BD Bernheim… - The quarterly journal of …, 1986 - qje.oxfordjournals.org
Abstract In many examples of competitive bidding (eg, government construction contracting)
the relevant object is either partially divisible or ill-defined, in contrast to much of the recent
theoretical work on auctions. In this paper we consider a more general class of auctions, ...
BD Bernheim, A Shleifer… - The Journal of Political Economy, 1985 - JSTOR
Although recent research suggests that intergenerational transfers play an important role in
aggregate capital accumulation, our understanding of bequest motives remains incomplete.
We develop a simple model of strategic bequests in which a testator influences the ...
BD Bernheim - Econometrica: Journal of the Econometric Society, 1984 - JSTOR
This paper examines the nature of rational choice in strategic games. Although there are
many reasons why an agent might select a Nash equilibrium strategy in a particular game,
rationality alone does not require him to do so. A natural extension of widely accepted ...
BD Bernheim… - The RAND Journal of Economics, 1990 - JSTOR
Traditional analyses of industrial behavior typically link the exercise of market power in an
industry to internal features such as demand conditions, concentration, and barriers-to-entry.
Nevertheless, some economists have remained concerned that external factors, such as ...
BD Bernheim - Journal of Political Economy, 1994 - JSTOR
This paper analyzes a model of social interaction in which individuals care about status as
well as" intrinsic" utility (which refers to utility derived directly from consumption). Status is
assumed to depend on public perceptions about an individual's predispositions rather ...
BD Bernheim, B Peleg… - Journal of Economic Theory, 1987 - Elsevier
Abstract In an important class of “noncooperative” environments, it is natural to assume that
players can freely discuss their strategies, but cannot make binding commitments. In such
cases, any meaningful agreement between the players must be self-enforcing. Although ...
BD Bernheim… - Econometrica: Journal of the Econometric …, 1986 - JSTOR
We extend the principal-agent framework with risk-neutral principals to situations in which
several principals simultaneously and independently attempt to influence a common agent.
We show that implementation is, in the aggregate, always efficient (cost-minimizing), and ...
LS Bagwell… - The American Economic Review, 1996 - JSTOR
We examine conditions under which" Veblen effects" arise from the desire to achieve social
status by signaling wealth through conspicuous consumption. While Veblen effects cannot
ordinarily arise when preferences satisfy a" single-crossing property," they may emerge ...
BD Bernheim… - American Economic Review, 1998 - JSTOR
Why are observed contracts so often incomplete in the sense that they leave contracting
parties' obligations vague or unspecified? Traditional answers to this question invoke
transaction costs or bounded rationality. In contrast, we argue that such incompleteness is ...
BD Bernheim - 1988 - nber.org
In evaluating the existing theory and evidence on Ricardian equivalence, it is essential to
distinguish between the short run effects of government borrowing (primarily the potential for
stimulating aggregate demand) and the long run effects (primarily the potential for ...
BD Bernheim, J Skinner… - 1997 - nber.org
Household survey data consistently depict large variations in saving and wealth among
households with similar socio-economic characteristics. Within the context of the life" cycle
hypothesis, families with identical lifetime resources might choose to accumulate" different ...
BD Bernheim… - 1996 - nber.org
In recent years, the United States has witnessed significant growth in programs of financial
and retirement education in the workplace. This phenomenon provides an opportunity to
assess the effects of targeted education programs on financial choices. This paper uses a ...
BD Bernheim - 1992 - nber.org
This paper presents new empirical evidence in support of the view that a significant fraction
of total saving is motivated solely by the desire to leave bequests. Specifically, I find that
Social Security annuity benefits significantly raise life insurance holdings and depress ...
BD Bernheim… - American Economic Review, 2004 - JSTOR
We propose a model of addiction based on three premises:(i) use among addicts is
frequently a mistake;(ii) experience sensitizes an individual to environmental cues that
trigger mistaken usage;(iii) addicts understand and manage their susceptibilities. We ...
BD Bernheim, DM Garrett… - Journal of Public Economics, 2001 - Elsevier
Over the last 40 years, a majority of states have adopted consumer education policies, and a
sizable minority have mandated that high school students receive instruction on topics
related to household financial decision-making. In this paper, we attempt to determine ...
