@article {10171,
	title = {Life-Cycle Consumption Patterns at Older Ages in the United States and the United Kingdom: Can Medical Expenditures Explain the Difference?},
	journal = {American Economic Journal: Economic Policy},
	volume = {11},
	year = {2019},
	pages = {27 - 54},
	abstract = {This paper documents significantly steeper declines in nondurable expenditures at older ages in the United Kingdom compared to the United States, in spite of income paths being similar. Several possible causes are explored, including different employment paths, housing ownership and expenses, levels and paths of health status, number of household members, and out-of-pocket medical expenditures. Among all the potential explanations considered, those relating to health care{\textemdash}differences in levels and age paths in medical expenses and medical expenditure risk{\textemdash}can fully account for the steeper declines in nondurable consumption in the United Kingdom compared to the United States.},
	keywords = {Consumption and Savings, Cross-National, Medical Expenses, Spending},
	issn = {1945-7731},
	doi = {10.1257/pol.20170182},
	url = {https://pubs.aeaweb.org/doi/10.1257/pol.20170182https://pubs.aeaweb.org/doi/pdf/10.1257/pol.20170182},
	author = {James Banks and Richard Blundell and Levell, Peter and James P Smith}
}
@article {9268,
	title = {The Mental Health Benefits of Acquiring a Home in Older Age: A Fixed-Effects Analysis of Older Americans},
	journal = {American Journal of Epidemiology},
	volume = {187},
	year = {2018},
	pages = {465{\textendash}473},
	abstract = {Homeownership is consistently associated with better mental health, but whether becoming a homeowner in later in life has positive psychological benefits has not been examined. We assessed whether acquiring a home after 50 is associated with depression in a representative sample of older Americans. We used individual fixed-effects models based on data from 20,524 respondents aged >=50 from the Health and Retirement Study and interviewed biannually between 1993 and 2010. Depressive symptoms were measured using the 8-item Centre for Epidemiologic Studies Depression scale. Controlling for confounders, becoming a homeowner in later life predicted a decline in depressive symptoms in the same year (β = -0.0768, 95\% CI [confidence interval]: -0.152, -0.007). The association remained significant after two years (β = -0.0556, 95\% CI: -0.134 to -0.001) but weakened afterwards. Buying a home for reasons associated with positive characteristics of the new house or neighborhood drove this association (β = -0.426, 95\% CI: -0.786, -0.066), while acquiring a home for reasons associated with characteristics of the previous home or neighbourhood, the desire to be closer to relatives, downsizing or upsizing did not predict mental health improvements. Findings suggest that there are small but significant benefits for mental health associated with acquiring a home in older age.},
	keywords = {Consumption and Savings, Housing, Mental Health, Retirement Planning and Satisfaction},
	issn = {0002-9262},
	doi = {10.1093/aje/kwx278},
	url = {http://academic.oup.com/aje/article/doi/10.1093/aje/kwx278/4080981/The-Mental-Health-Benefits-of-Acquiring-a-Home-inhttp://academic.oup.com/aje/article-pdf/doi/10.1093/aje/kwx278/19501585/kwx278.pdf},
	author = {Courtin, Emilie and Jennifer B Dowd and Mauricio Avendano}
}
@article {9194,
	title = {Consumption behavior, annuity income and mortality risk of retirees},
	journal = {(Netherlands) Economist},
	volume = {165},
	year = {2017},
	month = {09/2017},
	pages = {349-380},
	abstract = {Previous empirical studies have found that individuals do not draw down their assets after retirement which is at odds with the predictions of a simple life cycle model without uncertainty. Hurd (Econometrica 57(4):779{\textendash}813, 1989; Mortality risk and consumption by couples, 1999) explains such saving behavior of retired singles and couples by adding lifetime uncertainty to the simple life cycle model. We tested whether predictions about consumption during retirement of this extended life cycle model hold for a sample of older Americans. We used data from the Health and Retirement Study supplemented with data from the Consumption and Activities Mail Survey. In line with theory we found that, on average, total consumption is greater than their annuity income after retirement and that this difference increases with the level of initial wealth. For older singles but not for couples our results suggest that, as predicted by the extended theoretical model of Hurd, the on average negative consumption growth decreases with higher mortality rates.},
	keywords = {Annuitization, Consumption and Savings, Mortality, Retirement Planning and Satisfaction},
	issn = {0013-063X},
	doi = {10.1007/s10645-017-9301-z},
	url = {http://link.springer.com/10.1007/s10645-017-9301-z},
	author = {Kutlu-Koc, Vesile and Alessie, Rob J.M. and Kalwij, Adriaan}
}
@article {9259,
	title = {Debt and Financial Vulnerability on the Verge of Retirement},
	number = {Working Paper No. 23664},
	year = {2017},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {We analyze older individuals{\textquoteright} debt and financial vulnerability using data from the Health and Retirement Study (HRS) and the National Financial Capability Study (NFCS). Specifically, in the HRS we examine three different cohorts (individuals age 56-61) in 1992, 2004, and 2010 to evaluate cross-cohort changes in debt over time. We also use two waves of the NFCS (2012 and 2015) to gain additional insights into debt management and older individuals{\textquoteright} capacity to shield themselves against shocks. We show that recent cohorts have taken on more debt and face more financial insecurity, mostly due to having purchased more expensive homes with smaller down payments.},
	keywords = {Consumption and Savings, Debt, Retirement Planning and Satisfaction},
	doi = {10.3386/w23664},
	url = {http://www.nber.org/papers/w23664.pdf},
	author = {Annamaria Lusardi and Olivia S. Mitchell and Oggero, Noemi}
}
@article {9264,
	title = {Distribution of lifetime nursing home use and of out-of-pocket spending},
	journal = {Proceedings of the National Academy of Sciences},
	volume = {114},
	year = {2017},
	pages = {9838{\textendash}9842},
	keywords = {Consumption and Savings, Medical Expenses, Nursing homes, Spending},
	issn = {0027-8424},
	doi = {10.1073/pnas.1700618114},
	url = {http://www.pnas.org/lookup/doi/10.1073/pnas.1700618114https://syndication.highwire.org/content/doi/10.1073/pnas.1700618114http://www.pnas.org/syndication/doi/10.1073/pnas.1700618114},
	author = {Michael D Hurd and Pierre-Carl Michaud and Susann Rohwedder}
}
@article {9149,
	title = {Drawing down retirement wealth: Interactions between Social Security wealth and private retirement savings},
	number = {WR-1165},
	year = {2017},
	month = {01/2017},
	institution = {RAND Corporation},
	address = {Santa Monica, CA},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction, Social Security},
	doi = {10.7249/WR1165},
	url = {http://www.rand.org/pubs/working_papers/WR1165.html},
	author = {Philip Armour and Hung, Angela}
}
@article {9141,
	title = {Household Retirement Saving: The Location of Savings Between Spouses},
	year = {2017},
	institution = {RAND Corporation},
	address = {Santa Monica, CA},
	abstract = {Retirement planning is often a joint household decision-making process, and therefore the household is often the more appropriate unit of analysis. However, retirement savings in tax advantaged accounts are held in the name of one individual. While spouses have rights to these assets in the case of divorce and in most cases of death, the separation of accounts in name may cause couples to treat their accounts as separate, with each spouse making decisions separately.

In order to optimize retirement planning, couples should consider the entire household portfolio together, accounting for the characteristics of the retirement accounts, the age of the spouses, and income differences between spouses. With separate accounts, one spouse may not be aware of the contributions or assets accumulated in the other spouse{\textquoteright}s accounts. This may lead to sub-optimal decision-making, as individuals in a couple may not fully optimize across all available retirement accounts.

Little is known about how households divide retirement contributions and assets between spouses. In this project, we investigate how households locate contributions across tax deferred savings accounts that are nominally held in one spouse{\textquoteright}s name and how these decisions may impact accumulated assets. In particular we first document who within a couple nominally holds retirement assets. Using data from the Health and Retirement Study and Survey of Consumer Finances, we find that household retirement assets and contributions are more likely to be located in accounts held in the husband{\textquoteright}s name or the primary earner{\textquoteright}s name. In our regression analysis, we find that the location of contributions is largely driven by the distribution of earnings within couples.},
	keywords = {Consumption and Savings, Marriage, Retirement Planning and Satisfaction},
	doi = {10.7249/WR1166},
	url = {http://www.rand.org/pubs/working_papers/WR1166.html},
	author = {Carman, Katherine and Hung, Angela}
}
@article {RePEc:red:sed017:1584,
	title = {How Much Consumption Insurance in the U.S.?},
	year = {2017},
	institution = {Society for Economic Dynamics},
	abstract = {Most of what the profession knows about joint income and consumption dynamics at the household level in the U.S. is based on the data from the Panel Study of Income Dynamics (PSID). We find that there are two sets of households in the PSID that differ dramatically in the dynamics of their income and consumption. Households headed by the original PSID males and their sons have a highly persistent income process, and permanent shocks to their income almost fully pass through to consumption. Household headed by males who marry daughters of the original PSID members have a much less persistent income process and a dramatically higher degree of insurance. These differences are surprising but highly robust. Conditional on income dynamics, the degree of insurance in each subsample is consistent with the prediction of the standard incomplete-markets model. This is in contrast to the famous puzzle in Blundell, Pistaferri, and Preston (2008) of excess insurance of permanent income shocks for the combined sample.},
	keywords = {consumption, Consumption and Savings, Insurance},
	url = {https://ideas.repec.org/p/red/sed017/1584.html},
	author = {Iourii Manovskii and Dmytro Hryshko}
}
@article {9241,
	title = {How much would you pay to live pain-free?},
	journal = {The Washington Post},
	year = {2017},
	month = {08/07/2017},
	address = {Washington, DC},
	keywords = {Chronic pain, Consumption and Savings, News},
	url = {https://www.washingtonpost.com/news/wonk/wp/2017/08/07/how-much-would-you-pay-to-live-pain-free/},
	author = {Christopher Ingraham}
}
@article {9274,
	title = {Older Americans Are Getting Crushed by Debt, New MagnifyMoney Analysis Shows},
	journal = {MagnifyMoney},
	year = {2017},
	publisher = {MagnifyMoney},
	keywords = {Consumption and Savings, Debt, News},
	url = {http://www.magnifymoney.com/blog/retirement/senior-debt-in-america1235240335/},
	author = {Hannah Rounds}
}
@article {9135,
	title = {Planning for retirement? The importance of time preferences},
	number = {Working Paper No. 23501},
	year = {2017},
	month = {06/2017},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Ensuring retirement income security is a priority for individuals, employers, and policymakers. Using merged administrative and survey data for public sector workers in North Carolina, we explore how workers{\textquoteright} characteristics and preferences are associated with planning and saving for retirement. We then assess the {\textquotedblleft}quality{\textquotedblright} of a retirement plan and whether retirement behavior is consistent with these plans. The findings indicate that the way that individuals discount future consumption is associated with the extent of their retirement planning and preparedness. We find that individuals who engage in retirement planning are better prepared to meet their retirement goals upon leaving their career jobs.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	doi = {10.3386/w23501},
	url = {http://www.nber.org/papers/w23501.pdf},
	author = {Robert Clark and Hammond, Robert and Khalaf, Christelle and Morrill, Melinda}
}
@article {9222,
	title = {Representativeness of the low-income population in the Health and Retirement Study},
	journal = {The Journal of the Economics of Ageing},
	volume = {9},
	year = {2017},
	month = {Jan-06-2017},
	pages = {90-99},
	abstract = {We study to what extent the Health and Retirement Study (HRS) is representative of all income groups, but with a particular emphasis on low-income groups. To focus on the HRS sample composition and abstract from potential measurement issues associated with measures of income, we exploit the SSA administrative data matched to the HRS sample and compare the distribution of the matched SSA variables against the distribution of the same variables for the same population in the SSA databases. Overall, the HRS is representative for the population it covers. However, for some subgroups in the low-income population, there are some differences.},
	keywords = {Consumption and Savings, Income inequality, Low incomes, Population Health},
	issn = {2212828X},
	doi = {10.1016/j.jeoa.2016.08.004},
	url = {http://linkinghub.elsevier.com/retrieve/pii/S2212828X16300627http://api.elsevier.com/content/article/PII:S2212828X16300627?httpAccept=text/xmlhttp://api.elsevier.com/content/article/PII:S2212828X16300627?httpAccept=text/plain},
	author = {Erik Meijer and Lynn A Karoly}
}
@article {9221,
	title = {Saving and wealth inequality},
	journal = {Review of Economic Dynamics},
	volume = {26},
	year = {2017},
	month = {10/2017},
	pages = {280-300},
	abstract = {Why are some people wealth rich while others are poor? To what extent can governments affect inequality? Which instruments should they use? Answering these questions requires understanding why people save. Dynamic quantitative models of wealth inequality can help us to understand and quantify the determinants of the outcomes that we observe in the data and to evaluate the consequences of policy reform. This paper surveys the savings mechanisms generated by the transmission of bequests and human capital, by preference heterogeneity, by rate of return heterogeneity, by entrepreneurship, by richer earnings processes, and by medical expenses. It concludes that the transmission of bequests and human capital, entrepreneurship, and medical-expense risk are crucial determinants of savings and wealth inequality and that we need to look at more data to measure their relative importance.},
	keywords = {Consumption and Savings, Wealth Inequality},
	issn = {10942025},
	doi = {10.1016/j.red.2017.06.002},
	url = {http://www.sciencedirect.com/science/article/pii/S1094202517300546},
	author = {Mariacristina De Nardi and Fella, Giulio}
}
@article {9140,
	title = {Social Security and Total Replacement Rates in Disability and Retirement},
	number = {WP$\#$2017-6},
	year = {2017},
	month = {05/2017},
	institution = {Center for Retirement Research at Boston College},
	address = {Chestnut Hill, MA},
	abstract = {Social Security provides higher replacement rates to disability insurance beneficiaries than retired beneficiaries. This fact reflects two factors: 1) Disability Insurance (SSDI) beneficiaries have lower career earnings, and Social Security benefits are progressive; and 2) SSDI benefits are not reduced for claiming early. This project uses the 1992-2010 waves of the Health and Retirement Study (HRS) linked to Social Security Administration earnings records to decompose the differences between the Social Security replacement rates for retired worker and SSDI beneficiaries into these two factors. The project also examines how the total replacement rate {\textendash} which accounts for other sources of income in addition to Social Security {\textendash} differs between retirees and SSDI beneficiaries to capture the difference in overall retirement security between the two groups. The results indicate that about half of the 10-percentage-point advantage in Social Security replacement rates for SSDI beneficiaries is due to the actuarial adjustment applied to retirement benefits, implying that career earnings are not that different between retired workers and SSDI beneficiaries. But total replacement rates are substantially lower for SSDI beneficiaries, which indicates that, despite Social Security{\textquoteright}s vital role in providing a reliable income source, SSDI beneficiaries have much lower post-career well-being than retired workers.},
	keywords = {Consumption and Savings, Disabilities, Retirement Planning and Satisfaction, Social Security},
	url = {http://crr.bc.edu/working-papers/social-security-and-total-replacement-rates-in-disability-and-retirement/},
	author = {Khan, Mashfiqur R. and Matthew S. Rutledge and Geoffrey T. Sanzenbacher}
}
@article {9265,
	title = {This Is How Much Your Kids Are Worth},
	journal = {Bloomberg},
	year = {2017},
	publisher = {Bloomberg},
	address = {New York City, NY},
	keywords = {Consumption and Savings, Medical Expenses, News, Nursing homes},
	url = {https://www.bloomberg.com/news/articles/2017-08-28/this-is-the-best-long-term-care-insurance},
	author = {Woolley, Suzanne}
}
@article {9242,
	title = {Valuing pain using the subjective well-being method},
	number = {Working Paper No. 23649},
	year = {2017},
	month = {08/2017},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Chronic pain clearly lowers utility, but it is empirically challenging to estimate the monetary compensation needed to offset this utility reduction. We use the subjective well-being method to estimate the value of pain relief among individuals age 50 and older. We use a sample of 64,205 observations from 4 waves (2008-2014) of the Health and Retirement Study, a nationally representative individual-level survey data, permitting us to control for individual heterogeneity. Our models, which allow for nonlinear effects in income, show the value of avoiding pain ranging between 56 to 145 USD per day. These results are lower than previously reported, suggesting that the value of pain relief varies by income levels. Thus, previous estimates of the value of pain relief assuming constant monetary compensation for pain across income levels are heavily affected by the highest income level. Furthermore, we find that the value of pain relief increases with pain severity.},
	keywords = {Chronic pain, Consumption and Savings, Well-being},
	doi = {10.3386/w23649},
	url = {http://www.nber.org/papers/w23649.pdf},
	author = {Thorhildur {\'O}lafsd{\'o}ttir and Tinna Laufey {\'A}sgeirsd{\'o}ttir and Edward C Norton}
}
@article {8536,
	title = {Cognitive Ability and Post-Retirement Asset Decumulation},
	journal = {Journal of Family and Economic Issues},
	volume = {37},
	year = {2016},
	month = {Jan-06-2016},
	pages = {242 - 253},
	abstract = {Post-retirement asset decumulation decisions are complex and may be affected by cognitive abilities. Estimating uncertainties such as life expectancy and medical costs, and incorporating them effectively into decumulation decisions may be especially difficult as retirees face age-related changes in cognition. This may result in rates of decumulation that are contradictory to the goals that motivated accumulation, leading to potentially large utility losses. We investigated the relevance of cognitive ability to asset decumulation decisions within our sample. We found that cognitive ability was a significant predictor of the rate of asset decumulation, and that those with lower levels of cognitive ability were decumulating at a significantly lower rate. We also showed that the level of cognitive ability influenced the effects of expected longevity, market returns, and medical costs. While the estimates for these factors were consistent between those with high and low cognitive ability, there were significant differences in how the estimates were incorporated into the asset decumulation decisions of the two groups.},
	keywords = {Cognitive Ability, Consumption and Savings, Retirement Planning and Satisfaction},
	issn = {1058-0476},
	doi = {10.1007/s10834-015-9453-4},
	url = {http://link.springer.com/10.1007/s10834-015-9453-4http://link.springer.com/content/pdf/10.1007/s10834-015-9453-4http://link.springer.com/content/pdf/10.1007/s10834-015-9453-4.pdfhttp://link.springer.com/article/10.1007/s10834-015-9453-4/fulltext.html},
	author = {Chris Browning and Huston, Sandra and Michael S. Finke}
}
@article {8355,
	title = {The Impact of Food Deserts on Food Insufficiency and SNAP Participation among the Elderly},
	journal = {American Journal of Agricultural Economics},
	volume = {98},
	year = {2016},
	note = {Times Cited: 1 0 1},
	pages = {19-40},
	publisher = {98},
	abstract = {Residents of neighborhoods with limited access to grocery stores may face barriers to obtaining adequate food for a healthy diet. Low-income elderly may be uniquely affected by these so-called  food deserts  due to limited transportation options, strong attachments to local neighborhoods, fixed incomes, and physical limitations for food shopping. Using 2006 and 2010 Health and Retirement Study data linked to census tract-level measures of food deserts, this study measures whether living in a food desert affects food and material hardship, participation in food assistance programs, and the food spending of elderly adults. In both cross-sectional and fixed effects regressions of elderly residents of urban counties, we find little evidence that living in a food desert affects these outcomes. We find, however, that individuals residing in a food desert without a vehicle are 12 percentage points more likely to report food insufficiency. Those SNAP recipients living in food deserts are 11 percentage points more likely to receive subsidized meals, while nonparticipants in food deserts and SNAP recipients outside of food deserts are less likely to receive subsidized meals. Our findings suggest that seniors without vehicles and SNAP recipients in food deserts may be the most vulnerable to limited food store access.},
	keywords = {Consumption and Savings},
	doi = {10.1093/ajae/aav044},
	author = {Fitzpatrick, Katie and Nadia Greenhalgh-Stanley and Michele Ver Ploeg}
}
@article {8261,
	title = {Asset accumulation and labor force participation of disability insurance applicants},
	journal = {Journal of Public Economics},
	volume = {129},
	year = {2015},
	pages = {26-40},
	publisher = {129},
	abstract = {This paper provides empirical evidence of the existence of forward-looking asset-accumulation behavior among disability-insurance applicants, previously examined only in the theoretical literature. Using panel data from the RAND Health and Retirement Study, I show that rejected applicants for Social Security Disability Insurance (SSDI) possess significantly more assets than accepted applicants immediately prior to application and exhibit lower attachment to the labor force. These empirical results are consistent with the theoretical prediction in Diamond and Mirrlees (1978) and Golosov and Tsyvinski (2006) that certain individuals with high unwillingness to work maximize utility by planning in advance for their future disability insurance application. Because the existing empirical literature on disability insurance does not account for this intertemporal channel, it may underestimate the total work-disincentive effect of SSDI. (C) 2015 Elsevier B.V. All rights reserved.},
	keywords = {Consumption and Savings, Disabilities, Employment and Labor Force, Health Conditions and Status, Net Worth and Assets, Other, Social Security, Women and Minorities},
	doi = {10.1016/j.jpubeco.2015.06.002},
	author = {Shu, Pian}
}
@article {5885,
	title = {Change in Household Spending After Retirement: Results from a Longitudinal Sample},
	year = {2015},
	institution = {Washington, DC, Employee Benefit Research Institute},
	abstract = {This paper shows how household spending changed in the immediate years following retirement by analyzing the spending patterns of a fixed group of households up to six years after their retirement. Two sources of data are used for this study. First is the Health and Retirement Study (HRS), which is a study of a nationally representative sample of U.S. households with individuals over age 50. The other source of data is the Consumption and Activities Mail Survey (CAMS), which was started in 2001 as a supplement to the HRS. The data show that household spending dropped at the beginning of retirement. In the first two years of retirement, median household spending dropped by 5.5 percent from preretirement spending levels, and by 12.5 percent by the third or fourth year of retirement. But the spending reduction slowed down after the fourth year. Although average spending in retirement fell, a large percentage of households experienced higher spending following retirement. In the first two years of retirement, 45.9 percent of households spent more than what they had spent just before retirement. This declined to 33.4 percent by the sixth year of retirement. Households that spent more in the first two years of retirement were not exclusively high-income households; rather they were distributed similarly across income levels. In the first two years of retirement, 2 in 5 households (39.3 percent) spent less than 80 percent of their preretirement spending. By the sixth year of retirement, a majority (53.1 percent) of households did so. In the first two years of retirement, 28.0 percent of households spent more than 120 percent of their preretirement spending. By the sixth year of retirement, 23.4 percent of households still did so. A very small percentage of the household budget was spent on durable goods. The median household (half above and half below) spent nothing on durables in retirement. Transportation spending showed the highest drop in the first two years of retirement. Median spending on transportation went down by 25.1 percent in the first two years of retirement, although the reduction in subsequent years was small. The median household had a mortgage payment before retirement but none after retirement.},
	keywords = {Consumption and Savings, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Sudipto Banerjee}
}
@article {5861,
	title = {Cigarette Taxes and Older Adult Smoking: Evidence from the Health and Retirement Study},
	year = {2015},
	institution = {Temple University},
	abstract = {In this study we use the Health and Retirement Study (HRS) to test whether older adult smokers, defined as those 50 years and older, respond to cigarette tax increases. Our preferred specifications show that older adult smokers respond modestly to tax increases: a  1.00 (131.6 ) tax increase leads to a 3.8  to 5.2  reduction in cigarettes smoked per day (implied tax elasticity = -0.03 to -0.04). We identify heterogeneity in tax-elasticity across demographic groups as defined by sex, race/ethnicity, education, and marital status, and by smoking intensity and level of addictive stock. These findings have implications for public health policy implementation in an aging population.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Health Conditions and Status, Public Policy, Women and Minorities},
	url = {http://www.cla.temple.edu/RePEc/documents/DETU_15_02.pdf},
	author = {Johanna Catherine Maclean and Asia Sikora Kessler and Donald S. Kenkel and Department of Economics}
}
@article {5854,
	title = {Do Households Increase Their Savings When the Kids Leave Home?},
	year = {2015},
	institution = {Boston College},
	abstract = {Much of the disagreement over whether households are adequately prepared for retirement reflects differences in assumptions regarding the extent to which consumption declines when the kids leave home. If consumption declines substantially when the kids leave home, as some life-cycle models of retirement saving assume, households need to achieve lower replacement rates in retirement and need to accumulate less wealth. Using administrative tax data from the Health and Retirement Study (HRS), as well as the Survey of Income and Program Participation (SIPP), this paper investigates whether household consumption declines when kids leave the home and, if so, by how much. Because consumption data are noisy and savings is the flip side of consumption, this paper examines whether savings in 401(k) plans increase when the kids leave home. The paper also investigates alternative methods of saving, including non-401(k) savings and increased mortgage payments.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Irena Dushi and Alicia H. Munnell and Geoffrey T. Sanzenbacher and Anthony Webb}
}
@inbook {5252,
	title = {The Economic Security of Latino Baby Boomers: Implications for Future Retirees and for Healthcare Funding in the U.S.},
	booktitle = {Challenges of Latino Aging in the Americas},
	year = {2015},
	pages = {355-378},
	publisher = {Springer},
	organization = {Springer},
	chapter = {21},
	address = {New York},
	keywords = {Consumption and Savings, Healthcare, Net Worth and Assets, Public Policy, Women and Minorities},
	author = {Zachary Gassoumis and Kathleen H. Wilber and Torres-Gil, Fernando M.},
	editor = {William A. Vega and Kyriakos S Markides and Jacqueline L. Angel and Torres-Gil, Fernando M.}
}
@article {8329,
	title = {The Effect of Retirement Date Expectations on Pre-retirement Wealth Accumulation: The Role of Gender and Bargaining Power in Married US Households},
	journal = {Journal of Family and Economic Issues},
	volume = {36},
	year = {2015},
	pages = {593-605},
	publisher = {36},
	abstract = {This paper used seven waves of data from the US Health and Retirement Study to investigate the impact of expectations regarding the timing of retirement on pre-retirement wealth accumulation of married households. More specifically, the effect of married individuals{\textquoteright} subjective beliefs of working full time after age 62 on household wealth was analyzed. Individuals{\textquoteright} perceptions of the usual retirement age on the job was used as an instrument for their subjective beliefs of working full time after age 62. On a whole, the point estimates suggested that the responsiveness of married mens{\textquoteright} saving behavior to retirement dates expectations was larger than that of married women. In particular, wealth of married households where men had the bargaining power in terms of being sole earners, exhibited the largest decrease in response to increases in subjective probabilities of working past age 62.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Expectations, Methodology, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction, Women and Minorities},
	doi = {10.1007/s10834-014-9413-4},
	author = {Romm, A. T.}
}
@article {8217,
	title = {Effects of social security policies on benefit claiming, retirement and saving},
	journal = {Journal of Public Economics},
	volume = {129},
	year = {2015},
	note = {Export Date: 9 September 2015},
	pages = {51-62},
	publisher = {129},
	abstract = {An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model is estimated with Health and Retirement Study data. Alternative beliefs about the future of Social Security affect claiming behavior. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.   2015 Elsevier B.V.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Methodology, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.1016/j.jpubeco.2015.07.005},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84939170804andpartnerID=40andmd5=5f9a5d50350fd2d4594bc7142c636dc6},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@mastersthesis {6215,
	title = {Essays in industrial organization},
	volume = {3712084},
	year = {2015},
	note = {Copyright - Copyright ProQuest Dissertations Publishing 2015 Last updated - 2015-09-08 First page - n/a},
	month = {2015},
	pages = {92},
	school = {The University of Chicago},
	type = {Ph.D.},
	address = {Chicago},
