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Author: Paserman, Marco Daniele

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1.	Dellavigna, Stefano Paserman, Marco Daniele
1.	Job Search and Impatience Journal of Labor Economics 23,3 (July 2005): 527-88. Also: http://www.jstor.org/stable/10.1086/430286 Cohort(s): NLSY79 Publisher: University of Chicago Press Keyword(s): Exits; Job Search; Panel Study of Income Dynamics (PSID); Unemployment; Wages, Reservation Workers who are more impatient search less intensively and set lower reservation wages. The effect of impatience on exit rates from unemployment is therefore unclear. If agents have exponential time preferences, the reservation wage effect dominates for sufficiently patient individuals, so increases in impatience lead to higher exit rates. The opposite is true for agents with hyperbolic time preferences. Using two large longitudinal data sets, we find that impatience measures are negatively correlated with search effort and the unemployment exit rate and are orthogonal to reservation wages. Impatience substantially affects outcomes in the direction predicted by the hyperbolic model.
	Bibliography Citation Dellavigna, Stefano and Marco Daniele Paserman. "Job Search and Impatience." Journal of Labor Economics 23,3 (July 2005): 527-88.

2.	Dellavigna, Stefano Paserman, Marco Daniele
2.	Job Search and Impatience NBER Working Paper No. 10837, National Bureau of Economic Research, 2004. Also: http://www.nber.org.proxy.lib.ohio-state.edu/papers/w10837.pdf Cohort(s): NLSY79 Publisher: National Bureau of Economic Research (NBER) Keyword(s): Exits; Job Search; Unemployment; Unemployment Duration; Wages, Reservation How does impatience affect job search? More impatient workers search less intensively and set a lower reservation wage. The effect on the exit rate from unemployment is unclear. In this paper we show that, if agents have exponential time preferences, the reservation wage effect dominates for sufficiently patient individuals, so increases in impatience lead to higher exit rates. The opposite is true for agents with hyperbolic time preferences: more impatient workers search less and exit unemployment later. Using two large longitudinal data sets, we find that various measures of impatience are negatively correlated with search effort and the exit rate from unemployment, and are orthogonal to reservation wages. Overall, impatience has a large effect on job search outcomes in the direction predicted by the hyperbolic discounting model.
	Bibliography Citation Dellavigna, Stefano and Marco Daniele Paserman. "Job Search and Impatience." NBER Working Paper No. 10837, National Bureau of Economic Research, 2004.

3.	Paserman, Marco Daniele
3.	Essays on Job Search and Hyperbolic Discounting Ph. D. Dissertation, Department of Economics--Harvard University, 2000. Also: http://proquest.umi.com.proxy.lib.ohio-state.edu/pqdweb?index=0&did=732228431&SrchMode=2&sid=1&Fmt=6&VInst=PROD&VType=PQD&RQT=309&VName=PQD&TS=1253549325&clientId=3959 Cohort(s): NLSY79 Publisher: UMI - University Microfilms, Bell and Howell Information and Learning Keyword(s): Exits; Job Search; Panel Study of Income Dynamics (PSID); Unemployment; Unemployment Duration; Wages, Reservation Abstract available on microfilm through "http://proquest.umi.com"
	Bibliography Citation Paserman, Marco Daniele. Essays on Job Search and Hyperbolic Discounting. Ph. D. Dissertation, Department of Economics--Harvard University, 2000..

4.	Paserman, Marco Daniele
4.	Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation IZA Discussion Paper No. 997, Institute for the Study of Labor (IZA), January 2004. Also: ftp://repec.iza.org/RePEc/Discussionpaper/dp997.pdf Cohort(s): NLSY79 Publisher: Institute for the Study of Labor (IZA) Keyword(s): Heterogeneity; Job Search; Marital Status; Racial Differences; Test Scores/Test theory/IRT; Unemployment; Unemployment Duration; Wages, Reservation Permission to reprint the abstract has not been received from the publisher. This paper estimates the structural parameters of a job search model with hyperbolic discounting and endogenous search effort. It estimates quantitatively the degree of hyperbolic discounting, and assesses its implications for the impact of various policy interventions aimed at reducing unemployment. The model is estimated using data on unemployment spells and accepted wages from the National Longitudinal Survey of Youth (NLSY). The likelihood function explicitly incorporates all the restrictions implied by the optimal dynamic programming solution to the model. Both observed and unobserved heterogeneity are accounted for. The results point to a substantial degree of hyperbolic discounting, especially for low and medium wage workers. The structural estimates are also used to evaluate alternative policy interventions for the unemployed. Estimates based on a model with exponential discounting may lead to biased inference on the economic impact of policies.
	Bibliography Citation Paserman, Marco Daniele. "Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation." IZA Discussion Paper No. 997, Institute for the Study of Labor (IZA), January 2004.

5.	Paserman, Marco Daniele
5.	Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation Economic Journal 118,531 (August 2008): 1418-1452. Also: http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0297.2008.02175.x/abstract Cohort(s): NLSY79 Publisher: Royal Economic Society (RES) Keyword(s): Armed Forces Qualifications Test (AFQT); Employment; Human Capital; Intergenerational Patterns/Transmission; Job Search; Mobility; Modeling; Unemployment; Unemployment Duration; Wage Levels; Wages; Work Histories Permission to reprint the abstract has not been received from the publisher. 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.
	Bibliography Citation Paserman, Marco Daniele. "Job Search and Hyperbolic Discounting: Structural Estimation and Policy Evaluation." Economic Journal 118,531 (August 2008): 1418-1452.

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