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June, 2014

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Cohort definition and descriptive analysis 2

As we stress in Section 2, interpreting these graphs is not easy because cohort, age and time are perfectly collinear variables. Their distinct effects are not identified: for instance, any interpretation of the data in terms of age and cohort …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Cohort definition and descriptive analysis

In each survey we restrict the sample to households headed by individuals born between 1910 and 1959 and define 10 groups: cohort 1 includes those born in 1915-19, cohort 2 those bom in 1920-24, and so on, up to cohort …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Measures of marginal utility

In all three surveys we define consumption as total household expenditure on non-durable goods. This excludes expenditures on durable goods, health, education and housing, except that in the case of the SHIW, where it excludes durable expenditure only. Current values …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Empirical results 3

We consider two possible methods of constructing the cross-sectional variances. The first is to estimate the “calendar year” consumption figure for each household on the basis of the months available, with seasonal adjustment. By this method, most households would provide …Continue reading →

INTERTEMPORAL CHOICE AND THE CROSS-SECTIONAL VARIANCE OF MARGINAL UTILITY: Empirical results 2

The Consumer Expenditure Survey (CEX) is run by the US Bureau of Labor Statistics for the same reasons as the FES, namely to compute the Consumer Price Index, and the size of the sample is roughly similar (around 7,000 households …Continue reading →

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