An assessment of the effect of risk aversion on the quit decision of married men
Economic Activity Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, 1985 - Business & Economics - 27 pages
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6.4 percent age groups alternative jobs asset share associated with quitting assuming assumption constant relative risk current job decline decreasing dummy variable Economic Activity Section effect on quits effects of risk endogenous estimation expected utility expected value Federal Reserve System finance financial wealth firm-specific human capital household income human capital wealth hypothesis implications individual labor force participation layoff likelihood ratio test liquidity constraints male quit rates mean-variance mortgage negative effect OTHS Owen Irvine participation decision positive effect predicted probabilities predicted quit rate probability of quitting probit propensity to quit PSID quit decision quit model rates of return relative risk aversion return to quitting riskier risky quit option Section Working Paper selectivity bias share of household simultaneous equations specification Standard errors Table tenure variable TRANS transactions costs associated variance variance-covariance matrix wage rate wealth allocated wealth effect wife wife's income share wife's labor force wife's share wives