On the role of time allocation in incomplete markets
Başlık çevirisi mevcut değil.
- Tez No: 401054
- Danışmanlar: PROF. MARK AGUIAR
- Tez Türü: Doktora
- Konular: Ekonomi, Economics
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 2010
- Dil: İngilizce
- Üniversite: University of Rochester
- Enstitü: Yurtdışı Enstitü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 133
Özet
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Özet (Çeviri)
This thesis is a collection of essays on the role of time allocation in incomplete markets. An incomplete market is defined as an environment where individuals are unable to insure against some shocks such as unemployment shocks and health shocks. In such an environment, individuals have partial insurance opportunities with different channels including asset markets, governmentprovided public insurance, family transfers, and adjustment of time allocation. 1 In my thesis, I focus on the role of time allocation as a partial insurance mechanism in incomplete markets. In Chapter 1, I study the role of home production on optimal unemployment insurance policy. Here, time allocation has an important role due to home production decision, and the environment is an incomplete market due to uninsurable unemployment shocks. Individuals can smooth their consumption with more home production during unemployment spells which reduces the cost of unemployment shocks. Therefore, optimal unemployment insurance policies are affected by the fact that individuals partially insure themselves through home production. In order to quantify this effect, I incorporate home production into a quantitative model of unemployment, and show that realistic levels of home production have a significant impact on the optimal unemployment insurance rate. Using data from the American Time Use Survey (ATUS), I 1See Heathcote et al (2009) for a detailed survey on this topic. first show that unemployed workers spend an additional 10 hours per week in home production compared to employed workers, which is roughly a 50% increase. I use the Panel Study of Income Dynamics (PSID) data on housework to confirm that this difference is robust to controlling for unobserved heterogeneity between employed and unemployed adults. Motivated by this fact, I augment an incomplete markets model of unemployment with a home production technology, which allows unemployed workers to use their extra non-market time as partial insurance against the drop in income due to unemployment. In the benchmark model, I find that the optimal replacement rate in the presence of home production is roughly 40% of wages, which is 40% lower than the no-home production models optimal replacement rate of 65%. The 40% optimal rate is also close to the estimated rate in practice. The fact that home production makes a significant difference in the optimal unemployment insurance is robust to a variety of parameterizations and alternative model environments. In Chapter 2 (joint with Yavuz Arslan), we analyze the effect of price search on the life-cycle profile of consumption inequality. In this paper, time allocation has a role through price search and the environment is incomplete due to uninsurable income shocks. Individuals with bad income shocks and lower wealth can increase their consumption by searching for cheaper prices, which reduces the variance in log consumption relative to the variance in log expenvii diture over the life-cycle. In this paper, we incorporate price search decision into a life cycle model, and differentiate consumption from expenditure. The consumers with low wealth and bad income shocks search more for cheaper prices and pay less which makes their consumption higher than a model without search option. A plausibly calibrated version of our model predicts that the cross sectional variance of consumption is around 15% smaller than the cross sectional variance of expenditure through out the life cycle. Price search has an alternative productive activity role for the lower income people to increase their consumption levels. In Chapter 3, I investigate the effect of unemployment policies on home production. In this paper, I explore to what extend households substitute private insurance with public insurance. I use American Time Use Survey (ATUS) and heterogeneity in unemployment insurance policies across states to examine the relationship between unemployment insurance policies and home production. The empirical results suggest that moving to a two times more generous state would decrease time spent on home production about 11 hours per week for unemployed.
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