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Development Discussion Paper
Consumption Smoothing and the Welfare Cost of Uncertainty
Yonas Alem and Jonathan Colmer
When agents are unable to smooth consumption and have distorted beliefs about the likelihood of future income realisations, uncertainty about future states of the world has a direct effect on individual welfare. However,...Read more...
1 August 2015
Japanese Studies Programme Paper
Earnings Quality, Accruals and Subjective Goodwill Accounting
This paper analyses accounting accruals that may relate to earnings quality and its information content. The characteristics specifying earning quality are discussed according to research surveys of earnings quality. The...Read more...
One man's rags are another man's riches: Identifying adaptive preferences using panel data
One of the motivations frequently cited by Sen and Nussbaum for moving away from a utility metric towards a capabilities framework is a concern about adaptive preferences or conditioned expectations. If utility is relate...Read more...
Sheer Class? The Extent and Sources of Variation in the UK Graduate Earnings Premium
Robin A. Naylor, Jeremy Smith and Abigail McKnight
In this paper, we use the individual-level USR data for the whole population of 1993 leavers from the ¿old¿ universities of the UK to investigate the determinants of graduate occupational earnings. Among other results, w...Read more...
Theoretical Economics Paper
Weakening the Sure-Thing Principle: Decomposable Choice under Uncertainty
Simon Grant, Atsushi Kajii and Ben Polak
Savage motivated his Sure-Thing Principle b y arguing that, whenever an act would be preferred if an event obtains and preferred if an event did not obtain, then it should be preferred overall. The idea that it should be...Read more...