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METHOD:PUBLISH
BEGIN:VEVENT
UID:f272f06d27a185e7d55769e9d8c1d822
CATEGORIES:Seminars
CREATED:20150210T191547
SUMMARY:Stefano Della Vigna - Berkeley University
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Reference-Dependent Job Search: Evidence from Hungary\nAbstract:\nWe propos
 e a model of job search with reference-dependent preferences, where the ref
 erence point is given by recent income. Newly unemployed individuals search
  hard given that they are at a loss, but over time they get used to lower i
 ncome, and thus search less. They search harder again in anticipation of a 
 benefit cut, only to ultimately get used to it. The model fits the typical 
 shape of the exit from unemployment, including the spike at the UI exhausti
 on point. The model also makes unique predictions on the response to benefi
 t changes. We provide evidence using a reform in the unemployment system in
  Hungary. In November 2005, Hungary switched from a single-step UI system t
 o a two-step system, with unchanged overall generosity. We show that the sy
 stem generated increased hazard rates in anticipation of, and especially fo
 llowing, benefit cuts in ways the standard model has a hard time fitting, e
 ven when allowing for unobserved heterogeneity. We structurally estimate th
 e model and estimate a weight on gain-loss utility comparable to the weight
  on the standard utility term, and a speed of adjustment of the reference p
 oint in the order of eight months. The results suggest that a revenue-neutr
 al shift to multiple-step UI systems can speed exit from unemployment.\n
DTSTAMP:20260429T022702Z
DTSTART:20140909T173000Z
DTEND:20140909T190000Z
SEQUENCE:0
TRANSP:OPAQUE
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