experiences and challenges that researchers can face when conducting contingent valuation studies in developing countries we discuss these challenges based on our own experiences of conducting field contingent valuation studies about genetically modified rice in five developing countries that represent different regions of the world and diverse cultures we also base our discussion on results from a survey we conducted of agricultural and applied economists regarding their own experiences the issues covered include the selection and training of local personnel the recruitment of participants sampling challenges participants compensation survey methods and implementation elicitation methods the literacy rate of the population and security safety issues in developing countries we also discuss the implications of our findings to other well established stated preference methods such as choice experiments

one switch utility functions and a measure of risk consider the relative attractiveness to a decision maker of two financial gambles as the wealth of that individual varies it may seem reasonable that either one alternative should be preferred for all wealth levels or that there exists a unique critical wealth level at which the decision maker switches from preferring one alternative to the other decreasing risk aversion is not sufficient for this property to hold we identify the small class of utility functions for which it does we show how the property leads naturally to a measure of risk the results of this paper apply equally well to discounting functions for cash flows one switch discount functions permit at most one change in preference between cash flows as all payoffs are deferred in time

learning about a new technology pineapple in ghana this paper investigates the role of social learning in the diffusion of a new agri cultural technology in ghana we use unique data on farmers communication patterns to define each individual s information neighborhood conditional on many potentially confounding variables we find evidence that farmers adjust their inputs to align with those of their information neighbors who were surpris ingly successful in previous periods the relationship of these input adjustments to experience further indicates the presence of social learning in addition applying the same method to input choices for another crop of known technol ogy correctly indicates an absence of social learning effects jel d83 013 033 q16

willingness to pay for stochastic improvements of future risk under different risk aversion abstract within a general intertemporal decision making framework this work shows one individual with more k th degree k 2 n ross risk aversion always chooses more current paying to improve his future payoff distribution when such stochastic improvement satisfies the n th degree mean preserving stochastic dominance moreover when stochastic improvement of the future payoff distribution is not mean preserving the notions of linearly quadratically restricted more ross risk aversion proposed by eeckhoudt liu and meyer 2017 can help provide a clear cut comparative statics analysis

habit formation interdependent preferences and demographic effects in the almost ideal demand system the authors model myopic habit formation interdependence of preferences among consumers and demographic effects as taste shifters in a micro consumer demand model of the almost ideal demand variety the model is estimated for dutch micro data the authors investigate the dynamic properties of the model and find that it behaves very differently from models without interdependence of preferences the implications for micro macro modeling are discussed copyright 1991 by royal economic society

integrating technology traits and producer heterogeneity a mixed multinomial model of genetically modified corn adoption this article proposes a model of technology adoption that integrates demand for individual traits of new technologies with the potential for heterogeneity based on farm and farmer characteristics the model is applied to recent genetically modified corn adoption data from minnesota and wisconsin farmers using a mixed multinomial logit mmnl model to estimate the effects of traits and farm and farmer characteristics on adoption outcomes this approach allows explicit recovery of estimates of farmers shadow prices for individual technology traits results show the importance of producer and regional heterogeneity in preferences for seed traits

social networks and technology adoption in northern mozambique despite their potentially strong impact on poverty agricultural innovations are often adopted slowly using a unique household dataset on sunflower adoption in mozambique we analyse whether and how individual adoption decisions depend upon the choices of others in the same social networks since farmers anticipate that they will share information with others we expect farmers to be more likely to adopt when they know many other adopters dynamic considerations however suggest that farmers who know many adopters might strategically delay adoption to free ride on the information gathered by others we present empirical evidence that shows that the relationship between the probability of adoption and the number of known adopters is shaped as an inverse u in line with information sharing the network effect is stronger for farmers who report discussing agriculture with others the data contains information which is needed to ameliorate the identification issues that commonly arise in this context in particular social networks are precisely identified and in addition we can control for village heterogeneity and endogenous group formation

smooth it like the joneses estimating peer group effects in intertemporal consumption choice recent theoretical contributions have suggested peer group effects as a potential explanation for several puzzles in macroeconomics but their empirical relevance for intertemporal consumption choice is an open question we derive an extension of the standard life cycle model that allows for consumption externalities in this framework we propose a social multiplier approach to distinguish true externalities from merely correlated effects estimating our model using us panel data we find strong predictable co movement of household consumption within peer groups although much of this co movement reflects correlated effects only there is statistically significant evidence for moderate consumption externalities across several plausible peer group specifications

genetically modified crops corporate pricing strategies and farmers adoption the case of bt cotton in argentina this article analyzes adoption and impacts of bt cotton in argentina against the background of monopoly pricing based on survey data it is shown that the technology significantly reduces insecticide applications and increases yields however these advantages are curbed by the high price charged for genetically modified seeds using the contingent valuation method it is shown that farmers average willingness to pay is less than half the actual technology price a lower price would not only increase benefits for growers but could also multiply company profits thus resulting in a pareto improvement implications of the sub optimal pricing strategy are discussed recently genetically modified gm crops have brought about important changes in the global market for agricultural technologies especially seeds prospects of high economic returns and tightened intellectual property rights iprs have provided new incentives for the private sector to invest in crop improvement and extend its business to nontraditional markets the increasingly proprietary nature of seed technologies has implications for farmers adoption and benefit distribution private innovators endowed with a patent on a technology will attempt to capture the gains from their innovation through monopoly pricing moschini and lapan recent studies have looked into the partitioning of welfare created by gm crops among agricultural producers consumers and innovating input firms e g moschini lapan and sobolevsky falckzepeda traxler and nelson in these studies however the market price of the technology is

payments for pioneers revisiting the role of external rewards for sustainable innovation under heterogeneous motivations abstract acknowledging the diversity of preferences goals and motivations of individuals is key to promote the effectiveness of incentive based conservation interventions this paper analyses the heterogeneity of motivations to adopt silvopastoral practices a social ecological innovation for soil conservation and carbon emission reduction we use q methodology to identify smallholders views with regard to these practices in a community in the forest frontier in chiapas mexico the analysis uncovers three main perspectives self sufficient pioneers environmentally conscious followers and payment dependent conservatives we discuss these perspectives around three topics smallholders predisposition to adopt silvopastoral practices their views about needing external payments to sustain their livelihood and the diffusion of innovative sustainable practices we relate these perspectives with livelihood characteristics and with observed adoption levels under a pilot programme to promote silvopasture our findings suggest that incentives other than payments may be more appropriate for those more likely to adopt and that payments could encourage rent seeking strategies and not necessarily promote permanent behavioural change we suggest ways for designing more effective and adaptive environmental conservation programmes to foster adoption and continuation of social ecological innovations

