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- Lanot, Gauthier, et al.
(författare)
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Pension benefit reform and the substitution of older for younger workers
- 2014
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Konferensbidrag (refereegranskat)abstract
- Early pension benefits encourage workers to retire before normal pensionable age. The age structure ofemployment reflects the relative prices of retaining workers of different ages. We use a recent reform to pension benefits in Denmark to analyze the relationship between the wages and employment of workers ofdifferent ages at the firm level. We find that the reform changed retirement ages of unskilled workers – the group with lowest wages and largest replacement rate changes due to the reform. This provides instrumental variables by which to identify parameters of a CES production function. For this group of unskilled workers we are able to estimate the elasticity of substitution between old and young at the firm level to be unity – they are perfect substitutes.
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| 2. |
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| 3. |
- Lanot, Gauthier, 1965-, et al.
(författare)
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Who really wants to be a millionaire? : estimates of risk aversion from gameshow data
- 2014
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Ingår i: Journal of applied econometrics (Chichester, England). - : John Wiley & Sons. - 0883-7252 .- 1099-1255. ; 29:6, s. 861-879
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Tidskriftsartikel (refereegranskat)abstract
- This paper estimates the degree of risk aversion from one of the most popular TV gameshows ever. The format of the show is straightforward; it involves no strategic decision making; we have a large number of observations; and the prizes are cash, which is paid immediately and covers a large range: from 100 pound up to 1 pound million. We provide non-parametric estimates of the utility function and then we test some parametric restrictions. We find that, although the restriction to CRRA utility is statistically rejected, a log function approximates the utility function quite well over a large range of potential winnings.
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