1 option
Subjective Earnings Risk / Andrew Caplin, Victoria Gregory, Eungik Lee, Søren Leth-Petersen, Johan Sæverud.
- Format:
- Book
- Author/Creator:
- Caplin, Andrew.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w31019.
- NBER working paper series no. w31019
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2023.
- Summary:
- While earnings risk is essentially subjective, it is typically inferred from administrative data. We introduce a survey to measure subjective earnings risk, paying particular attention to the expected impacts of job transitions on earnings. Linking with administrative data provides multiple credibility checks. Subjective expectations about earnings growth and job transitions are consistent with actual realizations when appropriately aggregated. We also find subjective earnings risk is lower than risk inferred from administrative data because expected earnings growth is heterogeneous, even within narrow population groups. A life-cycle search model calibrated to the administrative data can recover the basic patterns of subjective risk.
- Notes:
- Print version record
- March 2023.
The Penn Libraries is committed to describing library materials using current, accurate, and responsible language. If you discover outdated or inaccurate language, please fill out this feedback form to report it and suggest alternative language.