interdependent preferences an econometric analysis the theoretical model of gaertner 1974 and pollak 1976 for the interdependence of preferences in the linear expenditure system is estimated for a cross section of households the interdependence of consumption of different households has implications for the stochastic structure of the model and for the identifiability of its parameters both aspects are dealt with the empirical results indicate a significant role played by the interdependence of preferences one of its implications is that predictions of the effects of changes in a household s exogenous variables differ according to whether the exogenous variable only changes for this household or for all households jointly c 1997 john wiley sons ltd

altruism jealousy and the theory of optimal non linear taxation abstract this paper studies optimal non linear taxes in a world in which there is altruism and jealousy a formula for optimal marginal tax rates is derived which turns out to be a simple and intuitively appealing extension of a result due to mirrlees the paper shows that in this sort of economy all of optimal tax theory s general results either no longer hold or need not hold and it sets out appropriate modifications to standard tax rules

skewness preference risk aversion and the precedence relations on stochastic changes this paper provides a general choice theoretic characterization of the trade off between risk and skewness whose importance in understanding risk taking behavior is well documented in empirical studies the condition under which the prudence measure kimball 1990 characterizes the strength of an individual s downside risk aversion against his own risk aversion is identified and interpreted in a unifying framework based on the concept of one stochastic dominant change preceding another and that of the desirability of a stochastic change the framework is also shown to be useful for a better understanding of the arrow pratt measure the stronger ross measure and the coincidence of the characterizations of downside risk aversion and prudence as well as the relationship between stochastic dominances of different degrees

a conceptual framework of adoption of an agricultural innovation abstract in this paper we present a conceptual framework of individual farmers decisions on adoption of a new innovation using the example of a new crop species this framework overcomes the shortcomings of a number of previous studies it represents the adoption of an innovation as a dynamic decision problem spanning at least several years the model allows for generation of potentially valuable information from trialing the innovation the value of such trials is due to development of skills e g in agronomic management of a crop as well as reduction in uncertainty about the innovation s long term profitability the framework also includes the farmer s personal perceptions managerial abilities and risk preferences in order to properly represent the adoption decision process the influences of socio demographic factors within the framework are discussed

the rise and fall of the dollar a comment if readers of this paper were to ask themselves what the rates for the world s major currencies are likely to be in say three years time it is doubtful whether they would have much confidence in their predictions even conditional forecasts on the basis of particular assumptions about policy would be hard to make this state of ignorance and our admission of it owes much to the recent behaviour of the dollar which as koromzay llewellyn and potter so usefully discuss largely defies explanation in terms of conventional economic analysis even when full use is made of the luxury of hindsight that ignorance itself may however have important policy implications these comments relate to both the theoretical and policy aspects of the paper though the focus as in the paper itself is on the implications for policy a general difficulty may be stated at the outset the paper reasonably enough concentrates on the dollar in the i98os but though this is much the most dramatic illustration of the difficulties in explaining exchange rate movements it is not the only one thus ideally an explanation of dollar strength should be consistent with explanations given for previous dollar weakness see for example bliss i986 and for other recent major movements of exchange rates such as the apparently similar gravity defying rise in sterling in the late i970s and early 198os where theory and empirical analysis fail explanations tend to become ad hoc with a danger that false or over strong policy conclusions are drawn even a casual comparison with the united kingdom raises some questions as well as supporting the general thrust of this paper thus the monetary fiscal mix in the united kingdom was very different from that in the united states according to oecd figures the structural budget moved to surplus by some 6 of gdp between i979 and i982 which must at least suggest a cautious approach to some of the simpler stories that trace the rise in the dollar to united states fiscal irresponsibility the united states experience which as the paper demonstrates does not accord with conventional models of the overshootingtype also throws doubt in the other direction about applications of that kind of model to the united kingdom for example by buiter and miller i98i of course the united kingdom s situation was special because of north sea oil but if north sea oil was important the obvious reason would be due to its effect on relative current account positions which does not seem to work well for the united states and in any case most estimates suggest that oil should account for only a part of the rise in sterling see powell and horton i985 for a survey and as in the united states empirical models were notably unsuccessful in predicting the exchange rate haache and townend i98i

the effect of income taxation on the labor supply of married men in sweden abstract this paper presents labor supply functions estimated on a sample of prime age swedish males the model used takes account of the nonlinear character of individuals budget sets caused by the progressive income tax it also allows preferences to vary between individuals calculations with the estimated functions using a partial equilibrium framework indicate a sizeable effect of the income tax on hours of work the average expected deadweight loss of the income tax is found to be approximately 20 percent of tax revenue

household debt and social interactions can concern with relative standing which has been shown to influence consumption and labor supply also increase borrowing and the likelihood of financial distress we find that perceived peer income contributes to debt and the likelihood of financial distress among those who consider themselves poorer than their peers we use unique responses describing perceived peer characteristics from a dutch population wide survey to handle two major challenges of uncovering social interaction effects on borrowing 1 debts unlike conspicuous consumption are often hidden from peers and 1 location is missing in anonymized data we employ several approaches to uncover exogenous rather than correlated effects

complementarity and custom in wage contract violation abstract we present and estimate a model with strategic complementarities in firms choices of on time or delayed wage payment linked employer employee panel data from russia facilitate identification of the endogenous interactions through fixed effects for firms workers and local labor markets and instrumental variables based on policy interventions the estimated reaction function displays strongly positive neighborhood effects and the estimated feedback loops worker quits effort strikes and legal penalties imply that costs of wage delays are attenuated by neighborhood arrears we also study a nonlinear case with two stable symmetric equilibria a punctual payment and a late payment equilibrium

