@article {HUDOMIET2022102005, title = {Computerization, obsolescence and the length of working life}, journal = {Labour Economics}, volume = {77}, year = {2022}, note = {European Association of Labour Economists, World Conference EALE/SOLE/AASLE, Berlin, Germany, 25 {\textendash} 27 June 2020}, pages = {102005}, abstract = {This paper analyzes how computerization affected the labor market outcomes of older workers between 1984 and 2017. Using the computerization supplements of the Current Population Survey (CPS) we show that different occupations were computerized at different times, older workers tended to start using computers with a delay compared to younger workers, but computer use within occupations converged to the same levels across age groups eventually. That is, there was a temporary knowledge gap between younger and older workers in most occupations. Using this variation, we estimate how this knowledge gap affected older workers{\textquoteright} labor market outcomes using millions of observations from the CPS, and additional data from the Health and Retirement Study. Our models control for occupation and time fixed effects and in some models, we also control for full occupation-time interactions and use middle aged (age 40-49) workers as the control group. We find strong and robust negative effects of the knowledge gap on wages, and a large, temporary increase in transitions from work to non-participation. These results are consistent with a model of creative destruction in which the computerization of jobs made older workers{\textquoteright} skills obsolete in birth cohorts that experienced computerization relatively late in their careers. We find larger effects on females and on middle-skilled workers.}, keywords = {Occupation, Retirement, skills, Technology}, issn = {0927-5371}, doi = {https://doi.org/10.1016/j.labeco.2021.102005}, author = {P{\'e}ter Hudomiet and Robert J. Willis} } @article {10131, title = {Alternative retirement paths and cognitive performance: Exploring the role of preretirement job complexity.}, journal = {The Gerontologist}, volume = {60}, year = {2020}, type = {Journal}, chapter = {460-471}, abstract = {

BACKGROUND AND OBJECTIVES: Recent research suggests that working longer may be protective of cognitive functioning in later life, especially for workers in low complexity jobs. As postretirement work becomes increasingly popular, it is important to understand how various retirement pathways influence cognitive function. The present study examines cognitive changes as a function of job complexity in the context of different types of retirement transitions.

RESEARCH DESIGN AND METHODS: We use data from the Health and Retirement Study (HRS) to examine change in cognitive function for workers who have held low, moderate, and high complexity jobs and move through distinct retirement pathways-retiring and returning to work, partial retirement-compared with those who fully retire or remain full-time workers. Inverse probability weighted regression adjustment (a propensity score method) is used to adjust for selection effects.

RESULTS: There are systematic variations in the relationships between work and cognitive performance as a function of job complexity and retirement pathways. All retirement pathways were associated with accelerated cognitive decline for workers in low complexity jobs. In contrast, for high complexity workers retirement was not associated with accelerated cognitive decline and retiring and returning to work was associated with modest improvement in cognitive functioning.

DISCUSSION AND IMPLICATIONS: Both policy makers and individuals are beginning to embrace longer working lives which offer variety of potential benefits. Our findings suggest that continued full-time work also may be protective for cognitive health in workers who hold low complexity jobs.