BD Bernheim - Handbook of public economics, 2002 - Elsevier
Abstract In this survey, I summarize and evaluate the extant literature concerning taxation
and personal saving. I describe the theoretical models that economists have used to depict
saving decisions, and I explore the positive and normative implications of these models. ...
BD Bernheim - The Journal of Economic Perspectives, 1989 - JSTOR
I n the 1988 presidential campaign, virtually every serious candidate spoke of the urgent
need to trim government budget deficits. Public opinion polls have identified federal deficits
as a key economic issue, second only to unemployment. 1 While many economists are ...
B Douglas Bernheim… - Games and Economic Behavior, 1989 - Elsevier
Abstract We formalize the notion of collective dynamic consistency for noncooperative
repeated games. Intuitively, we require that an equilibrium not prescribe any course of action
in any subgame that players would jointly wish to renegotiate, given the restriction that any ...
BD Bernheim… - The American Economic Review, 1988 - JSTOR
We criticize the view that altruism either increases the benefits of group interactions or
improves the allocation of resources within families. Altruism can alter the social utility
possibility frontier in surprising and sometimes unfortunate ways. Altruism also often ...
BD Bernheim… - The Rand Journal of Economics, 1985 - JSTOR
In a variety of markets firms voluntarily and independently delegate control over certain
aspects of marketing to common agents. In this article we present an explicit model of
agency delegation where firms noncooperatively select agents, name output prices, and ...
BD Bernheim - The American Economic Review, 1986 - JSTOR
This paper extends preexisting results concerning voluntary private funding of public goods.
The assumption that individuals care about the magnitude of their own contributions only
insofar as these contributions affect the aggregate level of expenditures is shown to have ...
EM Engen, WG Gale, JK Scholz… - Brookings Papers on …, 1994 - JSTOR
AMERICAN SAVING RATES have recently fallen to their lowest levels since 1950. After
averaging roughly 8 percent in the 1950s, 1960s, and 1970s, the net national saving rate fell
to about 4.5 percent in the 1980s and has fallen below 2 percent since 1990.'The personal ...
BD Bernheim - Pension Research Council Working Papers, 1998 - econpapers.repec.org
By B. Douglas Bernheim; Financial Illiteracy, Education, and Retirement Saving.
BD Bernheim… - 1993 - nber.org
EXECUTIVE SUMMARY The evidence presented in this paper supports the view that many
Americans, particularly those without a college education, save too little. Our analysis also
indicates that it should be possible to increase total personal saving among lower income ...
PJ Bayer, BD Bernheim… - 1996 - nber.org
We examine the effects of education on financial decision-making skills by identifying an
interesting source of variation in pertinent training. During the 1990s, an increasing number
of individuals were exposed to programs of financial education provided by their ...
J Andreoni… - Econometrica, 2009 - Wiley Online Library
A norm of 50–50 division appears to have considerable force in a wide range of economic
environments, both in the real world and in the laboratory. Even in settings where one party
unilaterally determines the allocation of a prize (the dictator game), many subjects ...
BD Bernheim - 1990 - nber.org
In addition to providing an explanation for the dividend puzzle, I also derive a number of
strong, and somewhat surprising results concerning corporate payout decisions. Generally,
dividend payments rise monotonically with firm quality. In contrast, the relationship ...
BD Bernheim… - 1992 - nber.org
We propose and implement a new test of the dividend signaling hypothesis that is designed
to discriminate between dividend signaling and other theories that would account for the
apparent existence of a dividend preference. Our test refines the use of data on stock price ...
BD Bernheim… - 2005 - nber.org
This paper has two goals. First, we discuss several emerging approaches to applied welfare
analysis under non-standard (" behavioral") assumptions concerning consumer choice. This
provides a foundation for Behavioral Public Economics. Second, we illustrate applications ...
BD Bernheim… - 2008 - nber.org
We propose a broad generalization of standard choice-theoretic welfare economics that
encompasses a wide variety of non-standard behavioral models. Our approach exploits the
coherent aspects of choice which those positive models typically attempt to capture. It ...