	abstract = {Chapter 1 considers markets where there are gains to committing to a contract but the contract is not enforceable. Contracts in these markets typically contain some feature that locks the noncommittal agent, such as a penalty for defaulting on a contract. I argue that these lock-in mechanisms might lead to inefficient contract provisions when there is some uncertainty in the agent{\textquoteright}s valuation of the contract, and such uncertainty cannot be contracted. I then apply this argument when examining the extent to which life insurance contracts drafted today exhibit this form of ex-post inefficiency. There are a few reasons why one would suspect the existence of excessive insurance provisions in the life insurance industry. First, premiums in life insurance contracts are heavily front-loaded to subsidize subsequent premiums. The front-loading of premiums in these contracts and reduction of future premiums, as nicely pointed out by Hendel and Lizzeri (2003), allows firms to insure against rising premiums (insurance against reclassification risk) by reducing the policyholder{\textquoteright}s incentive to drop a contract and shop for a possibly less expensive policy. Indeed, I find that the level at which these contracts are front-loaded eliminates any future incentive for policyholders to repurchase a contract. I also provide evidence that a policyholder{\textquoteright}s preference for insuring against mortality risks changes stochastically over time. Despite heavy premium front-loading, almost 40\% of policyholders allow their insurance to lapse within the first 10 years. Considering that premiums are lower than the cost of supplying mortality risk insurance and that preferences for such insurance changes over time, one would suspect excessive ex-post life insurance provisions. The core analysis of Chapter 1 discusses why the market for term life insurance contracts fail to fully protect policyholders from reclassification risk. Hendel and Lizzeri (2003) argue that such failure arises from the policyholder{\textquoteright}s limited-commitment and credit constraints. In particular, they surmise that a policyholder{\textquoteright}s credit constraint prevents the level of front-loading necessary to prevent all healthy policyholders from eventually walking out. The anticipated default of healthy policyholders then leads to a partial break-down in reclassification risk insurance. I investigate this premise and find that limited commitment alone fails to explain the break-down in full reclassification risk insurance observed in the life-insurance industry. I find that efforts to mitigate ex-post inefficient insurance provisions led to the breakdown of full reclassification risk insurance in this market. Chapter 2 is a joint work with Juliette Caminade and explains why prices of champagne fall during the holiday season. In this chapter, we document countercyclical prices in the sparkling wine market during the holiday season. While quantity demand doubles, prices uniformly decrease and decreases by 16\% on average. We examine the role of changes in aggregate elasticity during high demand periods. Using Nielsen retail data, we find that price elasticity for sparkling wine increases by 50\% during the holidays. We then use household-level data to document how the change in demand is driven by the entry of a large share of new consumers. These consumers are responsible for a quarter of sales during the holidays and are more price elastic. For instance, they spend less on other alcoholic beverages, and they are more likely to use coupons for their purchases or buy generic products. These suggestive facts are confirmed by the results of our household level demand estimation, where we find that changes to aggregate elasticity is driven by the entry of a more elastic segment.},
	keywords = {Consumption and Savings, Employment and Labor Force, Healthcare, Methodology, Net Worth and Assets, Other, Risk Taking},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1707673975?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/Dissertations+\%26+Theses+\%40+CIC+Institutions\&rft_val_fmt=info:of},
	author = {Bayot, Denrick Go}
}
@mastersthesis {6214,
	title = {Essays on Health Economics and Consumer Finance},
	volume = {3708721},
	year = {2015},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2015 Last updated - 2015-08-26 First page - n/a},
	month = {2015},
	pages = {106},
	school = {The University of Wisconsin - Madison},
	type = {Ph.D.},
	address = {Madison, WI},
	abstract = {Chapter 1: Recently enacted state laws that limit how much hospitals can charge uninsured patients provide a unique opportunity to study how financial incentives of healthcare providers affect the care they deliver. Using an event study framework, we find that these fair pricing laws lead to a seven to nine percent reduction in the average length of hospital stay for uninsured patients. Although the longer-term effects of these care reductions are uncertain, they are not accompanied by worsening of short-term measures of quality of care. Overall, our results provide strong evidence that hospitals actively alter their behavior in response to financial incentives, and are consistent with the laws promoting a shift towards more efficient care delivery. Chapter 2: The list price for an average unit of care is more than three times what a hospital will be paid for treating a typical patient, and different hospitals charge widely different prices for the same service. These facts may seem innocuous, but many uninsured and out-of-network patients do pay list price. This paper uncovers patterns in hospital list prices, and explores several potential explanations. We find that markups vary much more across hospitals than within, but geography and quality of care explain little of the overall variation. Further, large, urban, well-equipped, for-profit hospitals have the highest list prices. A quirk in the Medicare Outlier Payment formula appears to have contributed to rapid price increases prior to 2004. Overall, our findings are consistent with more financially-sophisticated and profit-motivated hospitals more aggressively pursuing revenue from uninsured and out-of-network patients. Chapter 3: Many researchers and policy makers worry that Americans are not saving adequately for retirement. However, it is difficult to agree upon what constitutes adequate savings. This paper compares wealth accumulation patterns of different cohorts of Americans born in the first half of the 20th century. This comparative standard frames the retirement prospects of future and recent retirees in terms of the documented retirement experiences of older generations. Contrary to common perception, I find that the wealth accumulation of Americans nearing and entering retirement today is very similar to that of older generations.},
	keywords = {Consumption and Savings, Healthcare, Methodology, Retirement Planning and Satisfaction},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1697328358?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/Dissertations+\%26+Theses+\%40+CIC+Institutions\&rft_val_fmt=info:of},
	author = {Batty, Michael M.}
}
@article {5869,
	title = {How Much Longer Do People Need to Work?},
	year = {2015},
	institution = {Boston, Center for Retirement Research at Boston College},
	abstract = {Working longer is a powerful lever to enhance retirement security. Individuals should be able to extend the number of years they work because, on average, they are healthier, live longer, and face less physically demanding jobs. But averages are misleading when discrepancies in health, job prospects, and life expectancy have widened between individuals with low and high socioeconomic status (SES). To understand the magnitude of the problem, this paper, using data from the Health and Retirement Study (HRS), specifies how much longer households in each SES quartile would need to work to maintain their pre-retirement standard of living and compares those optimal retirement ages with their planned retirement ages to calculate a retirement gap. It then uses regression analysis to explore whether the gaps reflect poor circumstances or poor planning   that is, the extent to which the retirement gap results from health, employment, and marital shocks that occur before the HRS interview but too late for the household to adjust saving (between ages 50 and 58), as opposed to a gap resulting from inadequate foresight. The analysis shows that households in lower-SES quartiles have larger retirement gaps, and this pattern remains true even after controlling for late-career shocks. In short, the most vulnerable have the largest retirement gaps, and these gaps arise from poor planning rather than late-career shocks.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Health Conditions and Status, Retirement Planning and Satisfaction},
	author = {Alicia H. Munnell and Anthony Webb and Anqi Chen}
}
@article {8311,
	title = {Labor supply and household meal production among working adults in the Health and Retirement Survey},
	journal = {Review of Economics of the Household},
	volume = {13},
	year = {2015},
	note = {Times Cited: 0 0},
	pages = {437-457},
	publisher = {13},
	abstract = {In this paper, I consider how working adults near retirement age in the United States allocate time and monetary resources to meal production. Using the Consumption and Activities Mail Survey supplement to the Health and Retirement Survey, I use a fixed-effects tobit specification to estimate the effect of hours worked, labor income, non-labor income and assets on meal production decisions for respondents between 45 and 75 years of age who either live alone or with their spouse/partner. These relationships are estimated separately by gender and household structure (single-headed and dual-headed households). Among single males, increasing labor supply by 10 h per week was associated with 33.8 fewer minutes per week allocated to at-home meal preparation, 39.5 fewer minutes per month eating at restaurants, and  6.73 more per week spent on groceries. In contrast, the time and expenditure allocations of single females did not respond to changes in hours worked. Within dual-member households, increasing own-labor supply by 10 h per week was associated with a decrease in time allocated to preparing meals for both the male (30.4 min per week) and female member (30.5 min per week) with only weak evidence that the spouse/partner compensated by increasing their allocation of time.},
	keywords = {Consumption and Savings, Employment and Labor Force, Other},
	author = {Dunn, Richard A.}
}
@article {6467,
	title = {Neighborhood physical disorder, social cohesion, and insomnia: results from participants over age 50 in the Health and Retirement Study},
	journal = {International Psychogeriatrics},
	volume = {27},
	year = {2015},
	note = {Export Date: 20 January 2015 Article in Press},
	pages = {289-296},
	chapter = {289},
	abstract = {Background:: We determined the association between neighborhood socio-environmental factors and insomnia symptoms in a nationally representative sample of US adults aged  50 years. Methods:: Data were analyzed from two waves (2006 and 2010) of the Health and Retirement Study using 7,231 community-dwelling participants (3,054 men and 4,177 women) in the United States. Primary predictors were neighborhood physical disorder (e.g. vandalism/graffiti, feeling safe alone after dark, and cleanliness) and social cohesion (e.g. friendliness of people, availability of help when needed, etc.); outcomes were insomnia symptoms (trouble falling asleep, night awakenings, waking too early, and feeling unrested). Results:: After adjustment for age, income, race, education, sex, chronic diseases, body mass index, depressive symptoms, smoking, and alcohol consumption, each one-unit increase in neighborhood physical disorder was associated with a greater odds of trouble falling asleep (odds ratio (OR) = 1.09, 95  confidence interval (CI): 1.04 1.14), waking too early (OR = 1.05, 95  CI: 1.00 1.10), and, in adults aged  69 years (adjusting for all variables above except age), feeling unrested in the morning (OR = 1.11, 95  CI: 1.02 1.22 in 2006). Each one-unit increase in lower social cohesion was associated with a greater odds of trouble falling asleep (OR = 1.06, 95  CI: 1.01 1.11) and feeling unrested (OR = 1.09, 95  CI: 1.04 1.15). Conclusions:: Neighborhood-level factors of physical disorder and social cohesion are associated with insomnia symptoms in middle-aged and older adults. Neighborhood-level factors may affect sleep, and consequently health, in our aging population.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84911902104andpartnerID=40andmd5=b1c8afcbfd51895bd32bf5836deba987},
	author = {Lenis P. Chen-Edinboro and Christopher N Kaufmann and Augustinavicius, J. L. and Ramin Mojtabai and Parisi, J. M. and Alexandra M. V. Wennberg and Smith, M. T. and Adam P Spira}
}
@article {5884,
	title = {An Ounce of Prevention at Half Price: Evaluating a Subsidy on Health Investments},
	year = {2015},
	institution = {Newark, DE, University of Delaware, Alfred Lerner College of Business and Economics},
	abstract = {This paper examines how investments in health, through spending on preventive care, affect subsequent spending on medical care among the retired population.Augmenting a traditional dynamic consumption-savings model with two medical care goods, I estimate a structural life cycle model using data on single retired Americans from the Health and Retirement Study; I then conduct policy counterfactuals to ascertain the effect of a subsidy on preventive care on health and fiscal outcomes. A narrowly targeted subsidy improves longevity by 0.76 months at a public cost of  760 per capita, but does not reduce lifetime demand for medical care.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status},
	author = {Matthew N. White}
}
@mastersthesis {6339,
	title = {Risk Predictors, Outcomes, and Costs of Falls among Older Adults Living in the Community},
	volume = {3689159},
	year = {2015},
	month = {2015},
	pages = {393},
	school = {University of California, Los Angeles},
	type = {Ph.D.},
	address = {Los Angeles},
	abstract = {Background: Non-injurious falls (NIFs) and fall-related injuries (FRI) among older adults are common and impose substantial health burdens. Risks include health and health behavior factors, medications, and environmental hazards. Non-injurious falls (NIFs) and fall-related injuries (FRIs) may particularly compromise older adults{\textquoteright} ability to engage in social and recreational activities and activities of daily living and can generate chronic stress, resulting in depressive symptoms. Previous studies have used depression to predict falls, but are potentially subject to endogeneity bias by not controlling for other temporal associations between falls and depression. With 2.5 million and .75 million FRIs treated in emergency departments and hospitals, respectively, FRIs also have important Medicare cost implications. However, existing FRI cost estimates are inconsistent, ranging from $2,000 to $26,000, and traditional FRI identification methods likely undercount FRIs. Three studies were conducted to assess relationships between (1) falls and caregiving, (2) falls and depressive symptoms, and (3) FRIs and Medicare costs. Methods: First, 10 survey waves of pooled data from the 2000-2010 Health and Retirement Study (HRS) were used to compare risks of NIFs and FRIs among respondents receiving and not receiving formal and/or informal caregiving assistance in the past two years. Stratified models were used to assess whether cognitive impairment modified the relationship between caregiving receipt and fall risk. Next, using 2006-10 HRS data, "cross-lagged panel" analyses using structural equation modeling were conducted to evaluate temporal associations between falls and depressive symptoms. Structural coefficients of pathways between falls and depressive symptoms (in 2006[arrow right]2008 and 2008[arrow right]2010) were estimated, controlling for baseline (2006) latent factors: poor physical health status (indicated by vision, hearing, cognitive status, activities of daily living, chronic disease, and functional limitations), perceived social support, and social cohesion. Finally, 2007-9 Inpatient, Outpatient, Carrier, Skilled Nursing Facility, Home Health, Durable Medical Equipment, and Hospice Medicare claims and linked 2008 HRS survey data were used to estimate the difference in predicted medical cost change scores (12-month post-index minus 12-month pre-index costs) for an FRI compared to a non-FRI cohort. For this analysis, linear regression models adjusted for sociodemographic characteristics, indicators of health status (sensory impairments, cognitive status, and indices for functional limitations and chronic health conditions), and geographic factors were used. Four different methods--using (1) external cause-of-injury codes (e-codes) and a select set of inpatient ICD-9 diagnostic codes, (2) e-codes, inpatient diagnostic and outpatient diagnostic and procedure codes, (3) e-codes and a broad set of diagnostic codes, and (4) e-codes only--were used to identify FRIs in the claims data. Population: Community-dwelling older adults (ages 65 and older). For the first study, 17,420 unique individuals (172 with cognitive impairment), with a total of 63,542 pooled person-wave observations; for the second study, 13,439 individuals; and for the third study, 5,548 individuals (103 FRI and 5,445 non-FRI) with continuous Medicare Parts A/B coverage and alive during the 24-month study period. Results: For the first study, adjusting for sociodemographic and health characteristics, relative to no care received, older adults receiving low levels of informal care had a 3 percentage-point increase in NIF risk and 2 percentage-point increase in FRI risk while those receiving high levels of informal care had a 4 percentage-point increase in FRI risk. However, those receiving both formal and informal care had a 4 percentage-point (or 20\%) decrease in NIF risk. Wald tests showed that those receiving formal care only or formal care and informal care had lower NIF and FRI risks than those receivin informal care only. Among those with cognitive impairment, older adults receiving informal and formal care generally had reduced NIF and FRI risks compared to those receiving no care. For the second study, both the NIF (χ 2 (dfs = 266) = 2,646.39, p <0.001, Comparative Fit Index (CFI) = 0.944, Root Mean Square Error of Approximation (RMSEA) = 0.026) and FRI (χ2 (dfs = 267) = 2,511.52, p <0.001, CFI = 0.945, RMSEA = 0.025) models had acceptable fit. Depressive symptoms predicted future NIFs (unstandardized structural probit coefficients = 0.85 for 2006[arrow right]2008 and 0.83 for 2008[arrow right]2010, p <0.001), a relationship potentially mediated by psychotropic drug use; however, NIFs did not predict future depressive symptoms. Depressive symptoms predicted future FRIs (unstandardized structural probit coefficients = 1.00, p <0.001 for 2006[arrow right]2008 and 0.95, p <0.001 for 2008[arrow right]2010). For the third study, average, unadjusted medical costs during the 12-month follow-up period were $23,429 and $9,818 for FRI and non-FRI cohort individuals, respectively. The estimated change score difference between the FRI and non-FRI cohort was $14,879 (p<0.001) using the first FRI identification method using e-codes and a select set of inpatient ICD-9 diagnostic codes. Change score differences were $6,587 for inpatient, $2,476 for outpatient, $4,595 for SNF, and $1,141 for HH. Overall change score differences were $11,678 (p<0.001), $8,963 (p<0.001), and $12,757 (p<0.001) using the second, third, and fourth FRI identification methods (using varying sets of e-codes and inpatient and outpatient diagnostic and procedural codes), respectively. An FRI increased the risk of persistently high costs using all identification methods. Findings were robust to the inclusion of pre-index costs as a predictor and respondents who died during the study. Conclusion: For the first study, caregiving receipt significantly predicted falls, but was not uniformly negatively associated with NIF and FRI risk. The 20\% risk reduction among those receiving formal and informal care was comparable to common falls prevention interventions. While informal care may encourage more activity and risk-taking, formal caregivers may prevent risky behaviors associated with falls and cognitively impaired individuals may particularly benefit from caregiving in preventing falls. For the second study, compared to latent indicators of poor physical health status and social factors, depressive symptoms are strong predictors of older adult NIFs and FRIs. Controlling for these confounders, a one standard deviation increase in depressive symptom levels was associated with a 22\% and 28\% increase in the risk of future NIFs and FRIs, respectively. However, NIFs and FRIs were not associated with greater odds of future increased depressive symptoms. For the third study, FRIs were associated with substantial and sustained increases in Medicare spending. Substantial increases in medical costs associated with FRIs were driven by inpatient (44\%), SNF (31\%), outpatient/carrier (17\%), and home health (8\%) costs and FRIs increased the probability of having high cost in the four quarters following an index FRI from 11.6\% to 19.5\%, reflecting a 67\% increase. The findings suggest a wide range of per-FRI as well as total FRI-related Medicare costs, depending upon the method used to identify FRIs in the claims data; per-FRI costs ranged from approximately $9,000 to $15,000 while total FRI-related Medicare costs ranged from $5 to $49 billion due to differing proportions of beneficiaries experiencing FRIs depending on the FRI identification method used. Implications: These findings suggest a potential opportunity for population health management of falls. To scale up falls prevention for falls costing Medicare billions of dollars per year, policymakers and providers should consider offering assistance to informal caregivers through educational outreach. Falls assessments should also include caregiving as an essential component. Prevention effo ts should include depressive symptomatology as a main falls risk factor and geriatric evaluations should emphasize the depressive symptoms--falls relationship. Current approaches to claims-based FRI identification and current FRI surveillance techniques may be inadequate. Given substantial, sustained costs of FRIs and known effectiveness of falls prevention efforts, Medicare should consider reimbursement for geriatric FRI risk prevention.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Medicare/Medicaid/Health Insurance, Public Policy, Risk Taking},
	author = {Geoffrey J Hoffman}
}
@mastersthesis {6274,
	title = {Using mixed methods to identify the characteristics of older fraud victims},
	volume = {3704229},
	year = {2015},
	note = {Copyright - Copyright ProQuest Dissertations Publishing 2015 Last updated - 2015-08-27 First page - n/a},
	month = {2015},
	pages = {132},
	school = {University of Southern California},
	type = {Ph.D.},
	address = {Los Angeles, CA},
	abstract = {In 2011, 7.3\% of U.S. adults ages 65-74 and 6.5\% of adults ages 75 and older were victims of financial fraud (Anderson, 2013). In addition to the billions of dollars lost annually to scams, indirect societal costs include paying for the care and support of elders who lost their life savings, and the expense of investigating cases and prosecuting offenders. One of the first steps in stopping fraud is determining who is most vulnerable, yet the research literature on risk factors presents a conflicting narrative. Some research studies and consumer protection agencies report that older adults are the most vulnerable age group due to greater social isolation and impairments in financial decision-making however, national prevalence studies have found that elders are the least likely to experience fraud. According to the Financial Fraud Research Center (2012), research identifying the specific risk factors that make elders susceptible to fraud is important to inform policies and where to target resources. After describing the prevalence, cost, and mechanisms of fraud, this dissertation discusses multiple theoretical explanations for why older adults are vulnerable. Chapter I presents a temporospatial framework for fraud based on the routine activity theory (Cohen \& Felson, 1979) and an ecological theory of elder financial exploitation (Rabiner, O{\textquoteright}Keefe, \& Brown, 2004). The adapted model proposes that targets and scam artists are nested within the broader social and political macrostructure comprised of public policy and legislation on consumer protection, prevention/education efforts to reduce fraud, fraud reporting mechanisms, and society{\textquoteright}s values, beliefs and attitudes about older adults. In the following three empirical chapters, a mixed methods approach is used to identify the demographic, socioeconomic, psychological and cognitive characteristics of older fraud victims using the nationally-representative Health and Retirement Study (HRS) and a sample of victims in Los Angeles County. Researchers have observed that different types of fraud target different socio-demographic groups (Pak \& Shadel, 2011). To identify heterogeneity among the respondents who reported fraud in the HRS, Chapter III employs latent class analysis (LCA) to test the hypothesis that older victims of fraud vary in terms of their socioeconomic and demographic characteristics. Two distinct victim classes (i.e., typologies, profiles) emerged from the analysis. Based on the distribution of socioeconomic and demographic characteristics within each group, Class 1 was descriptively labeled " high-SES middle-age married adults, " and Class 2 was labeled " low-SES older widowed females ." The high-SES middle-aged married adult group was larger than the low-SES older widowed female group, suggesting that the former group of victims is more prominent in the U.S. population over age 50. High-SES middle-aged married adults had higher average levels of cognitive functioning and also experienced a higher average number of stressful life events in the past five years compared to low-SES older widowed females . Using a national sample, this analysis provides comparable results to earlier studies that identified two victim typologies using a smaller sample of older victims identified by law enforcement: "bogus prize promotion" and "investment fraud" victim (Pak \& Shadel, 2011; Financial Industry Regulatory Authority; 2006). The main finding of Chapter IV is that although fraud and financial abuse victims share many of the same physiological, environmental, demographic, and psychosocial characteristics, they differ in that fraud victims have significantly higher Mini Mental State Exam scores, better mobility, and are more likely to be childless. A proposed explanation for the similarities is that exploitation has less to do with the characteristics and risk factors associated with the victim, and more to do with the people surrounding the victim (or lack thereof). In othe words, the structure of the victim{\textquoteright}s social network determines whether he or she is more likely t be a victim of fraud by strangers or financial abuse by family and friends. This analysis illuminates areas where intervention and prevention strategies may differ between each type of exploitation. This dissertation contributes to the literature in several important ways. First, it helps clarify the relationship between fraud susceptibility, age, and socioeconomic status among adults ages 50 and older in the U.S. Second, it uses prospective (pre-fraud) data on individuals to determine whether the purported risk factors for fraud--loneliness, poor cognitive functioning, stressful life events--actually do increase like likelihood of victimization later on. Third, findings from the latent class analysis support previous research using victim complaint data to categorize victims based on their SES and demographic characteristics. And fourth, the qualitative findings in this study reveal the tremendous financial cost of fraud, and also the importance of friends and family members in protecting older adults from predatory strangers. (Abstract shortened by UMI.)},
	keywords = {Consumption and Savings, Employment and Labor Force, Gerontology, Health Conditions and Status, Healthcare, Methodology, Public Policy},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1705799725?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+Full+Text\&rft_val_fmt=info:ofi/},
	author = {DeLiema, Marguerite}
}
@article {5877,
	title = {The Wealth of Wealthholders},
	year = {2015},
	institution = {Cambridge, United States, NBER Working Paper No. 20972},
	abstract = {This paper introduces the Vanguard Research Initiative (VRI), a new panel survey of wealthholders designed to yield high-quality measurements of a large sample of older Americans who arrive at retirement with significant financial assets. The VRI links survey data with a variety of administrative data from Vanguard. The survey features an account-by-account approach to asset measurement and a real-time feedback and correction mechanism that are shown to be highly successful in eliciting accurate measures of wealth. Specifically, the VRI data reflect unbiased and precise estimates of wealth when compared to administrative account data. The VRI sample has characteristics similar to populations meeting analogous wealth and Internet access eligibility conditions in the Health and Retirement Study (HRS) and Survey of Consumer Finances (SCF). To illustrate the value of the VRI, the paper shows that the relationship between wealth and expected retirement date is very different in the VRI than in the HRS and SCF--mainly because those surveys have so few observations where wealth levels are high enough to finance substantial consumption during retirement.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Net Worth and Assets, Public Policy, Women and Minorities},
	url = {http://search.proquest.com/docview/1687935318/1B5FA0446C27487FPQ/32},
	author = {Ameriks, John and Caplin, Andrew and Lee, Minjoon and Matthew D. Shapiro and Tonetti, Christopher}
}
@article {8185,
	title = {Wealth shocks, unemployment shocks and consumption in the wake of the Great Recession},
	journal = {Journal of Monetary Economics},
	volume = {72},
	year = {2015},
	pages = {21-41},
	publisher = {72},
	abstract = {Data from the 2009 Internet Survey of the Health and Retirement Study show that many US households experienced large capital losses in housing and financial wealth, and that 5  of respondents lost their job during the Great Recession. For every loss of 10  in housing and financial wealth, the estimated drop in household expenditure was about 0.56  and 0.9 , respectively. Those who became unemployed reduced spending by 10 . In line with predictions of standard inter-temporal choice models, households who perceived the stock market shock to be permanent adjusted spending much more than those who perceived the shock to be temporary.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Public Policy},
	doi = {10.1016/j.jmoneco.2015.01.003},
	url = {http://www.sciencedirect.com/science/article/pii/S0304393215000069},
	author = {Christelis, Dimitris and Dimitris Georgarakos and Jappelli, Tullio}
}
@article {5867,
	title = {What Determines End-of-Life Assets? A Retrospective View},
	year = {2015},
	abstract = {We consider assets when individuals were last observed prior to death in the Health and Retirement Study (HRS) and trace assets backwards to the age when these individuals were first observed. For most individuals, assets in the last year observed (LYO) were very similar to assets in the first year observed (FYO). In particular, most of those who were last observed with very low asset levels also had low assets when first observed. We also estimate the relationship between an individual{\textquoteright}s asset change between the first and last date of observation, that individual{\textquoteright}s education and health status when first observed, and that individual{\textquoteright}s within-sample changes in health and family composition. We obtain estimates for HRS respondents who were 51 to 61 in 1992 and for AHEAD respondents who were age 70 and over in 1993.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Women and Minorities},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {8064,
	title = {Dynamic Implications of Subjective Expectations: Evidence from Adult Smokers},
	journal = {American Economic Journal: Applied Economics},
	volume = {6},
	year = {2014},
	pages = {1-37},
	publisher = {6},
	abstract = {We set up a dynamic discrete choice model with subjective expectations data to explain adult smokers{\textquoteright} find important differences between subjective survival probabilities and those estimated using observed mortality data. Subjectively, individuals attach less weight to their health conditions and smoking choices and more weight to such factors as age, race, and parents{\textquoteright} longevity. Moreover, adult smokers are found to care more about their health and to be more forward-looking than predicted by a rational expectations framework. We further show the importance of unobserved heterogeneity in agents{\textquoteright} subjective survival probabilities, and discuss policy implications of subjective expectations.},
	keywords = {Consumption and Savings, Expectations, Health Conditions and Status, Methodology, Other},
	doi = {10.1257/app.6.1.1},
	url = {http://www.aeaweb.org/articles.php?doi=10.1257/app.6.1.1},
	author = {Wang, Yang}
}
@mastersthesis {6068,
	title = {Essays in Urban and Labor Economics},
	volume = {3621255},
	year = {2014},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-07-09 First page - n/a},
	month = {2014},
	pages = {107},
	school = {University of Rochester},
	type = {Ph.D.},
	address = {Rochester, NY},