}, keywords = {Cognitive Ability, Employment and Labor Force, Trajectories}, issn = {1758-5341}, doi = {10.1093/geront/gnz079}, url = {http://www.ncbi.nlm.nih.gov/pubmed/31289823?dopt=Abstract}, author = {Dawn C Carr and Robert J. Willis and Ben Lennox Kail and Carstensen, Lisbeth} } @article {9164, title = {A comparison of subjective and objective job demands and fit with personal resources as predictors of retirement timing in a national U.S. Sample}, journal = {Work, Aging and Retirement}, volume = {4}, year = {2018}, chapter = {37{\textendash}51}, abstract = {Population aging and attendant pressures on public budgets have spurred considerable interest in understanding factors that influence retirement timing. A range of sociodemographic and economic characteristics predict both earlier and later retirement. Less is known about the role of job characteristics on the work choices of older workers. Researchers are increasingly using the subjective ratings of job characteristics available in the Health and Retirement Study in conjunction with more objective measures of job characteristics from the Occupational Information Network (O*NET) database. Employing a theoretically-informed model of job demands-personal resources fit, we constructed mismatch measures between resources and job demands (both subjectively and objectively assessed) in physical, emotional, and cognitive domains. When we matched comparable measures across the 2 data sources in the domains of physical, emotional, and cognitive job demands, we found that both sources of information held predictive power in relation to retirement timing. Physical and emotional but not cognitive mismatch were associated with earlier retirement. We discuss theoretical and practical implications of these findings and directions for future research.}, keywords = {Comparisons, Job stressors, Retirement Planning and Satisfaction}, issn = {2054-4642}, doi = {10.1093/workar/wax016}, url = {https://academic.oup.com/workar/article-lookup/doi/10.1093/workar/wax016}, author = {Amanda Sonnega and Helppie-McFall, Brooke and P{\'e}ter Hudomiet and Robert J. Willis and Gwenith G Fisher} } @article {9616, title = {The Effect of Physical and Cognitive Decline at Older Ages on Work and Retirement: Evidence from Occupational Job Demands and Job Mismatch}, number = {wp372}, year = {2017}, pages = {1-84}, institution = {Michigan Retirement Research Center}, address = {Ann Arbor, MI}, abstract = {As workers age, their physical and cognitive abilities tend to decline. This could lead to a mismatch between workers{\textquoteright} resources and the demands of their jobs, restricting future work. We use longitudinal data from the Health and Retirement Study (HRS) linked to detailed occupational characteristics from the O*NET project to investigate how mismatches between job demands and workers{\textquoteright} resources in two physical and two cognitive domains affect retirement outcomes. We estimate how changes in physical and cognitive resources as well as their interactions with occupational job-demands affect changes in 1) subjective reports of work-limiting health problems; 2) mental health; and 3) subjective probabilities of working past age 65. We also estimate hazard models for transitions from full-time work to retirement. We found that declines in physical and cognitive resources are strong predictors of all outcomes: Fewer resources lead to greater reporting of work-limiting health problems; decline in mental health; smaller subjective probabilities of working full-time past age 65; and more transitions from work to retirement. The interaction of resources with job demands, however, is only statistically significant for workers with large-muscle limitations who are more likely to report changes in outcomes when they work in occupations that rely heavily on physical strength. In contrast, the effects of declines in fine motor skills and cognition do not show statistically significant differences by occupational job demands. It appears cognitive and fine motor skills, at least as measured in the HRS, are universally important determinants of working, not specific to certain occupations.}, keywords = {Cognitive Ability, Motor processes, Physical Ability, Work}, url = {http://mrrc.isr.umich.edu/wp372/}, author = {Michael D Hurd and Susann Rohwedder and Robert J. Willis and P{\'e}ter Hudomiet} } @article {8997, title = {Occupational Transitions at Older Ages: What Moves are People Making?}, number = {WP 2016-352}, year = {2016}, month = {09/2016}, institution = {Michigan Retirement Research Center, Institute for Social Research, University of Michigan}, address = {Ann Arbor, Michigan}, abstract = {Given the clear benefit for both public and private finances of extending work lives, many policymakers are interested in finding and promoting ways to accomplish this objective while balancing concerns for work ability at older ages. At the same time, retirement itself is transforming from a simple transition from full-time work to full and permanent retirement to more of a process, potentially occurring in several stages over a number of years. We consider a set of work transitions at ages when the largest numbers of people are retiring and potentially pursuing different paths to full and permanent retirement. Among workers who transition between occupations, the most common transitions are between those that are closely related. However, even within closely related occupations, there are no large pipelines between any two. By age 62, 57 percent of workers are no longer in the labor force, 26 percent are still in their {\textquotedblleft}career{\textquotedblright} occupation, and 17 percent have changed from their career occupation to another occupation. Beginning at age 66, however, the percentages in different occupations, which may be bridge employment or unretirement, are very similar to the percentages remaining in career occupations. Occupational changes later in life tend to be accompanied by decreases in hourly earnings, suggesting that if workers are seeking flexible or part-time bridge employment, it may come at a cost. }, keywords = {Employment and Labor Force, Older Adults, Transitions}, url = {http://www.mrrc.isr.umich.edu/publications/papers/pdf/wp352.pdf}, author = {Amanda Sonnega and McFall, Brooke Helppie and Robert J. Willis} } @article {5873, title = {Occupations and Work Characteristics: Effects on Retirement Expectations and Timing}, year = {2015}, institution = {Ann Arbor, MI, Michigan Retirement Research Center}, abstract = {Population aging and attendant pressures on public budgets have spurred considerable interest in understanding factors that influence retirement timing. A range of sociodemographic and economic characteristics have been shown to predict both earlier and later retirement. Less is known about the role of occupations and their characteristics on the work choices of older workers. Knowing more about the occupations that workers seem to stay in longer or leave earlier may point the way to policy interventions that are beneficial to both individuals and system finances. This project uses detailed occupational categories and work characteristics in the Health and Retirement Study (HRS) linked to information in the Occupational Information Network (O NET) to examine compositional changes in occupations held by older workers over time; to provide some basic and interesting information about relationships between occupations and their characteristics and retirement expectations and outcomes; and to shed some light on which occupations and associated characteristics might encourage or discourage longer working lives. There are large percentage changes (increases in decreases) in the percentage of older workers in occupations over time. Considering detailed as opposed to aggregated occupational categories yields interesting additional information. Jobs that HRS respondents say entail less physical effort, less stress, and jobs that have not increased in difficulty in recent decades, and those in which people can reduce hours if desired, are associated with longer work. While the traditional blue collar-retire earlier and white collar-work longer associations emerge, we find interesting exceptions that suggest fruitful directions for future research.}, keywords = {Employment and Labor Force, Retirement Planning and Satisfaction}, author = {McFall, Brooke Helppie and Amanda Sonnega and Robert J. Willis and P{\'e}ter Hudomiet} } @inbook {11445, title = {Expectations, Aging and Cognitive Decline}, booktitle = {DISCOVERIES IN THE ECONOMICS OF AGING}, year = {2014}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago, IL}, abstract = {We use longitudinal data from the HRS to document general patterns in expectations with respect to aging in various domains and investigate the potential role of cognitive decline in those patterns. We focus on two aspects of expectations: optimism and uncertainty. We estimate the effect of age controlling for cohort, selection and calendar time effects. With the notable exception of survival expectations, we find that optimism decreases with age in most domains. Uncertainty appears to increase with age in most cases except for survival expectations, but these findings are less robust. Using methods that minimize the likelihood of spurious associations due to survey noise, we show that cognitive decline plays a modest but statistically significant role in explaining the decline of optimism with age, again, with the exception of survival expectations. We do not find a role for cognitive decline in accounting for the increase in uncertainty.}, keywords = {Aging, Cognitive decline}, isbn = {0-226-14609-X}, url = {https://www.nber.org/books-and-chapters/discoveries-economics-aging/expectations-aging-and-cognitive-decline}, author = {Kezdi, Gabor and Robert J. Willis and David A Wise} } @article {Willis2013TheCD, title = {The Cognitive Demands of Work and the Length of Working Life: The Case of Computerization}, number = {WP 13-015}, year = {2013}, institution = {Stanford Institute of Economic Policy Research}, abstract = {This paper focuses on impact of computerization on the work and retirement decisions of the cohort of 51-61 year old individuals who entered the Health and Retirement Study in 1992 and have been followed for next 18 years through 2010. I use data on cognition and detailed occupations in the HRS linked to a measure of occupational computerization from the O*NET data assembled by the Bureau of Labor Statistics. Beginning with Autor et al. (2003), the labor economics literature suggests that advances in computers substitute for the tasks done by many middle-skilled workers and complement those done by high-skilled individuals. Advances in computer technology tend, therefore, to lower the productivity of the middle-skilled and raise the productivity of the high skilled. Older workers face a decision of whether to invest in keeping up with new technology, shifting to another occupation or exiting from full time work into partial or full retirement. I find strong evidence that women and many men retired earlier if they are in computer-intensive occupations while, for other men it appears that computerization does not have a significant effect on retirement. Higher cognition and being in a high wage occupation appears to partially offset retirement incentives of computerization.}, keywords = {Cognition, Cognitive Demand, Computerization, Work}, url = {https://siepr.stanford.edu/research/publications/cognitive-demands-work-and-length-working-life-case-computerization}, author = {Robert J. Willis} } @article {8946, title = {Dementia Risk and Financial Decision Making by Older Households: The Impact of Information.}, journal = {Journal of Human Capital}, year = {2013}, month = {2013 Apr 01}, pages = {45}, abstract = {

The knowledge and reasoning ability needed to manage one{\textquoteright}s finances is a form of human capital. Alzheimer{\textquoteright}s disease and other dementias cause progressive declines in cognition that lead to a complete loss of functional capacities. In this paper we analyze the impact of information about cognitive decline on the choice of household financial decision-maker. Using longitudinal data on older married couples in a novel application of survival analysis, we find that as the financial decision maker{\textquoteright}s cognition declines, the management of finances is eventually turned over to his cognitively intact spouse, often well after difficulties handling money have already emerged. However, a memory disease diagnosis increases the hazard of switching the financial respondent by over 200 percent for couples who control their retirement accounts, like 401(k) accounts, relative to those who passively receive retirement income. This finding is consistent with a model of the value of information: households with the most to gain financially from preparation are most responsive to information about cognitive decline.