BD Bernheim - 1987 - nber.org
Does wealth typically decline after retirement '? Despite much recent research, this
deceptively simple question has remained controversial. Previous investigators seem evenly
divided on the issue of whether elderly individuals save or dissave, and no consensus ...
BD Bernheim… - 2000 - nber.org
In the United States, more than two-thirds of decedents with multichild families divide their
estates exactly equally among their children. In contrast, intra vivos gifts are usually unequal.
These findings challenge the validity of existing theories regarding the determination of ...
BD Bernheim… - Journal of Economic Theory, 1987 - Elsevier
Abstract In Bernheim, Peleg, and Whinston (“Coalition-Proof Equilibria. I. Concepts,” J. Econ.
Theory 42 (1987), 1–12), we proposed the notion of Coalition-Proof Nash equilibrium and
Perfectly Coalition-Proof Nash equilibrium as solution concepts for strategic environments ...
[CITATION] Is the Baby-boom Generation Preparing Adequaltly for Retirement?
BD Bernheim - 1993 - Merrill Lynch
BD Bernheim - The Rand Journal of Economics, 1984 - JSTOR
Industrial entry deterrence is typically studied in a setting where an established firm or firms
confront and attempt to deter a single potential competitor. During the evolution of most
industries, however, a sequence of firms enters (or attempts to enter) at distinct points in ...
BD Bernheim - The Scandinavian Journal of Economics, 1986 - JSTOR
For more than forty years, economists have wrestled with the elusive notion of" rational"
behavior in strategic environments, generating a variety of competing approaches. Even for
simple, simultaneous move games, four distinct solution concepts, including the notions of ...
BD Bernheim - 1987 - nber.org
In this paper, I employ data drawn from the Social Security Administration's Retirement
History Survey (RHS) to study the accuracy of expectations concerning the timing of
retirement. The RHS is ideally suited for this purpose, in that it collects information on ...
BD Bernheim… - 1988 - nber.org
The private saving rate in the United States in 1984 has to be considered disappointing.
After the enactment of a large number of policies to make investment/saving more rewarding
(such as liberalized Individual Retirement Accounts and Keogh Plans, the special tax ...
BD Bernheim - Journal of Public Economics, 1987 - Elsevier
Abstract In this paper we argue that actuarial valuation of Social Security benefit streams is
theoretically inconsistent with the assumption of pure life cycle motives. Instead, we show
that the simple discounted value of future benefits (ignoring the possibility of death) is ...
BD Bernheim - 1987 - nber.org
Proponents of tranfer taxation argue that well-designed levies on estates and gifts serve two
primary objectives. First, such taxes may promote an equitable distribution of economic
resources by breaking up large con-centrations of wealth. Yet many commentators have ...
[CITATION] Personal saving, information, and economic literacy: new directions for public policy
BD Bernheim - Tax Policy for Economic Growth …, 1994 - Washington, DC: American Council …
BD Bernheim - 1987 - nber.org
I employ data drawn from the Retirement History Survey to study the accuracy of pre-
retirement expectations concerning social security benefits. The major findings of this study
are as follows. First, survey responses to questions about expected benefits are ...
BD Bernheim… - The Review of Economic Studies, 1987 - restud.oxfordjournals.org
Abstract We consider the properties of equilibrium behaviour in an aggregative growth
model with intergenerational altruism. Various positive properties such as the cyclicity of
equilibrium programs, and the convergence of equilibrium stocks to a steady state, are ...
BD Bernheim… - The American economic review, 2007 - JSTOR
Interest in behavioral economics has grown in recent years, stimulated largely by
accumulating evidence that the standard model of consumer decision making provides an
inadequate, positive description of human behavior. Behavioral models are increasingly ...
BD Bernheim - 1988 - nber.org
The object of this chapter is to identify historical relationships between fiscal policy and the
current account for the United States and five of its major trading partners. I attempt to
provide some measures of the extent to which variations in budget deficits explain ...