	abstract = {This dissertation contributes to two literatures: Urban Economics and Labor Economics. In the first chapter I estimate the effect of home ownership on individual workers{\textquoteright} unemployment and wage growth, as well as other labor market outcomes. Because of higher moving costs, home owners will be less willing than renters to relocate for work and could therefore face longer unemployment spells. To elaborate on this hypothesis, credited to Oswald (1996), I build a simple search model and obtain a set of labor market predictions to test. The current microeconomic literature has reached mixed results regarding home ownership{\textquoteright}s impact, with most studies concluding that home ownership reduces unemployment. I show that the instruments used are likely to be invalid because of, among other reasons, Tiebout (1956) type sorting into housing markets. I use an instrumental variable free of the endogeneity present in other work: the county level home ownership rate when and where the worker grew up. This IV affects workers{\textquoteright} preferences for housing but not, conditional on my covariates, their labor market ability. My results indicate that home ownership is a significant hindrance to mobility, and homeowners suffer longer unemployment spells and slower wage growth because of it. In the second chapter I use a dynamic model of neighborhood choice to estimate household preferences over the demographic characteristics of a neighborhood. I focus on the racial mix, average income and housing price level of a neighborhood, and whether households prefer neighbors that are similar to themselves. Identification of these preferences is complicated by the social aspect of neighborhood amenities. A household{\textquoteright}s valuation of a particular choice (neighborhood) is a function of the choices other households in the market have made and will make in the future. I show that demographic characteristics of a neighborhood are therefore endogenous to neighborhood quality. Standard estimates of preferences over neighbors may be biased by the presence of such unobservable local amenities. I develop a framework to correct this problem based on a careful delineation of the information households could have access to before and after they make their decisions. The model I build has the advantage over the literature of being able to produce self-consistent predictions about demographic changes. I deal with the low frequency of observations in my data set, the decennial census, by simulating local housing markets between data collection periods. After controlling for type-specific preferences for the physical amenities of neighborhoods, I find a universal preference for higher income neighbors. In contrast to much of the literature, my results suggest white households have no aversion to minority neighbors. In the third chapter I estimate the effect of parental credit scores on the child{\textquoteright}s probability of attending and completing college. Parents in the US are increasingly supplementing the student loans available to their children with unsecured debt in their own name. This is the first paper on this topic to make use of direct observations of credit scores, rather than rely on proxies such as wealth shocks. I find that good parental credit significantly improves the child{\textquoteright}s probability of attending college, with a smaller (although still significant) effect on the probability of completing a four-year degree. I provide evidence that the estimated relationship is causal and not biased by, for example, unobserved ability. Additionally, I show that credit scores may affect attendance through channels other than access to the student loan market. I hypothesize households substitute the potential to borrow for precautionary savings.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Event History/Life Cycle, Housing, Methodology, Net Worth and Assets},
	author = {Ringo, Daniel}
}
@article {8059,
	title = {Financial literacy and mortgage equity withdrawals},
	journal = {Journal of Urban Economics},
	volume = {80},
	year = {2014},
	note = {Export Date: 29 January 2014 Source: Scopus},
	pages = {62-75},
	publisher = {80},
	abstract = {Mortgage equity withdrawals (MEW) are correlated with covariates consistent with a permanent income framework augmented for credit-constraints. We assess linkages between MEW and financial literacy/education using the Health and Retirement Study (HRS) and Panel Study of Income Dynamics (PSID). We find that the financially literate are 3-5 percentage points less likely to withdraw housing equity via non-home equity loan mortgages using the HRS, while college graduates are 5 percentage points less likely than those without a high school degree in the PSID. Among those withdrawing housing equity in the PSID, college graduates extract significantly less equity and are less likely to have high levels of housing leverage after doing so.   2013 Elsevier Inc.},
	keywords = {Consumption and Savings, Net Worth and Assets, Public Policy},
	url = {http://www.scopus.com/inward/record.url?eid=2-s2.0-84887604806andpartnerID=40andmd5=03717bfccf399874e90d42373861c89b},
	author = {John V. Duca and Kumar, Anil}
}
@article {8085,
	title = {How Does Household Expenditure Change With Age for Older Americans?},
	journal = {EBRI Notes},
	volume = {35},
	year = {2014},
	pages = {2-11},
	publisher = {35},
	abstract = {Retirement saving involves a lot of unknowns, the most important being not knowing how much money will be needed in retirement. Although it is impossible to predict the retirement expenses of any particular household, the average amounts spent by current retirees can serve as important benchmarks for individual savers as well as for industry experts and policymakers. This paper examines the expenditure pattern of the older segment of the U.S. population. The majority of the households studied here have either reached retirement age or are on the cusp of retirement. The data come from the Health and Retirement Study (HRS) and the Consumption and Activities Mail Survey (CAMS), which is a supplement of the HRS. CAMS contains detailed spending information on 26 nondurable and six durable categories, and it follows the same group of people over time. Using this information coupled with the income information available in the HRS, this study summarizes the consumption behavior of the American elderly. The primary goal is to examine how overall spending and spending in different categories change with age. Home and home-related expenses is the largest spending category for every age group. Health expenses increase steadily with age. In 2011, households with at least one member between ages 50 and 64 spent 8 percent of their total budget on health items, compared with 19 percent for those age 85 or over. Health-related expenses occupy the second-largest share of total expenditure for those ages 75 or older. The two components of household expenditures that show a declining pattern across age groups are transportation expenses and entertainment expenses. Food and clothing expenses (as a share of total expenditure) remain more or less flat across the different age groups. There is a large increase in spending at the 95th percentile for those ages 90 or older, which can be attributed to very high health care expenses.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Sudipto Banerjee}
}
@article {7977,
	title = {The Material Convoy After Age 50},
	journal = {The Journals of Gerontology Series B: Psychological Sciences and Social Sciences},
	volume = {69},
	year = {2014},
	pages = {442-450},
	publisher = {69},
	abstract = {Objectives. Possessions constitute a dynamic  material convoy  that accumulates across adulthood to furnish role enactments and the development of the self. Following a familiar life course arc, older people should hypothetically release the possessions that equipped the daily lives that they no longer have.Method. We use new survey data on possession divestment from the 2010 Health and Retirement Study to assess activity on behalf of the material convoy after age 50.Results. After age 50, people are progressively less likely to divest themselves of belongings. After age 70, about 30  of persons say that they have done nothing in the past year to clean out, give away, or donate things, and over 80  have sold nothing. We tested whether divestments diminish with age because they do not seem necessary or because of health limitations, but the age pattern is robust, suggesting retention of the material convoy in later life.Discussion. Further research on this age pattern might consider housing, the construction of the self, and social networks as explanations for retention. Inertia toward the material convoy maintains the availability and comfort of things, but it may also lead to a predicament wherein the collection becomes a worry for self and others.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Housing, Other},
	doi = {10.1093/geronb/gbu003},
	url = {http://psychsocgerontology.oxfordjournals.org/content/69/3/442.abstract},
	author = {David J Ekerdt and Lindsey A Baker}
}
@mastersthesis {6318,
	title = {Patterns of dissaving among U.S. elders},
	volume = {3622193},
	year = {2014},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-07-26 First page - n/a},
	month = {2014},
	pages = {169},
	school = {University of Massachusetts Boston},
	type = {Ph.D.},
	address = {Boston},
	abstract = {This paper examined patterns of decumulation and the role that health events and marital disruption play in forming those patterns. Study data were drawn from six biennial waves of the HRS (1998 - 2008), and merged RAND HRS data files for the period 1998-2008. The a priori expectation was that there will be variation in drawdown strategies households employ. Findings suggest that patterns of dissaving are heterogeneous. The five most prevalent patterns were discussed. Households predominantly transitioned between oversaving and overspending. Households are expected to have a goal of on target spending therefore the observed cycle{\textquoteright}s dissaving will influence the next cycle{\textquoteright}s draw down rate in an attempt to maintain a sustainable drawdown rate. Markov model results suggest that households do recalibrate their depletion rate as a function of their last depletion rate. This study hypothesized that the onset of a health condition or a spouse{\textquoteright}s admission to a nursing home would be associated with an excessive decumulation of assets. These hypotheses were unsupported by the research. Marital transitions as predictors of decumulation were only partially borne out by the results. Divorce was also expected to increase the likelihood of overspender however this relationship was not significant. Loss of spouse was associated with an increased likelihood of verspending. One of the major contributions of this study is the identification of patterns of dissaving in retirement. Various life course, demographic and decumulation factor variables were determinants of these patterns. Overall results suggest that elders have a difficult time managing to an on target drawdown. This study concludes with a national decumulation policy directive outline.},
	keywords = {Adult children, Consumption and Savings, Event History/Life Cycle, Healthcare, Net Worth and Assets, Public Policy},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1547725290?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+A\%26I\&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertat},
	author = {Gray, Deborah}
}
@mastersthesis {6104,
	title = {Residential Satisfaction, Psychological Well-Being, and Personality Traits: Effects on Relocation among Older Adults},
	volume = {3665053},
	year = {2014},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2014 Last updated - 2014-12-29 First page - n/a},
	month = {2014},
	pages = {115},
	school = {University of Kansas},
	type = {Ph.D.},
	address = {Lawrence, KS},
	abstract = {The focus of this study is the moves made voluntarily in later life. Older adults who engage in voluntary late life relocation are more likely to be white, have better health, have higher socioeconomic status, and have retired from full-time employment. The amenity move, a type of voluntary late life move, is often made by older adults with the above characteristics to a place specifically for community features such as weather, activities, or housing characteristics. The environmental gerontology literature offers some theoretical insight into understanding how an older adult evaluates their environment and suggests that relocation is one possible outcome when an older adult is not satisfied with the environment. This research highlights a new theoretical model, which proposes how personal characteristics and preferences and environmental characteristics influence an individual{\textquoteright}s evaluation of the environment. The model postulates that a negative evaluation of the environment can lead to relocation. The current study attempts to understand part of the model by examining how personal characteristics such as demographic information, socioeconomic measures, measures of health, retirement status, and personality impact relocation and more specifically amenity relocation directly and indirectly through the appraisal of the environment (residential satisfaction and psychological well-being). The study utilizes the Health and Retirement Study datasets from 2006-2008 and 2008-2010 to test the model because of its psycho-social measures and questions related to relocation. The results indicate that personality and neighborhood social cohesion directly and indirectly influence the decision to engage in relocation and amenity relocation. Specifically, higher levels of openness to experience are directly predictive of relocation in general and amenity relocation. Conscientiousness, extraversion, agreeableness, and neuroticism also influence the decision to relocate through a mediated relationship with neighborhood social cohesion. The results show that when older adults consider relocation, the social aspects of the environment can be just as important as the environment{\textquoteright}s physical aspects. Governments and senior housing developers can utilize information from this study to improve communities and develop a better understanding of the relocating older adult.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Public Policy, Retirement Planning and Satisfaction},
	url = {http://proxy.lib.umich.edu/login?url=http://search.proquest.com/docview/1637644192?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+A\%26I\&rft_val_fmt=info:ofi/fmt:},
	author = {Smith, Erin Kate}
}
@article {5848,
	title = {Wealth Shocks, Unemployment Shocks and Consumption in the Wake of the Great Recession},
	year = {2014},
	institution = {London, Centre for Economic Policy Research},
	abstract = {We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital losses in housing and in their financial portfolios, and that a non-trivial fraction of respondents have lost their job. As a consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities to consume with respect to housing and financial wealth are 1 and 3.3 percentage points, respectively. In addition, those who became unemployed reduced spending by 10 percent. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year s time, and those who do not. In line with the predictions of standard models of intertemporal choice, we find that the latter group adjusted much more than the former its spending in response to financial wealth shocks.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Public Policy},
	author = {Christelis, Dimitris and Dimitris Georgarakos and Jappelli, Tullio}
}
@article {5949,
	title = {Effects of Social Security Policies on Benefit Claiming, Retirement and Saving},
	year = {2013},
	institution = {Cambridge, MA, National Bureau of Economic Research},
	abstract = {An enhanced version of a structural model jointly explains benefit claiming, wealth and retirement, including reversals from states of lesser to greater work. The model includes stochastic returns on assets. Estimated with Health and Retirement Study data, it does a better job of predicting claiming than previous versions. Alternative beliefs about the future of Social Security affect predicted outcomes. Effects of three potential policies are also examined: increasing the early entitlement age, increasing the full retirement age, and eliminating the payroll tax for seniors. Predicted responses to increasing the full entitlement age are sensitive to beliefs.},
	keywords = {Consumption and Savings, Healthcare, Public Policy, Retirement Planning and Satisfaction, Social Security},
	url = {http://www.nber.org/papers/w19071},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@mastersthesis {6408,
	title = {Essays on gender differences in occupational choices and cohort analysis of saving adequacy},
	volume = {3590468},
	year = {2013},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2013 Last updated - 2013-09-24 First page - n/a},
	month = {Jul 2013},
	pages = {103},
	school = {The University of Wisconsin - Madison},
	type = {Ph.D.},
	abstract = {The first chapter analyzes how human capital depreciation affects occupational gender segregation. Prior studies are biased because, given an occupational depreciation rate, female workers endogenously choose the duration of leave. I address this problem by proposing an alternative depreciation measure utilizing involuntary job displacement shocks. Using this depreciation proxy along with additional pecuniary and non-pecuniary occupational attributes, I estimate a conditional logit model of occupational choices separately for male and female college graduates using NLSY79 data. The results show that men and women differ largely in selection on many occupational attributes, however, the gender difference in depreciation is statistically insignificant after accounting for additional variance from the generated depreciation regressor. The second chapter explores the trend of gender differences in selection on occupational mobility. Women who interrupt their career and return to the labor force face the uncertainty of forming a new job match. This uncertainty can be large if the skills they acquired are occupational-specific. I estimate discrete occupational choices by different cohorts using cross-sectional Current Population Survey (CPS) from 1979 to 2008.I find that over the past 30 years, the consideration of occupational mobility has abated in female occupational decisions. In addition, gender gaps in work hours and visual perception also narrow over the past thirty years. Increasing female representation is evident in occupations with high entry barriers, long work hours, and visual intensive tasks. In the third chapter, we extend the dynamic programming approach used in Scholz, Seshadri, and Khitatrakun (2006) to assess the adequacy of retirement wealth preparation in 2008, using a sample of Americans born before 1954. We examine whether these households have accumulated the wealth necessary to maintain pre-retirement living standards in retirement. Our preliminary results suggest that over 70 percent of the households in our sample had accumulated sufficient resources in 2008. The results suggest a less optimistic view about the adequacy of Americans{\textquoteright} retirement preparation than the findings for 1992 in Scholz, Seshadri, and Khitatrakun (2006). Economically disadvantaged households are significantly more likely than others to be under-saving and hence are natural targets for outreach and other efforts to improve financial capabilities.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Methodology, Net Worth and Assets},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1432177424?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/Dissertations+\%26+Theses+\%40+CIC+Institutions\&rft_val_fmt=info:ofi/fmt:kev:mtx:dis},
	author = {Li, Hsueh-Hsiang}
}
@mastersthesis {6018,
	title = {Essays on Saving Behavior},
	volume = {3565428},
	year = {2013},
	note = {Copyright - Copyright ProQuest, UMI Dissertations Publishing 2013 Last updated - 2014-01-23 First page - n/a},
	month = {2013},
	pages = {104},
	school = {University of California, Irvine},
	type = {Ph.D.},
	address = {Irvine, CA},
	abstract = {This dissertation combines three projects studying saving behavior. The first chapter presents a model of reference-dependent retirement saving behavior using a gain-loss utility function drawn from prospect theory. I show that this model predicts empirical characteristics of retirement saving behavior including adherence to defaults, under-saving, and the positive correlation between saving rates and financial knowledge. An additional testable implication of the model is that more financially-knowledgeable individuals will have wider variance than people with low financial knowledge. Using data from the Health and Retirement Study, I show that this implication is also supported by empirical results. The second chapter investigates the effects of financial training and planning on saving in a laboratory experiment. Subjects choose when to use tokens to watch video clips over the course of a 50-minute session. Boredom encourages subjects to use tokens immediately, while increased video length in later rounds creates an incentive to use them later. Subjects who receive minimal instructions tend to use their tokens early. Intensive training increases saving rates. The planning treatment has no effect on low-training subjects, but leads intensively trained subjects to smooth tokens across the five rounds rather than spending early or waiting until the end. Evidence from correlations between spending tokens early and high elicited discount rate, as well as subjects{\textquoteright} comments about struggling to wait before using tokens, provide support for the external validity of this experiment design. The third chapter examines the relationship between {\textquoteleft}Big 5{\textquoteright} personality traits and low saving rates. Several traits are shown to predict under-saving, with low conscientiousness being particularly important and robust. I then investigate whether personality traits also explain the effects of education, financial literacy, and financial planning. This might occur if certain personality types tended to participate in these activities and also tended to save. I find that the effects of education and financial literacy are robust to personality. The influence of financial planning might be explainable by personality-based selection.},
	keywords = {Consumption and Savings, Health Conditions and Status, Methodology, Net Worth and Assets},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1413316840?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004\&ctx_enc=info:ofi/enc:UTF-8\&rfr_id=info:sid/ProQuest+Dissertations+\%26+Theses+A\%26I\&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertat},
	author = {Meryl Motika}
}
@article {7827,
	title = {Evidence that Self-Regulatory Mode Affects Retirement Savings},
	journal = {Journal of Aging and Social Policy},
	volume = {25},
	year = {2013},
	pages = {248-263},
	publisher = {25},
	abstract = {We examine how self-regulatory motivations of locomotion (initiation) and assessment (evaluation) are related to retirement wealth in middle-aged and older Americans. We test a hypothesis that high locomotion and some assessment levels predict high wealth levels. We use two national data sets: the 2008 Health and Retirement Study (N = 6,464) and the 2005 Midlife in the United States (N = 4,963). We found that a combination of high locomotion and moderate assessment motivation can maximize wealth accumulation. By creating this combination of locomotion and assessment motivations, policy interventions can be more effective in motivating wealth accumulation for retirement, such as a required annual review of retirement savings plans and understandable disclosure of the plans{\textquoteright} costs.  PUBLICATION ABSTRACT},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction},
	doi = {10.1080/08959420.2013.791788},
	author = {Hyungsoo Kim and Franks, Becca and Higgins, E. Tory}
}
@article {7903,
	title = {The Great Recession and Health: People, Populations, and Disparities},
	journal = {Annals of the American Academy of Political and Social Science},
	volume = {650},
	year = {2013},
	pages = {194},
	publisher = {650},
	abstract = {Two research traditions have evolved to assess links between recessions and health, with seemingly divergent findings. Aggregate-level studies generally find that mortality rates decline during recessionary periods. By contrast, individual-level studies generally find that events that frequently occur during recessions, like job loss, unemployment, and material hardship, carry negative health consequences. We comprehensively review evidence from these two bodies of research, illustrate key findings, and show how the different mechanisms can operate in parallel. We also outline some of the limitations of the extant evidence, discuss studies emerging to address these limits and directions for future research, and provide brief empirical examples to illustrate some of these limits and directions using the Health and Retirement Study and the Michigan Recession and Recovery Study. Our review emphasizes the importance of considering both the aggregate- and individual-level associations when evaluating the likely short- and longer-term consequences of the Great Recession for health and health disparities.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Health Conditions and Status, Healthcare, Public Policy, Retirement Planning and Satisfaction},
	author = {Sarah A. Burgard and Jennifer A Ailshire and Lucie Kalousova}
}
@article {7809,
	title = {Hospice Enrollment Saves Money For Medicare And Improves Care Quality Across A Number Of Different Lengths-Of-Stay},
	journal = {Health Affairs},
	volume = {32},
	year = {2013},
	note = {Copyright - Copyright The People to People Health Foundation, Inc., Project HOPE Mar 2013 Document feature - Tables; Graphs; References Last updated - 2013-05-25 DOI - 2915999051; 76250142; 15986; HAF; 23459735; INODHAF0001192568 SubjectsTermNotLitGenreText - United States--US},
	pages = {552-61},
	publisher = {32},
	abstract = {Despite its demonstrated potential to both improve quality of care and lower costs, the Medicare hospice benefit has been seen as producing savings only for patients enrolled 53-105 days before death. Using data from the Health and Retirement Study, 2002-2008, and individual Medicare claims, and overcoming limitations of previous work, we found  2,561 in savings to Medicare for each patient enrolled in hospice 53-105 days before death, compared to a matched, nonhospice control. Even higher savings were seen, however, with more common, shorter enrollment periods:  2,650,  5,040, and  6,430 per patient enrolled 1-7, 8-14, and 15-30 days prior to death, respectively.Within all periods examined, hospice patients also had significantly lower rates of hospital service use and in-hospital death than matched controls. Instead of attempting to limit Medicare hospice participation, the Centers for Medicare and Medicaid Services should focus on ensuring the timely enrollment of qualified patients who desire the benefit.},
	keywords = {Consumption and Savings, Healthcare, Medicare/Medicaid/Health Insurance, Public Policy},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1316561537?accountid=14667},
	author = {Amy Kelley and Deb, Partha and Qingling Du and Carlson, Melissa D. Aldridge and R Sean Morrison}
}
@article {7812,
	title = {Intergenerational transfers in long term care},
	journal = {Review of Economics of the Household},
	volume = {11},
	year = {2013},
	note = {Copyright - Springer Science Business Media New York 2013 Document feature - Equations; Tables; References Last updated - 2013-06-07 SubjectsTermNotLitGenreText - United States--US Altonji, J G; Hayashi, F; Kotlikoff, L J. Parental altruism and inter vivos transfers: Theory and evidence. JOURNAL OF POLITICAL ECONOMY, 105. 6 (1997): 1121-1166. UNIV CHICAGO PRESS Becker, Gary Stanley. A treatise on the family. A treatise on the family (1981): xii-288. Harvard University Press Bernheim, H. D., Schleifer, A., and Sommers, L. (1985). The strategic bequest motive. Journal of Political Economy, 57 (5), 1138 1159. Cox, D; Rank, M R. INTER-VIVOS TRANSFERS AND INTERGENERATIONAL EXCHANGE. REVIEW OF ECONOMICS AND STATISTICS, 74. 2 (1992): 305-314. MIT PRESS Cox, D. (1987). Motives for private income transfers. Journal of Political Economy, 95 (3), 508 546. Engers, M., and Stern, S. (2002). Long term care and family bargaining. International Economic Review, 43 (1), 73 114. Gale, W G; Scholz, J K. INTERGENERATIONAL TRANSFERS AND THE ACCUMULATION OF WEALTH. JOURNAL OF ECONOMIC PERSPECTIVES, 8. 4 (1994): 145-160. AMER ECON ASSN Gruber, J., and Grabowski, D. (2007). Moral hazard in nursing home use. Journal of Health Economics , 26 (3), 560 577. Hiedemann, Bridget; Stern, Steven; Hiedemann, Bridget. Strategic Play among Family Members When Making Long-Term Care Decisions. Journal of Economic Behavior and Organization, 40. 1 (1999): 29-57 Joulfaian, D. Gift taxes and lifetime transfers: time series evidence. JOURNAL OF PUBLIC ECONOMICS, 88. 9-10 (2004): 1917-1929. ELSEVIER SCIENCE SA Kohli, Martin; Kunemund, Harald; Kohli, Martin. Intergenerational Transfers in the Family: What Motivates Giving? GLOBAL AGING AND CHALLENGES TO FAMILIES (2003): 123-142. Aldine de Gruyter Lee, J., Kim, H., and Tanenbaum, S. (2006) Medicaid and family wealth transfer. The Gerontologist, 46 (1), 6 13. L pez Anuarbe, M. (2012). Parental inter vivos gifts to their adult children: A longitudinal approach. Working Paper. L pez Anuarbe, M. (2010). Intergenerational transfers in the long term care market . University of Connecticut Doctoral Dissertation. Economics Department, University of Connecticut. McGarry, K. Inter vivos transfers and intended bequests. JOURNAL OF PUBLIC ECONOMICS, 73. 3 (1999): 321-351. ELSEVIER SCIENCE SA McGarry, Kathleen; Schoeni, Robert F. Transfer behavior in the Health and Retirement Study: measurement and the redistribution of resources within the family. Journal of Human Resources, v30. n1 (1995): pS184(43). University of Wisconsin Press McGarry, K., and Schoeni, R. F. (1997). Transfer behavior within the family: Results from the asset and health dynamics survey. Journals of Gerontology, 52B, 82-92. National Alliance for Caregiving and AARP. (2008). Caregiving in the U.S. Bethesda, MD and Washington, DC; AARP Public Policy Institute (2008), Valuing the invaluable: The economic value of family caregiving, 2008 Update; family caregiver alliance (2004, June). Family caregiving and long-term care: A crucial issue for America s families (policy brief). San Francisco, CA. This article was accessed on November 29th, 2009. Norton, E. C., and Van Houtven, C. H. (2006). Inter-vivos transfers and exchange. Southern Economic Journal, 73 (1), 157 172. Pezzin, Liliana E; Schone, Barbara Steinberg. Intergenerational household formation, female labor supply and informal caregiving: A bargaining approach. Journal of Human Resources, 34. 3 (1999): 475-503. University of Wisconsin Press Pezzin, L. E., Pollack, R. A., and Schone, B. S. (2009). Long-term care of the disabled elderly: Do children increase caregiving by spouses? Review of Economics of the Household, 7 , 323 339. Pezzin, Liliana E.; Pollak, Robert A.; Schone, Barbara S. Efficiency in family bargaining: Living arrangements and caregiving decisions of adult children and disabled elderly parents. CESIFO ECONOMIC STUDIES, 53. 1 (2007): 69-96. OXFORD UNIV PRESS Sloan, F., Picone, G., and Hoerger, T. J. (1997). The supply of children s time to disabled elderly parents. Economic Inquiry, 35 (2), 295 308. Soldo, B. J., Hurd, M. D., Rodgers, W. L., and Wallace, R. B. (1997). Asset and health dynamics among the oldest old: An overview of the AHEAD study. The Journals of Gerontology Series B , 52B(Special Issue), 1 20. Soldo, B J; Hill. Family structure and transfer measures in the health and retirement study - Background and overview. JOURNAL OF HUMAN RESOURCES, 30. (1995): S108-S137. UNIV WISCONSIN PRESS},
	pages = {235-258},
	publisher = {11},
	abstract = {How are parental inter-vivos transfers to their children and children{\textquoteright}s informal care of parents influenced by personal characteristics, family conditions and state specific long term care policies? AHEAD data from 1993 and 1995 and a two-party choice model are used to guide the estimation of OLS and binary logit models of the amount and likelihood of inter-vivos transfers to children and informal care of parents. Results suggest that both parents{\textquoteright} characteristics and their offspring{\textquoteright}s characteristics affect parental gifts to children and children{\textquoteright}s time assistance to their parents, highlighting the interdependent nature of these decisions. Furthermore, though state policies did not consistently affect parental gift giving, the availability of state respite care support -short-term  breaks  for informal family caregivers- (1   significance level) and adult day care centers (5   significance level) were positively related to the amount and likelihood of children{\textquoteright}s time assistance to their parents. These findings highlight the importance of some state programs such as respite care support in encouraging intra-family support for the elderly. Support for programs that reduce the caregiving burden may encourage more children to care for their elderly parents. PUBLICATION ABSTRACT},
	keywords = {Adult children, Consumption and Savings, Healthcare, Medicare/Medicaid/Health Insurance, Public Policy},
	doi = {10.1007/s11150-012-9154-9 . http://dx.doi.org/10.1007/s11150-012-9156-7},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1357220955?accountid=14667http://mgetit.lib.umich.edu/?ctx_ver=Z39.88-2004andctx_enc=info:ofi/enc:UTF-8andrfr_id=info:sid/ProQ 3Aabiglobalandrft_val_fmt=info:ofi/fmt:kev:mtx:journalandrft.genre=articl},
	author = {Lopez-Anuarbe, Monika}