job search hours restrictions and desired hours of work a structural empirical job search model is presented that incorporates the labor supply decision of individuals the arrival of a job offer is modeled as a random draw from a wage hours offer distribution subjective information is used on desired working hours to identify optimal hours from offered hours policy simulations are performed to address several policy questions does a decrease in unemployment benefits lead to the acceptance of jobs with less preferred working hours how does a decrease in the length of the standard working week affect the job acceptance behavior of the unemployed

effort and comparison income experimental and survey evidence the authors test the hypothesis that individual effort on the job depends both on one s own income and on the individual s position in the relevant income distribution combining experimental evidence from a gift exchange game with multi country issp survey data they analyze the extent to which relative income affects an individual s effort finding that an individual s rank in the income distribution more strongly determines effort than does others average income which suggests that comparisons are more ordinal than cardinal their experiment also reveals that comparisons over time affect effort individuals who received higher income offers or enjoyed higher income rank in the past exerted lower levels of effort for a given current income and rank

assortative matching and risk sharing abstract this paper explores the sorting patterns in a two sided matching market where agents facing different risks match to share them when preference belongs to the class of harmonic absolute risk aversion hara the risk premium is perfectly transferable within each partnership thus a stable match minimizes the social cost of risk in the systematic risk model where agents are ranked by their holdings of a common risky asset the convexity of the joint risk premium in joint risk size leads to negative assortative matching nam in the idiosyncratic risk model where agents are ranked by their independent riskiness in the sense of second order stochastic dominance ssd nam arises when preference exhibits decreasing absolute risk aversion dara in the sense of ross and riskier background risk leads to more risk averse behavior however nam may fail to arise when riskier background risk leads to more risk tolerant behavior

unemployment and female labour supply the definition of labour force participation in the standard labour supply model stands in sharp contrast to that used in compiling the labour force statistics in the labour supply models only those supplying positive hours of work are considered to be labour force participants on the other hand participation in the labour force statistics is often defined to include not only those supplying positive hours but also those actively searching for work this paper is an attempt to reconcile these concepts by allowing unemployed workers to enter a generalisation of the standard labour supply model this turns out to be a convenient way to enter demand side factors directly into the determination of an individual s labour market position the model is applied with some success to the working behaviour of married women in the uk family expenditure survey

modeling international investment decisions for financial holding companies abstract this research analyzes the internationalization process model developed by johanson and vahlne and derives two integer programming investment decision models that consider the risk attitudes of investment firms johanson and vahlne s model provides a starting point for building a model that suits the investment approach and decision making process of financial holding companies in practice when firms make an international investment decision there is a need for a model that can generate outputs based on financial measures such as profit investment returns and tolerable levels of risk thus in this paper johanson and vahlne s concepts are studied and financial managers are interviewed to derive models that match the investment decision procedures of the firms the model helps firms manage the risks of their investments and derive accurate investment strategies based on investment objectives and constraints

the habit of giving i introduction habit formation is thought to exert great influence on behavior it has been proffered as a potential answer to questions as disparate as the size of the equity premium abel 1990 optimal purchases of insurance ben arab briys and schlesinger 1996 labor force participation woittiez and kapteyn 1998 the relationship between savings and growth rates carroll overland and well 2000 responsiveness to monetary policy fuhrer 2000 the importance of brand loyalty gupta chintagunta and wittink 1997 and the existence of a gateway effect between alcohol and illegal drug use pacula 1998 yet there is scant discussion in the economics literature about long term habit forming most studies focus on shorter term intertemporal relationships like changes in annual consumption see inter alia naik and moore 1996 dynan 2002 carrasco labeaga and lopez salido 2005 the importance of early influences on later risk taking malmendier and nagel 2007 and motivations for purchasing different goods portolese dias 2004 has been hypothesized yet there is little direct evidence on the long term impact of shocks to behavior early in life particularly in the way that preferences form and evolve one recent exception is the study of bronnenberg dube and gentzkow 2010 who use variation in consumers previous states of residence to show that early exposure to particular brands of package goods affects purchasing behavior decades later charities in particular care about building relationships with their donors and expend a great deal of effort in the pursuit of small gifts with the expectation that they may lead to larger gifts in the future universities seem to be convinced that this strategy is effective and with 8 7 billion raised from alumni in 2008 the stakes are high council for aid to education 2009 the dean of alumni affairs at columbia university stated that it isn t about the dollars and that the purpose of getting young alumni to donate is to create a habit of giving durkin 2005 fundraising professionals agree one consultant explained i would never say that a small gift is not important because it s building that relationship if you don t build those relationships today you may not have their interest when the day comes that they can give those 101 million donations westmoreland 2008 this sentiment was echoed by an expert on senior class giving at the council for advancement and support of education who explained that the goal of these programs is not to raise money but to begin a pattern of behavior ensign 2010 there is scant evidence that this belief is justified while a number of studies have documented a positive correlation between giving when young and giving when older see monks 2003 turner meserve and bowen 2001 this may be driven by a number of factors that have nothing to do with building a relationship this correlation may actually represent spurious state dependence that arises from unobserved heterogeneity like the alumnus s affinity for the school this is contrasted with true state dependence in which a donation in one period affects preferences for donating in a later period while participation rates are a factor in university rankings it seems evident that development officials assume that habit forming in charitable contributions exists and justifies the pursuit of small gifts when alumni are young with the expectation that this will lead to larger gifts in the future these beliefs hinge on the idea that a habit can form by the simple act of making a gift and that the amount given is possibly irrelevant in essence the proponents of this idea believe that giving regularly when young will cause the individual to be in a state of focus for giving when older willing to make a larger gift perhaps because they are accustomed to giving to the charity in each year standard models of habit forming in which the amount given in an earlier period affects a stock variable and the individual incurs disutility from deviating from this level do not account for this phenomenon

a generalization of pratt arrow measure to nonexpected utility preferences and inseparable probability and utility the pratt arrow measure of local risk aversion is generalized for then dimensional state preference model of choice under uncertainty in which the decision maker may have inseparable subjective probabilities and utilities unobservable stochastic prior wealth and or smooth nonexpected utility preferences local risk aversion is measured by the matrix of derivatives of the decision maker s risk neutral probabilities without reference to true subjective probabilities or riskless wealth positions and comparative risk aversion is measured without requiring agreement on true probabilities risk neutral probabilities and their derivatives are shown to be sufficient statistics for approximately optimal investment and financing decisions in complete markets for contingent claims