BD Bernheim… - 2002 - nber.org
We propose an economic theory of addiction based on the premise that cognitive
mechanisms such as attention affect behavior independently of preferences. We argue that
the theory is consistent with foundational evidence (eg from neurosciencee and ...
BD Bernheim, A Rangel… - Econometrica, 2006 - Wiley Online Library
We examine legislative policy making in institutions with two empirically relevant features:
agenda setting occurs in real time and the default policy evolves. We demonstrate that these
institutions select Condorcet winners when they exist, provided a sufficient number of ...
BD Bernheim… - The American Economic Review, 1989 - JSTOR
Roughly fifteen years ago, Martin Feldstein (1974) published an influential empirical study,
in which he claimed that Social Security significantly depresses private saving. His findings
were, from the first, highly controversial. Despite the subsequent appearance of numerous ...
BD Bernheim, RJ Lemke… - Journal of Public Economics, 2004 - Elsevier
Proposals to alter the estate tax are contentious and have been considered largely in an
empirical vacuum. This paper examines time series and cross-sectional variation to identify
the effects of estate and gift taxation on the timing of private transfers. The analysis is ...
BD Bernheim - The Quarterly Journal of Economics, 1981 - qje.oxfordjournals.org
Abstract Under certain reasonable conditions for a growth model, the path of adjustment
between steady states generated by a change in an exogenous policy variable is solved for
explicitly. The overall welfare effect is then shown to be a weighted average of the short- ...
BD Bernheim, L Forni, J Gokhale… - The American Economic …, 2003 - JSTOR
This study examines life insurance holdings and financial vulnerabilities among couples
approaching retirement age. Two separate concerns motivate our analysis. First, there are
reasons to suspect that life insurance coverage may be poorly correlated with underlying ...
BD Bernheim, L Forni, J Gokhale… - The American Economic …, 2000 - JSTOR
How much should Americans save as they approach retirement? This is a critical question
for any generation in its 40's and 50's. But it is particularly apt for baby boomers, given that
their future Social Security income is so uncertain. This uncertainty reflects the perilous ...
BD Bernheim - The Review of Economic Studies, 1989 - restud.oxfordjournals.org
Abstract The purpose of this paper is to explore the welfare properties of dynastic equilibria.
There are three central findings. First, under relatively weak conditions, welfare optima
cannot be implemented as dynastic equilibria with positive levels of transfers. Second, ...
BD Bernheim - 1991 - getcited.org
An academic directory and search engine.
[CITATION] The adequacy of personal retirement saving: Issues and options
BD Bernheim - Facing the age wave, 1997 - Stanford, CA: Hoover Institute Press
AB Abel… - 1992 - nber.org
Recent work demonstrates that dynastic assumptions guarantee the irrelevance of all
redistributional polices, distortionary taxes, and prices--the neutrality of fiscal policy
(Ricardian equivalence) is only the" tip of the iceberg." In this paper, we investigate the ...
[CITATION] Taxation and the cost of capital: An international comparison
BD Bernheim… - The consumption tax: A …, 1987 - Cambridge, MA: Ballinger
BD Bernheim - 1990 - nber.org
A large fraction of the existing work on the economics of aging and the retirement period
procedes on the basis of life-cycle assumptions, which hold that individuals form very
rational and deliberate long-range plans. Implicit in these assumptions is the notion that ...
[CITATION] Comparison of the Cost of Capital in the US and Japan: The Roles of Risk and Taxes
BD Bernheim… - 1989 - Center for Economic Policy …
BD Bernheim, A Shleifer… - Journal of Labor Economics, 1986 - JSTOR
Although recent research suggests that intergenerational transfers play an important role in
aggregate capital accumulation, our understanding of bequest motives remains incomplete.
We develop a simple model of strategic bequests in which a testator influences the ...
BD Bernheim - 2008 - nber.org
This paper discusses several competing proposals for general normative frameworks that
would encompass non-standard models of choice. Most existing proposals equate welfare
with well-being. Some assume that well-being flows from the achievement of well-defined ...
PJ Bayer, BD Bernheim… - Economic Inquiry, 2009 - Wiley Online Library
We examine the effects of education on financial decision-making skills by identifying an
interesting source of variation in pertinent training. During the 1990s, an increasing number
of individuals were exposed to programs of financial education provided by their ...
