We examine the impact of retirement exibility and the constraint against borrowing from future labor income on optimal consumption, optimal investment, and optimal retirement policy. We solve three alternative models almost explicitly in parametric forms (up to at most a constant) and provide veri cation theorems for the claimed solutions. In addition, we also obtain analytical comparative stat...

We analyse how progressive taxation and education subsidies affect schooling decisions when the returns to education are stochastic. We use the theory of real options to solve the problem of education choice in a dynamic stochastic model. We show that education attainment will be an increasing function of the risk associated with education. Furthermore, this result holds regardless of the degre...

We study a simple savings scheme that allows workers to defer receipt of part their wages for three months at zero interest. The significantly increases during the deferral period, leading higher postdisbursement spending on lumpy goods. Two years later, after two additional rounds scheme, we find treated have made permanent improvements homes. popularity implies lack good alternative options. ...

Factor market failures can limit adoption of profitable technologies. We leverage a plot-level spatial regression discontinuity design in the context irrigation use by farmers provided free access to water. Using boosts profits 43–62 percent. Yet, only irrigate 30 percent plots because labor costs. demonstrate inefficient use, showing irrigating one plot reduce their on other plots. This ineffi...

During the hepatitis B virus (HBV) life cycle, capsid assembly and disassembly must ensure correct packaging and release of the viral genome. Here we show that changes in the dynamics of the core protein play an important role in regulating these processes. The HBV capsid assembles from 120 copies of the core protein homodimer. Each monomer contains a conserved cysteine at position 61 that can ...

To what degree can labor reallocation mitigate the economic consequences of weather-driven agricultural productivity shocks? I estimate that temperature-driven reductions in demand for India are associated with increases nonagricultural employment. This suggests ability sectors to absorb workers may play a key role attenuating shocks. Exploiting firm-level variation propensity workers, relative...

traumatic head injury is the underlying cause of approximately 5% of all persons with epilepsy and is the major cause of epilepsies starting in young adulthood. penetrating head injury, particularly among soldiers, carries a risk of almost 50% of developing post-traumatic epilepsy (pte), mostly within 6 months to two years after the trauma. early seizures (within one week of the trauma) are dep...