}
@article {7793,
	title = {Precautionary Savings Against Health Risks: Evidence From the Health and Retirement Study},
	journal = {Research on Aging},
	volume = {36},
	year = {2013},
	pages = {180-206},
	publisher = {36},
	abstract = {The precautionary savings model predicts that households accumulate wealth to self-insure against unexpected declines in future income and unforeseen expenditures. The goals of this study are twofold. First, we investigate whether the near-elderly who face higher health risks save more. Second, we examine the factors that contribute to health risks that the near-elderly face. We use data from the Health and Retirement Study to construct two measures of health risks. Our results do not support the hypothesis that household savings increase with the health risks that they face. Individuals who confront higher health risks in the future are those who are already in fair or poor health status or those who have a health condition such as diabetes or lung disease. Lower earnings and high medical expenditures caused by current poor health status prevent households from accumulating savings for future health adversities.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Net Worth and Assets},
	doi = {10.1177/0164027512473487},
	url = {http://roa.sagepub.com/content/early/2013/01/22/0164027512473487},
	author = {Tansel Yilmazer and Scharff, R. L.}
}
@article {7928,
	title = {What Good Is Wealth Without Health? The Effect Of Health On The Marginal Utility Of Consumption},
	journal = {Journal of the European Economic Association},
	volume = {11},
	year = {2013},
	pages = {221-258},
	publisher = {11},
	abstract = {We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and utility proxies. We estimate the model using the Health and Retirement Study{\textquoteright}s panel data on the elderly and near-elderly, and proxy for utility with measures of subjective well-being. Across a wide range of alternative specifications and assumptions, we find that the marginal utility of consumption declines as health deteriorates, and we are able to clearly reject the null of no state dependence. Our point estimates indicate that a one-standard-deviation increase in the number of chronic diseases is associated with a 10 -25  decline in the marginal utility of consumption relative to this marginal utility when the individual has no chronic diseases. We present some simple, illustrative calibration results that suggest that state dependence of the magnitude we estimate can have a substantial effect on important economic problems such as the optimal level of health insurance benefits and the optimal level of life-cycle savings.},
	keywords = {Consumption and Savings, Demographics, Expectations, Health Conditions and Status, Medicare/Medicaid/Health Insurance, Methodology},
	doi = {10.1111/j.1542-4774.2012.01101.x},
	author = {Finkelstein, Amy and Erzo F. P. Luttmer and Matthew J Notowidigdo}
}
@article {5924,
	title = {The Changing Causes and Consequences of Not Working Before Age 62},
	number = {12-03},
	year = {2012},
	institution = {The Urban Institute},
	address = {Washington, D.C.},
	abstract = {This study uses the Health and Retirement Study to deepen our understanding of nonworking adults ages 51 to 61 and how they support themselves before qualifying for Social Security benefits. The results show that nonworking adults ages 51 to 61 are a heterogeneous group. A large share is poor, with low incomes and limited wealth. But a sizeable share has low incomes and abundant wealth. These individuals are income poor but asset rich. More than for singles, this phenomenon characterizes nonworking married adults. In general, we find that nonworking married adults are significantly better off than their unmarried counterparts. Many nonworking married adults have working spouses. On average, married adults without earnings have twice the per person income and more than ten times the per person assets of single adults without earnings. Additionally, married adults without earnings are 20-30 percentage points less likely to be poor than single adults without earnings. It is important for policymakers to understand who stops working early and how they support themselves. Nonworkers may be more likely to apply and qualify for Social Security disability and SSI benefits. Also, more than any other group, nonworkers will be adversely impacted by any increases to the early entitlement age. Finally, nonworkers are especially vulnerable in retirement because they are likely to have lower savings, Social Security benefits, and pensions than workers.},
	keywords = {Consumption and Savings, Disabilities, Employment and Labor Force, Net Worth and Assets, Public Policy, Social Security},
	url = {https://www.urban.org/sites/default/files/publication/23531/412801-The-Changing-Causes-and-Consequences-of-Not-Working-before-Age-.PDF},
	author = {Barbara A Butrica and Nadia S. Karamcheva}
}
@article {5927,
	title = {The Decision to Delay Social Security Benefits: Theory and Evidence},
	number = {17866},
	year = {2012},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Social Security benefits may be commenced at any time between age 62 and age 70. As individuals who claim later can, on average, expect to receive benefits for a shorter period, an actuarial adjustment is made to the monthly benefit amount to reflect the age at which benefits are claimed. We investigate the actuarial fairness of this adjustment. Our simulations suggest that delaying is actuarially advantageous for a large subset of people, particularly for real interest rates of 3.5 percent or below. The gains from delaying are greater at lower interest rates, for married couples relative to singles, for single women relative to single men, and for two-earner couples relative to one-earner couples. In a two-earner couple, the gains from deferring the primary earner{\textquoteright}s benefit are greater than the gains from deferring the secondary earner{\textquoteright}s benefit. We then use panel data from the Health and Retirement Study to investigate whether individuals{\textquoteright} actual claiming behavior appears to be influenced by the degree of actuarial advantage to delaying. We find no evidence of a consistent relationship between claiming behavior and factors that influence the actuarial advantage of delay, including gender and marital status, interest rates, subjective discount rates, or subjective assessments of life expectancy.},
	keywords = {Consumption and Savings, Employment and Labor Force, Public Policy, Social Security},
	doi = {10.3386/w17866},
	author = {John B. Shoven and Sita Nataraj Slavov}
}
@article {5934,
	title = {Dynamic Wage and Employment Effects of Elder Parent Care},
	year = {2012},
	note = {Boston College Department of Economics, Boston College Working Papers in Economics: 792, 2012 Working Paper},
	institution = {Boston College},
	abstract = {This paper formulates and estimates a dynamic discrete choice model of elder parent care and work to analyze how caregiving affects a woman{\textquoteright}s current and future labor force participation and wages. Intertemporal tradeoffs, such as decreased future earning capacity due to a current reduction in labor market work, are central to the decision to provide care. The existing literature, however, overlooks such long-term considerations. I depart from the previous literature by modeling caregiving and work decisions in an explicitly intertemporal framework. The model incorporates dynamic elements such as the health of the elderly parent, human capital accumulation and job offer availability. I estimate the model on a sample of women from the Health and Retirement Study by efficient method of moments. The estimates indicate that intertemporal tradeoffs matter considerably. In particular, women face low probabilities of returning to work or increasing work hours after a caregiving spell. Using the estimates, I simulate several government sponsored elder care policy experiments: a longer unpaid leave than currently available under the Family and Medical Leave Act of 1993; a paid work leave; and a caregiver allowance. The leaves encourage more work among intensive care providers since they guarantee a woman can return to her job, while the caregiver allowance discourages work. A comparison of the welfare gains generated by the policies shows that half the value of the paid leave can be achieved with the unpaid leave, and the caregiver allowance generates gains comparable to the unpaid leave.},
	keywords = {Consumption and Savings, Employment and Labor Force, Healthcare, Methodology, Public Policy, Time Use, Women and Minorities},
	url = {URL:http://fmwww.bc.edu/EC-P/WP792.pdf  URL},
	author = {Meghan M. Skira and Department of Economics}
}
@article {7696,
	title = {Family Decision Making and Resource Protection Adequacy},
	journal = {The Journal of Consumer Affairs},
	volume = {46},
	year = {2012},
	pages = {1},
	publisher = {46},
	abstract = {This study examines the correlation between resource protection and the intrahousehold distribution of bargaining power. Using data from the Health and Retirement Study, the analysis quantifies potential changes in the surviving individual{\textquoteright}s living standard to evaluate the adequacy of resource protection. Individuals who generate a larger share of family income, are more financially knowledgeable, or have the  final say  in family decisions leverage their bargaining power to secure higher protection of their hypothetical widowhood living standard. Consequently, spouses with more bargaining power are less likely to experience declines of their living standard in the event of their spouse passing away and are more likely to be overprotected.},
	keywords = {Consumption and Savings, End of life decisions, Income, Methodology, Other},
	url = {www.jstor.org/stable/23860114},
	author = {Patryk D. Babiarz and Robb, Cliff A. and Woodyard, A.}
}
@article {5926,
	title = {Financial Sophistication in the Older Population},
	number = {17863},
	year = {2012},
	institution = {National Bureau of Economic Research },
	address = {Cambridge, MA},
	abstract = {This paper examines data on financial sophistication among the U.S. older population, using a special-purpose module implemented in the Health and Retirement Study. We show that financial sophistication is deficient for older respondents (aged 55 ). Specifically, many in this group lack a basic grasp of asset pricing, risk diversification, portfolio choice, and investment fees. Subpopulations with particular deficits include women, the least educated, persons over the age of 75, and non-Whites. In view of the fact that people are increasingly being asked to take on responsibility for their own retirement security, such lack of knowledge can have serious implications.},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Net Worth and Assets, Other, Public Policy, Women and Minorities},
	doi = {10.3386/w17863},
	author = {Annamaria Lusardi and Olivia S. Mitchell and Vilsa Curto}
}
@article {7765,
	title = {Health Shocks, Out-of-Pocket Medical Expenses and Consumer Debt Among Middle-Aged and Older Americans},
	journal = {The Journal of Consumer Affairs},
	volume = {46},
	year = {2012},
	pages = {357-380},
	publisher = {46},
	abstract = {We examine two important issues related to health and financial burden in middle-aged and older Americans: (1) whether or not new health events affect a consumer{\textquoteright}s unsecured debt, and (2) to what extent the associated out-of-pocket medical expenses (OOP) contribute to unsecured debt. We use six biennial waves (1998, 2000, 2002, 2004, 2006 and 2008) from the Health and Retirement Study (HRS). We estimated fixed effects models and conducted mediation analyses. We find that new health events affect the accumulation of unsecured debt. Our estimates suggest that new health events increase unsecured debt by 6.3  ( 230) to 9.3   ( 339); approximately 20  of the increase in unsecured consumer debt comes from OOP when experiencing new health events. New severe health events increase debt for the 50-64 age group, but do not increase it for the 65  group.  PUBLICATION ABSTRACT},
	keywords = {Consumption and Savings, Demographics, Healthcare, Net Worth and Assets},
	doi = {10.1111/j.1745-6606.2012.01236.x},
	author = {Hyungsoo Kim and Yoon, Wonah and Karen A. Zurlo}
}
@article {7733,
	title = {How do the risks of living long and facing high medical expenses affect the elderly{\textquoteright}s saving behavior?},
	journal = {Chicago Fed Letter},
	volume = {294},
	year = {2012},
	pages = {1-4},
	publisher = {294},
	abstract = {Although the elderly have a lot of wealth, people still do not fully understand their patterns of saving behavior. Many elderly individuals keep large amounts of wealth even as they near the ends of their lives. Furthermore, as one study shows, income-rich households are especially frugal. Among the motivations for saving are the risks of living long and having high medical expenses in old age. In recent research, the authors quantify the importance of forces by estimating and simulating a rich model of saving behavior. Life spans vary greatly in both predictable and unpredictable ways. Using mortality rates estimated from the AHEAD, they find that rich people, women, and healthy people live much longer than their poor, male, and sick counterparts. The risk of living far past one{\textquoteright}s expected life span is large and, under incomplete annuitization, a potentially important reason why so many elderly people run down their assets so slowly.},
	keywords = {Adult children, Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.chicagofed.org/publications/chicago-fed-letter/2012/january-294},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {5932,
	title = {How is Economic Hardship Avoided by Those Retiring Before the Social Security Entitlement Age},
	number = {18051},
	year = {2012},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Governments around the world are reacting to extended lifespans and troubled pension finances by increasing the age of retirement benefit entitlement. One concern that arises is how those who are not working before reaching entitlement age are able to bridge their consumption to the age of entitlement. This paper studies those who retire before the age of full pension entitlement in the United States using data drawn from the Health and Retirement Study. The major finding is that four out of five people who have zero earnings at pre-entitlement ages are able to find a way to lift their incomes over the poverty line. For men, pension and annuity income is important while for women, spousal income helps most to get them over the line. Reaching the early retirement entitlement age at 62 also has a significant impact on poverty avoidance.},
	keywords = {Consumption and Savings, Income, Public Policy, Retirement Planning and Satisfaction, Social Security, Women and Minorities},
	doi = {10.3386/w18051},
	author = {Kevin Milligan}
}
@article {5945,
	title = {The Interplay of Wealth, Retirement Decisions, Policy and Economic Shocks},
	year = {2012},
	institution = {Ann Arbor, The University of Michigan},
	abstract = {We develop a model of health investments and consumption over the life cycle where health affects longevity, provides flow utility, and retirement is endogenous. We develop a rich, numerical life-cycle model to study the complex interrelationship between health and wealth and the age of retirement. The decision to retire depends on a number of factors including earnings and health shocks, demographic characteristics, preferences, pensions, and social security. We incorporate these features in a computational model of optimal wealth and retirement decisions, solving the model household-by-household using data from the HRS. We use the model to study how workers would respond to an increase in the early eligibility age of retirement (EEA), and to what extent will the bad economy alter retirement plans. We find that increasing the EEA results in sizeable responses to the age of retirement but does not affect health outcomes very much. A 20 percent reduction in wealth induces households to delay retirement by one year, on average, with poor households being relatively unaffected.},
	keywords = {Consumption and Savings, Demographics, Event History/Life Cycle, Health Conditions and Status, Healthcare, Net Worth and Assets, Retirement Planning and Satisfaction, Social Security},
	url = {http://www.mrrc.isr.umich.edu/publications/publications_download.cfm?pid=860},
	author = {John Karl Scholz and Ananth Seshadri}
}
@article {7707,
	title = {Investment Choice and Savings in Defined Contribution Pensions},
	journal = {Pensions: An International Journal},
	volume = {17},
	year = {2012},
	note = {Journal Article},
	pages = {25-35},
	publisher = {17},
	abstract = {This article presents econometric evidence from Health and Retirement Study on the role that investment choice plays in the participants{\textquoteright} saving levels in the defined contribution (DC) pensions. I distinguish the effect of unconstrained investment choice from the one constrained in company stocks. My preferred estimates indicate that participants with investment choice contribute over three percentage points more of their salary into the DC plan than people without choice, and people constrained in company stocks contribute about three percentage points less in their retirement saving account.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {URL:http://www.palgrave-journals.com/pm/archive/index.html  Publisher{\textquoteright}s URL},
	author = {Li, Zhe}
}
@article {7734,
	title = {Market Performance And The Timing Of Retirement},
	journal = {Journal of Personal Finance},
	volume = {11},
	year = {2012},
	pages = {10-48},
	publisher = {11},
	abstract = {This study is the first to utilize nine interview waves of the Health and Retirement Study and multilevel discrete-time survival analysis to investigate the effect of market returns on individual elective retirement decisions. Individuals who retire at a market peak have an increased risk of shortening the longevity of their retirement income. Unfortunately, market returns were found to have a significant positive effect on the probability of retirement. Researchers, employers, financial educators and financial practitioners should help pre-retirees overcome the stock market{\textquoteright}s influence on their decision-making to avoid the negative effect of market sequencing on their retirement wealth.  PUBLICATION ABSTRACT},
	keywords = {Consumption and Savings, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://ssrn.com/abstract=2740054},
	author = {Yao, Rui and Park, Eric}
}
@mastersthesis {6252,
	title = {Medicare expenditure growth and its health returns across cohorts},
	volume = {Ph.D.},
	year = {2012},
	school = {Rutgers, The State University of New Jersey},
	address = {New Brunswick, NJ},
	abstract = {There are several key findings in the following chapters. In Chapter 2, the individual characteristics associated with higher spending growth over the period 1996 to 2008 were identified based on analyses with pooled cross-sectional data from the Medical Expenditure Panel Survey. The key factors that were associated with the adjusted growth rates higher than the actual Medicare spending growth rate (5.8\% annually) from 1996 to 2008 include races other than the whites and blacks, Hispanic origin, high income, residence in the West, and very good health status. Findings from Chapter 3 reveal that enrollment in HMOs under Medicare is not random, but is systematically related to characteristics of Medicare enrollees. Using the longitudinal Health and Retirement Study, there were factors associated with a higher likelihood of becoming enrolled in Medicare Advantage/Part C. Chapter 4 examines the relationship between health care spending and returns to health with regard to five dimensions of health: mortality, hypertension, arthritis, self-assessed health status and mental health status (Center for Epidemiologic Studies Depression scale, CESD scale). The pre-Medicare characteristics were used to predict the change in these five dimensions of health after four years of Medicare coverage. The results reveal that increases in Medicare total and out-of-pocket spending were associated with poor health outcomes. Total spending was associated with a higher likelihood of death, worse self-rated health status (five categories) and mental health status. The increase in out-of-pocket health expenditure was associated with a higher chance of getting a worse category in self-rated health status after controlling for health status and other characteristics before being enrolled in Medicare. The findings of these studies suggest that policies to constrain Medicare spending should recognize and target the multiple factors contributing to Medicare expenditure growth and the dubious returns to health, as well as target integrated care for Medicare enrollees and incentives for individuals to prevent the onset of chronic health conditions.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Medicare/Medicaid/Health Insurance, Public Policy},
	doi = {10.7282/T3R49PJ5},
	author = {Yi-Sheng Chao}
}
@article {5923,
	title = {Parental Investments in College and Later Cash Transfers},
	year = {2012},
	note = {electronic resource},
	institution = {Cambridge, Mass., National Bureau of Economic Research},
	abstract = {The rising cost of college tuition and the accompanying investment parents often make have received considerable attention recently. While classic models in economics make important predictions about the magnitudes of these investments, their distribution across children, and their relationship with later cash transfers, there has been little empirical work examining these predictions, especially with regards to the differential treatment of siblings. Using unique data from a supplement to the Health and Retirement Study, we find that parents typically invest differentially in the schooling of siblings, but we find no evidence that these investments are offset by later cash transfers.},
	keywords = {Adult children, Consumption and Savings, Education, Public Policy},
	url = {http://www.nber.org/papers/w18485},
	author = {Steven Haider and Kathleen McGarry}
}
@mastersthesis {6250,
	title = {Pensions and Household Saving in The United States},
	volume = {Ph.D.},
	year = {2012},
	note = {Savings 0501: Economics Aging 66569 69042902 0630: Public policy n/a Social sciences 9781267525628 Chang, Fei-Chien Social Security English 0493: Aging Pensions 2012-09-04 Wealth accumulation Copyright ProQuest, UMI Dissertations Publishing 2012 Earnings test 2012 3521443 2741712321 Health and environmental sciences 1034568586},
	pages = {98},
	school = {University of Washington},
	type = {3521443},
	address = {United States -- Washington},
	abstract = {The goal of this research is to examine the effects of employer-provided pensions and Social Security on household saving in the United States. Current interest has intensified because of increasing concerns about insufficient saving for retirement, a trend in pensions from defined benefit to defined contribution plans, and a projected financial shortfall in Social Security. Specifically, the debate about whether higher pension benefits "crowd out" private saving has come under sharper focus among researchers and policymakers. If there is a full offset effect of pensions on private saving, then policies targeted to raise pension wealth may not necessarily increase overall retirement saving because households will decrease their private wealth accumulation instead. Three methodologies were employed in Chapters 2 through 4 to empirically identify the offset effects using improved data in the Health and Retirement Study (HRS). Chapter 2 presents a cross-sectional analysis in 1992. The findings show a significant but not dollar-for-dollar crowding-out effect for employer-provided defined benefit pensions and little to no offset effect for defined contribution pension and Social Security. To overcome the estimation problems such as unobserved omitted variables and insufficient variation in Social Security wealth when conducting a cross-sectional analysis, I utilize the panel structure of HRS and the recent Social Security reforms to introduce independent variation in pension wealth over time. A panel analysis using HRS data from year 1992, 1998, and 2004 is presented in Chapter 3. The panel analysis shows a statistically significant full offset effect between pensions and private saving in some specifications. Chapter 4 presents the effects of Social Security benefits withheld under the earnings test on household saving. I find evidence for a full offset effect between household saving and benefit withholding under the earnings test for those aged between 62 and normal retirement age and those with higher educational attainment. In summary, this research supports the theory that pensions crowd out private wealth accumulation.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Pensions, Public Policy, Social Security},
	url = {http://search.proquest.com.proxy.lib.umich.edu/docview/1034568586?accountid=14667},
	author = {Chang, Fei-Chien}
}
@article {5947,
	title = {Personality Traits and Economic Preparation for Retirement},
	number = {wp279},
	year = {2012},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This paper assesses the effects of personality traits on economic preparation for retirement, wealth accumulation, and consumption, among persons 66 to 69 years of age. Among the five chief personality traits of neuroticism, extroversion, agreeableness, conscientiousness, and openness, we focus most on conscientiousness. We find levels of adequate economic preparation for retirement ranging  from 29 percent to 90 percent and that conscientiousness positively affects the proportion of persons adequately prepared for retirement, while neuroticism negatively affects it. Both consumption and wealth increase with conscientiousness but wealth increases faster, indicating that more conscientious persons save more out of retirement resources.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://ideas.repec.org/p/mrr/papers/wp279.html},
	author = {Michael D Hurd and Angela Lee Duckworth and Susann Rohwedder and David R Weir}
}
@mastersthesis {6256,
	title = {Retirement Consumption Behavior: Evidence from HRS CAMS 2001-2009},
	volume = {Ph.D.},
	year = {2012},
	month = {2012},
	school = {The Ohio State University},
	address = {Columbus, OH},
	abstract = {Recent studies across a number of countries evidence a substantial decline in household consumption expenditure around the time of retirement. This phenomenon, coined as the retirement consumption puzzle, brings a challenge to the traditional life-cycle model. The life-cycle model implies that household consumption should be continuous over time including the transition to retirement, provided that retirement is a foreseeable event. To address the retirement consumption puzzle, this dissertation brings current evidence by carrying out four studies on U.S. household consumption behavior at retirement. Study 1 is a cross-sectional study using the latest available data wave from 2009 HRS CAMS. The main interest is to compare consumption behavior between non-retired and retired households. Based on the life cycle hypothesis, regardless of employment status, households sharing similar socioeconomic characteristics should exhibit similar consumption behavior. The empirical findings, however, show that the consumption behavior between non-retired and retired households is significantly different, holding all other factors constant. Spending for retired households is 8.5\% lower than spending for non-retired households. Study 2 is an aggregate-panel study using data from 2001-2009 HRS CAMS. The difference between Study 1 and Study 2 is that Study 2 tracks household consumption behavior over time and investigates whether there is a significant change in consumption pattern after retirement. Fixed-effects analysis is conducted to appropriately account for the effect of individual heterogeneity. The life cycle hypothesis predicts that when retirement is as planned by the household, there is no significant change in consumption after retirement. The fixed-effects regression indicates that there is an insignificant increase of 3\% in household consumption after retirement. The discrepancy in the results from Study 1 and Study 2 regarding the retirement consumption puzzle comes from the lack of control of individual heterogeneity in the cross-sectional analysis. Study 3 is a subsamples-panel study. Within the life-cycle framework, if retirement is voluntary and expected, there should be no significant change in household consumption after retirement. However, if the household head is laid-off or experiencing poor health, this household may be forced to be out of the labor market, resulting in early retirement. Because involuntary early retirement reduces the household{\textquoteright}s lifetime resources, the household must reduce consumption and re-allocate to a new optimal consumption path. As predicted by the life-cycle model, the findings show that households with voluntary retirement have an insignificant increase in household consumption after retirement by 6\%. Involuntary-retirement results in a decrease in consumption after retirement by 6-7\%. The percentage difference in the household consumption change between these the two groups of households is 11-12\% and statistically significant. Accordingly, these findings suggest that household consumption behavior differs by household type (voluntary versus involuntary retirement). These three studies use log consumption as the dependent variable. Alternatively, Study 4 uses consumption growth as the dependent variable to test the retirement consumption puzzle. The regression results provide no evidence of a retirement consumption puzzle, finding an insignificant 3\% increase in consumption after retirement.},
	keywords = {Consumption and Savings, Demographics, Event History/Life Cycle, Healthcare, Methodology, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {http://rave.ohiolink.edu/etdc/view?acc_num=osu1338247837},
	author = {Chiang, Mei-Fang}
}
@article {5930,
	title = {Retirement Security: Older Women Remain at Risk - Statement of Barbara D. Bovbjerg},
	year = {2012},
	institution = {Washington, DC},
	abstract = {This testimony examines women s retirement income security based on a GAO report that examined (1) how women s access to and participation in employer-sponsored retirement plans compare to men s and how they have changed over time; (2) how women s retirement income compares to men s and how the composition of their income the proportion of income coming from different sources changed with economic conditions and trends in pension design; (3) how later-in-life events affect women s retirement income security; and (4) what policy options are available to help increase women s retirement income security.},
	keywords = {Consumption and Savings, Health Conditions and Status, Income, Public Policy, Retirement Planning and Satisfaction, Women and Minorities},
	author = {United States Governmental Office}
}
@article {5929,
	title = {Retirement Security:  Women Still Face Challenges},
	year = {2012},
	institution = {Washington, DC, U.S. Government Accountability Office},
	abstract = {This report examines (1) how women s access to and participation in employer-sponsored retirement plans compare to men s and how they have changed over time, (2) how women s retirement income compares to men s and how the composition of their income changed with economic conditions and trends in pension design, (3) how events occurring later in life affect women s retirement income security, and (4) what policy options are available to help increase women s retirement income security.},
	keywords = {Consumption and Savings, Health Conditions and Status, Income, Public Policy, Retirement Planning and Satisfaction, Women and Minorities},
	url = {http://www.gao.gov/products/GAO-12-699},
	author = {United States Governmental Office}
}
@article {5925,
	title = {Were They Prepared for Retirement? Financial Status at Advanced Ages in the HRS and AHEAD Cohorts},
	year = {2012},
	note = {National Bureau of Economic Research, Inc, NBER Working Papers: 17824, 2012 0898-2937 Working Paper},
	institution = {National Bureau of Economic Research},
	abstract = {Many analysts have considered whether households approaching retirement age have accumulated enough assets to be well prepared for retirement. In this paper, we shift from studying household finances at the start of the retirement period, an ex ante measure of retirement preparation, to studying the asset holdings of households in their last years of life. The analysis is based on Health and Retirement Study with special attention to Asset and Health Dynamics Among the Oldest Old (AHEAD) cohort that was first surveyed in 1993. We consider the level of assets that households hold in the last survey wave preceding their death. We study how assets at the end of life depend on three family status pathways prior to death--(1) original one-person households in 1993, (2) persons in two-person household in 1993 with a deceased spouse in the last year observed, and (3) persons in two-person households in 1993 with the spouse alive when last observed. We find that a substantial fraction of persons die with virtually no financial assets--46.1 percent with less than  10,000--and many of these households also have no housing wealth and rely almost entirely on Social Security benefits for support. In addition this group is disproportionately in poor health. Based on a replacement rate comparison, many of these households may be deemed to have been well-prepared for retirement, in the sense that their income in their final years was not substantially lower than their income in their late 50s or early 60s. Yet with such low asset levels, they would have little capacity to pay for unanticipated needs such as health expenses or other financial shocks or to pay for entertainment, travel, or other activities. This raises a question of whether the replacement ratio is a sufficient statistic for the  adequacy  of retirement preparation.},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Net Worth and Assets, Women and Minorities},