[CITATION] The Merrill Lynch baby boom retirement index: Update'95
BD Bernheim - Princeton, NJ: Merrill Lynch, 1995
BD Bernheim… - Journal of Economic Theory, 1989 - Elsevier
Abstract This paper concerns the existence of Markov perfect equilibria in altruistic growth
economies. Previous work on deterministic models has established existence only under
extremely restrictive conditions. We show that the introduction of production uncertainly ...
Abstract A norm of 50-50 division appears to have considerable force in a wide range of
economic environments, both in the real world and in the laboratory. Even in settings where
one party unilaterally determines the allocation of a prize (the dictator game), many ...
BD Bernheim… - 1991 - nber.org
According to official government figures, rates of saving in the United States declined
precipitously during the 1980s and are currently much lower than in any other comparable
period of our history. During the second half of the last decade, net national savings ...
BD Bernheim… - The Economic Journal, 2005 - Wiley Online Library
The introduction of memory imperfections into models of economic decision making creates
a natural role for anticipatory emotions. Their combination has striking behavioural
implications. The paper first shows that agents can rationally select apparently dominated ...
BD Bernheim, A Shleifer… - 1986 - nber.org
Although recent research suggests that intergenerational transfers play an important role in
aggregate capital accumulation, our understanding of bequest motives remains incomplete.
We develop a simple model of" exchange-motivated" bequests, in which a testator ...
[CITATION] Household financial planning and financial literacy
LJ Kotlikoff… - ECDAys on saving, bequests, altruism, and life-cycle …, 2001
BD Bernheim - 1989 - nber.org
The Tax Reform Act (TRA) of 1986 embraced fundamental and far-reaching changes to the
US system of personal and corporate income taxation. These changes were motivated by a
desire to reduce the distortionary impact of taxation on economic activity and to promote a ...
BD Bernheim - NBER Working Paper Series, 2008 - lrz.de
ABSTRACT This paper evaluates the prospects for the emerging field of neuroeconomics to
shed light on traditional positive and normative economic questions. It argues that the
potential for meaningful contributions, though often misunderstood and frequently ...
[CITATION] A Theoretical Analysis of Economic Organization in the Life Insurance Industry
BD Bernheim - CEPR Technical Paper, 1987
BD Bernheim, KG Carman, J Gokhale… - 2001 - nber.org
Using the 1995 Survey of Consumer Finances and an elaborate life-cycle model, we
quantify the potential financial impact of each individual's death on his or her survivors, and
we measure the degree to which life insurance moderates these consequences. Life ...
BD Bernheim,
J Meer… - 2008 - www-siepr.stanford.edu
ABSTRACT Sales commissions for residential real estate brokers historically average nearly
six percent of a home's closing price. Do brokers add sufficient value to justify those
commissions? We address this question using a unique data set pertaining to sales of ...
[CITATION] Altruistic Growth Economies: I. Existence of Bequest Equilibria
BD Bernheim… - IMSSS DP, 1983
BD Bernheim, L Forni, J Gokhale… - 1999 - nber.org
This study examines the adequacy of life insurance among married American couples
approaching retirement. It improves upon previous work in two ways. First, it is based on
recent, high quality data (the 1992 Health and Retirement Survey with matched Social ...
[CITATION] Comments and discussion
BD Bernheim - Brookings Papers on Economic Activity, 1994
BD Bernheim, JK Scholz… - 1991 - nber.org
For years, various economists have argued that the taxation of capital income has a variety
of detrimental effects, including the distortion of intertemporal decision making and the
reduction of saving and capital accumulation. Many have called upon policymakers to ...
BD Bernheim… - Journal of Economic Theory, 1995 - Elsevier
We study a class of repeated games in which the discount factor falls asymptotically to zero
through time (reflecting, for example, a vanishing probability of continuation). For an
important class of stage games, we give a condition on the sequence of discount factors ...
