Impatient in experiments, but patient in simulations: a challenge to the heckman-type model

Gahramanov, Emin and Tang, Xueli 2016, Impatient in experiments, but patient in simulations: a challenge to the heckman-type model, Economic record, vol. 92, no. 297, pp. 268-290, doi: 10.1111/1475-4932.12244.

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Title Impatient in experiments, but patient in simulations: a challenge to the heckman-type model
Author(s) Gahramanov, Emin
Tang, XueliORCID iD for Tang, Xueli orcid.org/0000-0002-7408-4054
Journal name Economic record
Volume number 92
Issue number 297
Start page 268
End page 290
Total pages 23
Publisher Economic Society of Australia
Place of publication Willoughby, N.S.W.
Publication date 2016-06
ISSN 0013-0249
1475-4932
Summary Intertemporal labour–leisure choice models typically assume agents have a very low degree of impatience. Yet there is a lot of empirical evidence indicating a high degree of impatience. Using a life-cycle model of consumption–saving and labour–leisure choice, we show that even if an agent displays a relatively moderate degree of impatience, his labour supply choice delivers highly counterfactual patterns. We resolve this counterfactual finding by augmenting the standard model with a time-dependent marginal utility of leisure assumption that is consistent with some recent evidences from leisure studies. We also introduce various extensions and discuss their relative importance and associated challenges.
Language eng
DOI 10.1111/1475-4932.12244
Field of Research 140102 Macroeconomic Theory
Socio Economic Objective 910107 Macro Labour Market Issues
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Economic Society of Australia
Persistent URL http://hdl.handle.net/10536/DRO/DU:30082429

Document type: Journal Article
Collection: Department of Economics
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