}, keywords = {Decision making, Dementia, Finances, Older Adults}, issn = {1932-8575}, doi = {10.2139/ssrn.2339225}, author = {Joanne W. Hsu and Robert J. Willis} } @article {7820, title = {Estimating Second Order Probability Beliefs from Subjective Survival Data.}, journal = {Decis Anal}, volume = {10}, year = {2013}, note = {Times Cited: 0}, month = {2013 Jun}, publisher = {10}, abstract = {

Based on subjective survival probability questions in the Health and Retirement Study (HRS), we use an econometric model to estimate the determinants of individual-level uncertainty about personal longevity. This model is built around the modal response hypothesis (MRH), a mathematical expression of the idea that survey responses of 0\%, 50\%, or 100\% to probability questions indicate a high level of uncertainty about the relevant probability. We show that subjective survival expectations in 2002 line up very well with realized mortality of the HRS respondents between 2002 and 2010. We show that the MRH model performs better than typically used models in the literature of subjective probabilities. Our model gives more accurate estimates of low probability events and it is able to predict the unusually high fraction of focal 0\%, 50\%, and 100\% answers observed in many data sets on subjective probabilities. We show that subjects place too much weight on parents{\textquoteright} age at death when forming expectations about their own longevity, whereas other covariates such as demographics, cognition, personality, subjective health, and health behavior are under weighted. We also find that less educated people, smokers, and women have less certain beliefs, and recent health shocks increase uncertainty about survival, too.

}, issn = {1545-8490}, doi = {10.1287/deca.2013.0266}, author = {P{\'e}ter Hudomiet and Robert J. Willis} } @article {5931, title = {Estimating Second Order Probability Beliefs from Subjective Survival Data}, number = {18258}, year = {2012}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {Based on subjective survival probability questions in the Health and Retirement Study, we use an econometric model to estimate the determinants of individual-level uncertainty about personal longevity. This model is built around the Modal Response Hypothesis (MRH), a mathematical expression of the idea that survey responses of 0, 50 or 100 percent to probability questions indicate a high level of uncertainty about the relevant probability. We show that subjective survival expectations in 2002 line up very well with realized mortality of the HRS respondents between 2002 and 2010. We show that the MRH model performs better than typically used models in the literature of subjective probabilities. Our model gives more accurate estimates of low probability events and it is able to predict the unusually high fraction of focal 0, 50 and 100 answers observed in many datasets on subjective probabilities.}, keywords = {Methodology}, doi = {10.3386/w18258}, author = {P{\'e}ter Hudomiet and Robert J. Willis} } @inbook {5225, title = {Cognition and Economic Outcomes}, booktitle = {Explorations in the Economics of Aging}, year = {2011}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago}, keywords = {Health Conditions and Status}, author = {John J McArdle and James P Smith and Robert J. Willis}, editor = {David A Wise} } @article {5901, title = {Cognitive Aging and Human Capital}, year = {2011}, institution = {University of Michigan}, keywords = {Health Conditions and Status, Net Worth and Assets}, author = {John J McArdle and Robert J. Willis} } @article {5911, title = {Household Stock Market Beliefs and Learning}, number = {17614}, year = {2011}, institution = {National Bureau of Economic Research}, address = {Cambridge, MA}, abstract = {This paper characterizes heterogeneity of the beliefs of American households about future stock market returns, provides an explanation for that heterogeneity and establishes its relationship to stock holding behavior. We find substantial belief heterogeneity that is puzzling since households can observe the same publicly available information about the stock market. We propose a simple learning model where agents can invest in the acquisition of financial knowledge. Differential incentives to learn about the returns process can explain heterogeneity in beliefs. We check this explanation by using data on beliefs elicited as subjective probabilities and a rich set of other variables from the Health and Retirement Study. Both descriptive statistics and estimated relevant heterogeneity of the structural parameters provide support for our explanation. People with higher lifetime earnings, higher education, higher cognitive abilities, defined contribution as opposed to defined benefit pension plans, for example, possess beliefs that are considerably closer to what historical time series would imply. Our results also suggest that a substantial part of the reduced form relationship between stock holding and household characteristics is due to differences in beliefs. Our methodological contribution is estimating relevant heterogeneity of structural belief parameters from noisy survey answers to probability questions.}, keywords = {Consumption and Savings, Expectations, Methodology, Net Worth and Assets}, doi = {10.3386/w17614}, author = {Kezdi, Gabor and Robert J. Willis} } @mastersthesis {6344, title = {The implications of Alzheimer{\textquoteright}s Risk for Household Financial Decision Making: Essays on the acquisition of human capital}, year = {2011}, school = {University of Michigan}, type = {Dissertation Chapter}, keywords = {Health Conditions and Status, Retirement Planning and Satisfaction}, url = {https://irs.princeton.edu/sites/g/files/toruqf276/files/uploads/documents/ReivsedRobertWillis.pdf}, author = {John Hsu} } @article {7559, title = {STOCK MARKET CRASH AND EXPECTATIONS OF AMERICAN HOUSEHOLDS.}, journal = {J Appl Econ}, volume = {26}, year = {2011}, month = {2011}, pages = {393-415}, publisher = {26}, abstract = {

This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households{\textquoteright} expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market.

}, issn = {1514-0326}, doi = {10.1002/jae.1226}, author = {P{\'e}ter Hudomiet and Kezdi, Gabor and Robert J. Willis} } @article {7539, title = {Financial Decision Making and Cognition in a Family Context.}, journal = {Econ J (London)}, volume = {120}, year = {2010}, month = {2010 Nov 01}, pages = {F363-F380}, publisher = {120}, abstract = {

In this paper, we studied the association of cognitive traits and in particular numeracy of both spouses on financial outcomes of the family. We found significant effects, particularly for numeracy for financial and non-financial respondents alike, but much larger effects for the financial decision maker in the family. We also examined who makes these financial decisions in the family and why. Once again, cognitive traits such as numeracy were an important component of that decision with larger effects of numeracy for husbands compared to wives.

}, issn = {0013-0133}, doi = {10.1111/j.1468-0297.2010.02394.x}, author = {James P Smith and John J McArdle and Robert J. Willis} } @article {7496, title = {Mental Retirement.}, journal = {J Econ Perspect}, volume = {24}, year = {2010}, month = {2010 Winter}, pages = {119-138}, publisher = {24}, abstract = {

Some studies suggest that people can maintain their cognitive abilities through "mental exercise." This has not been unequivocally proven. Retirement is associated with a large change in a person{\textquoteright}s daily routine and environment. In this paper, we propose two mechanisms how retirement may lead to cognitive decline. For many people retirement leads to a less stimulating daily environment. In addition, the prospect of retirement reduces the incentive to engage in mentally stimulating activities on the job. We investigate the effect of retirement on cognition empirically using cross-nationally comparable surveys of older persons in the United States, England, and 11 European countries in 2004. We find that early retirement has a significant negative impact on the cognitive ability of people in their early 60s that is both quantitatively important and causal. Identification is achieved using national pension policies as instruments for endogenous retirement.