	url = {URL:http://www.nber.org/papers/w17824.pdf  URL},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {7726,
	title = {Why Do People Let Their Long-Term Care Insurance Lapse? Evidence from the Health and Retirement Study},
	journal = {Applied Economic Perspectives and Policy},
	volume = {34},
	year = {2012},
	note = {Date revised - 2012-07-01 Language of summary - English Pages - 220-237 ProQuest ID - 1030495712 Availability -  URL:http://aepp.oxfordjournals.org  Publisher{\textquoteright}s URL Last updated - 2012-08-02 British nursing index edition - Applied Economic Perspectives and Policy, vol. 34, no. 2, Summer 2012, pp. 220-37 Corporate institution author - Li, Yong; Jensen, Gail A DOI - econlit-1303901; 1303901; 2040-5790},
	pages = {220-237},
	publisher = {34},
	abstract = {This paper empirically analyzes how often and why individuals drop their long-term care insurance (LTCI) coverage, using data from the 2002-2008 Health and Retirement Study. It finds that over a two-year period 13  of LTCI policies lapse. It also finds that the probability of an LTCI lapse increases with a lack of consumer knowledge about their policy{\textquoteright}s benefit provisions, with prior encounters with the long-term care system, with less expensive policies, and with less generous policies. These findings raise the possibility that some policyholders may not understand their coverage limitations, and learn about them only after actually using long-term care services. Greater consumer awareness of LTCI policy features and limitations may help reduce lapse rates and increase the stability of the LTCI market.},
	keywords = {Consumption and Savings, Medicare/Medicaid/Health Insurance, Public Policy},
	doi = {10.1093/aepp/pps017},
	author = {Yong Li and Gail A Jensen}
}
@article {7701,
	title = {Workers{\textquoteright} Compensation and Consumption Smoothing},
	journal = {Journal of Public Economics},
	volume = {96},
	year = {2012},
	pages = {495-508},
	publisher = {96},
	abstract = {This paper investigates the consumption-smoothing benefits of state workers{\textquoteright} compensation (WC) programs. These programs are among the largest and most controversial forms of social insurance, with the putative purpose of supporting families affected by unexpected income shocks due to workplace injuries and illnesses. Using Health and Retirement Study (HRS) data for a sample of workers who have experienced a work-related, work-limiting disability, I find that a 10  increase in WC benefit generosity offsets the drop in household consumption upon injury by 3 to 5 . Moreover, my estimates imply that if benefits were very low, the drop in consumption upon injury would be in the range of 30 . A model adapted from the literature on optimal social insurance yields a formula for the optimal level of WC benefits, which depends on empirical estimates of the consumption-smoothing parameter. My calculations suggest that current WC benefit levels are somewhat higher than optimal.},
	keywords = {Adult children, Consumption and Savings, Disabilities, Employment and Labor Force, Health Conditions and Status, Public Policy, Women and Minorities},
	doi = {10.1016/j.jpubeco.2011.12.005},
	author = {Bronchetti, Erin Todd}
}
@article {8465,
	title = {Bricks and slaughter},
	journal = {The Economist (US)},
	volume = {398},
	year = {2011},
	month = {Mar 3, 2011},
	pages = {4},
	publisher = {Economist Intelligence Unit N.A. Incorporated},
	abstract = {The focus of the article is on the property cycle; the author asserts that "construction of exceptionally tall buildings is a reliable indicator of economic crises in the making" and goes on to discuss the burst housing bubble of 2007. [The article quotes a 2008 paper by Hugo Benitez-Silva et al., that used the Health and Retirement Study data to analyze respondent perceptions of housing values.]},
	keywords = {Consumption and Savings, Demographics, Methodology, Other},
	isbn = {0013-0613},
	author = {Palmer, Andrew}
}
@article {5910,
	title = {The Composition and Draw-down of Wealth in Retirement},
	number = {17536},
	year = {2011},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper presents evidence on the resources available to households as they enter retirement. It draws heavily on data collected by the Health and Retirement Study and calculates the  potential additional annuity income  that households could purchase, given their holdings of non-annuitized financial assets at the start of retirement. Even if households used all of their financial assets inside and outside personal retirement accounts to purchase a life annuity, only 47 percent of households between the ages of 65 and 69 in 2008 could increase their life-contingent income by more than  5,000 per year. At the upper end of the wealth distribution, however, a substantial number of households could make large annuity purchases. The paper also considers the role of housing equity in the portfolios of retirement-age households, and explores the extent to which households draw down housing equity and financial assets as they age. Many households appear to treat housing equity and non-annuitized financial assets as  precautionary savings,  tending to draw them down only when they experience a shock such as the death of a spouse or a period of substantial medical outlays. Because home equity is often conserved until very late in life, for many households it may provide some insurance against the risk of living longer than expected.},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Women and Minorities},
	doi = {10.3386/w17536},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {5914,
	title = {Consumption and Differential Mortality},
	number = {UM11-17},
	year = {2011},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {It is well-established that differential mortality according to wealth or income introduces bias into age profiles of these variables when estimated on cross-sectional or synthetic cohort data. However, little is known about whether this association is also found with consumption, and if so, how strong this association is. In this paper we use panel data on total household spending from the Health and Retirement Study (HRS) and its supplemental study, the Consumption and Activities Mail Survey (CAMS), to estimate differences in consumption by survival status to the next survey wave. We quantify the bias in age profiles of consumption that results from differential mortality when estimating the age profiles on cross-sectional data or on synthetic cohort data. We find that the bias is smaller than that found for wealth or income.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Methodology},
	url = {https://mrdrc.isr.umich.edu/projects/consumption-and-differential-mortality/},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {7597,
	title = {Do Market Returns Influence Risk Tolerance? Evidence from Panel Data},
	journal = {Journal of Family and Economic Issues},
	volume = {32},
	year = {2011},
	pages = {532-544},
	publisher = {32},
	abstract = {This study used the 1992-2006 waves of the Health and Retirement Study (HRS) to investigate changes in risk tolerance levels over time in response to stock market returns. Findings indicate that risk tolerance tends to increase when market returns increase and decrease when market returns decrease. Individuals who change their risk tolerance in this manner are likely to invest in stocks when prices are high and sell when prices are low. Researchers, employers, financial educators and practitioners should help investors overcome the bias of overweighting recent news of market performance.  PUBLICATION ABSTRACT},
	keywords = {Consumption and Savings, Other, Retirement Planning and Satisfaction, Risk Taking},
	doi = {https://doi.org/10.1007/s10834-010-9223-2},
	author = {Yao, R. and Angela L Curl}
}
@article {7616,
	title = {The effect of late-life debt use on retirement decisions},
	journal = {Social Science Research},
	volume = {40},
	year = {2011},
	pages = {1623-1637},
	publisher = {40},
	abstract = {This paper examines parallel shifts in late life debt use and retirement behaviors. After discussing the conceptual linkages between credit and labor markets, I use data from the 1992 to 2008 waves of the Health and Retirement Study to examine the temporal patterning of retirement and debt behaviors. I rely on the longitudinal structure of the data to estimate the effects of debt accumulation on retirement behaviors, using alternative specifications to identify treatment and control groups. The findings suggest that debt accumulation in later life has a significant effect on decisions to remain in the workforce in later years.  PUBLICATION ABSTRACT},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Retirement Planning and Satisfaction},
	doi = {https://doi.org/10.1016/j.ssresearch.2011.05.004},
	author = {Mann, Allison}
}
@article {7557,
	title = {The Effects of Health Insurance and Self-Insurance on Retirement Behavior},
	journal = {Econometrica},
	volume = {79},
	year = {2011},
	pages = {693-732},
	publisher = {79},
	abstract = {This paper provides an empirical analysis of the effects of employer-provided health insurance, Medicare, and Social Security on retirement behavior. Using data from the Health and Retirement Study, we estimate a dynamic programming model of retirement that accounts for both saving and uncertain medical expenses. Our results suggest that Medicare is important for understanding retirement behavior, and that uncertainty and saving are both important for understanding the labor supply responses to Medicare. Half the value placed by a typical worker on his employer-provided health insurance is the value of reduced medical expense risk. Raising the Medicare eligibility age from 65 to 67 leads individuals to work an additional 0.074 years over ages 60-69. In comparison, eliminating 2 years worth of Social Security benefits increases years of work by 0.076 years.},
	keywords = {Consumption and Savings, Medicare/Medicaid/Health Insurance, Other, Public Policy, Retirement Planning and Satisfaction},
	doi = {https://doi.org/10.3982/ECTA7560},
	author = {Eric French and John Bailey Jones}
}
@article {5913,
	title = {The Effects of the Financial Crisis on Actual and Anticipated Consumption},
	number = {WP 2011-255},
	year = {2011},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {We studied how households adjust their spending in response to the financial crisis. Based on five waves of data from the Consumption and Activities Mail Survey, we quantified the reduction in total consumption and in specific categories of consumption in the older population at large and by stock ownership, both as a proxy for wealth and to test assumptions about whether stock ownership was associated with different responses. In particular, we compared consumption changes between 2007 and 2009 with consumption changes over prior years. We used panel data on anticipated changes in spending at retirement to quantify the effects of the financial crisis on well- being in retirement via a difference-in-differences approach.},
	keywords = {Consumption and Savings, Net Worth and Assets, Public Policy, Retirement Planning and Satisfaction},
	url = {https://mrdrc.isr.umich.edu/pubs/the-effects-of-the-financial-crisis-on-actual-and-anticipated-consumption-2/},
	author = {Michael D Hurd and Susann Rohwedder}
}
@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}
}
@article {5915,
	title = {The Influence of Public Policy on Health, Wealth and Mortality},
	number = {UM11-12},
	year = {2011},
	institution = {The University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {In this project we extend an augmented lifecycle model, incorporating a Grossman-style model of health capital, to enhance understanding of factors influencing consumption, wealth and health. We develop three primary results when using the model to explore the effects of stylized versions of Medicare and Social Security on wealth and longevity. First, our model calibration implies consumption and health are complements. As health depreciates with age, households will get less utility from consumption than would be in the case of a lifecycle model that does not endogenize health. Second, it appears that forward-looking households, when confronted by a substantially reduced safety net, will respond by reducing consumption and by reducing their health investment and therefore longevity. Third, there is a potentially important difference between short- and long- run responses to policy.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Net Worth and Assets, Public Policy},
	url = {https://mrdrc.isr.umich.edu/projects/the-influence-of-public-policy-on-health-wealth-and-mortality/},
	author = {John Karl Scholz and Ananth Seshadri}
}
@article {5920,
	title = {Inter-Vivos Giving Over the Lifecycle},
	number = {WR-524-1},
	year = {2011},
	institution = {RAND Corporation },
	address = {Santa Monica, CA},
	abstract = {Inter-vivos cash transfers and bequests between family members total hundreds of billions of dollars each year. They may equalize resources within a generation of a family as well as across family generations. Transfers delayed to the end of life may represent a significant motive for saving. The authors use longitudinal data from the Health and Retirement Study on inter-vivos transfers that span up to twelve years to: describe financial transfers made by parents to children and their correlation with donor characteristics, examine age patterns in giving behavior, the persistence of transfers, and how transfers change in response to changes in marital status, economic status and health. Their empirical analysis is motivated by a dynamic life-cycle model with intervivos transfers as an argument in the utility function which generates hypotheses about the age pattern of transfers and how mortality risk, risk aversion and economic resources affect giving behavior.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Women and Minorities},
	doi = {https://doi.org/10.7249/WR524-1},
	author = {Michael D Hurd and James P Smith and Julie M Zissimopoulos}
}
@article {5912,
	title = {Macroeconomic Conditions and Updating of Expectations by Older Americans},
	number = {WP 2011-259},
	year = {2011},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	address = {Ann Arbor, MI},
	abstract = {Economic theory suggests that individual decisions about consumption, saving, and labor supply should be directly linked to subjective expectations about future events. This project uses panel data from the Health and Retirement Study from 1994-2008 merged to data on a number of local and high frequency macroeconomic indicators to estimate how individual expectations respond to fluctuations in the local and national macroeconomy. Our results suggest that individuals revise their expectations in response to both local and national macroeconomic fluctuations in ways that appear to make sense, and that this is stronger for respondents with higher levels of education.},
	keywords = {Consumption and Savings, Employment and Labor Force, Expectations},
	url = {https://mrdrc.isr.umich.edu/pubs/macroeconomic-conditions-and-updating-of-expectations-by-older-americans/},
	author = {Purvi Sevak and Lucie Schmidt}
}
@article {5906,
	title = {Retirement Income:  Ensuring Income throughout Retirement Requires Difficult Choices},
	year = {2011},
	institution = {Washington, DC, U.S. Government Accountability Office},
	abstract = {Question:  The shift from defined benefit to defined contribution plans has placed more responsibility for saving for retirement on individuals  shoulders.  GAO considered the pros and cons of various policy options to enhance retirement income security.  Finding:  Using the NIA-funded Health and Retirement Study, GAO found that: (a) retirees rely primarily on Social Security and pass up opportunities for increased retirement income; (b) few retirees choose the annuity option for receipt of their defined benefit pension income;  (c) elderly appear to draw down their savings gradually.  Options such as encouraging annuitization and improving financial literacy so that people are aware of their investment options and associated risks were discussed as ways to bolster retirement income security.},
	keywords = {Consumption and Savings, Pensions, Public Policy, Social Security},
	author = {United States Governmental Office}
}
@mastersthesis {6376,
	title = {What Money Buys and Family Costs: Three Papers on the Work-Family Intersection},
	volume = {Ph.D.},
	year = {2011},
	note = {ISBN 9781124680927},
	month = {2011},
	pages = {160},
	school = {The University of Michigan},
	type = {Dissertation},
	address = {Ann Arbor, Michigan},
	abstract = {Family responsibilities and market work have the potential to influence one another. First, financial rewards received from the labor market may provide individuals with resources that they can use to manage their family responsibilities. In the first two empirical chapters, I examine the relationship between wives{\textquoteright} earnings and their time in housework, testing whether, to what extent, and how wives{\textquoteright} earnings allow them to reduce their household labor burden. In Chapter 2, "Money Isn{\textquoteright}t Everything: Wives{\textquoteright} Earnings and Housework Time", I use fixed-effects models and data from the Panel Study of Income Dynamics and find that wives reduce housework time as their earnings rise. However, the effect is highly non-linear, with high-earning wives achieving little additional reduction in housework. Thus, high-income wives continue to spend considerable time in housework, despite their substantial financial resources. Chapter 3, "Opting Out and Buying Out: Wives{\textquoteright} Earnings and Housework Time", uses data from the Consumption and Activities Mail Survey of the Health and Retirement Study to test whether expenditures on market substitutes for household labor explain the negative relationship between wives{\textquoteright} earnings and their housework time. Expenditures on market substitutes explain less than 15\% of the relationship between wives{\textquoteright} earnings and their housework time. This suggests that wives{\textquoteright} earnings may instead allow them to "opt out" of some housework, foregoing this labor without purchasing a substitute. Additionally, family responsibilities may affect individuals{\textquoteright} work lives. For men, becoming fathers may lead to increased investment in wage-earning, as men are motivated to provide financially for their children. Chapter 4, "A Reconsideration of the Fatherhood Premium", hypothesizes that lower commitment to the fatherhood role and greater role ambiguity will lead to a smaller wage premium for nonresidential fathers and stepfathers as compared to residential fathers. Using panel models and data from the 1979 cohort of the National Longitudinal Survey of Youth, I find that married, residential fatherhood is associated with wage gains, while nonresidential fatherhood and stepfatherhood are associated with wage losses compared to the wages of childless men of the same union status, and unmarried, residential fatherhood leads to no wage changes for men.},
	keywords = {Adult children, Consumption and Savings, Other},
	url = {https://www.researchgate.net/publication/265036598_What_Money_Buys_and_Family_Costs_Three_Papers_on_the_Work-Family_Intersection},
	author = {Killewald, Alexandra Achen}
}
@mastersthesis {6325,
	title = {Accessibility of the residential environment: Its influence on the depressive symptoms of older adults},
	volume = {Doctor of Philosophy},
	year = {2010},
	school = {University of Connecticut},
	address = {Storrs, CT},
	abstract = {As people age, a supportive and accessible environment becomes more salient in the face of declining functional capacity. Whereas past research supports a relationship between residential environment and well-being, few studies have focused on the specific relationship between the accessibility of the home and mental health. The purpose of the present study is to examine the influence of barrier-free/accessible features in the home on elderly individuals{\textquoteright} depressive symptoms, when they experience difficulty with activities of daily living. The barrier-free/accessible features that are investigated include: ramps, railings, wheelchair modifications, grab bars, shower seats and call devices. This study uses data products distributed by the RAND Corporation, based on the 2006 wave of the Health and Retirement Study. The analytic procedures are divided into three parts. In the first place, descriptive analyses were conducted, including independent sample t -tests. These analyses served the purpose of examining differences between key groups within the sample (ethnic group comparisons, and comparisons between senior housing residents and non-senior housing residents). In the second place, hierarchical multiple regression analyses were conducted to examine the features of the home as predictors of depressive symptoms, after controlling for difficulty with ADLs, and various socio-demographic variables. In the third place, the main purpose of the present study was to test the influence of the residential environment on depressive symptoms through a structural regression (SR) model, using Structural Equation Modeling. The model contains functional impairment as a mediator, while age, income, education, gender, and living arrangement function as exogenous variables. Overall, results provide support for the hypothesized model. Findings suggest that accessible dimensions of the physical environment can contribute to psychological well-being by playing a compensatory or assistive role and meeting the individuals{\textquoteright} functional needs.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Healthcare, Methodology, Retirement Planning and Satisfaction},
	url = {https://opencommons.uconn.edu/dissertations/AAI3420196/},
	author = {Guzzardo, Mariana T.}
}
@mastersthesis {6061,
	title = {The demand for preventive activities among older adults and its association with Medicare expenditures},
	volume = {PhD},
	year = {2010},
	pages = {282},
	school = {University of Pennsylvania},
	type = {Dissertation},
	address = {Philadelphia, PA},
	abstract = {In recent years, certain health policy makers have emphasized the need for an increase in preventive services interventions as means to improve health outcomes and cut health care costs. Oftentimes, the debate around the purported benefits of prevention centers on the need to cut the costs of highly costly systems such as Medicare. However, little is known about the factors that might actually influence the demand for preventive services among older adults, neither do we know much about how the dynamic for the demand for prevention plays out among older adults within the context of a household. Moreover, there is little evidence to support the belief that all preventive activities necessarily translate in cost savings. This dissertation examines the theoretical and empirical factors that influence the demand for prevention at the individual and household level. It also analyzes the associations between a diverse set of preventive services and Medicare expenditures in older adults. Using a panel data set from the Health and Retirement study linked to Medicare claims data, I find evidence that while lifestyle prevention such as physical activity, non-smoking and normal weight status maintenance are negatively associated with Medicare expenditures at ages 65-69, clinical preventive activities such as flu shot, cholesterol screening, mammography, Pap smears test and prostate cancer screening have at best no effect on expenditures, at worst they are positively associated; yet these findings may be biased due to uncontrolled unobservables. Also, I find that education, risk aversion, and long term planning are significantly associated with a higher demand for all preventive services. Finally, I find large bargaining effects between household members whereby spouses initiate and terminate preventive activities together. This result leaves room for policy makers to take advantage of spillover effects in the design of interventions designed with the purpose of increasing the demand for prevention.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Medicare/Medicaid/Health Insurance},
	url = {https://repository.upenn.edu/edissertations/281/},
	author = {Puig de la Parra, Andrea}
}
@mastersthesis {6160,
	title = {Determinants and Implications of Mortality Risk at the End of the Life Cycle},
	volume = {Ph.D.},
	year = {2010},
	note = {ISBN:	9781124229829},
	month = {2010},
	school = {University of Washington},
	abstract = {The primary goal of this dissertation is to investigate the impacts of survival uncertainty on outcomes relevant to older Americans. While objective measures of life expectancy are useful in explaining economic outcomes, this dissertation also highlights the importance of subjective measures. In particular, results suggest survival beliefs provide otherwise unobservable information that better predict outcomes. Chapter one employs a Life Cycle model, showing that households smooth consumption and labor supply. Specifically, a longer expected lifetime is associated with the delay of consumption into the future and substitution of hours worked to the present. The second chapter develops a model for purchases of life insurance by older households and tests for the presence of marital bargaining power. Results indicate that increasing the relative bargaining power of the husband reduces the size of the insurance policy taken against the husband{\textquoteright}s life, and increases insurance taken on his wife{\textquoteright}s life. In other words, the household reallocates resources to states of nature that the husband places greater weight, and purchases insurance to guarantee adequate resources for funding optimal consumption in the event of the wife{\textquoteright}s death. Furthermore, results show systematic differences in the effect of survival uncertainty on life insurance purchases. In particular, life insurance purchases are decreasing with objective survival probabilities, but are increasing with subjective measures, suggesting the presence of asymmetric information. The secondary goal of this dissertation is to extend the literature examining the determinants of adult mortality. The third chapter examines the impacts of family characteristics such as parental and sibling on adult mortality at the objective level using survey data from the Health and Retirement Study. Using a competing risk model that controls for correlation between individual death and survey non-response, I find evidence that individuals with longer lived parents exhibit lower mortality risk. Increases in parental age not only affect mortality through increasing the predisposition to survive, but also through positive information from knowledge of extended parental survival and positive social relationships formed. Also, I find individuals with higher vitality and a higher opportunity cost to completing the survey are less likely to respond in future survey waves.},
	keywords = {Consumption and Savings, Employment and Labor Force, End of life decisions, Health Conditions and Status, Time Use, Women and Minorities},
	author = {Edwin S. Wong}
}
@article {7480,
	title = {Do wives work hours hurt husbands health? Reassessing the care work deficit thesis},
	journal = {Social Science Research},
	volume = {39},
	year = {2010},
	pages = {801-813},
	publisher = {39},
	abstract = {Life expectancy is an important factor that individuals have to take into account for saving and consumption choices. The life-cycle model of consumption and saving behaviour predicts that consumption growth should decrease with higher mortality rates. The aim of this study is to test this hypothesis based on data about subjective longevity expectations from the Health and Retirement Study merged with detailed consumption data from two waves of the Consumption and Activities Mail Survey. This study finds that an increase in subjective mortality by 1  corresponds to an annual decrease in consumption of non-durable goods of around 1.8 .},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status},
	doi = {https://doi.org/10.1016/j.ssresearch.2010.04.008},
	author = {Kristen W Springer}
}
@article {7471,
	title = {Does consumption buy happiness? Evidence from the United States},
	journal = {International Review of Economics},
	volume = {57},
	year = {2010},
	pages = {163-176},
	publisher = {57},
	abstract = {We examine the association between various components of consumption expenditure and happiness in the Health and Retirement Study (HRS), a nationally representative sample of older Americans. We find that only one component of consumption is positively related to happiness--leisure consumption. In contrast, consumption of durables, charity, personal care, food, health care, vehicles, and housing are not significantly associated with happiness. Second, we find that leisure consumption is associated with higher levels of happiness partially through its effect on social connectedness, as indexed by measures of loneliness and embeddedness in social networks. On one hand, these results counter the conventional wisdom that  material goods can{\textquoteright}t buy happiness.  One the other hand, they underscore the importance of social goods and social connectedness in the production of happiness.},
	keywords = {Consumption and Savings, Demographics, Retirement Planning and Satisfaction},
	doi = {https://doi.org/10.1007/s12232-010-0093-6},
	author = {Thomas DeLeire and Ariel Kalil}
}
@article {5797,
	title = {Does Stock Market Performance Influence Retirement Expectations?},
	number = {16211},
	year = {2010},
	note = {Using Smart Source Parsing National Bureau of Economic Research, Inc},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {While media reports predicted substantial changes in labor supply behavior due to the sharp decline in the value of the stock market in October 2008, empirical evidence on the relationship between equity markets and retirement is mixed. We use panel data from the Health and Retirement Study to investigate the relationship between stock market performance and plans for retirement during 1998-2008, a period that includes the recent financial crisis, by exploiting within-year variation in the SandP 500 index across plausibly exogenous dates of interview. While we do detect a statistically significant negative relationship between the reported probability of working full-time at age 62 and the SandP 500 index in the most recent years of our study period, we do not find strong evidence that changes in equity markets influence changes in retirement plans over the period as a whole. We conclude that the higher probabilities of working reported in recent years were likely due to factors other than stock market performance, such as pessimism about economic security more generally.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Retirement Planning and Satisfaction, Women and Minorities},
	doi = {10.3386/w16211},
	author = {Gopi Shah Goda and John B. Shoven and Sita Nataraj Slavov}
}
@article {5796,
	title = {Dynamic Inefficiencies in an Employment-Based Health Insurance System: Theory and Evidence},
	year = {2010},
	note = {Duke University, Department of Economics, Working Papers: 10-01},
	institution = {Duke University},
	abstract = {We investigate the effects of the institutional settings of the U.S. health care system on individuals{\textquoteright} life-cycle medical expenditures. We argue that health is a form of human capital that affects labor productivity, and that the employment-based health insurance system may lead to inefficient investment in individuals{\textquoteright} health care. The reason is that labor turnover and frictions in the labor market prevent an employer-employee pair from capturing the entire surplus from investment in an employee{\textquoteright}s health. Thus, the pair underinvests in health capital, and this underinvestment increases medical expenditures during retirement. We provide extensive empirical evidence consistent with the comparative statics predictions of our model using two datasets, the Medical Expenditure Panel Survey (MEPS) and the Health and Retirement Study (HRS). The magnitude of our estimates suggests a significant degree of inefficiency in health investment in the U.S.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Healthcare, Other},
	author = {Fang, Hanming and Alessandro Gavazza}
}
