The Effects of Mortgage Credit Availability: Evidence from Minimum Credit Score Lending Rules
In: FEDS Working Paper No. 2016-098
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In: FEDS Working Paper No. 2016-098
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Working paper
In: Journal of Urban Economics, 2021
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Working paper
In: NBER working paper series 13105
Strong bequest motives can explain low retirement spending, but so equally can strong precautionary motives. Given this identification problem, the recent tradition has been largely to ignore bequest motives. We develop a rich model of spending in retirement that allows for both motives, and introduce a "Medicaid aversion" parameter that plays a key role in determining precautionary savings. We implement a "strategic" survey to resolve the identification problem between bequest and precautionary motives. We find that strong bequest motives are too prevalent to be ignored. Moreover, Medicaid aversion is widespread, and helps explain the low spending of many middle class retirees.
In: NBER Working Paper No. w13105
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In: Social choice and welfare, Band 63, Heft 2, S. 437-468
ISSN: 1432-217X
AbstractMeasuring the well-being of individuals is a significant challenge for social scientists, policy makers, and suppliers of social programming, since well-being consists of many dimensions that are difficult to measure, both individually and collectively. Moreover, the relative contribution of each of the various aspects to overall well-being is unknown. We try to answer this challenge using the methodology of Benjamin et al. (Am Econ Rev 104(9):2698–2735, 2014) and using a survey that measures preferences over 27 aspects of individual well-being. We provide estimates of these preferences for a representative sample of the Israeli population. We also document heterogeneity in preferences for respondents with different current levels of well-being and for different demographic groups. For some aspects of well-being, we provide evidence of decreasing marginal utility. For other aspects, we find evidence for what appears to be an increasing marginal utility but we argue that it likely reflects an endogenous determination of the level of well-being. We discuss the policy implications of our findings and how our results could be aggregated to a well-being index that could be used to evaluate and compare the effects of different policy interventions.
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In: FEDS Working Paper No. 2018-016
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