}, issn = {0895-3309}, doi = {10.1257/jep.24.1.119}, author = {Susann Rohwedder and Robert J. Willis} } @article {5801, title = {Occupational Learning, Financial Knowledge, and the Accumulation of Retirement Wealth}, number = {WP 2010-237}, year = {2010}, institution = {Michigan Retirement Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {This study explores the relationship between general human capital investment, financial knowledge, occupational spillovers, and the accumulation of wealth in a primarily descriptive manner. Drawing upon human capital theory and following previous related work by Delavande, Rohwedder and Willis (2008), we hypothesized that individuals with daily exposure to financial knowledge through their occupation would benefit by having greater financial knowledge that would translate into greater wealth accumulation than individuals who do not enjoy such spillovers from their occupation. Using data from the Cognitive Economics Study and the Health and Retirement Study, we find strong evidence that individuals in financial occupations tend to have greater financial knowledge and moderate evidence that they also have greater wealth accumulation.}, keywords = {Health Conditions and Status, Net Worth and Assets}, url = {http://hdl.handle.net/2027.42/78354}, author = {Brooke Helppie and Kandice Kapinos and Robert J. Willis and Michigan Retirement Research Center} } @article {5794, title = {Stock Market Expectations and Portfolio Choice of American Households}, year = {2009}, institution = {University of Michigan}, abstract = {This paper measures heterogeneity in the stock market expectations of households using survey answers to probability questions. We address survey measurement error in an explicit way and develop a joint model of the effect of expectations on portfolio choice on the one hand and survey answers on the other hand. The model is consistent with documented features of measurement error. We show substantial heterogeneity and that heterogeneity in expectations predicts heterogeneity in stockholding. We show that a general tendency to be optimistic is related to optimism about stock returns and in turn increases stockholding, while a general tendency to be uncertain is strongly related to uncertainty about stock market returns and in turn decreases stockholding. We estimate the level of risk tolerance that links subjective beliefs to stockholding to be moderate. We also show that a significant part of stockholding differences among demographic groups is explained by differences in their expectations.}, keywords = {Expectations, Methodology, Net Worth and Assets, Risk Taking}, url = {http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.506.1967\&rep=rep1\&type=pdf}, author = {Kezdi, Gabor and Robert J. Willis} } @inbook {5223, title = {Ageing in the U.S.: The Health and Retirement Study}, booktitle = {Social Protection in and Ageing World (International Series on Social Security)}, volume = {13}, year = {2008}, note = {ProCite field 6 : In ProCite field 8 : eds.}, pages = {47-61}, publisher = {Intersentia}, organization = {Intersentia}, address = {Portland, OR}, abstract = {In this paper, I attempt to describe from both historical and analytical standpoints how and why the HRS began and how and why it has evolved into an interdisciplinary and international scientific project of major significance both for basic science and for public policy.The spread ofthe HRSmodel internationally has not been the result of top-down agreements among governments. Rather, in analogy with open source software such as Linux, the HRS design and content provides researchers with a platform that can be used as a template to develop surveys in their own countries to address scientific and policy questions of both local and general significance. Each of the international studies has found it in its self-interest to be as comparable as possible to the HRS and to one another because, by being comparable, each country can use data from other countries as natural experiments to explore the implications of alternative policies. American researchers, for example, are interested in the implications of alternative forms of financing and delivering health care that have been developed in England and continental Europe. Were data available, American health insurance researchers would be especially interested in Canada.}, keywords = {Methodology}, author = {Robert J. Willis}, editor = {Kemp, Peter A. and Van den Bosch, Karel and Smith, Lindsey} } @article {5722, title = {Preparation for Retirement, Financial Literacy and Cognitive Resources}, number = {190}, year = {2008}, institution = {Michigan Retirement Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {Traditional economic models assume that individuals have full information and act perfectly rationally. However, we show that there is considerable variation in financial literacy in the population and propose modeling the acquisition of financial knowledge in a human capital production framework. The model makes several predictions, notably with respect to portfolio choice. For example, it helps explain household non-participation in the stock market for some fraction of the population, and it provides guidance about the share of risky assets to hold for other types of households. Estimation of the human capital production function for financial knowledge on data from the Cognitive Economics Survey yields results that are consistent with important features of the model}, keywords = {Methodology, Net Worth and Assets}, url = {https://ideas.repec.org/p/mrr/papers/wp190.html}, author = {Delavande, Adeline and Susann Rohwedder and Robert J. Willis} } @article {7201, title = {Prevalence of cognitive impairment without dementia in the United States.}, journal = {Ann Intern Med}, volume = {148}, year = {2008}, month = {2008 Mar 18}, pages = {427-34}, publisher = {148}, abstract = {

BACKGROUND: Cognitive impairment without dementia is associated with increased risk for disability, increased health care costs, and progression to dementia. There are no population-based prevalence estimates of this condition in the United States.

OBJECTIVE: To estimate the prevalence of cognitive impairment without dementia in the United States and determine longitudinal cognitive and mortality outcomes.

DESIGN: Longitudinal study from July 2001 to March 2005.

SETTING: In-home assessment for cognitive impairment.

PARTICIPANTS: Participants in ADAMS (Aging, Demographics, and Memory Study) who were age 71 years or older drawn from the nationally representative HRS (Health and Retirement Study). Of 1770 selected individuals, 856 completed initial assessment, and of 241 selected individuals, 180 completed 16- to 18-month follow-up assessment.

MEASUREMENTS: Assessments, including neuropsychological testing, neurologic examination, and clinical and medical history, were used to assign a diagnosis of normal cognition, cognitive impairment without dementia, or dementia. National prevalence rates were estimated by using a population-weighted sample.

RESULTS: In 2002, an estimated 5.4 million people (22.2\%) in the United States age 71 years or older had cognitive impairment without dementia. Prominent subtypes included prodromal Alzheimer disease (8.2\%) and cerebrovascular disease (5.7\%). Among participants who completed follow-up assessments, 11.7\% with cognitive impairment without dementia progressed to dementia annually, whereas those with subtypes of prodromal Alzheimer disease and stroke progressed at annual rates of 17\% to 20\%. The annual death rate was 8\% among those with cognitive impairment without dementia and almost 15\% among those with cognitive impairment due to medical conditions.

LIMITATIONS: Only 56\% of the nondeceased target sample completed the initial assessment. Population sampling weights were derived to adjust for at least some of the potential bias due to nonresponse and attrition.

CONCLUSION: Cognitive impairment without dementia is more prevalent in the United States than dementia, and its subtypes vary in prevalence and outcomes.

}, keywords = {Aged, Aged, 80 and over, Cognition Disorders, Dementia, disease progression, Humans, Longitudinal Studies, Prevalence, United States}, issn = {1539-3704}, doi = {10.7326/0003-4819-148-6-200803180-00005}, author = {Brenda L Plassman and Kenneth M. Langa and Gwenith G Fisher and Steven G Heeringa and David R Weir and Mary Beth Ofstedal and James R Burke and Michael D Hurd and Guy G Potter and Willard L Rodgers and David C Steffens and John J McArdle and Robert J. Willis and Robert B Wallace} } @article {5691, title = {Managing the Risk of Life}, number = {UM WP 2007-167}, year = {2007}, institution = {Michigan Retirement and Disability Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {This study analyzes the role of individual s and spouse s survival expectations and knowledge about Social Security rules on the expected Social Security claiming age, taking into account the various incentives single and married individuals face. There is substantial heterogeneity in the level of knowledge about SS rules according to demographic characteristics. We find that single men and women who expect to be longlived plan on delaying Social Security claiming. When we allow for differential effects of survival on knowledge about Social Security rules, subjective survivals matter only for single women who are knowledgeable. For single men, knowledge is not so important in their decisions. The claiming decision of married individuals is more complicated, because they are entitled to spouse s and survivor s benefits. Consistent with the incentives provided by Social Security rules, we find that married men base their expected claiming age on their spouse s survival expectations but not on their own survival. For married women, both own and spouse s subjective survivals positively influence the timing of claiming. Knowledge about Social Security rules affects the expected claiming age of both married men and women.}, keywords = {Expectations, Social Security}, url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1082051}, author = {Delavande, Adeline and Robert J. Willis} } @article {7164, title = {Prevalence of dementia in the United States: the aging, demographics, and memory study.}, journal = {Neuroepidemiology}, volume = {29}, year = {2007}, month = {2007}, pages = {125-32}, publisher = {29}, abstract = {

AIM: To estimate the prevalence of Alzheimer{\textquoteright}s disease (AD) and other dementias in the USA using a nationally representative sample.

