Inferring Labor Income Risk from Economic Choices: An Indirect Inference Approach
Tony Smith and
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Tony Smith: Yale Univ.
No 1024, 2007 Meeting Papers from Society for Economic Dynamics
borrowing constraints and risk-averse households. In this estimation, we account for measurement error in both consumption and income and we use an auxiliary model---which forms the bridge between the data and the consumption-savings model---that provides a sharp distinction between the RIP and HIP models. Finally, we conduct formal statistical tests to assess the extent to which the RIP and HIP models find support in the data.
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Working Paper: Inferring labor income risk from economic choices: an indirect inference approach (2010)
Working Paper: Inferring Labor Income Risk from Economic Choices: An Indirect Inference Approach (2010)
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