@article {8951,
	title = {Subjective mortality risk and bequests},
	journal = {Journal of Econometrics},
	volume = {188},
	year = {2015},
	month = {Jan-10-2015},
	pages = {514 - 525},
	abstract = {This paper investigates the ability of subjective expectations about life expectancy to predict wealth holding patterns in later life. Based on panel data from the Asset and Health Dynamics among the Oldest Old, we estimate a structural life-cycle model with bequests. Each individual{\textquoteright}s subjective survival rates in the future are estimated with data on his belief of survival probabilities to a target age. This estimation is build upon a Bayesian updating method developed in Gan et al. (2005). We find that life-cycle model using subjective survival rates performs better than using life-table survival rates in predicting wealth holdings. This result suggests that subjective survival expectations play an important role in deciding consumption and savings. In addition, the estimation results show that most bequests are involuntary or accidental.},
	keywords = {Bequests, Mortality, Older Adults},
	issn = {03044076},
	doi = {10.1016/j.jeconom.2015.03.015},
	author = {Gan, Li and Gong, Guan and Michael D Hurd and Daniel McFadden}
}
@inbook {NBERc12443,
	title = {"Healthy, Wealthy and Wise?" Revisited: An Analysis of the Causal Pathways from Socioeconomic Status to Health},
	booktitle = {Investigations in the Economics of Aging},
	year = {2011},
	pages = {267-317},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	abstract = {In health economics, there is little dispute that the socioeconomic status
(SES) of individuals is positively correlated with their health status. The size
of the body of literature documenting that wealthy and well- educated people
generally enjoy better health and longer life is impressive.1
 The robustness of
this association is underscored by the fact that the so- called health- wealth
gradient has been detected in different times, countries, populations, age
structures, and for both men and women. Moreover, the results are largely
insensitive to the choice of SES measures (such as wealth, income, education, occupation, or social class) and health outcomes.},
	keywords = {health, socioeconomic status},
	url = {http://www.nber.org/chapters/c12443},
	author = {Till Stowasser and Florian Heiss and Daniel McFadden and Joachim Winter}
}
@inbook {5232,
	title = {Mind the Gap! Consumer Perceptions and Choices of Medicare Part D Prescription Drug Plans},
	booktitle = {Research Findings in the Economics of Aging},
	series = {The Economics of Aging},
	year = {2010},
	pages = {413-481},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	chapter = {14},
	address = {Chicago},
	abstract = {Medicare Part D provides prescription drug coverage through Medicare approved plans offered by private insurance companies and HMOs. In this paper, we study the role of current prescription drug use and health risks, related expectations, and subjective factors in the demand for prescription drug insurance. To characterize rational behavior in the complex Part D environment, we develop an intertemporal optimization model of enrollment decisions. We generally find that seniors{\textquoteright} choices respond to the incentives provided by their own health status and the market environment as predicted by the optimization model. The proportion of individuals who do not attain the optimal choice is small, but the margin for error is also small since enrollment is transparently optimal for most eligible seniors. Further, there is also evidence that seniors over-react to some salient features of the choice situation, do not take full account of the future benefit and cost consequences of their decisions, or the expected net benefits and risk properties of alternative plans.},
	keywords = {End of life decisions, Healthcare, Medicare/Medicaid/Health Insurance},
	isbn = {0-226-90306-0},
	url = {https://www.nber.org/books-and-chapters/research-findings-economics-aging/mind-gap-consumer-perceptions-and-choices-medicare-part-d-prescription-drug-plans},
	author = {Florian Heiss and Daniel McFadden and Joachim Winter},
	editor = {David A Wise}
}
@inbook {5207,
	title = {Comment: Broken Down by Work and Sex: How Our Health Declines},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press 2005},
	organization = {University of Chicago Press 2005},
	address = {Chicago},
	abstract = {Commentary on the Case and Deaton chapter,  Broken Down by Work and Sex: How Our Health Declines,  Using AHEAD data for comparison.},
	keywords = {Health Conditions and Status, Other},
	author = {Daniel McFadden},
	editor = {David A Wise}
}
@inbook {5181,
	title = {Individual Subjective Survival Curves},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {RDA ProCite field 6 : In ProCite field 8 : ed.},
	pages = {337-412},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	chapter = {12},
	address = {Chicago},