METHODS: The Aging, Demographics, and Memory Study sample was composed of 856 individuals aged 71 years and older from the nationally representative Health and Retirement Study (HRS) who were evaluated for dementia using a comprehensive in-home assessment. An expert consensus panel used this information to assign a diagnosis of normal cognition, cognitive impairment but not demented, or dementia (and dementia subtype). Using sampling weights derived from the HRS, we estimated the national prevalence of dementia, AD and vascular dementia by age and gender.

RESULTS: The prevalence of dementia among individuals aged 71 and older was 13.9\%, comprising about 3.4 million individuals in the USA in 2002. The corresponding values for AD were 9.7\% and 2.4 million individuals. Dementia prevalence increased with age, from 5.0\% of those aged 71-79 years to 37.4\% of those aged 90 and older.

CONCLUSIONS: Dementia prevalence estimates from this first nationally representative population-based study of dementia in the USA to include subjects from all regions of the country can provide essential information for effective planning for the impending healthcare needs of the large and increasing number of individuals at risk for dementia as our population ages.

}, keywords = {Age Distribution, Aged, Aged, 80 and over, Cohort Studies, Dementia, Female, Geriatric Assessment, Health Surveys, Humans, Logistic Models, Male, Prevalence, Sex Distribution, United States}, issn = {1423-0208}, doi = {10.1159/000109998}, author = {Brenda L Plassman and Kenneth M. Langa and Gwenith G Fisher and Steven G Heeringa and David R Weir and Mary Beth Ofstedal and James R Burke and Michael D Hurd and Guy G Potter and Willard L Rodgers and David C Steffens and Robert J. Willis and Robert B Wallace} } @article {5662, title = {Probabilistic Thinking and Early Social Security Claiming}, year = {2006}, institution = {The University of Michigan, Michigan Retirement Research Center}, abstract = {This study analyzes the extent to which an individual.s survival expectations influence his or her decision to claim social security benefits at an early age. We find that subjective survival probabilities capture meaningful behavioral responses to incentives for early Social Security claiming when they are purged of measurement error using risk factors as instruments. Among people who are still working at age 62, those who expect to live longer are likely to delay claiming of Social Security benefits to a degree that is both statistically and economically significant.}, keywords = {Methodology, Retirement Planning and Satisfaction, Social Security}, url = {http://www.mrrc.isr.umich.edu/publications/papers/}, author = {Delavande, Adeline and Michael M. Perry and Robert J. Willis} } @inbook {5227, title = {Discussion of James Poterba, Joshua Rauh, Steven Venti and David Wise, Utility Evaluation of Risk in Retirement Savings Accounts}, booktitle = {Analyses in the Economics of Aging}, year = {2005}, pages = {53}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago}, keywords = {Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction, Risk Taking}, author = {Robert J. Willis}, editor = {David A Wise} } @inbook {5226, title = {Discussion of Li Gan, Michael Hurd and Daniel McFadden, Individual Subjective Survival Curves}, booktitle = {Analyses in the Economics of Aging}, series = {NBER conference report}, year = {2005}, publisher = {University of Chicago Press}, organization = {University of Chicago Press}, address = {Chicago}, keywords = {Expectations, Methodology}, author = {Robert J. Willis}, editor = {David A Wise} } @inbook {5201, title = {Survey Design and Methodology in the Health and Retirement Study and the Wisconsin Longitudinal Study}, booktitle = {Aging, Health and Public Policy: Demographic and Economic Perspectives}, series = {Population and Development Review}, volume = {30}, year = {2005}, pages = {209-235}, publisher = {Population Council}, organization = {Population Council}, address = {New York}, abstract = {Large-scale data collection has become the kernel of the growth of knowledge in the social sciences. Nowhere is this more evident than in research in the demography of aging and the life course, where scientific progress has been stimulated and sustained by complementary longitudinal studies of aging populations. In this chapter, we review the history, organization, and design of two of these public resources, the Wisconsin Longitudinal Study (WLS) and the Health and Retirement Study (HRS). Recent innovations in each of these studies hold promise for major advances in knowledge about the demography, economics, sociology, and epidemiology of aging. The stories of the WLS and HRS highlight important clues about the creation of systems of continuing surveys to inform science and public policy.}, keywords = {Methodology}, doi = {10.7826/isr-um.06.585031.001.05.0012.2005}, author = {Hauser, Robert M. and Robert J. Willis}, editor = {Linda J. Waite} } @article {6961, title = {The Economic Consequences of a Husband{\textquoteright}s Death: Evidence from the HRS and AHEAD}, journal = {Social Security Bulletin}, volume = {65}, year = {2004}, pages = {31-44}, publisher = {65}, abstract = {This article examines the economic status of older widowed women in the 1990s using the Health and Retirement Study. Widowhood remains an important risk factor for transition into poverty, although somewhat less so than 20 years ago. Despite increased labor force participation rates among women and Employee Retirement Income Security Act (ERISA) reforms, widows live with lower household earnings, pension income, and wealth than do married women. Women widowed at younger ages are at greatest risk for economic hardship after widowhood and their situation declines with the duration of widowhood. We also find that women in households that are least prepared financially for widowhood are at greatest risk of husband{\textquoteright}s death, because of the strong relationship between mortality and wealth.}, keywords = {Net Worth and Assets}, url = {https://www.ssa.gov/policy/docs/ssb/v65n3/v65n3p31.html}, author = {Purvi Sevak and David R Weir and Robert J. Willis} } @article {6921, title = {Out-of-pocket health care expenditures among older Americans with dementia.}, journal = {Alzheimer Dis Assoc Disord}, volume = {18}, year = {2004}, month = {2004 Apr-Jun}, pages = {90-8}, publisher = {18}, abstract = {

The number of older individuals with dementia will likely increase significantly in the next decades, but there is currently limited information regarding the out-of-pocket expenditures (OOPE) for medical care made by cognitively impaired individuals and their families. We used data from the 1993 and 1995 Asset and Health Dynamics Study, a nationally representative longitudinal survey of older Americans, to determine the OOPE for individuals with and without dementia. Dementia was identified in 1993 using a modified version of the Telephone Interview for Cognitive Status for self-respondents, and proxy assessment of memory and judgment for proxy respondents. In 1995, respondents reported OOPE over the prior 2 years for: 1) hospital and nursing home stays, 2) outpatient services, 3) home care, and 4) prescription medications. The adjusted mean annual OOPE was 1,350 US dollars for those without dementia, 2,150 US dollars for those with mild/moderate dementia, and 3,010 US dollars for those with severe dementia (p < 0.01). Expenditures for hospital/nursing home care (1,770 per year US dollars) and prescription medications (800 per year US dollars) were the largest OOPE components for those with severe dementia. We conclude that dementia is independently associated with significantly higher OOPE for medical care compared with those with normal cognitive function. Severe dementia is associated with a doubling of OOPE, mainly due to higher payments for long-term care. Given that the number of older Americans with dementia will likely increase significantly in the coming decades, changes in public funding aimed at reducing OOPE for both long-term care and prescription medications would have considerable impact on individuals with dementia and their families.