the eclectic paradigm of international production a restatement and some possible extensions this article reviews some of the criticisms directed towards the eclectic paradigm of international production over the past decade and restates its main tenets the second part of the article considers a number of possible extensions of the paradigm and concludes by asserting that it remains a robust general framework for explaining and analysing not only the economic rationale of economic production but many organisational and impact issues in relation to mne activity as well

demographic influences on willingness to pay for cold tolerance technology new technologies in agriculture have the potential to increase production levels reduce risk and improve profits for farm operators however in order for this to take place the technologies must appeal to producers creating enough interest that they decide to invest in them gauging the level of interest in a technology and the types of producers who will be interested in trying it are important steps in technology development cereal crops such as wheat are important to agriculture in canada in terms of both acreage and revenue researchers in canada are currently attempting to develop more cold tolerant cereal crops to reduce the risk of frost damage and increase the area available to produce these crops a producer survey including questions on past adoption behavior attitudinal characteristics and demographics as well as a set of dichotomous choice questions on new varieties was conducted and analyzed using a regression and willingness to pay calculations demographics were the focus during these activities it was determined that producers from areas experiencing frost regularly with high incomes and large land bases had a higher propensity to adopt and higher willingness to pay for this technology

interdependent preferences and the competitive wage structure this article shows by example that when workers care about relative income and are free to choose their coworkers the equilibrium distribution of wages within firms must be less dispersed than the corresponding distribution of marginal products an implicit market for within firm status is shown to produce welfare gains by sorting workers among firms in accordance with how much they are willing to pay for high rank the resulting equilibrium pareto dominates allocations in which each worker is paid his marginal product

following the crowd leisure complementarities beyond the household leisure externalities across households have important implications for labor market regulations but have proven very difficult to identify this paper exploits the unique features of school holidays and paid leave regulations in france to show that exogenous increases in the amount of leisure time enjoyed by workers living with children induce very significant increases in the demand for leisure of workers living in other households we also provide evidence that these cross effects are driven by complementarities in nonmarket time rather than workplace norms or workplace externalities

the efficient side of progressive income taxation abstract this paper examines allocative properties of progressive income taxation when individuals care about their relative income it shows that introducing a progressive income tax can yield a pareto improvement if pre tax income is evenly distributed implementing undistorted choices of working hours requires a progressive tax schedule and the optimal degree of progressivity decreases with pre tax income inequality

alternative approaches to comparative nth degree risk aversion this paper extends the three main approaches to comparative risk aversion the risk premium approach and the probability premium approach of pratt 1964 risk aversion in the small and in the large

risk wealth and sectoral choice in rural credit markets we model the role of the informal credit sector in developing countries the informational advantage of informal lenders is portrayed as the ability to monitor borrowers monitoring reduces the incentive problem and allows for contracts with lower collateral this enables informal lenders to serve both individuals who cannot post the collateral required by the formal sector and those who are able but do not want to post collateral the model is consistent with the conventional view of the informal sector as recipient of spillover demand from the formal sector it also shows that the informal sector may provide partial insurance as the lower collateral requirement implies greater consumption smoothing for borrowers

a standard measure of risk and risk value models in this paper we propose a standard measure of risk that is based on the converted expected utility of normalized lotteries with zero expected values this measure of risk has many desirable properties that characterize the notion of risk it is very general and includes many previously proposed measures of risk as special cases moreover our standard measure of risk provides a preference based and unified method for risk studies since the standard measure of risk is compatible with the measure of expected utility it can be used explicitly or implicitly in an expected utility model under a condition called risk independence a decision could be made by explicitly trading off between risk and value which offers an alternative representation of the expected utility model named the standard risk value model finally we discuss some other applications of the standard measure of risk and extensions of our risk value tradeoff framework for descriptive decision making

valuing genetic resources in peasant economies the case of hairless creole pigs in yucatan abstract we report the results of a choice experiment study to model preferences over a selection of breed traits of creole pigs the study was conducted amongst households of backyard producers and small farmers rearing this local breed in yucatan mexico hypothetical choice data were collected to estimate the preference of households over alternative pigs profiles whose attributes distinguish creole pigs from the potentially more productive yet less adapted exotic breeds currently threatening to severely displace this locally adapted animal genetic resource angr the observed choices are employed to estimate a series of random utility models whose results are first tested for preference equality between households and small farmers then endogenous segmentation is allowed within households by means of latent class models stated preference based estimates are found to be of the same magnitude as revealed preference producers costs as a consequence the method is deemed to be appropriate for the valuation of non market functions in production estimates conditional on household characteristics are then presented and discussed

farmers preferences for crop variety traits lessons for on farm conservation and technology adoption although in situ conservation is increasingly considered an efficient way of conserving plant genetic resources little is known about the incentives and constraints that govern conservation decisions among small farm holders in developing countries using a choice experiment approach we investigated ethiopian farmers crop variety preferences estimated the mean willingness to pay for each crop variety attribute and identified household specific and institutional factors that governed the preferences we found that environmental adaptability and yield stability are important attributes for farmers choice of crop varieties farmers are willing to forego some extra income or yield to obtain a more stable and environmentally adaptable crop variety among other things household resource endowments particularly land holdings and livestock ownership years of farming experience and contact with extension services are the major factors causing household heterogeneity of crop variety preferences based on our experimental results we derived important policy implications for on farm conservation breeding priority setting and improved variety adoption in ethiopia c 2010 elsevier b v all rights reserved less

occupational mobility and the distribution of occupational success among young men interpretation of the distribution of occupational success depends crucially on an understanding of the process of mobility if the holders of low paying jobs this year are just as likely as anyone else to hold good jobs next year then the lower tail of the earnings distribution is not a matter of great social concern further if the distribution of success is primarily determined by a random process the prospects for a significant reduction in the inequality of earnings are unfavorable on the other hand high mobility in the short run may conceal systematic stratification of the labor force it may be that the same individuals spend most of their time in the worst jobs if so luck and random events may play a small role in the distribution of well being inequality may be a major issue and the elimination of stratification may hold out the promise of an important reduction in inequality simple tabulation of distributions of success and of mobility among categories of success cannot answer the basic question of the role of stratification in this paper we develop a model and statistical method for studying mobility and relating it to characteristics upon which stratification may be based our study rests on annual interviews conducted from 1966 through 1969 with about 3 000 white males born between 1942 and 1952 1 we find that mobility is closely related to personal characteristics especially intelligence and education men with high iqs and extensive education are more likely to move to high paying jobs and are more likely to remain in them nevertheless random events dominate the distribution of occupational success in the short run our results strongly support the finding of christopher jencks and his collaborators that redistribution of the determinants of earnings would do almost nothing to reduce the observed inequality of annual earnings