@article {7505,
	title = {Employment Patterns and Determinants Among Older Individuals with a History of Short-Duration Jobs},
	volume = {440},
	number = {WP-440},
	year = {2010},
	note = {Using Smart Source Parsing pp U.S. Bureau of Labor Statistics, Working Papers: 440},
	institution = {U.S. Bureau of Labor Statistics},
	address = {Washington, D.C.},
	abstract = {Many studies of labor force withdrawal patterns have focused on individuals who have had career jobs. This paper compares the demographic and economic characteristics of individuals who have never had a full-time career (FTC) job with those who have, and compares the timing and types of job switches that both groups make later in life. The comparison between non-FTC and FTC individuals is important because decisions by policymakers based on the existing retirement literature may have unintended consequences for individuals with only a series of short-duration jobs. We use a sample of respondents from the Health and Retirement Study (HRS) who have worked since age 50, and stratify respondents according to whether an individual has ever had a job that consists of 1,600 or more hours per year and lasts for at least ten years (i.e., a full-time career job). We find that individuals without FTC jobs are a heterogeneous group, representing individuals in many wage and occupational categories. Not surprisingly, we also find that individuals without FTC jobs are less likely than those with FTC jobs to be working in subsequent survey years. However, we find that the labor force withdrawal patterns of non-FTC individuals are similar to those of FTC individuals in many respects. In particular, individuals without FTC jobs change jobs later in life just as frequently as those with FTC jobs. Switching rates between wage-and-salary employment to self-employment and between white-collar and blue-collar jobs are largely similar by FTC status, as are reductions in wages later in life. Overall, the findings reveal that the work decisions later in life of individuals who have never had career employment are diverse, just as they are for individuals with career jobs.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security, Women and Minorities},
	url = {https://www.bls.gov/osmr/research-papers/2010/ec100080.htm},
	author = {Kevin E. Cahill and Michael D. Giandrea and Joseph F. Quinn}
}
@article {5816,
	title = {Financial Literacy and Mortgage Equity Withdrawals},
	year = {2010},
	abstract = {The recent U.S. consumption boom has been linked to mortgage equity withdrawals (MEW s). MEW s are correlated with covariates consistent with a permanent income framework augmented for credit-constraints. Nevertheless, many households are financially illiterate. We assess the unexplored linkages between MEWs and different measures of financial literacy using panel data from the Health and Retirement Study (HRS). Findings indicate that declines in mortgage interest rates encouraged MEWs. Nevertheless, financially illiterate households were significantly more likely to withdraw housing equity. Also significant were state differences in debtor versus creditor interests in bankruptcy, with loan demand effects outweighing loan supply effects across states.},
	keywords = {Consumption and Savings, Other, Public Policy},
	url = {http://www.kansascityfed.org/publicat/events/research/2011DayAhead/DucaKumar.pdf},
	author = {John V. Duca and Kumar, Anil}
}
@article {7429,
	title = {Gender Differences in Wealth at Retirement},
	journal = {The American Economic Review},
	volume = {100},
	year = {2010},
	pages = {362-367},
	publisher = {100},
	abstract = {Recent economic trends, like the growing prevalence of defined contribution retirement plans, have made individuals increasingly responsible for their own financial security. Financial security greatly depends on the ability to accumulate adequate wealth (Edward Wolff 1998). Wealth can be a significant source of retirement income for individuals less and less able to rely on Social Security and employerprovided defined benefit pension plans. One concern in the current economic climate is the persistent gap in wealth between men and women. Several papers for example Lucie Schmidt and Purvi Sevak (2006) have found that the gap is significant even after controlling for individual characteristics. This paper contributes to the literature by studying the role of risk preferences in addition to other characteristics. Specifically, it addresses the following research question: controlling for other factors, do gender differences in risk preferences contribute to the gender wealth gap at retirement? The underlying premise is that women are more risk averse than men, which is supported by previous research (for example, Robert B. Barsky et al. 1997). A simple theoretical model of household decision-making illustrates that retirement wealth is a function of income earned over the lifetime and risk aversion. The model is empirically tested using data from the Health and Retirement Study (HRS).1 Results show that the gender gap in wealth persists even when risk preferences are added to the set of controls. Thus the unexplained gap remains a cause for concern.},
	keywords = {Consumption and Savings, Demographics, Retirement Planning and Satisfaction, Risk Taking},
	doi = {10.1257/aer.100.2.362},
	author = {Neelakantan, Urvi and Chang, Yunhee}
}
@article {5807,
	title = {Health and Wealth in a Life-Cycle Model},
	year = {2010},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {This paper presents a preliminary model of health investments over the life cycle. Health affects both longevity and provides flow utility. We analyze the interplay between consumption choices and investments in health by solving each household s dynamic optimization problem to obtain predictions on health investments and consumption choices over the lifecycle. Our preliminary model does a good job of matching the distribution of medical expenses across households in the sample. We illustrate the scope of future model applications by examining the effects of a stylized Medicare program on patterns of wealth and mortality.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Health Conditions and Status, Healthcare, Medicare/Medicaid/Health Insurance, Net Worth and Assets},
	url = {https://mrdrc.isr.umich.edu/pubs/health-and-wealth-in-a-life-cycle-model/},
	author = {John Karl Scholz and Ananth Seshadri}
}
@article {7431,
	title = {Housing Dissatisfaction and Cognitive Decline in Older Adults},
	journal = {Journal of Housing for the Elderly},
	volume = {24},
	year = {2010},
	pages = {93-106},
	publisher = {24},
	abstract = {Analysis of a nationally representative, longitudinal survey of community-dwelling Americans over age 50 indicated that rating the physical condition of one s dwelling unit as  poor  predicted significantly more rapid cognitive decline in subsequent years.  This relationship persisted after controlling for a variety of factors such as wealth, income, education, health, family status, neighborhood safety, depression, and initial cognitive ability.  Dissatisfaction with the physical conditions of one s housing may have a direct effect on the rate of cognitive decline in older adults.  Addressing housing inadequacy for older adults may thus produce a wider range of societal benefits than previously realized.},
	keywords = {Consumption and Savings, Health Conditions and Status, Housing},
	author = {Russell N. James III and Sweaney, Anne L.}
}
@inbook {5231,
	title = {Housing Price Volatility and Downsizing in Later Life},
	booktitle = {Research Findings in the Economics of Aging},
	year = {2010},
	pages = {337-379},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	chapter = {12},
	address = {Chicago},
	abstract = {In this paper, we modeled several types of housing transitions of the elderly in two countries -- Britain and the United States. One important form of these transitions involves downsizing of housing consumption, the importance of which among older households is still debated. This downsizing takes multiple forms, including reductions in the number of rooms per dwelling and the value of the home. There is also evidence that this downsizing is greater when house price volatility is greater and that American households try to escape housing price volatility by moving to places that are experience significantly less housing price volatility. Our comparative evidence in suggests that there is less evidence of downsizing in Britain. Our results indicate that housing consumption appears to decline with age in the US, even after controlling for the other demographic and work transitions associated with age that would normally produce such a decline. No such fall in housing consumption is found in Britain, largely because British households are much more likely to stay in their original residence.},
	keywords = {Consumption and Savings, Cross-National, Demographics, Housing, Retirement Planning and Satisfaction},
	author = {James Banks and Richard Blundell and Oldfield, Zo{\"e} and James P Smith},
	editor = {David A Wise}
}
@article {5810,
	title = {Individuals{\textquoteright} Uncertainty about Future Social Security Benefits and Portfolio Choice},
	year = {2010},
	note = {RAND Corporation Publications Department Working Paper},
	institution = {Santa Monica, RAND Corporation Publications Department Working Papers},
	abstract = {Little is known about the degree to which individuals are uncertain about their future Social Security benefits, how this varies within the U.S. population, and whether this uncertainty influences financial decisions related to retirement planning. To illuminate these issues, the authors present empirical evidence from the Health and Retirement Study Internet Survey and document systematic variation in respondents{\textquoteright} uncertainty about their future Social Security benefits by individual characteristics. They find that respondents with higher levels of uncertainty about future benefits hold a smaller share of their wealth in stocks.},
	keywords = {Consumption and Savings, End of life decisions, Expectations, Income, Methodology, Net Worth and Assets},
	url = {http://www.rand.org/pubs/working_papers/2010/RAND_WR782.pdf},
	author = {Delavande, Adeline and Susann Rohwedder}
}
@article {5783,
	title = {The Influence of Retiree Health Benefits on Retirement Patterns},
	number = {No. 10-163},
	year = {2010},
	institution = {W. E. Upjohn Institute for Employment Research },
	address = {Kalamazoo, MI},
	abstract = {We estimate the effect of employer offers of retiree health benefits (RHBs) on the timing of retirement using a sample of Health and Retirement Study (HRS) men observed over a period of up to 12 years.  We hypothesize that the effect of RHBs differs for workers of different ages--a hypothesis we can test now that the main HRS cohort has aged sufficiently. We apply three wellknown panel data estimators and find that, for men in their 50s, RHBs have little or no effect on retirement decisions; however, a substantial effect emerges for men in their early 60s. We use simulations to illustrate how RHBs alter retirement patterns.},
	keywords = {Consumption and Savings, Insurance, Public Policy, Retirement Planning and Satisfaction},
	url = {https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.665.2810\&rep=rep1\&type=pdf},
	author = {James Marton and Stephen A. Woodbury}
}
@article {7507,
	title = {The Influences on Bridge Employment Decisions},
	journal = {International Journal of Manpower},
	volume = {31},
	year = {2010},
	pages = {322-336},
	publisher = {31},
	abstract = {Population aging, and changes in labor force participation among older adults, will have tremendous impacts on the aging workforce. Thus it is imperative that the factors that influence whether older workers will continue in their career employment, engage in bridge employment, or fully retire, should be understood better. This paper aims to focus on these issues. In the present study longitudinal data for 2,869 older workers from the Health and Retirement Study (HRS) data set in the USA were used to examine the influence of demographic (e.g., income), nonwork related factors (e.g., marital satisfaction), and work related factors (e.g., job involvement) on late-life employment decisions over a ten year period from 1992 to 2002. The results indicate a wide variety of factors impact employment decisions later in life. Specifically, it was found that work related factors of job involvement and schedule flexibility, as well as the nonwork related factors of certainty of retirement plans, attitudes toward retirement, and job seeking self-efficacy all distinguished the various employment statuses (e.g., completely retired, partly retirement, and not retired at all) of older workers over a ten year period.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Other, Retirement Planning and Satisfaction, Time Use, Women and Minorities},
	doi = {https://doi.org/10.1108/01437721011050602},
	author = {Pengcharoen, Chanjira and Kenneth S. Shultz}
}
@mastersthesis {6415,
	title = {A life-cycle analysis of retirement savings and portfolio choices: Optimal asset allocation and location with taxable and tax-deferred investment},
	volume = {Ph.D.},
	year = {2010},
	school = {State University of New York at Stony Brook},
	address = {Stony Brook, NY},
	abstract = {In this study, I analyze theoretically and empirically the optimal saving and investment decisions of the households in Defined Contribution (DC) pension accounts, and show that the pension characteristics play important roles in explaining the households{\textquoteright} behavior. The first essay attempts to explain the observed asset allocation and location decisions for households making taxable and tax-deferred investment. I incorporate employer matching policies and other pension account characteristics into a life-cycle model of optimal intertemporal consumption and portfolio choice, which includes a taxable saving account and a tax-deferred retirement saving account. The model is estimated using data from the Surveys of Consumer Finances (1992 to 2007), and the structural parameters are recovered by the Method of Simulated Moments. After modeling the features of U.S. pension system, the predicted policy rules are able to explain the observed portfolio patterns of American households, who are more likely to hold equities in the tax-deferred pension account. The estimates and results show that employer matching policy induces higher proportion of total wealth held in the pension account, so investors tend to reduce equity holdings in the taxable account for precautionary saving purpose and boost equity investments in the tax-deferred account to maintain an optimal portfolio mix. I find that a 10 percentage point increase in the estimated employer matching rate makes investors reduce the average equity proportion in the taxable account by 22 percentage point and boost those holdings in the pension account by 10 percentage point. In contrast, since the employer stock match exposes the households to a riskier situation in the pension account than the cash match, it causes households voluntarily to hold less equity in that account, resulting in an average decrease of 4 percentage point in the equity ownership and 3 percentage point in the conditional equity proportion. Moreover, the policy experiment reveals that a deletion of Social Security taxes and payments makes the pension account the only source of retirement income, so households tend to put a higher proportion of savings in the tax-deferred account, and they are likely to invest conservatively and hold about 25 percent more of pension wealth in relatively safe assets. The second essay is about company stock investment in 401(k) plans. Previous studies on the determinants of company stock holdings focus on the past stock market performance of company stock, but ignore the characteristics of the retirement plans and individuals. In this study, using the data from Survey of Consumer Finances (SCF), I provide an empirical analysis of the factors that affect company stock holdings in 401(k) plans, by analyzing a broad list of company features, individual characteristics, and financial wealth information. My preferred estimates suggest that, different from general stocks which are sensitive to risk preference and total wealth, the decision of whether to hold company stock is more likely to be affected by the employer{\textquoteright}s characteristics and the availability of other investment opportunities. Individuals who work in larger companies and receive more employer matches in the retirement account are more likely to hold company stock in the retirement account, and they are less likely to hold company stocks when the wealth outside the pension account is large and they have other retirement accounts. In addition, I find that the company stock share in 401(k) account is decreasing with pension wealth and total net wealth, which indicates that less wealthy individuals are those who are more exposed to company stock risk. The third essay analyzes the impact of investment choice on savings in defined contribution pensions. The striking growth defined contribution (DC) pensions have vastly expanded the number of individuals with some discretion regarding their retirement savings. One of the factors that may affect saving decisions is investment choice: namely the ability of the participant to direct the investment of the assets in the pension account. In most studies, people who report that they have control over assets allocation in pension plans do not distinguish the assets between the participant contribution and the employer contribution, but it is common for the employer{\textquoteright}s contribution to be constrained-often to company stock. In this study, I use the Health and Retirement Study (HRS) to estimate the impacts of unconstrained and constrained investment choices on participant saving levels in DC Pensions. The estimates and results indicate that participants with investment choice contribute over 3 percentage points more of their earnings into the defined contribution plan than people without choice, and people constrained in their investment contribute about 3 percentage points less in their retirement saving account. In addition, I find that male and lower income participants tend to contribute more in a self-directed saving account.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	url = {https://crr.bc.edu/about-us/grants/a-life-cycle-analysis-of-retirement-savings-and-portfolio-choices-optimal-asset-allocation-and-location-with-taxable-and-tax-deferred-investment/},
	author = {Li, Zhe}
}
@article {7448,
	title = {Measuring How Risk Tradeoffs Adjust with Income},
	journal = {Journal of Risk and Uncertainty},
	volume = {40},
	year = {2010},
	note = {Journal Article},
	pages = {33-55},
	publisher = {40},
	abstract = {Efforts to reconcile inconsistencies between theory and estimates of the income elasticity of the value of a statistical life (IEVSL) overlook important restrictions implied by a more complete description of the individual choice problem. We develop a more general model of the IEVSL that reconciles some of the observed discrepancies. Our framework describes how exogenous income shocks, such as unexpected medical expenditures, may affect labor supply decisions which in turn influence both the coefficient of relative risk aversion and the IEVSL. The presence of a consumption commitment, such as a home mortgage, also alters this labor supply adjustment. We use data from the Health and Retirement Study to explore the responsiveness of labor force exit decisions to spousal health shocks and the role of a home mortgage as a constraint on this response.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Other, Retirement Planning and Satisfaction, Risk Taking, Time Use},
	doi = {10.1007/s11166-009-9085-x},
	url = {URL:http://www.springerlink.com/link.asp?id=100299  Publisher{\textquoteright}sURL},
	author = {Mary F. Evans}
}
@article {5790,
	title = {The Role of Re-entry in the Retirement Process},
	number = {439},
	year = {2010},
	institution = {U.S. Bureau of Labor Statistics},
	address = {Washington, D.C.},
	abstract = {To what extent do older Americans re-enter the labor force after an initial exit and what drives these  unretirement  decisions? Retirement for most older Americans with full-time career jobs is not a one-time, permanent event. Labor force exit is more likely to be a process. Prior studies have found that between one half and two thirds of career workers take at least one other job before exiting from the labor force completely. The transitional nature of retirement may be even more pronounced when considering the impact of re-entry. This paper examines the extent to which older Americans with career jobs re-entered the labor force. The analysis is based on data from the Health and Retirement Study (HRS), an ongoing, longitudinal survey of older Americans that began in 1992. We examined the retirement patterns of a subset of 5,617 HRS respondents who were on a full-time career job at the time of the first interview. Logistic regression was used to explore determinants of re-entry among those who initially exited the labor force. We found that approximately 15 percent of older Americans with career jobs returned to the labor force after initially exiting. Respondents were more likely to re-enter if they were younger, were in better health, or had a defined-contribution pension plan. This research provides empirical evidence of how older Americans are utilizing bridge jobs as they transition from career employment, and that re-entry may be an important part of the work experience of older Americans.},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security, Women and Minorities},
	url = {https://www.bls.gov/osmr/research-papers/2010/pdf/ec100070.pdf},
	author = {Michael D. Giandrea and Kevin E. Cahill and Joseph F. Quinn}
}
@inbook {5247,
	title = {Spending Patterns in the Older Population},
	booktitle = {Aging Consumer: Perspectives from Psychology and Economics},
	series = {Marketing and Consumer Psychology Series},
	year = {2010},
	pages = {25-49},
	publisher = {Routledge},
	organization = {Routledge},
	chapter = {2},
	address = {New York},
	abstract = {This chapter deals with the concrete differences in consumption behavior across a person{\textquoteright}s life span. Although there is a prevasive belief that households reduce consumption at retirement, the interpretation that consumers adjust their spending after discovering they have fewer economic resources than they had anticipated prior to retirement is not wholly consistent with empirial evidence. The spending habits of older adults are determined by a variety of factors like age, marital status, and economic resources. Specifically, as the population ages, it will tend to spend less on transportation services, vacations, and food; and more on health care and charitable giving.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Retirement Planning and Satisfaction},
	isbn = {978-1-84872-810-3},
	author = {Michael D Hurd and Susann Rohwedder},
	editor = {Drolet, A. and Schwarz, Norbert and Yoon, Carolyn}
}
@article {7508,
	title = {Subjective Mortality Expectations and Consumption and Saving Behaviours among the Elderly},
	journal = {Canadian Journal of Economics},
	volume = {43},
	year = {2010},
	note = {Using Smart Source Parsing August pp},
	pages = {1040-1057},
	publisher = {43},
	abstract = {Life expectancy is an important factor that individuals have to take into account for saving and consumption choices. The life-cycle model of consumption and saving behaviour predicts that consumption growth should decrease with higher mortality rates. The aim of this study is to test this hypothesis based on data about subjective longevity expectations from the Health and Retirement Study merged with detailed consumption data from two waves of the Consumption and Activities Mail Survey. This study finds that an increase in subjective mortality by 1  corresponds to an annual decrease in consumption of non-durable goods of around 1.8 .},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Health Conditions and Status, Women and Minorities},
	url = {https://www.jstor.org/stable/40800727},
	author = {Salm, Martin}
}
@article {7504,
	title = {Using the Health and Retirement Study to Analyze Housing Decisions, Housing Values, and Housing Prices},
	journal = {Cityscape: A Journal of Policy Development and Research},
	volume = {12},
	year = {2010},
	note = {Using Smart Source Parsing pp},
	pages = {149-58},
	publisher = {12},
	abstract = {Few existing surveys provide detailed longitudinal information on households and their homes. This article introduces a data source, the Health and Retirement Study (HRS), which has this detailed information but has received little attention by housing researchers to date. The HRS is a rich longitudinal data set that provides information on house values, house prices, and detailed personal characteristics of those who own and sell their homes. The HRS is a nationally representative longitudinal survey that originally sampled 7,700 households headed by an individual aged 51 to 61 in the first interviews in 1992 and 1993. It now also samples additional cohorts of older Americans. Although the HRS is the data set of choice when analyzing the retirement behavior, savings, and health status of older Americans, given its wealth of demographic, health, and socioeconomic data, it has been rarely used to answer questions regarding the housing market. A seldom used section of the questionnaire provides detailed information about real estate transactions by households, however, enabling researchers to repeatedly observe both self-reported house values and the actual selling prices of properties sold since 1992 (originally bought in the past five decades). The article describes a number of important housing-related measures available in the HRS and illustrates the usefulness of these data by conducting a statistical analysis of the accuracy of self-reported home values. Specifically, we analyze the predictive power of self-reported housing wealth when estimating housing prices using the HRS data. The evidence shows a slight overestimation of housing values by older Americans.},
	keywords = {Consumption and Savings, Demographics, Housing, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Hugo Ben{\'\i}tez-Silva and Sel{\c c}uk Eren and Frank Heiland and Jimenez-Martin, Sergi}
}
@article {7449,
	title = {What the Stock Market Decline Means for the Financial Security and Retirement Choices of the Near-Retirement Population},
	journal = {Journal of Economic Perspectives},
	volume = {24},
	year = {2010},
	note = {Journal Article},
	pages = {161-82},
	publisher = {24},
	abstract = {This paper investigates the effect of the current recession on the retirement age population. Data from the Health and Retirement Study suggest that those approaching retirement age (early boomers ages 53 to 58 in 2006) have only 15.2 percent of their wealth in stocks, held directly or in defined contribution plans or IRAs. Their vulnerability to a stock market decline is limited by the high value of their Social Security wealth, which represents over a quarter of the total household wealth of the early boomers. In addition, their defined contribution plans remain immature, so their defined benefit plans represent sixty five percent of their pension wealth. Simulations with a structural retirement model suggest the stock market decline will lead the early boomers to postpone their retirement by only 1.5 months on average. Health and Retirement Study data also show that those approaching retirement are not likely to be greatly or immediately affected by the decline in housing prices. We end with a discussion of important difficulties facing those who would use labor market policies to increase the employment of older workers.},
	keywords = {Consumption and Savings, Employment and Labor Force, Event History/Life Cycle, Net Worth and Assets, Other, Retirement Planning and Satisfaction},
	doi = {10.1257/jep.24.1.161},
	url = {URL:http://www.aeaweb.org/jep/  Publisher{\textquoteright}s URL},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {7472,
	title = {Why Do the Elderly Save? The Role of Medical Expenses},
	journal = {The Journal of Political Economy},
	volume = {118},
	year = {2010},
	pages = {39},
	publisher = {118},
	abstract = {This paper constructs a model of saving for retired single people that includes heterogeneity in medical expenses and life expectancies, and bequest motives. We estimate the model using Assets and Health Dynamics of the Oldest Old data and the method of simulated moments. Out-of-pocket medical expenses rise quickly with age and permanent income. The risk of living long and requiring expensive medical care is a key driver of saving for many higher-income elderly. Social insurance programs such as Medicaid rationalize the low asset holdings of the poorest but also benefit the rich by insuring them against high medical expenses at the ends of their lives.},
	keywords = {Consumption and Savings, Expectations, Healthcare, Other, Retirement Planning and Satisfaction},
	url = {http://proquest.umi.com.proxy.lib.umich.edu/pqdweb?did=2021386431andFmt=7andclientId=17822andRQT=309andVName=PQD},
	author = {Mariacristina De Nardi and Eric French and John Bailey Jones}
}
@article {5738,
	title = {Actual and Anticipated Inheritance Receipts},
	number = {WP$\#$2009-32},
	year = {2009},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {Using data from the Health and Retirement Study, we compare actual inheritances received during the period 1994 to 2004 with the amounts that, in 1994, households anticipated receiving within 10 years. We find little evidence of systematic forecasting errors. The factors affecting inheritance receipt also affect expectation formation. Although the distribution is highly skewed, inheritances are generally modest in amount and uncorrelated with lifetime income, and therefore have almost no effect on various measures of inequality. We find no evidence that households anticipating receipt of an inheritance save less than that of similar households, although this could reflect unobserved heterogeneity in tastes for saving.},
	keywords = {Adult children, Consumption and Savings, Net Worth and Assets},
	url = {https://crr.bc.edu/working-papers/actual-and-anticipated-inheritance-receipts/},
	author = {Norma B Coe and Anthony Webb}
}
@article {5768,
	title = {Are all Americans saving {\textquoteright}optimally{\textquoteright} for retirement?},
	number = {No. 2008-189},
	year = {2009},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Many people fear that Americans are preparing poorly for retirement. But developing rigorous evidence on this issue is difficult. In this paper we briefly discuss evidence on the adequacy of retirement wealth accumulation. We conclude that existing descriptive evidence does not seem consistent with dire assessments of poor financial preparation. We then extend the straightforward, but computationally complex dynamic programming approach used in our earlier work to assess the adequacy of retirement wealth preparation of Americans born before 1954. We find only 4 percent of HRS households have net worth below their optimal targets in 2004, though this percentage is somewhat higher for more recent HRS cohorts. While our work is preliminary, we find little evidence that Americans born before 1954 have prepared poorly for retirement.},
	keywords = {Consumption and Savings, Restricted data, Retirement Planning and Satisfaction},
	doi = {10.2139/ssrn.1337653},
	author = {William G. Gale and John Karl Scholz and Ananth Seshadri}
}
@article {5778,
	title = {Buffering Shocks to Well-Being Late in Life},
	year = {2009},
	institution = {University of Michigan},
	abstract = {Consumption provides a comprehensive measurement of economic well-being. This research shows that consumption is well-insured with respect to health status and widowing. Using data from the Health and Retirement Study (HRS) and its CAMS supplement, it shows that consumption responds little to changes in health status even though adverse health generates substantial out-of-pocket medical expenses. Similarly, the effect of widowing on consumption, though substantial, is not strongly driven by changes in economic resources. Men experience little loss of monetary resources when being widowed. Women have the same overall loss in consumption as men when being widowed despite greater declines in economic resources. Hence, despite the adverse consequences for income and wealth for female widows, women experience no greater drop in consumption from losing a spouse than do men.},
	keywords = {Consumption and Savings, Net Worth and Assets, Women and Minorities},
	author = {Matthew D. Shapiro}
}
@article {5777,
	title = {Consumption Response to Expected Future Income},
	number = {971},
	year = {2009},
	institution = {Board of Governors of the Federal Reserve System},
	address = {Washington, D.C.},
