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Oskar Zorrilla
Job Market Candidate
Fields: Behavioral & Experimental, Macroeconomics
Sponsor(s): Michael Woodford


CV


I am a PhD candidate in the economics department at Columbia University.  I am interested in behavioral and experimental macroeconomics.  My current research focuses broadly on how households form expectations and how they affect their choices.

 

 


Job Market Paper
Abstract:

This paper offers experimental evidence for the microfoundations of the inertia observed in the aggregate consumption time series data. We design an experiment that is analogous to a consumption/savings problem in which our subjects simply decide whether to buy or decline individual assets in the absence of switching costs. Although all of the information relevant for optimal behavior is available at all times, we find that subjects nonetheless condition on past choices. We show that models of habit formation cannot account for the inertia in our data and argue that consumers condition on past actions as a way of economizing on cognitive resources. We develop a model of ``rationally inattentive reconsideration.'' Importantly, our model implies that inertia is state-dependent. Within this framework the costs of inertia are estimated to be around one percent of consumption.


Research

Work In Progress

 

Experimental Evidence on Excess Sensitivity (with M.W. Khaw and M. Woodford)

We design an experiment were subjects face a consumption/savings decision with stochastic income and news. We exploit the time series structure of our data to show that, controlling for wealth, even though our subjects do react to news they nonetheless overreact to income. Our experimental evidence is in contrast with models of credit- constrained high-wealth consumers. Our data are also at odds with standard models of rational inattention where consumers can choose an unrestricted signal subject only to an attention cost. We propose a model of inattentive mental accounting where consumers consider income and wealth separately.


Teaching

Instructor

Summer 2016, Economics of Uncertainty and Information

Teaching Assistant

Fall 2017, Cognitive Mechanisms and Economic Behavior, Professor Michael Woodford

Spring 2016, Intermediate Macroeconomics, Professor Martin Uribe

Fall 2015, Macroeconomics I for MA, Ron Miller

Fall 2014, Intermediate Macroeconomics, Professor Ricardo Reis

 

 

 

1022 International Affairs Building (IAB)
Mail Code 3308  
420 West 118th Street
New York, NY 10027
Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.

1022 International Affairs Building (IAB)

Mail Code 3308

420 West 118th Street

New York, NY 10027

Ph: (212) 854-3680
Fax: (212) 854-0749
Business Hours:
Mon–Fri, 9:00 a.m.–5:00 p.m.