interdependent behavior and the effect of taxes abstract the paper studies the effect of taxes on labor supply in a model with interdependent behavior i e individuals preferences depend on other people s behavior it is found that not taking the interdependency into account can lead to a serious bias in the predicted effects of a tax change it is also shown that interdependent behavior can give rise to spikes in the hours distribution such spikes often have been attributed to quantity constraints

family labor supply with taxes over the period 1960 1983 the proportion of federal tax revenue raised by taxation of labor supply has risen from 57 77 percent in this paper we specify and estimate a model of family labor supply which treats both federal and state taxation husbands and wives labor supply are treated jointly rather than in aseparate manner as in previous research a method to calculate the virtual wage for nonworking spouses is used within a utility maximizing framework to treat correctly the joint family labor supply decision joint family efforts are found to be important the efficiency cost deadweight loss of labor taxation is estimated to be 29 6 of tax revenue raised the effect of the new 10 deduction to ease the marriage tax for working spouses leads to a prediction of 3 8 increase in wives labor supply and a 9 decrease in husbands labor supply overall taxes paid are predicted to decrease by 3 4 this abstract was borrowed from another version of this item

demographic variables in demand analysis in this paper the authors discuss five procedures for incorporating demographic variables into theoretically plausible demand systems translating scaling and the gorman reverse gorman and implicit prais houthakker procedures these five procedures are used to incorporate a single demographic variable the number of children in a household into the generalized ces demand system using household budget data for the united kingdom for the period 1966 1972 excerpt

the willingness to adopt agro ecological innovations application of choice modelling to caribbean banana planters this paper proposes an ex ante evaluation of the willingness to adopt agro ecological innovations aimed at reducing pesticide use for banana production in the french west indies four innovative systems including intercropping improved fallow and new pest tolerant varieties are proposed to a sample of 607 planters with innovation and policy attributes calibrated from a bio economic farm model the model interacts technological and economic innovation attributes with farmer individual factors and allows for a dual source of unobserved heterogeneity we estimate a system of random coefficient logit models to obtain marginal values of innovation traits that can be useful for targeting farm types with appropriate innovations and designing policies for securing agricultural revenue

valuing indigenous cattle breeds in kenya an empirical comparison of stated and revealed preference value estimates abstract in this study we compare revealed and stated preference approaches to value traits of cattle in kenya the premise is that much can be learnt about non market values of indigenous animal genetic resources angr from the use of multi attribute stated preference methods if these compare well with revealed preference results the objective is to investigate the performance of choice experiments ces in maasai cattle trading by conducting an external test of preference consistency we compare value estimates for cattle attributes from ces data with those from hedonic analysis of actual transactions by the same population of traders in the same markets and over the same period if ces perform well they can be used to investigate values of those genetically determined livestock traits currently not prominent in pastoralists populations but desirable candidates for breeding or conservation programmes e g disease resistance the results indicate that ce estimates pass the external test and appear to be adequately precise in estimating values for cattle traits that are relevant in market transactions for maasai traders accounting for taste and variance heterogeneity does not change this conclusion ces may therefore be a promising tool for valuing phenotypic traits expressed by indigenous angr

social interactions in labor supply our research examines the effect of interdependence on estimation and interpretation of earnings labor supply equations we consider the cases of 1 a positive spillover from others labor supplied and 2 a need for conformity with others labor supplied qualitative and quantitative comparative statics results with a stone geary utility function demonstrate how spillover effects increase labor supply uniformly alternatively conformity effects move labor supplied toward the mean of the reference group so that in the limit labor supply becomes perfectly inelastic at the reference group average when there are unmodeled exogenous social interactions conventional wage elasticities are still relatively well estimated although structural parameters may not be omitting endogenous social interactions may seriously misrepresent the labor supply effects of policy however jel d11 j22 z13

the sensitivity of an empirical model of married women s hours of work to economic and statistical assumptions this study undertakes a systematic analysis of several theoretic and statistical assumption s used in many empirical models of female labor supply using a singl e data set psid 1975 labor supply data the author is able to replic ate most of the range of estimated income and substitution effects fo und in previous studies in this field he undertakes extensive specif ication tests and finds that most of this range should be rejected du e to statistical and model misspecifications the two most important assumptions appear to be the tobit assumption used to control for sel f selection into the labor force and exogeneity assumptions on the wi fe s wage rate and her labor market experience copyright 1987 by the econometric society

preservation of more risk averse under expectations abstract the preservation of risk aversion properties of utility functions under expectation operations is of interest in the study of derived utility functions in sequential decision problems and in problems with multiple contemporaneous sources of uncertainty the purpose of this note is to present sufficient conditions for the pratt relation more risk averse to be preserved under expectations

the short run shutdown decision when output price and initial wealth are random abstract this paper extends the research of hori 1983 and chavas 1985 by investigating the short run shutdown decision of the competitive firm under output price risk when initial wealth is random central to this endeavor are the results of doherty and schlesinger 1986 and doherty et al 1987 concerning global and local risk premia under multiple sources of risk using a local risk premium two novel and intuitively pleasing results are reported here the reservation price of the shutdown decision varies a according to the diversification of the decision maker s cash flows and b if the decision maker exhibits dara then according to the depth of decision maker s pockets