	abstract = {This paper shows empirical evidence in favor of forward-looking household consumption that consumption today depends directly on household-specific ex-ante expectations of future income. This analysis is unique in using a direct consumption measure combined with an exante household-specific measure of expected future income, constructed from detailed survey and administrative data on Social Security, pensions, and retirement plans. Households with high expected future income spend more today than households that have lower future income but identical current income and net worth. Omitting household-specific future income can cause mis-estimation of key consumption questions. Furthermore, when all three resources for consumption (current income, net worth, and future income) are accounted for, the average propensity to spend out of current income is similar to predictions of optimal consumption under uncertainty in a dynamic stochastic model, although the propensities to spend out of accumulated net worth and expected future income are notably lower in the data than the optimal model. Finally, these data also provide evidence on the effect of risk on consumption while controlling for all three resources. Households with high measured risk aversion consume less out of future income. All households, on average, consume more out of the more predictable sources of future income, such as future Social Security benefits.},
	keywords = {Consumption and Savings, Methodology},
	url = {http://www.federalreserve.gov/Pubs/ifdp/2009/971/IFDP971.pdf},
	author = {Pounder, Laurie}
}
@article {7327,
	title = {The Elasticity of Intertemporal Substitution: New Evidence from 401(k) Participation},
	journal = {Economics Letters},
	volume = {103},
	year = {2009},
	pages = {15-17},
	publisher = {103},
	abstract = {A key parameter in economics is the elasticity of intertemporal substitution (EIS), which measures the extent to which consumers shift total expenditures across time in response to changes in the effective rate of return. In contrast to the previous literature, which primarily has relied on Euler equation methods and generated a wide range of estimates, we show how a life-cycle-consistent econometric specification of employee 401(k) participation along with plausibly exogenous variation in rates of return due to employer matching contributions can be used to generate new estimates of the EIS. Because firms often cap the generosity of the match, employer matching generates non-linearities in household budget sets. We draw on non-linear budget-set estimation methods rooted in the public economics literature, and using detailed administrative contribution, earnings, and pension-plan data for a sample of 401(k)-eligible households from the Health and Retirement Study, we estimate the EIS to be 0.74 in our richest specification, with a 95  confidence interval that ranges from 0.37 to 1.21.},
	keywords = {Consumption and Savings, Methodology, Pensions},
	doi = {https://doi.org/10.1016/j.econlet.2009.01.010},
	author = {Gary V. Engelhardt and Kumar, Anil}
}
@article {5743,
	title = {Evaluating Micro-Survey Estimates of Wealth and Saving},
	number = {WP$\#$2009-4},
	year = {2009},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {This paper presents an overview of changes in household wealth accumulation and saving using wealth data from three micro-level surveys: Survey of Consumer Finances (SCF), Panel Study of Income Dynamics (PSID), and Health and Retirement Study (HRS). We provide comparisons to the macroeconomic estimates of wealth accumulation and saving, explore problems in constructing household-level valuations of wealth, and assess the value of using household-level datasets to examine wealth accumulation and saving behavior in the United States. Our first analysis compares the macroeconomic estimates of wealth from the Flow of Funds to comparable measures from the SCF, PSID and HRS. The Flow of Funds and SCF valuations of net worth correspond closely up to 1998. Yet, after1998, the SCF reports a much more rapid acceleration of wealth, concentrated in equity-type assets. The estimates of wealth in the PSID and HRS are very similar to the SCF for the bottom 95 percent of the wealth distribution, diverging only for the top five percent of households. Second, we evaluate the extent of bias in the wealth estimates that may have developed in the longitudinal surveys due to attrition. We conclude that both surveys remain very representative of the underlying population as judged by a comparison with the lower 95 percent of households in the SCF. We also use the longitudinal data to estimate the relationship between wealth and mortality, and adjustment factors for differential mortality that can be used to adjust the age-wealth profile obtained from cross-sectional surveys, such as the SCF. The result is greater evidence of wealth decumulation at older ages. Finally, we use the panel nature of the PSID and HRS to construct household-level measures of wealth accumulation and partition those changes between the contribution of new saving and valuation changes. The overall changes in wealth match the macroeconomic data closely, showing a secular rise in wealth-income ratios. Although the measures of saving do demonstrate consistent differences in saving among major socio-economic groups, they do not reflect the general decline in saving rates that is apparent in the aggregate data for the past two decades.},
	keywords = {Adult children, Consumption and Savings, Net Worth and Assets},
	url = {https://crr.bc.edu/working-papers/evaluating-micro-survey-estimates-of-wealth-and-saving/},
	author = {Barry Bosworth and Smart, Rosanna}
}
@article {5751,
	title = {Financial Literacy and Financial Sophistication Among Older Americans},
	number = {15469},
	year = {2009},
	institution = { The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper analyzes new data on financial literacy and financial sophistication from the 2008 Health and Retirement Study. We show that financial literacy is lacking among older individuals and for the first time explore additional questions on financial sophistication which proves even scarcer. For this sample of older respondents over the age of 55, we find that people lack even a rudimentary understanding of stock and bond prices, risk diversification, portfolio choice, and investment fees. In view of the fact that individuals are increasingly required to take on responsibility for their own retirement security, this lack of knowledge has serious implications.},
	keywords = {Consumption and Savings, Net Worth and Assets, Retirement Planning and Satisfaction},
	doi = {10.3386/w15469},
	author = {Annamaria Lusardi and Olivia S. Mitchell and Vilsa Curto}
}
@article {5746,
	title = {Food Prices and the Dynamics of Body Weight},
	year = {2009},
	institution = {National Bureau of Economic Research, NBER Working Paper  15096},
	abstract = {A popular policy option for addressing the growth in weight has has been the imposition of a  fat tax  on selected foods that are deemed to promote obesity. Understanding the public economics of  fat taxes  requires an understanding of how or even whether individuals respond to changes in food prices over the long-term. We study the short- and long-run body weight consequences of changing food prices, in the Health and Retirement Study (HRS). We found very modest short-term effects of price per calorie on body weight, and the magnitudes align with the previous literature. The long-term effect is much bigger, but it takes a long time for the effect to reach the full scale. Within 30 years, a 10  permanent reduction in price per calorie would lead to a BMI increase of 1.5 units (or 3.6 ). The long term effect is an increase of 1.9 units of BMI (or 4.2 ). From a policy perspective, these results suggest that policies raising the price of calories will have little effect on weight in the short term, but might curb the rate of weight growth and achieve weight reduction over a very long period of time.},
	keywords = {Consumption and Savings, Health Conditions and Status, Public Policy},
	author = {Dana P Goldman and Darius Lakdawalla and Yuhui Zheng}
}
@mastersthesis {6205,
	title = {Health Events, Household Wealth and Debt Holdings: Evidence from the health and retirement study},
	year = {2009},
	month = {2009},
	school = {Purdue University},
	address = {United States, Indiana},
	abstract = {The dissertation is composed of three independent studies that examine the effects of health events on household wealth, debt holdings and health investment behavior. The first study investigates the role of the unsecured credit market as a potential mechanism for intertemporal transfers of income in times of financial hardship caused by health adversities. The ability to borrow through unsecured markets is especially important to households with low financial assets. Unfortunately, households with low financial assets have been previously characterized as particularly likely to face borrowing constraints. However, recent improvements in accessibility and generosity of credit markets can mitigate the borrowing constraints of these households. Results show that the onset of an adverse health condition is associated with an average of 9 percent increase of unsecured debt. This effect is not uniform across households. Families in the bottom quartile of financial assets borrow considerably more than households with above median financial assets. The second study builds on the theory of precautionary saving which predicts that uncertainty of future depresses consumption and increases the accumulation of wealth. This emergency wealth creates a safety net against income shocks or unexpected expenditures, such as catastrophic healthcare charges. The ownership of health insurance reduces the risk of unexpected healthcare costs. Therefore, the ownership of health insurance should reduce the strength of the precautionary saving motive. The goal of the second study is to investigate whether Medicare enrollment and household asset accumulation patterns are consistent with the theory of precautionary saving. Medicare eligibility is exogenously determined using age of the insured. Thus, Medicare enrollment does not correlate with other household characteristics that determine precautionary wealth accumulation and ownership of other types of health insurance. Findings show that non-retirement financial assets of households enrolled in Medicare are over 10 percent lower compared to households without Medicare. The third study examines returns to preventive healthcare expenditures and preventive behaviors. It is widely believed that by engaging in preventive behaviors and purchasing preventive medical services individuals reduce the probability of the future outbreak of an adverse health condition and in consequence lower future healthcare costs. Building on the assumption that the share of preventive expenditures in total out-of-pocket expenditures is higher for individuals who are in good health, the study concludes that past preventive healthcare expenditures reduce the rate of growth of future healthcare expenditures and produce favorable health outcomes.},
	keywords = {Adult children, Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	url = {https://www.researchgate.net/publication/40735984_Health_events_household_wealth_and_debt_holdings_Evidence_from_the_health_and_retirement_study},
	author = {Patryk D. Babiarz}
}
@article {7418,
	title = {Housing, Health, and Annuities},
	journal = {Journal of Risk and Insurance},
	volume = {76},
	year = {2009},
	pages = {31-52},
	publisher = {76},
	abstract = {Abstract Annuities, long-term care insurance (LTCI), and reverse mortgages appear to offer important consumption smoothing benefits to the elderly, yet private markets for these products are small. A prominent idea is to combine LTCI and annuities to alleviate both supply (selection) and demand (liquidity) problems in these markets. This article shows that if consumers typically liquidate home equity only in the event of illness or very old age, then LTCI and annuities become less attractive and may become substitutes rather than complements. The reason is that the marginal utility of wealth drops when an otherwise illiquid home is sold, an event correlated with the payouts of both annuities and LTCI. Simulations confirm that demand for LTCI and annuities is highly sensitive to the liquidity and magnitude of home equity.},
	keywords = {Consumption and Savings, Demographics, Healthcare, Net Worth and Assets, Other},
	doi = {10.1111/j.1539-6975.2009.01287.x},
	author = {Davidoff, Thomas}
}
@article {5767,
	title = {How Do Pensions Affect Household Wealth Accumulation?},
	year = {2009},
	abstract = {Empirical analysis of the effects of pensions on saving behavior is usually based on a highly stylized version of the life cycle model, with a fixed retirement age, a perfect capital market, no uncertainty, and no institutional constraints on pensions. The model predicts one-for-one crowd out of household wealth by pension wealth over the life cycle. Empirical estimates of crowd out are usually much closer to zero, and it is not well understood whether such estimates are accurate indications of the true magnitude of crowd out or whether the strong assumptions imposed in the analysis result in severe misspecification. In this paper, I specify a richer life cycle model in which several of the key restrictions of the simple model are relaxed. The effects of pensions on household wealth are analyzed by solving and simulating the model. The compensating variation associated with pensions is treated as a measure of crowd out. The simulated data are then used to  estimate regressions like those typically found in the literature. Preliminary results indicate that regression estimates of the effects of pensions on wealth accumulation estimated under the assumptions of the typical stylized life cycle model are quite misleading when those assumptions do not hold. Specifically, the extent of crowd out is substantially underestimated in the regression approach. This finding may help explain the common although not universal empirical finding of small crowd out.},
	keywords = {Consumption and Savings, Methodology, Pensions, Public Policy},
	url = {https://www.semanticscholar.org/paper/How-Do-Pensions-Affect-Household-Wealth-Blau/03d49b368eaf5902b759425b6c5554a3afaf36f8},
	author = {David M. Blau}
}
@article {7371,
	title = {Retirement Preparedness in Non-Married Women Near Retirement},
	journal = {Journal of Family and Consumer Sciences},
	volume = {101},
	year = {2009},
	pages = {53},
	publisher = {101},
	abstract = {Using data from the 2004 Health and Retirement Study (HRS), the authors examined the savings and retirement preparedness of non-married women between the ages of 51 and 64. Approximately 68  of the non-married women did not meet one of the criteria for retirement preparedness (i.e., having investment assets greater than 25  of their net worth). Multivariate regression analyses show that all else being equal, divorced women held significantly lower levels of net worth and were less likely to meet the criterion for being financially prepared for retirement than their widowed counterparts. The findings suggest that women with less income, less education, who were Black, and in poor health had lower levels of net worth and were less likely to meet the criterion for being prepared for retirement.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction, Women and Minorities},
	author = {Lee, Yoon G. and Rowley, Megan}
}
@article {5750,
	title = {What the Stock Market Decline Means for the Financial Security and Retirement Choices of the Near-Retirement Population},
	number = {15435},
	year = {2009},
	institution = {National Bureau of Economic Research },
	address = {Cambridge, MA},
	abstract = {This paper investigates the effect of the current recession on the near-retirement age population. Data from the Health and Retirement Study suggest that those approaching retirement age (early boomers ages 53 to 58 in 2006) have only 15.2 percent of their wealth in stocks, held directly or in defined contribution plans or IRAs. Their vulnerability to a stock market decline is limited by the high value of their Social Security wealth, which represents over a quarter of the total household wealth of the early boomers. In addition, their defined contribution plans remain immature, so their defined benefit plans represent sixty five percent of their pension wealth. Simulations with a structural retirement model suggest the stock market decline will lead the early boomers to postpone their retirement by only 1.5 months on average. Health and Retirement Study data also show that those approaching retirement are not likely to be greatly or immediately affected by the decline in housing prices. We end with a discussion of important difficulties facing those who would use labor market policies to increase the employment of older workers.},
	keywords = {Consumption and Savings, Net Worth and Assets, Social Security},
	doi = {10.3386/w15435},
	author = {Alan L Gustman and Thomas L. Steinmeier and N. Tabatabai}
}
@article {5710,
	title = {Adequacy of Economic Resources in Retirement and Returns-to-scale in Consumption},
	year = {2008},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {Most assessments of the adequacy of retirement resources are expressed as a comparison of preretirement income to immediate post-retirement income. Yet, among couples a substantial fraction of retirement years is eventually spent by the surviving spouse living alone. To the extent that singles need less than couples to maintain the same standard of living, assessments of the adequacy of economic resources that make no adjustment for widowing will systematically misstate economic preparation. We estimate returns-to-scale parameters in spending by older households, using data from the Consumption and Activities Mail Survey and apply these to assessments of adequacy of retirement resources.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	url = {http://www.mrrc.isr.umich.edu/publications/papers},
	author = {Michael D Hurd and Susann Rohwedder}
}
@mastersthesis {6301,
	title = {The Economic Wellbeing of the Elderly and Divorced},
	year = {2008},
	month = {2008},
	school = {Michigan State University},
	address = {United States},
	abstract = {Much attention in the popular press and scholarly journals has been devoted to the economic wellbeing of the elderly and the divorced, particularly as their proportion of the U.S. population continues to grow. Amid these rising concerns, my dissertation explores some of the major risks confronting these groups. In the first chapter, I examine the extent to which long-run earnings and life events can explain the observed variation in wealth at retirement. The second chapter focuses on the wealth effects of divorce and highlights considerable differences across gender. Finally, the third chapter combines information from several data sources to gain a better understanding of trends regarding the wellbeing of the elderly in America with an emphasis on divorced women. The first chapter is motivated by the volume of recent literature examining individual retirement savings behavior. An important paper by Venti and Wise (2001) investigates how much of the observed variation in retirement wealth is attributable to differences in household lifetime earnings and life events (specifically, marital status, children, inheritances, and health). Their analysis suggests that these factors have little effect, but their data suffer from several important shortcomings, namely the use of top-coded earnings data and one-time measures of life events. I reexamine the role of long-run earnings and life events using the Panel Study of Income Dynamics (PSID) and find strikingly different results. In contrast to the meager 5\% of variation Venti and Wise find is attributable to long-run earnings, my analysis with uncensored income data indicates that household long-run earnings explain over 25\% of the observed variation in retirement wealth. Additionally, I find that the percent of variation explained by life events is 22\% (compared to Venti and Wise{\textquoteright}s estimate of 4\%) when age-varying measures are employed. Overall, my findings suggest that the explanatory power of long-run earnings and life events is over five times greater than previous estimates imply. In the second chapter, the focus shifts to the wellbeing of divorcees. It is well documented that an individual{\textquoteright}s income decreases substantially following divorce and that the decline is much greater for women than for men; however, relatively little work has examined the wealth effects of divorce. Using the PSID, we find that the wealth effects of divorce are greater for women than men. When we construct a joint measure of income and wealth to represent total financial resources, we find that women{\textquoteright}s resources fall by 24\% after divorce compared to a decline of only 9\% for men. We also examine the effect of divorce laws on the change in financial resources. As expected, unilateral divorce and no-fault property laws have a more significant effect on wealth than income. Significant gender differentials are also present. Given the harmful economic effects of divorce established in the second chapter, the goal of chapter three is to examine closely the wellbeing of divorcees ages 65 and older. This paper uses the Health and Retirement Study (HRS) and March Current Population Survey (CPS) to examine income, poverty, wealth, and food security for women age 65 and older and identify several important trends. For example, the poverty gap between elderly divorced and married women increased from 2:1 to 4:1 over the past four decades. Although it is evident that divorced women are worse off, it is not clear why. It could be the case that these women would have been poor regardless, but it is also possible that there something about divorce that causes economic hardship. The panel structure of the PSID helps shed some light on the issue because the same women are observed while married and after divorce. Characteristics observable when the women were married and in their 40s are able to explain only 5\% of the married-divorced poverty gap, providing suggestive evidence that divorce causes an exogenous downward shift in economic wellbeing for these women. These findings imply that old age poverty alleviation policies should focus greater attention on the special circumstances of the divorced population, particularly divorced women.},
	keywords = {Adult children, Consumption and Savings, Health Conditions and Status},
	author = {Foster, Deborah}
}
@article {7279,
	title = {Money on the table: Some evidence on the role of liquidity constraints in 401(k) saving},
	journal = {Economics Letters},
	volume = {99},
	year = {2008},
	pages = {402-404},
	publisher = {99},
	abstract = {Using Health and Retirement Study data on contributions, earnings, and pension plans, we examine the role of liquidity constraints in explaining why employees fail to take full advantage of employer matching contributions in 401(k) plans, leaving  money on the table.},
	keywords = {Consumption and Savings, Other, Pensions},
	doi = {https://doi.org/10.1016/j.econlet.2007.09.005},
	author = {Gary V. Engelhardt and Kumar, Anil}
}
@article {7193,
	title = {Retirement and Consumption in a Life Cycle Model},
	journal = {Journal of Labor Economics},
	volume = {26},
	year = {2008},
	pages = {35-71},
	publisher = {26},
	abstract = {Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern. A richer version of the model is calibrated to data from the Health and Retirement Study (HRS). The median change in consumption expenditure at retirement generated by the model is zero, while the mean is negative, matching the HRS data. However, the magnitude of the drop in consumption among households that experience a decline is too small in the model compared to the data.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Retirement Planning and Satisfaction},
	url = {https://www.iza.org/publications/dp/2986/retirement-and-consumption-in-a-life-cycle-model},
	author = {David M. Blau}
}
@article {5716,
	title = {The Trajectory of Wealth in Retirement},
	number = {2008-7},
	year = {2008},
	institution = {Boston College, Center for Retirement Research},
	address = {Boston},
	abstract = {As the baby boomers begin to retire, a great deal remains unknown about the evolution of wealth toward the end of life. In this paper, we develop a new measure of household resources that converts total financial, nonfinancial, and annuitized assets into an expected annual amount of wealth per person. We use this measure, which we call  annualized comprehensive wealth  to investigate spend-down behavior among older households in the Health and Retirement Study. Our analysis indicates that, in (real) dollar terms, the median household{\textquoteright}s wealth declines more slowly than its remaining life expectancy, so that real annualized wealth actually tends to rise with age over retirement. Comparing the estimated age profiles for annualized wealth with profiles simulated from several different life cycle models, we find that a model that takes into account uncertain longevity, uncertain medical expenses, and (for higher-income retirees) intended bequests lines up best with the HRS data.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	url = {https://crr.bc.edu/working-papers/the-trajectory-of-wealth-in-retirement/},
	author = {Love, David A. and Palumbo, Michael and Paul A Smith}
}
@article {5732,
	title = {Wealth Change and Active Saving at Older Ages},
	year = {2008},
	institution = {RAND and Netspar},
	abstract = {According to the simple lifecycle model single persons are predicted to decumulate assets at advanced age, when mortality risk is high to reduce the risk of dying with substantial wealth. Empirically it has been difficult to show this prediction in micro data. In this paper we discuss the most common limitations in existing data. We provide empirical evidence of dissaving at older ages by single persons using the unusually rich data from the Health and Retirement Study. We present lifecycle patterns of dissaving based on three very different kinds of data: those that are derived from wealth change, those derived from measures of active saving defined as disposable income minus consumption and those that are derived from model simulation. Based on wealth change we find evidence of dissaving for singles and limited evidence for couples: couples preserve wealth longer to provide for the surviving spouse. However, rates of active saving imply much smaller wealth decumulation for singles and no decumulation at all for couples. Decumulation based on model simulation lies between the two. We suspect that the discrepancies are partly due to the treatment of taxes and partly due to  consumption being under measured.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {8460,
	title = {Dear Graduate, Please Keep The Change},
	journal = {New York Times},
	year = {2007},
	month = {June 2, 2007},
	edition = {Late Edition (East Coast)},
	chapter = {C.1},
	abstract = {There may be another compelling reason to save and that is that while many aspects of retirement savings are predictable, the big unknowable is health care costs. {\textquoteright}{\textquoteright}If you believe in the logic of the life cycle model, then once you get used to peanut butter, all else follows,{\textquoteright}{\textquoteright} said Jonathan Skinner, a economics professor at Dartmouth College who has studied retirement issues and recently wrote a paper titled {\textquoteright}{\textquoteright}Are You Sure You{\textquoteright}re Saving Enough for Retirement?{\textquoteright}{\textquoteright} for the National Bureau of Economic Research. {\textquoteright}{\textquoteright}That{\textquoteright}s the assumption that I am questioning: Do people want to be stuck in peanut butter in retirement?{\textquoteright}{\textquoteright} [Skinner is referencing projections of increased out-of-pocket medical expenses that are based on Health and Retirement Study data.]},
	keywords = {Consumption and Savings, Event History/Life Cycle, Retirement Planning and Satisfaction},
	author = {Darlin, Damon}
}
@article {7141,
	title = {Effect of Retirement on Eating Out and Weight Change: An Analysis of Gender Differences},
	journal = {Obesity},
	volume = {15},
	year = {2007},
	pages = {1053-60},
	publisher = {15},
	abstract = {OBJECTIVES: The objectives were to understand how the retirement decisions of older Americans influence household food consumption patterns by gender and, in turn, to examine the impact of the change in food consumption on weight.  RESEARCH METHODS AND PROCEDURES: This study used five waves of the Health and Retirement Study (1992 to 2002; n=28,117).  Participants were 50 to 71 years old during the study period. We used longitudinal regression analyses controlling for health events,  spousal factors, socioeconomic factors, and individual fixed effects over time.  RESULTS: Retirement of the individual and of his/her spouse reduced the individual{\textquoteright}s monthly spending on eating out by  10 and  7  on average, respectively, but did not change household spending on food at home. The wife{\textquoteright}s, but not the husband{\textquoteright}s, retirement decreased the spouse{\textquoteright}s spending on eating out by  13/mo. Spending on eating out was a significant but weak (0.003BMI/ ) predictor of weight gain.  DISCUSSION: The decrease in spending on eating out after retirement, particularly women{\textquoteright}s, suggests that people eat out less when they  have more time for food preparation at home. However, increases in other risks of weight gain with retirement, such as physical inactivity,  could counteract the effects of eating out less.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Retirement Planning and Satisfaction},
	author = {Chung, Sukyung and Barry M Popkin and Marisa E Domino and Sally C. Stearns}
}
@article {7118,
	title = {Employer Matching and 401(k) Saving: Evidence from the Health and Retirement Study},
	journal = {Journal of Public Economics},
	volume = {91},
	year = {2007},
	pages = {1920-43},
	publisher = {91},
	abstract = {Employer matching of employee 401(k) contributions can provide a powerful incentive to save for retirement. We examine the effect of matching on 401(k) saving accounting for non-linearities in the intertemporal budget set. We use detailed administrative contribution, earnings, and pension plan data from the Health and Retirement Study and estimate that the elasticity of contributions with respect to matching is 0.15-0.27 overall, with sixty percent of this effect on the participation margin and the remaining forty percent on the intensive margin. The estimated after-tax cross-price elasticity of 401(k) contributions with respect to IRA saving is -0.60, which suggests 401(k)s and IRAs are substitutes in tax-deferred saving. We find no evidence of endogenous worker sorting based on the discount rate to plans that offer matching.},
	keywords = {Consumption and Savings, Employment and Labor Force, Pensions},
	doi = {https://doi.org/10.1016/j.jpubeco.2007.02.009},
	author = {Gary V. Engelhardt and Kumar, Anil}
}
@article {7136,
	title = {How Are New Retirees Doing Financially in Retirement?},
	journal = {Employee Benefit Research Institute Issue Brief  302},
	volume = {Issue Brief 302},
	year = {2007},
	publisher = {Issue Brief 302},
	abstract = {Although there has been extensive analysis of the accumulation of retirement assets in the United States, limited research has been done on how quickly Americans use their assets in retirement. Utilizing data from the Health and Retirement Study (HRS), this Issue Brief examines those currently between ages 65 and 75 to determine their levels of wealth in retirement, how those levels have changed, and to see if this group is on track for a financially secure retirement.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	url = {https://www.ebri.org/content/how-are-new-retirees-doing-financially-in-retirement--3781},
	author = {Copeland, Craig}
}
@inbook {5214,
	title = {The Impact of Pensions on Nonpension Investment Choices},
	booktitle = {Redefining Retirement: How Will Boomers Fare?},
	year = {2007},
	note = {ProCite field 6 : In ProCite field 8 : eds},
	pages = {179-210},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {New York, NY},
	abstract = {This chapter documents the investment choices of workers outside their company pensions. The Health and Retirement Study is used to evaluate how investment patterns outside pension holdings have been influenced by the shift from defined benefit to defined contribution pensions. Since workers with defined benefit plans can expect steady income in retirement, they might be thought to invest less conservatively outside their pensions. Nevertheless, the data show otherwise. Defined contribution participants also hold stock investments outside their pension portfolios. These findings suggest that increased stock holding as defined benefit plans decline in importance.},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions},
	isbn = {9780199230778},
	doi = {DOI:10.1093/acprof:oso/9780199230778.003.0009},
	author = {Friedberg, Leora and Anthony Webb}
}
@mastersthesis {6058,
	title = {Life-Cycle Consumption Examined},
	year = {2007},
	month = {2007},
	school = {University of Michigan},
