I estimate an extended version of the incomplete markets consumption model allowing for heterogeneity in discount factors, nonseparable preferences for food and other nondurables, liquidity constraints, and precautionary savings. I find statistical support for this model, especially for the non-separability of preferences for food and other nondurables. JEL D12, D91, E21

Concern for individual consumption relative to per capita consumption can induce a fear of falling behind which increases precautionary savings. This fear intensifies as societal income growth increases, allowing for a positive effect of growth on savings rates. JEL classifications: E21, D11, D91.

a r t i c l e i n f o Article history: Received 27 December 2017 Received in revised form 2 February 2018 Accepted 2 February 2018 Available online 17 February 2018 JEL classification: C91 D91 J22 J33 L2 M5

We analyze the interaction between risk sharing and capital accumulation in a stochastic OLG model with production. We give a complete characterization of interim Pareto optimal competitive equilibrium allocations. Furthermore, we provide tests of Pareto optimality/suboptimality based on (risky) rates of return only. © 2007 Elsevier Inc. All rights reserved. JEL classification: D61; D91; E13; E43

This study presents results of the validation of an ultra-short survey measure of patience included in the German Socio-Economic Panel (SOEP). Survey responses predict intertemporal choice behavior in incentive-compatible decisions in a representative sample of the German adult population. JEL-classification: D01, D03, D91, C91

This paper shows equilibrium existence for an infinite–horizon exchange economy with incomplete markets of real assets when default is allowed. Borrowers are required to constitute collateral in terms of durable goods and face credit constraints that depend on their past default. When credit constraints are inelastic, Ponzi schemes are ruled out and an equilibrium exists. JEL Classification: D5...

The mathematical framework of psychological game theory is useful for describing many forms motivation where preferences depend directly on one’s own or others’ beliefs. It allows incorporating, example, emotions, reciprocity, image concerns, and self-esteem in economic analysis. We explain how why, discussing basic theory, experiments, applied work, methodology. (JEL C70, D83, D91)

We show that a steeply increasing workload before a deadline is compatible with time-consistent preferences. The key departure from the literature is that we consider a stochastic environment where success of effort is not guaranteed. JEL Classification: D91, J22, D81, D11.