risk aversion and the propensities for self insurance and self protection for a risk averse individual the methods for reducing the expected financial impact of a loss include reducing the severity of any loss that occurs self insurance and reducing the probability of the occurrence of a loss self protection the literature on this topic has pointed to several anomalies whereby the use of self protection and self insurance yield quite unsimilar results for example ehrlich and becker 5 show that self insurance is always a substitute for market insurance an insurance company s indemnifying a loss whereas self protection and market insurance might be complements dionne and eeckhoudt 4 show that a more risk averse consumer would always invest more in self insurance activities but not necessarily more in self protection activities they argue 4 42 that this result is counterintuitive and provides an exception to the widely accepted result that increased risk aversion reduces risky activities ehrlich and becker 5 639 argue that the incentive to self protect is not so dependent on attitude towards risk both of the above papers seem to take for granted that self protection activities reduce the riskiness of the final wealth distribution however as we argue below this is not the case if riskiness is defined as in rothschild and stiglitz 14 even if we use the variance as our risk measure we do not always reduce risk via self protection dionne and eeckhoudt suggest that these results might not be robust enough to extend to models that incorporate random initial wealth risk and state dependent preferences we show that the model seems to be very robust we also explain why self protection is not at all an exception to the long standing result of arrow 1 whereby more risk averse individuals undertake a lower

diversification exchange risk and corporate international investment all international investments inevitably have some diversification consequences yet the literature on foreign direct investment accords only a limited role to diversification or financial variables this paper develops a theory of corporate international investment from the standpoint of finance in an environment where the segmentation of international capital markets for individuals or the presence of agency costs provide some independence to corporate decisions separate from shareholders the model does not depend on any particular advantage of multinational firms and is specifies the stochastic properties of domestic and foreign output and input prices it is found that real exchange risk and diversification gains affect corporate international investment in a significant way it is also shown that the model embodies several existing explanations based on behavioral and economic variables

a model of addiction and social interactions many consumer behaviors are both addictive and social understanding how these two phenomena interact informs basic models of human behavior and matters for policymakers when the behavior is regulated i develop a new model of demand that incorporates both addiction and social interactions and show that under certain conditions social interactions reinforce the effects of addiction i also show how the dynamics introduced by addiction can solve the pernicious problem of identifying the causal effects of social interactions i then use the model to illustrate a new and important identification problem for studies of social interactions existing estimates cannot be used to draw welfare conclusions or even to deduce whether social interactions increase aggregate demand finally i develop a method that allows researchers to distinguish between two common forms of social interactions and draw welfare conclusions jel d11 h20

the econometrics of nonlinear budget sets traditional empirical analysis of consumer demand has usually made the assumption of linear budget sets that is the consumer is assumed to purchase any desired quantity at a constant price subject to a budget constraint the major exception to this framework is the analysis of demand when some goods are rationed 2 in the rationed case the price is constant up to a quantity limit in contrast to the rationed case here i consider the situation where the price varies with the amount of the good purchased empirical situations with nonconstant prices come readily to mind and of course they have received much recent attention from theorists since mirrlees 44 paper on optimal nonlinear taxation the following examples are meant to give a partial listing of cases when nonlinear budget sets occur i electricity prices many electric utilities engage in declining block pricing that is the marginal price of successive kwh s of electricity decrease at a given number of points determined by total demand thus the budget set is piecewise linear houthakker 36 was the first to propose an approach to this problem taylor 51 analyzes the problem at length and hausman kinnucin and mcfadden 31 use an instrumental variables estimator to provide consistent estimates of the demand function

technical change and irreversible investment under risk abstract a stochastic dynamic model was constructed to analyze investment decisions of an individual farmer under risk in the presence of irreversibilities embedded technical change and indivisible capital an analytical solution was obtained and its local behavior studied by numerical methods optimal investment is obtained by regulating the difference between the desired and actual capital stocks between two barriers that define an inaction interval while the desired capital drifts between the barriers no action is taken if the desired capital touches the upper barrier the farmer invests pushing the average efficiency of the actual capital stock up this in turn raises the desired capital even higher and contracts the inaction interval if these effects are strong enough the farmer will invest again until the potential gains of the technological package are exhausted if the desired capital falls enough the farmer disinvests pushing down the average productivity and expanding the inaction interval disinvestment continues until it stops either because the inaction interval becomes so wide that it is no longer optimal to disinvest or because the actual capital stock is so small that it is no longer profitable to produce

network linkages and location choice in foreign direct investment this paper shows that network linkage is an important determinant of location choice in foreign direct investment fdi network linkages are divided into internal intra firm and external inter firm linkages external linkages are further separated into strategic and relational linkages we found that taiwanese firms are keen on making external linkages but are indifferent to or incapable of making internal linkages through fdi strategic linkages motivate taiwanese fdi in the united states while relational linkages facilitate taiwanese fdi in southeast asia and china small firms are more sensitive to relational linkages than large firms in their choice of fdi location

identifying interdependent behaviour in an empirical model of labour supply in this paper we test a particular form of interdependent behavior namely the hypothesis that individuals choices of hours of work are influenced by the average hours of work in a social reference group there are problems to empirically disentangle the effects of interdependent behavior and preference variation across groups we show that panel data or data from several points in time are needed in the empirical analysis we combine cross section data from 1973 1980 and 1990 our results support the hypothesis of interdependent behavior the implication is that conventional tax policy predictions in which preference interdependencies are neglected will tend to underestimate the effect of a tax reform on hours of work our point estimates suggest that conventional calculations would capture only about a third of the actual change in hours of work

cotton farmers willingness to pay for pest management services in northern benin this study was carried out to assess cotton farmers willingness to pay wtp for pest management services in northern benin targeted staggered control tsc has been introduced to reduce pesticide use in cotton cropping and generate an estimated benefit of fcfa48 800 74 40 per cotton hectare accruing from increased productivity and reduced pesticide cost however tsc application requires extra time for pest identification and scouting and its adoption remains low due to the lack of funding to boost farmers awareness and cover training costs an interval regression model was used to analyze responses to a double bounded contingent valuation survey with data collected from 300 cotton farmers the results showed that 87 3 of cotton farmers were willing to pay for tsc services annual wtp per cotton hectare was estimated at fcfa16 962 25 80 revealing an existing demand for tsc adoption respondents wtp was driven by farm and socio economic characteristics financial mechanisms managed by farmers could thus potentially foster technology adoption and in turn generate economic and environmental benefits

prudence in bargaining the effect of uncertainty on bargaining outcomes abstract we investigate the outcome of bargaining when a player s pay off from agreement is risky we find that a risk averse player typically increases his equilibrium receipts when his pay off is made risky this is because the presence of risk makes individuals behave more patiently in bargaining strong analogies are drawn to the precautionary saving literature we show that the effect of risk on receipts can be sufficiently strong that a decreasingly risk averse player may be better off receiving a risky pay off than a certain pay off