[CITATION] The scope of competition in telecommunications
BD Bernheim… - 1996
BD Bernheim… - Journal of Economics & …, 2001 - Wiley Online Library
We explore signaling behavior in settings with a discriminating activity and several costly
nondiscriminating (“money-burning”) activities. Existing theory provides no basis for
selecting one method of burning money over another. When senders have better ...
[CITATION] Choice-theoretic foundations for behavioral welfare economics
BD Bernheim… - The Methodologies of Modern Economics. Oxford …, 2008
[CITATION] Is everything neutral?
K Bagwell… - Journal of Political, 1988
[CITATION] The Merrill Lynch Baby Boom Retirement Index
BD Bernheim - Summary Report, 1994
PC Beider, BD Bernheim, VR Fuchs… - 1986 - nber.org
This paper presents a computable general equilibrium model that simulates the effects on
employment, output, wages, and economic efficiency of introducing comparable worth into
the US economy. The model calculates economy-wide aggregate impacts and ...
BD Bernheim, S Berstein, J Gokhale… - Central Bank of Chile …, 2002 - Citeseer
Abstract This study examines the saving and insurance behavior of 386 Boston University
employees who volunteered to receive financial planning based on ESPlanner (Economic
Security Planner)–a detailed life-cycle financial planning model developed by Economic ...
[CITATION] Beyond Revealed Preferences: Choice Theoretic Foundations for Behavioral Welfare Economics
BD Bernheim, A Rangel… - 2008 - National Bureau of Economic …
BD Bernheim… - Review of Economic Studies, 2009 - Wiley Online Library
We define and explore the notion of a Dynamic Condorcet Winner (DCW), which extends the
notion of a Condorcet winner to dynamic settings. We show that, for every DCW, every
member of a large class of dynamic majoritarian games has an equivalent equilibrium, ...
[CITATION] The Manipulative Bequest Motive
BD Bernheim, A Shleifer… - Journal of Political Economy, 1985
KJ Arrow, BD Bernheim, MS Feldstein… - The American …, 2011 - ingentaconnect.com
Abstract: This paper presents a list of the top 20 articles published in the American Economic
Review during its first 100 years. This list was assembled in honor of the AER's one-
hundredth anniversary by a group of distinguished economists at the request of AER's ...
BD Bernheim, KG Carman, J Gokhale… - Economic …, 2003 - Wiley Online Library
Using the 1995 Survey of Consumer Finances and an elaborate life-cycle model, we
quantify the potential financial impact of each individual's death on his or her survivors and
measure the degree to which life insurance moderates these consequences. Life ...
[CITATION] Behavioral public economics: welfare and policy analysis with fallible decision-makers
BD Bernheim… - Institutions and Behavioral Economics (Princeton: …, 2005
[CITATION] The Crisis in Deposit Insurance: Issues and Options
BD Bernheim - Association of Reserve City Bankers, Capital Issues in …, 1988
[CITATION] Private pensions and household saving
BD Bernheim… - Manuscript. Madison: Univ. Wisconsin, 1993
[CITATION] Anticompetitive exclusion and foreclosure through vertical agreements
BD Bernheim… - 1999 - CORE
[CITATION] Emotions, Cognition, and Savings: Theory and Policy
BD Bernheim… - 2003 - Mimeo, Stanford University
[CITATION] Debraj Ray, and Sevin Yeltekin (1999),“Self-Control, Saving, and the Low Asset Trap,”
BD Bernheim - mimeo, Stanford University
LS Bagwell… - 1996 - nber.org
We examine a model of conspicuous consumption and explore the nature of competition in
markets for conspicuous goods. We assume that, in addition to intrinsic utility, individuals
seek status, and that perceptions of wealth affect status. Under identifiable conditions, the ...
[CITATION] Cartel-Proof Nash Equilibria, II Applications
BD Bernheim, B Peleg… - Journal of Economic Theory, 1987
BD Bernheim, JB Shoven… - Technology and the …, 1992 - books.google.com
As Michael Boskin and Lawrence Lau have noted in this volume, almost two-thirds of
technical progress requires new physical investment. For a satisfactory rate of productivity
growth, an economy must be competitive with respect to its net and gross rates of national ...
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