Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation
利用NLSY数据，定量估计求职模型中的双曲贴现程度，发现中低工资工人存在显著双曲贴现，并评估了不同政策对失业的影响，发现政策效果因贴现类型假设而异。
This article estimates the degree of hyperbolic discounting in a job search model quantitatively, using data on unemployment spells and accepted wages from the NLSY. The results point to a substantial degree of hyperbolic discounting for low and medium wage workers. The structural estimates are then used to evaluate alternative policy interventions aimed at reducing unemployment. The estimated effects of a given policy can vary by up to 40%, depending on the assumed type of time discounting. Some interventions may raise the long-run utility of hyperbolic workers, and at the same time reduce unemployment duration and lower government expenditures. Copyright (C) The Author(s). Journal compilation (C) Royal Economic Society 2008.