health and portfolio choices a diffidence approach the effect of health status on portfolio decisions has been extensively studied from an empirical viewpoint in this paper we propose a theoretical model of individuals choice of financial assets under bivariate utility functions depending on wealth and health our approach makes an extensive use of the diffidence theorem we establish the conditions under which the share of wealth held in risky assets falls as 1 individuals health status deteriorates and 2 individuals health status becomes risky these conditions are shown to be related to the behavior of the intensities of correlation aversion and of cross prudence as wealth increases

a discrete choice model with social interactions with an application to high school teen behavior we develop an empirical discrete choice interaction model with a finite number of agents we characterize its equilibrium properties in particular the correspondence between interaction strength number of agents and the set of equilibria and propose to estimate the model by means of simulation methods in an empirical application we analyze the individual behavior of high school teenagers in almost 500 school classes from 70 schools in our baseline model endogenous social interaction effects are strong for behavior closely related to school truancy somewhat weaker for behavior partly related to school smoking cell phone ownership and moped ownership and absent for behavior far away from school asking parents permission for purchases intra gender interactions are generally much stronger than cross gender interactions in a model with school specific fixed effects social interaction effects are insignificant with the exception of intra gender interactions for truancy copyright c 2007 john wiley sons ltd

labour supply with habit formation abstract in a model with habit forming labour supply we show that standard myopic utility maximisation of a person weakly addicted to a harmful habit is consistent with empirical results on labour supply

social interactions and habit formation in a model of female labour supply this paper investigates the influence of habit formation and preference interdependence on labour supply behaviour of married females a novelty of the paper is that we incorporate direct survey information on reference groups of individuals in a neoclassical labour supply model for that purpose we first estimate a latent variables model relating the direct information to the true but unobserved reference groups one of the most interesting features of the model is that the presence of young children becomes an insignificant factor in the hours equation while it remains a significant factor in the participation decision in addition the labour supply curve is much flatter in a model with habit formation and preference interdependence than in a model without it both habit formation and preference interdependence contribute significantly to the explanation of female labour supply 1998 elsevier science s a all rights reserved

demand for risky financial assets a portfolio analysis abstract demand for risky financial assets takes place in portfolio settings the common stochastic orders applied in economics fail to rank demand for assets in such situations even for risk averse investors therefore the evaluation of the relative desirability of risky financial assets requires the establishment of new orders we prove that if returns on risky assets are ordered by the monotone likelihood ratio order then dominating assets will be more desired by all investors with nondecreasing utility functions

modeling employment dynamics with state dependence and unobserved heterogeneity this study extends existing work on the dynamics of labor force participation by distinguishing between full time and part time employment and by allowing unobserved heterogeneity in the effects of previous employment outcomes children and education on labor supply behavior in addition unobserved heterogeneity may feature autocorrelation and correlated random effects the results reveal significant variation in the effects of children and education on labor supply behavior moreover the omission of random coefficients and autocorrelation biases estimates of state dependencies on average temporary shocks that increase the rate of part time employment lead subsequently to lower rates of nonemployment than do shocks that temporarily increase the rate of full time work the article has additional online supplementary material

some stronger measures of risk aversion in the small and the large with applications the arrow pratt measures of risk aversion for von neumann morgenstern utility functions have become workhorses for analyzing problems in the microeconomics of uncertainty they have been used to characterize the qualitative properties of demand in insurance and asset markets to examine the properties of risk taking in taxation models and to study the interaction between risk and life cycle savings problems to name just a few applications equally importantly they have generated the linear risk tolerance class of utility functions which has provided canonical examples in such diverse areas as portfolio theory and the theory of teams despite these successes there have been a number of areas for which the results have been weaker than hoped it is natural to use the risk aversion measures to compare the behavior of individuals in risky choice situations for example consider the individual portfolio choice problem in a two asset world with a riskless asset and a risky asset if individual a has a uniformly higher arrow pratt coefficient of risk aversion than individual b then b will always choose a portfolio combination with more wealth invested in the risky asset but suppose that both assets are risky now there is no obvious sense in which the more risk averse individual can be said to hold a less risky portfolio but it seems strange that such a simple alteration should destroy the analytics which support the basic intuition similarly consider the basic insurance problem if one individual a is more risk averse than another b in the arrow pratt sense it follows that a will pay a larger premium to insure against a random loss than will b typically though an individual evaluates partial rather than total insurance that is only some gambles can be insured against and others must be retained in this case even when the gambles which are retained are independent from those which are insured it is no longer true that the individual whose arrow pratt measure of risk aversion is higher will pay a larger insurance premium the situation is no better when we consider comparative statics exercises for a single individual decreasing absolute risk aversion in the sense of arrow and

the market for sweepstakes this paper studies the market for monopolistically supplied sweepstakes we derive equilibrium demands for fixed prize and variable prize sweepstakes and determine the profit maximizing prize level and pay out ratio respectively it can be profitable to offer each type of sweepstake when there is a large enough number of weighted utility consumers who have constant absolute risk attitudes are strictly averse to small as well as symmetric risks and display longshot preference behaviour moreover for the variable prize sweepstake the supplier will generally find it profitable to combine sweepstakes targeting two smaller populations and offer a single sweepstake to the combined population this implication is corroborated by the recent spate of mergers of smaller state lotteries into larger ones

is land leasing a solution to unaffordable housing the increase in u s mortgage rates from nine per cent in 1976 to fifteen per cent in 1982 raised monthly mortgage payments by about sixty per cent even before rising house prices in the united states over this period are taken into account not surprisingly attention has been focused on ways and means of counteracting spiralling housing costs one proposed solution is land leasing under such an arrangement the homebuyer purchases the house but leases the land there may be an option to buy the land at some time in the future land leasing reduces the overall purchase price and hence lowers the minimum down payment and the initial monthly mortgage payment in hawaii land leasing has been a readily available alternative to land owning throughout the postwar period the analysis of residential housing prices in hawaii provides some quantitative estimates of the relative prices of leasehold versus fee simple properties the average price differential is surprisingly small one explanation of these small price differentials for which a model is developed and tested here is that borrowing constrained households use high discount rates to calculate the present value of the future land price that they will in effect have to pay at the expiration of the lease these discount rates are estimated in a nonlinear hedonic property price equation the results are then employed to answer the question under what conditions would a leaseholder buy the land outright before the expiration of the lease

