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Job search and hyperbolic discounting : structural estimation and policy evaluation

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dc.creator Paserman, Marco Daniele
dc.date 2004
dc.date.accessioned 2013-10-16T07:09:26Z
dc.date.available 2013-10-16T07:09:26Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/20232
dc.identifier ppn:378234811
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/20232
dc.description This paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing unemployment. The model is estimated using data on unemployment spells and accepted wages from the National Longitudinal Survey of Youth (NLSY). The likelihood function explicitly incorporates all the restrictions implied by the optimal dynamic programming solution to the model. Both observed and unobserved heterogeneity are accounted for. The results point to a substantial degree of hyperbolic discounting, especially for low and medium wage workers. The structural estimates are also used to evaluate alternative policy interventions for the unemployed. Estimates based on a model with exponential discounting may lead to biased inference on the economic impact of policies.
dc.language eng
dc.relation IZA Discussion paper series 997
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject C41
dc.subject C11
dc.subject ddc:330
dc.subject job search
dc.subject hyperbolic discounting
dc.subject structural estimation
dc.subject policy evaluation
dc.subject Arbeitsuche
dc.subject Arbeitsplatzsuchmodell
dc.subject Arbeitsmarktpolitik
dc.subject Wirtschaftspolitische Wirkungsanalyse
dc.subject Theorie
dc.subject Vereinigte Staaten
dc.title Job search and hyperbolic discounting : structural estimation and policy evaluation
dc.type doc-type:workingPaper

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