	abstract = {Testing life-cycle models and other economic models of saving and consumption at micro level requires knowledge of individuals{\textquoteright} subjective believes of their mortality risk. Previous studies have shown that individual responses on subjective survival probabilities are generally consistent with life tables. However, survey responses suffer serious problems caused by focal responses of zero and one. This paper suggests using a Bayesian update model that accounts for the problems encountered in focal responses. We also propose models that help us to identify how much each individual deviates from life table in her subjective belief. The resulting individual subjective survival curves have considerable variations and are readily applicable in testing economic models that require individual subjective life expectancies.},
	keywords = {Expectations},
	url = {https://www.nber.org/chapters/c10367},
	author = {Gan, Li and Michael D Hurd and Daniel McFadden},
	editor = {David A Wise}
}
@article {6853,
	title = {Healthy, wealthy, and wise? Tests for direct casual paths between health and socioeconomic status},
	journal = {Journal of Econometrics},
	volume = {112},
	year = {2003},
	note = {RDA; National Institute on Aging through a grant to the NBER Program Project on the Economics of Aging (P01-AG 05842)},
	pages = {3-56},
	publisher = {112},
	abstract = {This paper provides statistical methods that permit the association of socioeconomic status and health to be partially unraveled in panel data by excluding some postulated causal paths, or delimiting their range of action. These methods are applied to the Asset and Health Dynamics of the Oldest Old (AHEAD) Panel to test for the absence of causal links from socioeconomic status (SES) to health innovations and mortality, and from health conditions to innovations in wealth. We conclude that in this elderly American population, where Medicare covers most acute care and pension income is not affected by ability to work, the evidence supports the hypothesis of no direct causal link from SES to mortality and to incidence of most sudden onset health conditions (accidents and some acute conditions), once initial health conditions are controlled, but there is an association of SES with incidence of gradual onset health conditions (mental conditions, and some degenerative and chronic conditions), due either to causal links or to persistent unobserved behavioral or genetic factors that have a common influence on both SES and innovations in health. There is little evidence to support a broad association of health conditions and wealth changes. The death of a spouse appears to have a negative effect on the wealth of the survivor; this is plausibly a direct causal effect. There is evidence for some association of health conditions with increased dissaving from liquid wealth for intact couples and singles. From these findings, we conclude that there is no evidence that SES-linked therapies for acute diseases induce mortality differentials. The question of whether SES linked preventative care influences onset of chronic and mental diseases remains open.},
	keywords = {Demographics, Health Conditions and Status, Socioeconomic factors},
	url = {http://emlab.berkeley.edu/users/mjansson/Courses/ECON242_SPRING02/McFadden.pdf},
	author = {Adams, Peter and Michael D Hurd and Daniel McFadden and Merrill, Angela and Ribeiro, Tiago}
}
@inbook {5173,
	title = {Predictors of Mortality among the Elderly},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 8 : ed.},
	publisher = {Univ. of Chicago Press},
	organization = {Univ. of Chicago Press},
	address = {Chicago},
	abstract = {This paper examines the quantitative importance of some predictors of mortality among the population aged 70 and over. As expected, this research confirms that socioeconomic status is  related to mortality. This relationship is strong at younger ages and appears to weaken as the cohort gets older. The 13 health indicators are also strong predictors of mortality.  Results also show that subjective probabilities of survival predict mortality and remain strong predictors even after controlling for socioeconomic indicators and health conditions.},
	keywords = {Demographics, Expectations, Health Conditions and Status, Net Worth and Assets},
	url = {https://www.nber.org/papers/w7440},
	author = {Michael D Hurd and Daniel McFadden and Merrill, Angela},
	editor = {David A Wise}
}
@inbook {5163,
	title = {Consumption and Saving Balances of the Elderly:  Experimental Evidence on Survey Response Bias},
	booktitle = {Frontiers in the Economics of Aging},
	year = {1998},
	note = {ProCite field 8 : ed.},
	pages = {353-387},
	publisher = {Univ. of Chicago Press},
	organization = {Univ. of Chicago Press},
	address = {Chicago},
	abstract = {A prerequisite for understanding the economic behavior of the elderly, and
the impacts of public policy on their health and well-being, is accurate data on
key economic variables such as income, consumption, and assets, as well as
on expectations regarding future economic and demographic events such as
major health costs, disabilities, and death. Standard practice is to elicit such
information in economic surveys, relying on respondents{\textquoteright} statements regarding
the variables in question.