}, keywords = {Aged, Aged, 80 and over, Alzheimer disease, Costs and Cost Analysis, Data Interpretation, Statistical, Female, Financing, Personal, Health Care Costs, Health Expenditures, Health Surveys, Humans, Insurance Coverage, Longitudinal Studies, Male}, issn = {0893-0341}, doi = {10.1097/01.wad.0000126620.73791.3e}, author = {Kenneth M. Langa and Eric B Larson and Robert B Wallace and A. Mark Fendrick and Norman L Foster and Mohammed U Kabeto and David R Weir and Robert J. Willis and A. Regula Herzog} } @article {5496, title = {Widowhood, Divorce and Loss of Health Insurance Among Near-Elderly Women: Evidence from the Health and Retirement Study}, number = {WP2003-040}, year = {2003}, institution = {Michigan Retirement Research Center, University of Michigan}, address = {Ann Arbor, MI}, abstract = {We have found modest effects of widowhood events on loss of health insurance. There are also modest effects of widowhood on labor supply, which we have not as yet attempted to attribute to insurance demand. Even new widowhood events, however, are not random with respect to initial conditions. Both initial health insurance status and risk of future widowhood are related to basic characteristics observed when married at baseline. When these confounding variables are controlled for in models of the effect of widowhood events on uninsurance, there is no longer statistical evidence of an independent effect of husband{\textquoteright}s death on risk of losing insurance. Part of the reason why the measured independent effect of widowhood appears small is that there are events within marriage that can also affect insurance coverage, such as retirement or health events. Even though the number of uninsured women whose lack of coverage can be attributed to widowhood is therefore small, and not a distinct major policy motive for changes in age of eligibility for Medicare, uninsurance rates overall among the near elderly, and the potential public burden of cost-shifting from years just before 65 to years just after gaining Medicare coverage, suggest that Medicare eligibility policies should be a focus of continued research.}, keywords = {Adult children, Demographics, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Women and Minorities}, url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1090894}, author = {David R Weir and Robert J. Willis} } @article {6790, title = {Informal caregiving for diabetes and diabetic complications among elderly americans.}, journal = {J Gerontol B Psychol Sci Soc Sci}, volume = {57}, year = {2002}, month = {2002 May}, pages = {S177-86}, publisher = {57B}, abstract = {

OBJECTIVES: Little is known regarding the amount of time spent by unpaid caregivers providing help to elderly individuals for disabilities associated with diabetes mellitus (DM). We sought to obtain nationally representative estimates of the time, and associated cost, of informal caregiving provided to elderly individuals with diabetes, and to determine the complications of DM that contribute most significantly to the subsequent need for informal care.

METHODS: We estimated multivariable regression models using data from the 1993 Asset and Health Dynamics Among the Oldest Old Study, a nationally representative survey of people aged 70 or older (N = 7,443), to determine the weekly hours of informal caregiving and imputed cost of caregiver time for community-dwelling elderly individuals with and without a diagnosis of DM.

RESULTS: Those without DM received an average of 6.1 hr per week of informal care, those with DM taking no medications received 10.5 hr, those with DM taking oral medications received 10.1 hr, and those with DM taking insulin received 14.4 hr of care (p <.01). Disabilities related to heart disease, stroke, and visual impairment were important predictors of diabetes-related informal care. The total cost of informal caregiving for elderly individuals with diabetes in the United States was between $3 and $6 billion per year, similar to previous estimates of the annual paid long-term care costs attributable to DM.

DISCUSSION: Diabetes imposes a substantial burden on elderly individuals, their families, and society, both through increased rates of disability and the significant time that informal caregivers must spend helping address the associated functional limitations. Future evaluations of the costs of diabetes, and the cost-effectiveness of diabetes interventions, should consider the significant informal caregiving costs associated with the disease.

}, keywords = {Aged, Aged, 80 and over, Caregivers, Cost of Illness, Costs and Cost Analysis, Diabetes Complications, Diabetes Mellitus, Disabled Persons, Female, Health Surveys, Humans, Hypoglycemic Agents, Insulin, Male, Time Factors}, issn = {1079-5014}, doi = {10.1093/geronb/57.3.s177}, author = {Kenneth M. Langa and Sandeep Vijan and Rodney A. Hayward and M.E. Chernew and Caroline S Blaum and Mohammed U Kabeto and David R Weir and Steven J. Katz and Robert J. Willis and A. Mark Fendrick} } @article {5495, title = {Who Becomes a Stockholder? Expectations, Subjective Uncertainty, and Asset Allocation}, year = {2002}, institution = {Michigan Retirement and Disability Research Center, University of Michigan}, address = {Ann Arbor, MI}, keywords = {Net Worth and Assets}, url = {https://mrdrc.isr.umich.edu/pubs/who-becomes-a-stockholder-expectations-subjective-uncertainty-and-asset-allocation/}, author = {Kezdi, Gabor and Robert J. Willis} } @article {5456, title = {Cognition and Wealth: The Importance of Probabilistic Thinking}, year = {2001}, institution = {Michigan Retirement Research Center at the University of Michigan}, address = {Ann Arbor, MI}, abstract = {Proposed reforms of Social Security that expand household choice and private sector trends away from defined benefit pension plans toward defined contribution plans offer new financial planning options. Although these options have many potential benefits for households, critics argue that many people will fail to make choices that exploit them, and, consequently, that expanded choice will increase the risks of poverty for some populations. Subjective probabilities are key in models of optimal financial planning, yet little is known about the capacity of individuals to use probabalistic thinking in this area. In the research reported here, we used a battery of subjective probability questions administered to more than 20,000 people in the Health and Retirement Study to investigate how probabalistic thinking affects portfolio choices and net worth. Our objectives are to develop a measure of competence in probabilistic thinking and to link this measure to risk aversion and financial outcomes.}, keywords = {Health Conditions and Status, Net Worth and Assets}, url = {https://www.ssc.wisc.edu/~jkennan/teaching/Lillard-Willis_RAND1.pdf}, author = {Lee A. Lillard and Robert J. Willis} } @article {6738, title = {National estimates of the quantity and cost of informal caregiving for the elderly with dementia.}, journal = {J Gen Intern Med}, volume = {16}, year = {2001}, month = {2001 Nov}, pages = {770-8}, publisher = {16}, abstract = {

OBJECTIVE: Caring for the elderly with dementia imposes a substantial burden on family members and likely accounts for more than half of the total cost of dementia for those living in the community. However, most past estimates of this cost were derived from small, nonrepresentative samples. We sought to obtain nationally representative estimates of the time and associated cost of informal caregiving for the elderly with mild, moderate, and severe dementia.

