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Precautionary savings-a panel study

Article Abstract:

Studies on income uncertainty as a motive for savings are incomplete. By understanding how much uncertainty is a motivator for saving, the effects of government programs can be assessed. Studies on precautionary saving make use of cross-sectional or time-series data but neither captures what results from individual income uncertainty. Using total, permanent and transitory income uncertainty from panel data, it can be shown that the ratio of wealth to permanent income increases by 29% when uncertainty doubles.

Savings, Social science research, Permanent income theory

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Investment and capital market imperfections: a switching regression approach using U.S. firm panel data

Article Abstract:

A switching regression model of investment was formulated to assess the influence of capital market imperfection on investment and financing decisions of companies. The model specifically tries to address the problem of static and dynamic misclassification that results when firms are sorted using a criteria chosen a priori. Utilization of the panel data for US manufacturing companies revealed that indicators of financial weakness increase the likelihood of paying a high premium on external finance.

Models, Capital market, Capital markets, Regression analysis

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Referendum design and contingent valuation: the NOAA panel's no-vote recommendations

Article Abstract:

The impact of a 'would-not-vote' response in contingent valuation (CV) questions was assessed through utilization of a CV questionnaire designed to investigate the Exxon Valdez oil spill. A 'would-not-vote' response tend to not affect the distribution of 'for' and 'against' responses provided that subjects who have chosen such option are perceived as oppositions to the program. The validity of the outcome and the willingness to pay estimates are also not affected by the 'would-not-vote' response.

Referendum, Referendums, Voting research

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