on the theory of the competitive firm under uncertainty when initial wealth is random since sandmo s seminal paper on the theory of the competitive firm under output price uncertainty there has been considerable research on this topic 2 5 6 10 11 14 in all these studies it is assumed that in the absence of complete contingent markets output price risk is the only source of uncertainty for the firm however this may not be a realistic assumption in particular as argued by kihlstrom et al 7 it appears reasonable to consider the case where some of the initial wealth of the firm is held in risky assets in that case initial wealth is uncertain and should be modelled as a random variable the objective of this paper is to investigate the introduction of random initial wealth in sandmo s theory of the firm under price uncertainty in sandmo s model a number of important comparative static results e g the conditions under which the supply function is upward sloping 14 69 or under which increased price uncertainty reduces supply 5 depends critically on the sign of a particular expression stated in lemma 2 in ishii 5 while sandmo 14 69 shows this expression is non negative under arrow pratt decreasing absolute risk aversion it can be verified that his proof no longer holds when initial wealth is random therefore the comparative static analysis conducted by sandmo 14 batra and ullah 2 and ishii 5 is no longer valid and gives ambiguous results under initial wealth uncertainty the reason is that the arrow pratt measures of risk aversion 1 12 are too weak for making comparisons in situations where there is more than one source of uncertainty 13 then what can be deduced from the theory of the competitive firm in the realistic case where both initial wealth and output price are uncertain we will show here that meaningful results on the behavior of the competitiv firm under uncertainty can be obtained provided that the arrow pratt measures of risk aversion 1 12 are replaced by the ross measures of risk aversion 13 in particular a comparative static analysis of the production decisions using ross characterization of risk behavior is presented a number of new results are derived on the properties of risk responsive supply and input demand functions under both price and initial wealth uncertainty

externality in labor supply and government spending standard business cycle models face difficulties generating i government spending multipliers exceeding unity and ii stabilizing effects of government size using a simple model with externality in labor supply we show that a sufficient degree of complementarity between aggregate and private labor supplies is key to reproducing these stylized facts

utilizing conjoint analysis to design modern crop varieties empirical example for groundnut in niger abstract preferences for monetary and non monetary plant traits influence modern crop variety adoption decisions of farmers to enhance adoption probability of modern crop varieties it is necessary to identify and focus research on traits that significantly contribute to utility while de emphasizing insignificant plant attributes this paper illustrates the potential for applying conjoint analysis to aid the design and targeting of client responsive modern crop varieties farmers ranked eight orthogonally derived plant trait combinations used in an illustrative example utilities were estimated using the choice probability based method of ordered probit results showed that conjoint analysis can differentiate significant and non significant traits of modern crop varieties the usefulness of applying conjoint analysis over identifiable disaggregated groups of a sample was also evident future application of conjoint analysis to the design and targeting of modern crop varieties should carefully consider sample composition and size to permit the estimation of relevant sub models for desired farmer segments

gender inequality endogenous cultural norms and economic development this research focuses on the role played by cultural norms in the long run persistence of gender inequalities cultural norms about gender roles are considered to be endogenous and can generate gender inequality and low development traps indeed when the gender gap is internalized it leads to inegalitarian views about gender roles due to these inegalitarian beliefs boys receive more education and the initial gender gap is reinforced the existence of gender inequality traps is pointed out by the world bank as a major obstacle for economic development wdr 2006 the present article allows for a better understanding of the persistence of such traps and the means to escape

choosing between risky prospects the characterization of comparative statics results and location independent risk we consider expected utility maximizers choosing from a family of risky prospects and examine how choice is influenced by the decision makers attitude to risk if the family of risky prospects can be ordered so that as decision makers are more risk tolerant they choose a gamble higher in the ordering then it is natural to say that the family of risky prospects admit a comparative static result the paper characterizes when comparative static results of this sort exist an application is to propose a criterion of location independent riskiness

welfare equivalent nnp and habit formation this note concerns the importance of habit formation for social accounting with internal habit formation earlier procedures for welfare measurement in the first best apply with minor modification

stochastic choice in insurance and risk sharing a reply yoram kroll s comment arises from an ambiguity in my paper which i think leads him to misinterpret the purpose of the analysis fortunately the comment does generate an additional result that is of value unfortunately in pursuing the wrong side of this ambiguity kroll concludes that stochastic dominance rules are quite ineffective in ranking insurance strategies such as full coverage and excess policies this conclusion does not hold and my main result is still valid much of the economic analysis of insurance buying strategies has been undertaken on the assumption that the premium to be paid is proportional to the actuarial value of the policy in other words there is a constant percentage loading given these conditions full insurance is never optimal for a risk averter smith 9 mossin 7 why then do so many people routinely purchase full insurance to illuminate this issue consider the problem what premium reduction is necessary to induce a risk averter to select a policy containing an excess deductible over a policy offering full cover the answer given in my paper is that the premium reduction must exceed the mathematical value of the uninsured risk this being a necessary condition but not a sufficient condition this result is robust in the face of kroll s comment but what is at issue is whether the premium example outlined in my paper satisfies this condition using the same notation as kroll the condition for second degree stochastic dominance of the full cover over the excess deductible policy is

risky choices and correlated background risk the analysis of a risky project should take into account not only uncertainties about the return from that project project risk but also uncertainties associated with other ongoing projects and with exogenous factors that can impact final wealth background risk the presence of background risk can change the optimal course of action with respect to a project and ignoring such risk might lead to a poor decision most work on background risk assumes that project risk and background risk are independent and are additive in their impact on wealth however independence is often unrealistic and background risk operates in a multiplicative manner in many situations we relax the independence assumption and consider a model with both additive and multiplicative background risk the optimal decisions in the correlated setting can be very different than those that would appear optimal if the correlation were ignored the impact of correlation differs in the additive and multiplicative cases with positive correlation being beneficial in some cases and negative correlation in others the analytical and numerical results indicate that in analyzing decision making problems it is very important to understand the direction and degree of dependence between project risk and background risks

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