DESIGN: Multivariable regression models using data from the 1993 Asset and Health Dynamics Study, a nationally representative survey of people age 70 years or older (N = 7,443).

SETTING: National population-based sample of the community-dwelling elderly.

MAIN OUTCOME MEASURES: Incremental weekly hours of informal caregiving and incremental cost of caregiver time for those with mild dementia, moderate dementia, and severe dementia, as compared to elderly individuals with normal cognition. Dementia severity was defined using the Telephone Interview for Cognitive Status.

RESULTS: After adjusting for sociodemographics, comorbidities, and potential caregiving network, those with normal cognition received an average of 4.6 hours per week of informal care. Those with mild dementia received an additional 8.5 hours per week of informal care compared to those with normal cognition (P < .001), while those with moderate and severe dementia received an additional 17.4 and 41.5 hours (P < .001), respectively. The associated additional yearly cost of informal care per case was 3,630 dollars for mild dementia, 7,420 dollars for moderate dementia, and 17,700 dollars for severe dementia. This represents a national annual cost of more than 18 billion dollars.

CONCLUSION: The quantity and associated economic cost of informal caregiving for the elderly with dementia are substantial and increase sharply as cognitive impairment worsens. Physicians caring for elderly individuals with dementia should be mindful of the importance of informal care for the well-being of their patients, as well as the potential for significant burden on those (often elderly) individuals providing the care.

