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Foreword vii Preface ix Chapter 1: Basic Analysis ofForward-Looking Decision Making 1 1.1 The Dynamic Program 1 1.2Approximation 5 1.3 Stationary Case 6 1.4 Markov Representation 7 1.5Distribution of the Stochastic Driving Force 9 Chapter 2: Research onProperties of Preferences 10 2.1 Research Based on Marshallian and HicksianLabor Supply Functions 13 2.2 Risk Aversion 15 2.3 IntertemporalSubstitution 17 2.4 Frisch Elasticity of Labor Supply 19 2.5Consumption-Hours Complementarity 20 Chapter 3: Health 23 3.1 TheIssues 23 3.2 Basic Facts 25 3.3 Basic Model 26 3.4 The FullDynamic-Programming Model 31 3.5 The Health Production Function 35 3.6Preference Parameters 36 3.7 Solving the Model 37 3.8 Concluding Remarks 38Chapter 4: Insurance 42 4.1 The Model 43 4.2 Calibration 45 4.3Results 46 Chapter 5: Employment 50 5.1 Insurance 52 5.2 DynamicLabor-Market Equilibrium 53 5.3 The Employment Function 58 5.4 EconometricModel 59 5.5 Properties of the Data 64 5.6 Results 65 5.7 ConcludingRemarks 69 Chapter 6: Idiosyncratic Risk 70 6.1 The Joint Distributionof Lifetime and Exit Value 73 6.2 Economic Payoffs to Entrepreneurs 74 6.3Entrepreneurs in Aging Companies 82 6.4 Concluding Remarks 85 Chapter7: Financial Stability with Government-Guaranteed Debt 87 7.1 Introduction87 7.2 Options 92 7.3 Model 94 7.4 Calibration 100 7.5 Equilibrium 1017.6 Roles of Key Parameters 113 7.7 Concluding Remarks 115 7.8 Appendix:Value Functions 116 References 119 Index 123