Economists are generally aware that stated responses are noisy. Item nonresponse is a common problem, and carefully done surveys are designed to minimize it. Well-designed analyses of economic survey data are careful about
detecting implausible outliers, imputing missing values, and correcting for
selection caused by dropping missing observations. Circumstances are recognized that tend to produce systematic biases in response, such as telescoping
in recall of past events that arises from the psychophysical perception of time
intervals, or overstatement of charitable contributions that arises from the incentive to project a positive self-image. Nevertheless, economic studies are often too sanguine about the reliability of subjects{\textquoteright} statements regarding objective economic data.},
	keywords = {Consumption and Savings, Methodology},
	url = {https://www.nber.org/chapters/c7306},
	author = {Michael D Hurd and Daniel McFadden and Chand, Harish and Gan, Li and Merrill, Angela and Michael Ewing Roberts},
	editor = {David A Wise}
}
@inbook {5122,
	title = {Subjective Survival Curves and Life Cycle Behavior},
	booktitle = {Inquiries in the Economics of Aging},
	series = {NBER Project Reports},
	year = {1998},
	note = {ProCite field[3]: SUNY, Stony Brook, RAND, and NBER; U CA, Berkeley and NBER; U CA, BerkeleyProCite field[6]: InProCite field[8]: ed.},
	pages = {259 -305},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago and London},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status},
	author = {Michael D Hurd and Daniel McFadden and Gan, Li},
	editor = {David A Wise}
}
@inbook {5161,
	title = {The Impact of Demographics on Housing and Nonhousing Wealth in the United States},
	booktitle = {The Economic Effects of Aging in the United States and Japan},
	year = {1997},
	note = {ProCite field 8 : eds.},
	pages = {153-194},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Demographics, Housing, Net Worth and Assets},
	author = {Daniel McFadden and Hoynes, Hilary},
	editor = {Naohiro Yashiro and Michael D Hurd}
}
@inbook {5160,
	title = {Living Arrangements: Health and Wealth Effects},
	booktitle = {Advances in the Economics of Aging},
	year = {1996},
	note = {ProCite field 8 : ed.},
	pages = {193-216},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Health Conditions and Status, Housing, Net Worth and Assets},
	author = {Daniel McFadden and Axel Borsch-Supan and Schnabel, R.},
	editor = {David A Wise}
}
@inbook {5129,
	title = {Demographics, the Housing Market, and the Welfare of the Elderly},
	booktitle = {Studies in the economics of aging},
	series = {National Bureau of Economic Research Project Report series},
	year = {1994},
	note = {ProCite field[3]: U CA, BerkeleyProCite field[8]: ed.},
	pages = {225-85},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago and London},
	keywords = {Consumption and Savings, Demographics, Housing},
	author = {Daniel McFadden},
	editor = {David A Wise}
}
@article {5305,
	title = {The Impact of Demographics on Housing and Non-Housing Wealth in the United States},
	number = {4666},
	year = {1994},
	note = {ProCite field 8 : U CA, Berkeley and NBER; U CA, Berkeley and NBER},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge},
	abstract = {Equity in housing is a major component of household wealth in  the United  States. Steady gains in housing prices over the last several  decades have generated large potential gains in household wealth  among homeowners.  Mankiw and Weil (1989) and McFadden (1993b)  have argued that the aging of the U.S. population is likely to  induce substantial declines in housing prices, resulting in  capital losses for future elderly generations.  However, if  households can anticipate changes in housing prices, and if they  adjust their non-housing savings accordingly, then welfare  losses in retirement could be mitigated. This paper focuses on  two questions: (1) Are housing prices forecastable from current  information on demographics and housing prices?; and (2) How are  household savings decisions affected by capital gains in  housing? We use metropolitan statistical area (MSA) level data  on housing prices and demographic trends during the 1980{\textquoteright}s and  find mixed evidence on the forecastability of housing prices.  Further, we use data on five-year savings rates from the Panel  Study of Income Dynamics and find no evidence that households  engage in changing their non-housing savings in response to  expectations about capital gains in housing. Thus, the projected  decline in housing prices could result in large welfare losses  to current homeowners and large intergenerational equity  differences.},
	keywords = {Adult children, Consumption and Savings, Demographics, Net Worth and Assets, Public Policy},
	url = {https://www.nber.org/papers/w4666},
	author = {Hoynes, Hilary and Daniel McFadden}
}
@inbook {5159,
	title = {Problems of Housing the Elderly in the United States and Japan},
	booktitle = {Aging in the United States and Japan},
	year = {1994},
	note = {ProCite field 8 : eds.},
	pages = {109-137},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Housing, Methodology},
	url = {https://www.nber.org/chapters/c8044},
	author = {Daniel McFadden and David A Wise},
	editor = {Yukio Noguchi}
}