}, keywords = {Aged, Aged, 80 and over, Caregivers, Cost of Illness, Dementia, Female, Health Care Costs, Humans, Male, Multivariate Analysis, Regression Analysis, Severity of Illness Index, Time Factors, United States}, issn = {0884-8734}, doi = {10.1111/j.1525-1497.2001.10123.x}, author = {Kenneth M. Langa and M.E. Chernew and Mohammed U Kabeto and A. Regula Herzog and Mary Beth Ofstedal and Robert J. Willis and Robert B Wallace and Mucha, L.M. and Walter L. Straus and A. Mark Fendrick} } @article {6730, title = {Reducing Panel Attrition: A Search for Effective Policy Instruments}, journal = {Journal of Human Resources}, volume = {36}, year = {2001}, note = {ProCite field 3 : Survey Research Center, Institute for Social Research, U MI; Survey Research Center, Institute for Social Research, U MI}, pages = {416-38}, publisher = {36}, abstract = {In this paper we develop a theory of the survey response decision process and apply it to the analysis of field office policy measures in an attempt to see which of these are effective in reducing panel attrition. We use data from the Health and Retirement Study (HRS) to assess the effectiveness of 1) reducing the length of the interview and 2) assigning the same initial interviewer wave after wave. There is virtually no evidence in the data that interview length affects subsequent wave response. Assigning the same interviewer wave after wave, however, has a strong positive effect on response rates.}, keywords = {Methodology}, doi = {10.2307/3069625}, author = {Daniel H. Hill and Robert J. Willis} } @inbook {5195, title = {Stretching Social Surveys to Include Bioindicators: Possibilities for the Health and Retirement Study, Experience from The Taiwan Study of the Elderly}, booktitle = {Cells and Surveys: Should Biological Measures Be Included in Social Research?}, year = {2001}, note = {ProCite field 6 : In ProCite field 8 : eds.}, publisher = {National Academy Press}, organization = {National Academy Press}, chapter = {11}, keywords = {Methodology, Mortality}, url = {https://www.ncbi.nlm.nih.gov/books/NBK110037/}, author = {Weinstein, Maxine and Robert J. Willis}, editor = {Caleb E Finch and James W Vaupel and Kevin Kinsella} } @inbook {5128, title = {Prospects for Widow Poverty}, booktitle = {Forecasting retirement needs and retirement wealth.}, series = {Pension Research Council Publications.:}, year = {2000}, note = {ProCite field[8]: eds.}, pages = {208 -34}, publisher = {University of Pennsylvania Press}, organization = {University of Pennsylvania Press}, address = {Philadelphia}, keywords = {Consumption and Savings, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {David R Weir and Robert J. Willis}, editor = {Olivia S. Mitchell and P. Brett Hammond and Anna M. Rappaport} } @inbook {5127, title = {The Association of Influenza Vaccine Receipt with Health and Economic Expectations among Elders: The AHEAD Study}, booktitle = {Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster}, year = {1999}, note = {ProCite field[8]: eds.}, pages = {326-34.}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Consumption and Savings, Expectations, Health Conditions and Status, Methodology}, author = {Robert B Wallace and Nichols, Sara and Michael D Hurd}, editor = {James P Smith and Robert J. Willis} } @inbook {5154, title = {Health, Work, and Economic Well-Being of Older Workers, Aged 51-61: A Cross-National Comparison Using the United States HRS and the Netherlands CERRA Data Sets}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {ProCite field 8 : eds}, pages = {233-66}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Employment and Labor Force, Health Conditions and Status}, author = {R.V. Burkhauser and Debra S. Dwyer and Maarten Lindeboom and Theeuwes, Jules and Wottiez, Isolde}, editor = {James P Smith and Robert J. Willis} } @inbook {5131, title = {Inheritances and Bequests}, booktitle = {Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster}, year = {1999}, note = {ProCite field 3 : RAND Corp ProCite field 8 : eds.}, pages = {121-49}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Adult children, Consumption and Savings, Methodology}, author = {James P Smith}, editor = {James P Smith and Robert J. Willis} } @inbook {5125, title = {Intergenerational Transfers: Blood, Marriage, and Gender Effects on Household Decisions}, booktitle = {Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster.}, year = {1999}, note = {ProCite field[3]: Georgetown U; Center for Policy Research, Syracuse U; U FLProCite field[8]: eds.}, pages = {335-55}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Adult children, Consumption and Savings, Demographics, Event History/Life Cycle, Methodology}, author = {Beth J Soldo and Douglas A. Wolf and John C Henretta}, editor = {James P Smith and Robert J. Willis} } @inbook {5155, title = {Labor Market Transitions in the HRS: Effects of the Subjective Probability of Retirement and of Pension Eligibility}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {ProCite field 8 : eds.}, pages = {267-90}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Employment and Labor Force, Expectations, Pensions}, author = {Michael D Hurd}, editor = {James P Smith and Robert J. Willis} } @inbook {5126, title = {Lifetime Earnings, Saving Choices, and Wealth at Retirement}, booktitle = {Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster}, year = {1999}, note = {RDA 1999-002 WiseProCite field[8]: eds}, pages = {87-120.}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Consumption and Savings, Event History/Life Cycle, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction}, author = {Steven F Venti and David A Wise}, editor = {James P Smith and Robert J. Willis} } @inbook {5152, title = {Pension and Social Security Wealth in the Health and Retirement Study}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {RDA 1996-005; Revision of Pension Research Council Working Paper PRC WP 97-3 ProCite field 8 : eds.}, pages = {150-208}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, abstract = {This study attempts to understand the impact of pension and social security wealth on decisions made by people of retirement age. Their in-depth analysis of the Health and Retirement Study gives many interesting findings. Of those people participating in the Health and Retirement Study, more then half of the wealth is in the form of social security, pensions, and health insurance. Various topics are explored in this paper.}, keywords = {Net Worth and Assets, Pensions, Social Security}, author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier}, editor = {James P Smith and Robert J. Willis} } @inbook {5151, title = {The Several Cultures of Research on Subjective Expectations}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {ProCite field 8 : eds.}, pages = {15-33}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Expectations, Methodology}, isbn = {0472110268}, url = {https://books.google.com/books?id=lKvp4D1HuH8C\&pg=PA209\&lpg=PA209\&dq=The+Size+Distribution+of+Wealth+in+the+United+States:+A+Comparison+Among+Recent+Household+Surveys\&source=bl\&ots=hFIAdSeWob\&sig=ACfU3U2nIQ6QSOJ4wEBUDcbZOo-x7n8b7g\&hl=en\&sa=X\&ved=2ahUKEwjQ}, author = {Dominitz, Jeff and Charles F Manski}, editor = {James P Smith and Robert J. Willis} } @inbook {5153, title = {The Size Distribution of Wealth in the United States: A Comparison Among Recent Household Surveys}, booktitle = {Wealth, Work and Health: Innovations in Measurement in the Social Sciences}, year = {1999}, note = {ProCite field 8 : eds.}, pages = {209-32}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Income, Methodology}, url = {https://books.google.com/books?id=lKvp4D1HuH8C\&pg=PA209\&lpg=PA209\&dq=The+Size+Distribution+of+Wealth+in+the+United+States:+A+Comparison+Among+Recent+Household+Surveys\&source=bl\&ots=hFIAdSeWob\&sig=ACfU3U2nIQ6QSOJ4wEBUDcbZOo-x7n8b7g\&hl=en\&sa=X\&ved=2ahUKEwjQ}, author = {Wolff, Edward}, editor = {James P Smith and Robert J. Willis} } @article {6650, title = {Theory Confronts Data: How the HRS is Shaped by the Economics of Aging and How the Economics of Aging Will be Shaped by the HRS}, journal = {Labour Economics}, volume = {6}, year = {1999}, pages = {119-145}, publisher = {6}, abstract = {This paper describes the evolution of the HRS from its origins in 1992 to its current design as a longitudinal {\textquoteright}steady state{\textquoteright} sample of older Americans which is representative of the U.S. population over age 50. It discusses the conceptual framework of the survey as well as the broad theoretical concepts that lead to its content and design. The paper concludes with a description of some recent findings that use the HRS data; in particular the positive correlation between health and wealth.}, keywords = {Health Conditions and Status, Methodology, Net Worth and Assets}, doi = {10.1016/S0927-5371(99)00011-1}, author = {Robert J. Willis} } @inbook {5119, title = {Unfolding Bracket Method in the Measurement of Expenditures and Wealth}, booktitle = {Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster.}, year = {1999}, note = {ProCite field[8]: eds.}, pages = {64-86}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, keywords = {Consumption and Savings, Methodology, Net Worth and Assets}, url = {https://books.google.com/books?id=lKvp4D1HuH8C\&pg=PA64\&lpg=PA64\&dq=Unfolding+Bracket+Method+in+the+Measurement+of+Expenditures+and+Wealth\&source=bl\&ots=hFIAdSfSt6\&sig=ACfU3U2f2HvZoq6nQLadPt_pPaidMEBcyQ\&hl=en\&sa=X\&ved=2ahUKEwjAruG52p3qAhWIZM0KHTMiBpAQ6AEwA}, author = {Daniel H. Hill}, editor = {James P Smith and Robert J. Willis} } @book {5265, title = {Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster}, year = {1999}, note = {ProCite field 8 : eds.}, publisher = {University of Michigan Press}, organization = {University of Michigan Press}, address = {Ann Arbor, MI}, abstract = {Twelve papers, presented at a December 1996 conference at the Institute for Social Research (ISR), celebrating the career of F. Thomas Juster and his retirement from the University of Michigan and the ISR, focus on survey measurement and analysis of survey data in the social sciences. Papers discuss the several cultures of research on subjective expectations; measuring investment in young children with time diaries; the unfolding bracket method in the measurement of expenditures and wealth; lifetime earnings, saving choices, and wealth at retirement; inheritances and bequests; pension and social security wealth in the Health and Retirement Study; the size distribution of wealth in the United States as measured by recent household surveys; a cross -national comparison of health, work, and economic well-being of older workers aged fifty-one to sixty-one using the U.S. and Dutch data sets; labor market transitions and whether subjective probabilities of working have predictive power for actual retirement; the impact of education and heart attack on smoking cessation among middle-aged adults; the association of influenza vaccine receipt with health and economic expectations among elders; and co -residence between married adult children and their elderly unmarried mothers. Contributors include economists. Smith is at the RAND Corporation. Willis is at the University of Michigan and the Institute for Social Research. No index.}, keywords = {Consumption and Savings, Health Conditions and Status, Income, Methodology, Retirement Planning and Satisfaction}, url = {https://www.semanticscholar.org/paper/Wealth\%2C-work\%2C-and-health-\%3A-innovations-in-in-the-\%3A-Juster-Smith/38354f435b24934cee24184e55e2a75214e2462b}, author = {James P Smith and Robert J. Willis} } @article {6609, title = {The Impact of Education and Heart Attack on Smoking Cessation Among Middle-aged Adults}, journal = {Journal of Health and Social Behavior}, volume = {39}, year = {1998}, pages = {271-94}, publisher = {39}, abstract = {Considerable evidence supports the premise that higher levels of education lead to enhanced health, including protective health behaviors. This paper focuses on how education affects one health behavior known to lead to enhanced health: the cessation of smoking. In particular, the authors examine the extent to which education influences the decision by middle-aged adults to quit smoking following a heart attack, a potentially life-threatening health event. We first hypothesize that middle-aged adults with more formal education will stop smoking more readily than people with less formal education following the experience of a heart attack. Second, we ask what other factors might underlie and explain that hypothesized effect. Using longitudinal data, the authors track changes in individual smoking behaviors after a heart attack among preretirement-age Americans. We control for documented correlates of smoking and heart attack plus other factors associated with education, heart attack, and smoking that may also influence whether a person quits smoking. In addition to confirming evidence on the education-health association as well as the documented connection between heart attack and smoking cessation, this study provides a surprising twist on those links: Our results show that the move to quit smoking following the experience of a heart attack among middle-aged adults is significantly and dramatically moderated by their level of educational attainment.}, keywords = {Demographics, Health Conditions and Status, Methodology}, author = {Linda A. Wray and A. Regula Herzog and Robert J. Willis and Robert B Wallace} }