	abstract = {This set of papers uses new data to construct an empirical measure of the average propensity to consume out of "full" wealth among older households. Consistent with original neoclassical life-cycle theory, full wealth is defined as the present value of all current and future lifetime resources. This definition implies a simple theoretical expression for the average propensity to consume, with consumption proportional to full wealth. Data now available in the Health and Retirement Study (HRS) allow construction of a credible household-level estimate of full consumption and full wealth. A primary advantage of the average propensity to consume out of full wealth is its theoretical simplicity. First, full wealth is more equally distributed than net worth. Second, the propensity to consume out of full wealth, when compared to the propensity to consume out of income or net worth, has less dispersion cross-sectionally, more consistency over time, and more invariance to "circumstances" or factors such as pension entitlement, income profile, and past income shocks. Finally, the consumption propensity out of full wealth responds less to unexpected changes in resources, specifically unexpected retirement, than the other consumption measures. Comparing the consumption propensity out of full wealth observed in the HRS to the prediction of a neoclassical model of consumption with uncertainty in mortality and asset returns suggests that heterogeneity in preferences, specifically time preference or the willingness to substitute inter-temporally, is necessary to explain the extent of observed cross-household heterogeneity within the model. Estimates of the model with returns to scale in household size, a fixed cost of working, and household-specific variation in expected asset returns only account for a small portion of the variation in the observed consumption rate. After controlling for subjective mortality, expected bequests, and demographics using survey data, the residual is correlated with the level of wealth and with variables that may indicate an inherent characteristic of patience. Exploring alternative explanations for the heterogeneity, cognitive and planning abilities can help explain the residual heterogeneity in the propensity to consume. In particular, measures of basic cognition, horizon of financial planning, basic financial literacy, and goal-oriented behavior is associated negatively with the unexplained variation in consumption rates. In other words, higher skilled households consume less after controlling for factors in the neoclassical model.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	author = {Pounder, Laurie}
}
@article {5684,
	title = {Measuring Dissaving Out of Retirement Wealth},
	year = {2007},
	institution = {Social Science Research Network},
	abstract = {The approaching retirement of the baby boomers, accelerating trend from DB to DC pension plans, and growing uncertainty over the solvency of Social Security all raise important questions about the ability of households to finance their retirement years with liquid assets, rather than annuities. We use data from four waves of the HRS to investigate how households spend down their retirement wealth, and, in particular, whether they appear to run down their retirement accounts too quickly. We find no evidence of excessive dissaving over the period 1998 to 2004. Indeed, the annuitized value of total wealth rose for most households over this period, suggesting that households are not running down their assets too fast, given their remaining life expectancies.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	doi = {http://dx.doi.org/10.2139/ssrn.968431},
	author = {Love, David A. and Paul A Smith}
}
@mastersthesis {6394,
	title = {Measuring the Impact of Technological Progress on the Household},
	year = {2007},
	month = {2007},
	school = {University of Rochester},
	abstract = {In each of the following chapters, macro models are developed to explore the impact of technological progress on the household. Chapter 1 focuses on the impact of technological progress in transportation on suburbanization. In this chapter, a model of a city is developed in which agents choose both whether or not to own a car, and where to live. Focusing on the period 1910 to 1970, the model is calibrated to match the fall in automobile prices, the rise in real incomes, and the rise in the cost of commuting by public transportation relative to commuting by car. Under the baseline calibration the model predicts both a rise in car-ownership and decentralization. In Chapter 2, a model with leisure production and endogenous retirement is used to explain the declining labor-force participation rates of elderly males. Using the Health and Retirement Study, the model is calibrated to cross-sectional data on the labor-force participation rates of elderly US males by age and their average drop in market consumption in the year 2000. Running the calibrated model for the period 1850 to 2000, a prediction of the evolution of the cross-section is obtained and compared with data. The model is able to predict both the increase in retirement since 1850 and the observed drop in market consumption at the moment of retirement. The increase in retirement is driven by rising real wages and a falling price of leisure goods over time. Finally, in Chapter 3, the welfare gain from technological progress in personal computer production is measured by constructing a simple model of computer demand. The innovation of the model is in the agent{\textquoteright}s utility function. Preferences are defined such that the marginal utility of zero computer consumption is finite. Thus the model can predict the zero demand for computers observed in the data and generate a finite welfare gain from their introduction into the market. The model is calibrated using data on computer expenditures. The model suggests that the welfare gain from technological progress in personal computers is approximately 4 percent of total consumption expenditure.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force},
	author = {Kopecky, Karen A.}
}
@article {7147,
	title = {Predictors of Holding Consumer and Mortgage Debt among Older Americans},
	journal = {Journal of Family and Economic Issues},
	volume = {28},
	year = {2007},
	pages = {305},
	publisher = {28},
	abstract = {Using data from the 2000 Health and Retirement Study (HRS), this study examined the probability of older Americans holding consumer and mortgage debt. The specific objectives of this study were to identify to what extent individuals aged 65 and over hold consumer or mortgage debt and to investigate factors that influence the probability of holding consumer or mortgage debt in old age. The results of logistic regression analysis indicated that older individuals who had larger households, had higher levels of education, were aged 65-74, were married, were Black, and were employed, were more likely to hold consumer or mortgage debt. This study concluded that holding one kind of debt is associated with probability of holding another kind of debt.},
	keywords = {Consumption and Savings},
	doi = {https://doi.org/10.1007/s10834-007-9055-x},
	author = {Lee, Yoon G. and Lown, Jean M. and Sharpe, Deanna L.}
}
@book {5277,
	title = {Redefining Retirement: How Will Boomers Fare?},
	year = {2007},
	note = {ProCite field 8 : eds},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {New York, NY},
	keywords = {Consumption and Savings, Health Conditions and Status, Income, Medicare/Medicaid/Health Insurance, Net Worth and Assets, Pensions},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/redefining-retirement-how-will-boomers-fare/},
	author = {Brigitte C. Madrian and Olivia S. Mitchell and Beth J Soldo}
}
@article {5680,
	title = {The Responsiveness of Private Savings to Medicaid Long Term Care Policies},
	number = {WP 2007-150},
	year = {2007},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This paper examines the extent to which private savings responds to the availability of a social insurance program. We focus on the Medicaid nursing home assistance program and uses variation in state Medicaid policies in the 1960s and 1990s to identify whether household wealth correlates negatively with access to public insurance coverage.  We use data from the 1962 and 1970 Survey of Consumer Finances and the 1992 through 2002 Health and Retirement Study.  We find that household savings in 1970 was substantially lower in states with easier access to Medicaid assistance and that household savings in the 1990s was lower when access to the Medicaid program was lower.},
	keywords = {Consumption and Savings, Insurance, Medicare/Medicaid/Health Insurance},
	url = {https://mrdrc.isr.umich.edu/pubs/the-responsiveness-of-private-savings-to-medicaid-long-term-care-policies/},
	author = {Purvi Sevak and Walker, Lina}
}
@inbook {5210,
	title = {The Sufficiency of Retirement Savings: Comparing Cohorts at the Time of Retirement},
	booktitle = {Redefining Retirement: How Will Boomers Fare?},
	year = {2007},
	note = {ProCite field 6 : In ProCite field 8 : eds},
	publisher = {Oxford University Press},
	organization = {Oxford University Press},
	address = {New York, NY},
	abstract = {Assessing savings sufficiency requires detailed information on both potential retirement benefits and the
characteristics of a national sample of older citizens. This chapter uses the Health and Retirement Survey
and the New Beneficiary Survey linked to administrative records to assess and compare the saving
adequacy of two different cohorts. Specifically we compare the two groups in terms of their annuitized
net wealth (ANW) and ANW relative to the poverty line, as well as the near-poverty line. We find that the
mean wealth levels of both new retiree cohorts rose over time (by about two-thirds for wealth and by half
for ANW), but the chance of meeting social adequacy targets has also risen. This shortfall we believe is
concentrated increasingly among nonmarried persons, and those with low human capital and labor force
attachment. In other words, vulnerability during the working life appears to persist into retirement. },
	keywords = {Consumption and Savings, Income, Other},
	url = {https://repository.upenn.edu/cgi/viewcontent.cgi?article=1363\&context=prc_papers},
	author = {Haveman, Robert and Karen C. Holden and Barbara Wolfe and Romanov, Andrei}
}
@article {7170,
	title = {Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations},
	journal = {Review of Economics and Statistics},
	volume = {89},
	year = {2007},
	pages = {247-264},
	publisher = {89},
	abstract = {Abstract Previous research finds a systematic decrease in consumption at retirement, a finding that is inconsistent with the life cycle/permanent income hypothesis if retirement is an expected event. In this paper, we use workers  subjective beliefs about their retirement dates as an instrument for retirement. After demonstrating that subjective retirement expectations are strong predictors of subsequent retirement decisions, we still find a consumption decline at retirement for workers who retire when expected. However, our estimates of this consumption fall are about a third less than those found when we instead rely on the instrumental variables strategy used in prior studies.},
	keywords = {Consumption and Savings, End of life decisions, Expectations},
	doi = {https://doi.org/10.1162/rest.89.2.247},
	author = {Steven Haider and Melvin Stephens Jr.}
}
@mastersthesis {6386,
	title = {Three Essays in Public Economics},
	year = {2007},
	month = {2007},
	school = {The University of Wisconsin},
	abstract = {This dissertation consists of three essays in public economics. The first essay is theoretical and examines higher education. The second and third essays are empirical and examine charitable behavior and tax subsidies. The first essay presents a stylized theoretical model of competition among need-blind colleges and universities that implement early decision admissions. Under need-blind admissions, an applicant{\textquoteright}s financial aid status cannot affect their likelihood of admission. In the model, a need-blind school can use early decision admissions as a screening mechanism to indirectly identify a student{\textquoteright}s ability-to-pay, while superficially maintaining a need-blind policy. As a result, in equilibrium, non-financial aid students are more likely to be admitted than financial aid students of comparable quality. The second essay examines the relationship between charitable giving and religious attendance. Using data from the Independent Sector Survey of Giving and Volunteering, I estimate a tax price elasticity for religious attendance of 0.4, which implies that charitable giving and religious attendance are complements. I resolve the difference between my estimate and a recent estimate by Gruber (2004) that implies that charitable giving and religious attendance are substitutes. While Gruber imputes itemization status, an important factor in calculating tax incentives, I use survey-reported itemization status. This imputation creates a large amount of non-classical measurement error. I show that the measurement error is responsible for the disparate results: if I also impute itemization status, I obtain similar results as Gruber. The third essay presents new results regarding the charitable behavior of retired and nearly-retired individuals. I estimate a simultaneous equation model of charitable giving, volunteering, and labor supply derived from a quadratic utility function. By explicitly modeling these joint decisions, I account for potential substitutability and complementarity among the choice variables. I estimate the model by maximum likelihood using a sample of single individuals from the Health and Retirement Study. The parameter estimates imply price and income elasticities that are similar to, though somewhat smaller than, previous estimates. The parameter estimates are also used to simulate the effects of various policy changes to the Social Security system.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	author = {Kim, Matthew}
}
@mastersthesis {6050,
	title = {Three Essays on Expectations},
	year = {2007},
	month = {2007},
	school = {University of Michigan},
	abstract = {Expectations play a major role in much economic modeling. Due to the difficulty in measuring them, however, they have played a smaller role in empirical economics. In this dissertation I use measurements of expectations from the Health and Retirement Study to examine several questions that could not otherwise be examined. In the first chapter, I examine three aspects of beliefs about future inheritances: their determinants, accuracy and effects. I find that these beliefs respond reasonably to outside factors, such as the death of a parent. I find that they are not extremely accurate and appear to contain measurement error. Finally, I find little evidence that inheritance expectations affect retirement behavior, but some evidence that an inheritance itself makes a person more likely to retire. In the second chapter, I concentrate on the effects of an inheritance on retirement behavior, with an emphasis on unexpected inheritances. I present a model of retirement demonstrating how an inheritance might lead someone to retire sooner and how an unexpected inheritance should have a larger observed effect than an expected one. Empirically, I confirm that those who receive inheritances do have a higher probability of retiring immediately than those who do not, but I cannot confirm that unexpected inheritances have a larger effect. In chapter three, I test the simple prediction, arising from a lifecycle model with no annuitization, that the slope of consumption over time should be positively correlated with a person{\textquoteright}s longevity expectations. I tentatively confirm that this is so for coupled individuals--particularly those with higher levels of education. The analysis is significantly hindered by measurement error in consumption measures.},
	keywords = {Adult children, Consumption and Savings, Expectations},
	url = {http://hdl.handle.net/2027.42/126796},
	author = {Michael M. Perry}
}
@article {5689,
	title = {Trends in the Labor Force Participation of Married Women},
	number = {WP 2007-171},
	year = {2007},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This study seeks to quantify determinants, and costs, of the labor force participation of married women. We use demographic and earnings data from the Health and Retirement Study. The earnings data constitute an unusually long panel but have the defect of lacking corresponding reports on work hours. By using a highly structured model and concentrating on the participation margin, we nevertheless feel that we can make substantial progress. Our preliminary regression results imply that married women s market work disrupts their household consumption slightly less than one half as much as men s work (relative to complete household retirement). We lay out a course of additional steps that can, we believe, clarify these results even more precisely in the near future.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Women and Minorities},
	url = {https://mrdrc.isr.umich.edu/pubs/trends-in-the-labor-force-participation-of-married-women-2/},
	author = {Christopher L House and John Laitner and Stolyarov, Dmitriy}
}
@article {9626,
	title = {Work-Related Injuries and Incentives, Adequacy, and Optimality in Workers{\textquoteright} Compensation},
	number = {194082284},
	year = {2007},
	pages = {2-149},
	institution = {Northwestern University},
	address = {Evanston, IL},
	abstract = {The three empirical analyses in this dissertation study the e{\textsection}ects of workers{\'\i}compensation
bene{\"O}ts on individual behavior and household consumption as well as the impacts
of workplace injuries and illnesses on economic outcomes for a{\textsection}ected workers.
In Chapter 2, I study incentive e{\textsection}ects of state workers{\'\i}compensation programs, exploiting
substantial cross-state variation in the generosity of workers{\'\i}compensation bene-
{\"O}ts to estimate the relationship between bene{\"O}t levels and the frequency of claims. Using
a large data set of 25 matched March Current Population Surveys (CPS), my estimates of
the reduced-form relationship between claims and bene{\"O}ts are appreciably smaller than
those obtained by existing studies using similar methods. In addition, I {\"O}nd that controlling
carefully for the in{\'a}uence of wages on claim propensities causes the estimated bene{\"O}t
elasticity to shrink dramatically, so that a 10 percent increase in bene{\"O}ts is associated
with less than a 1 percent increase in claims.
4
Chapter 3 evaluates the extent of consumption-smoothing provided by workers{\'\i}compensation
bene{\"O}ts when a worker is injured at work. I {\"O}nd a signi{\"O}cant consumptionsmoothing
e{\textsection}ect of workers{\'\i}compensation: A 10 percent increase in bene{\"O}t levels is found
to o{\textsection}set the drop in household consumption upon injury by 2.5 to 4 percent. I also present
a model that provides an explicit formula for optimal bene{\"O}ts. My calculations indicate
that current bene{\"O}t levels are higher than optimal: That is, the consumption-smoothing
bene{\"O}ts of workers{\'\i}compensation bene{\"O}ts are modestly outweighed by their distortionary
e{\textsection}ects on labor supply.
Finally, Chapter 4 explores the impacts of work-related injuries and illnesses on labor
market outcomes for older workers nearing retirement. I {\"O}nd that a workplace injury is
associated with signi{\"O}cant and persistent declines in earnings and labor supply for these
workers. Incurring a work-related injury is found to substantially increase the probability
of labor force exit and retirement in the year of injury onset. Results from {\"O}xed-e{\textsection}ects
regressions also indicate both short- and long-term declines in annual hours worked and
earnings for workers with late-career injuries. Finally, I document evidence that the
negative impacts of workplace injuries are larger, the more severely the injury impairs
daily functioning.},
	keywords = {Consumption and Savings, Injury, Workers{\textquoteright} compensation},
	isbn = {9780549297048},
	author = {Bronchetti, Erin Todd}
}
@mastersthesis {6316,
	title = {Ageing and Well-Being: Consumption and Time Use of Elderly Americans},
	year = {2006},
	month = {2006},
	school = {University of Copenhagen},
	abstract = {This paper studies patterns of consumption, household production and leisure for the elderly American population. The main objective of the paper is to study how incorporating the value of time spent in household production and leisure affects economic well-being. Based on the 2003 Consumption and Mail Activities Survey (CAMS) from the Health and Retirement Study (HRS), we find that the level of expenditure is lower for non-retired people, while levels of housework and leisure are higher. We also see that expenditure are decreasing with age, while leisure is increasing with age for both groups. Inequality in expenditure is higher for the group of retired households as compared to the group of non-retired households. However, while the elderly and retired seem to be less well off in terms of consumption goods bought in the market, they are generally "richer" in terms of time for household production or leisure. Broadening our concept of economic well-being to include first the value of household production and secondly the value of leisure reduces our measure of economic inequality among the elderly.},
	keywords = {Consumption and Savings, Demographics, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Gortz, Mette}
}
@article {5671,
	title = {Alternative Measures of Replacement Rates},
	number = {UM06-03},
	year = {2006},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This study finds that on average those just past the usual retirement age are adequately prepared for retirement in that they will be able to follow a path of consumption that begins at their current level of consumption and then follows an age-pattern similar to that of current retirees. That pattern is similar to what would be found from a theoretically derived and estimated life-cycle model. Thus we do not find inadequate preparation for retirement on average or even at the median. This is not true, however, for all groups in the population. In particular, singles lacking a high school education are likely to be forced to reduce consumption: some 62  would have died with negative wealth had they followed the consumption path given by our data.  Future research will show the extent to which this percentage is over-estimated because we did not account for differential mortality.},
	keywords = {Consumption and Savings, Income},
	url = {https://mrdrc.isr.umich.edu/projects/alternative-measures-of-replacement-rates/},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {5645,
	title = {Consumption and Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS},
	number = {WR-410},
	year = {2006},
	institution = {RAND Corporation},
	address = {Santa Monica, CA},
	abstract = {According to economic theory, well-being or utility depends on consumption. However, at the household level, total consumption is rarely well measured because its collection requires a great deal of survey time. As a result income has been widely used to assess well-being and poverty rates. Yet, because households can use wealth to consume more than income, so an income-based measure of well-being could yield misleading results for many households. We use data from the Health and Retirement Study to find income-based poverty rates which we compare with poverty rates as measured in the Current Population Survey. We use HRS consumption data to calculate a consumption-based poverty rate and study the relationship between income-based and consumption-based poverty measures. We find that a poverty rate based on consumption is lower than an income-based poverty rate. Particularly noteworthy is the much lower rate among the oldest single persons such as widows. The explanation for the difference is the ability to consume out of wealth.},
	keywords = {Consumption and Savings, Health Conditions and Status, Income, Methodology},
	doi = {https://doi.org/10.7249/WR410},
	author = {Michael D Hurd and Susann Rohwedder}
}
@article {5664,
	title = {Consumption, Retirement, and Social Security: Evaluating the Efficiency of Reform with a Life-Cycle Model},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {This paper analyzes the effect of a potential reform to the Social Security system on individuals  retirement and consumption choices. We first estimate the coefficients for a life cycle model. We assume intratemporally nonseparable preference orderings and endogenous retirement. Our framework allows the possibility of disability. The specification predicts a change in consumption at retirement; we use the empirical magnitude of the change, together with desired retirement age, to identify key parameters such as the curvature of the utility function. We then qualitatively and quantitatively study the possible long run effect of a Social Security reform in which individuals no longer face the OASI payroll tax after some specified age, and their subsequent earnings have no bearing on their Social Security benefits. Simulations indicate that retirement ages would rise by as much as one year, equivalent variations could average  5000 (1984 dollars) per household or more, and reform could generate  2500 or more additional income tax revenue per household.},
	keywords = {Consumption and Savings, Public Policy, Social Security},
	url = {http://www.mrrc.isr.umich.edu/publications/papers/},
	author = {John Laitner and Daniel S. Silverman}
}
@article {5650,
	title = {On the Covariance Structure of Changes in Consumption in the Health and Retirement Study},
	number = {wp112},
	year = {2006},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Using generalized method of moments on the covariance matrix, I test three models of consumption change on constructed consumption data from the Health and Retirement Study. Meant as a first step towards estimating life-cycle effects of subjective survival probabilities on consumption profiles, this study finds that the model that best describes the consumption data is a pure measurement error model. This is likely due to the large amount of error introduced in the process of inferring consumption from other financial data. This result casts significant doubt on the use of this data in estimating a life-cycle model. (Note: this paper duplicates some expository material from Perry (2005)},
	keywords = {Consumption and Savings, Expectations},
	url = {https://ideas.repec.org/p/mrr/papers/wp112.html},
	author = {Michael M. Perry}
}
@article {5653,
	title = {Heterogeneity in Preferences and Productivity: Implications for Retirement},
	year = {2006},
	institution = {University of Copenhagen, Dept. of Economics},
	abstract = {This paper discusses the determinants of the retirement decision and the implications of retirement on economic well-being. The main contribution of the paper is to formulate the role of individual heterogeneity explicitly. We argue that individual heterogeneity in 1) productivity of market work versus housework, 2) preferences for leisure compared to consumption, and 3) marginal utility of wealth, is correlated with the retirement decision. Based on US consumption and time use data for 2001 and 2003 from the Consumptions and Activities Mail Survey (CAMS), we study the patterns of individual choices of expenditure, household production and leisure for people in and around retirement. The unobserved individual heterogeneity factor is isolated by comparing cross-sectional evidence and panel data estimates of the effects of retirement on consumption and time allocation. Based on cross-section data, we can identify a difference in consumption due to retirement status, but when the panel nature of the data is exploited, the effect of retirement on consumption is small and insignificant. Moreover, the analyses point at a large positive effect of retirement on household production. Our results therefore contribute to the discussion of the so-called retirement-consumption puzzle. Many analyses of the retirement-consumption drop assume that the retirement decision is exogenous. However, the individual decision on when to retire may depend on expected changes in consumption and time allocation. This suggests that the retirement decision is endogenous. To test this, we apply an instrumental variables method in the treatment effects tradition.},
	keywords = {Consumption and Savings, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {http://www/econ.ku.dk/CAM},
	author = {Gortz, Mette}
}
@article {5663,
	title = {Home Production by Dual Earner Couples and Consumption During Retirement},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {To study the role of home production in life cycle behavior, this paper creates a theoretical model in which both spouses in a couple allocate their time between market and home work. It then derives a pair of regression equations for estimating the parameters of the model, and it carries out the estimation using panel data on household net worth and lifetime earnings from the Health and Retirement Study and pseudo panel data on household consumption expenditures from the Consumer Expenditure Survey. We estimate that the value of forgone home production is roughly 10-15 cents for every dollar that a married man earns, but 30-35 cents per dollar of married women s market earnings. Our findings imply male labor supply elasticities that are very near zero and female elasticities in the range of 0.50. Our model predicts a substantial decline in measured consumption expenditure at a household s retirement, and it shows that Euler equation models of consumption behavior should include terms reflecting home production.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Net Worth and Assets},
	url = {http://www.mrrc.isr.umich.edu/publications/papers/},
	author = {Christopher L House and John Laitner and Stolyarov, Dmitriy}
}
@article {5673,
	title = {How Accurate are Expected Retirement Savings?},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {This paper examines the ability of workers nearing retirement to report their expected retirement savings, where retirement savings refers to funds held in savings, checking, and investment-type accounts.  Responding to such a question is likely to be difficult, even for those who are near retirement, because it requires respondents to assess when they will retire, their likely income stream between the survey date and retirement, and what portfolio choices will be made at retirement.  Based on two nationally representative surveys collected two decades apart, we find that most individuals provide some response to the question, particularly when they are allowed to provide a range.  Moreover, the responses that are given have substantial predictive power for actual retirement savings, even when compared to the savings in the initial wave.  Despite this predictive power, there is evidence that responses do not satisfy the more stringent requirements of the rational expectations hypothesis.},
	keywords = {Consumption and Savings, Expectations},
	url = {http://www.mrrc.isr.umich.edu/publications/papers},
	author = {Steven Haider and Melvin Stephens Jr.}
}
@article {5648,
	title = {How Secure Are Retirement Nest Eggs?},
	year = {2006},
	institution = {Boston College, Center for Retirement Research},
	abstract = {Life s uncertainties can upend the best-laid retirement plans. Health can fail as people grow older, or their spouses can become ill. Older people can lose their jobs, and often have trouble finding new ones. Marriages can end in widowhood or divorce. Health, employment, and marital shocks near retirement can have serious financial repercussions, raising out-of-pocket medical spending, reducing earnings, disrupting retirement saving, and forcing people to dip prematurely into their nest eggs. This brief examines different types of negative events that can strike near retirement. It reports the incidence of widowhood, divorce, job layoffs, disability, and various medical conditions over a 10-year period, and estimates their impact on household wealth. Data come from the Health and Retirement Study (HRS), a nationally representative survey of older Americans conducted by the University of Michigan for the National Institute on Aging. The survey interviewed a large sample of non-institutionalized adults ages 51 to 61 in 1992 and re-interviewed them every other year. The analysis uses data through 2002, the most recent year available.  The results show that many people in their 50s and 60s experience negative shocks that threaten retirement security. Job layoffs, divorce, and the onset of work disabilities near retirement substantially erode retirement savings. The findings highlight the limitations of the safety net when things go wrong in late midlife.},
	keywords = {Adult children, Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	url = {http://www.bc.edu/centers/crr/ib_45.shtml},
	author = {Richard W. Johnson and Mermin, Gordon B.T. and Cori E. Uccello}
}
@article {7100,
	title = {The Impact of Age and Health on Vehicle Choices among Elders},
	journal = {Journal of Family and Economic Issues},
	volume = {27},
	year = {2006},
	pages = {437-457},
	publisher = {27},
	abstract = {We examine older Americans  choice of vehicle types and the impact of age and health status on this choice. Using the 1998 and 2000 Health and Retirement Study (HRS) and the 2001 HRS Consumption and Activities Mail Survey (CAMS), we estimate a multinomial logit model of older Americans  choice of vehicle types. We find that both age and health status influence the type of vehicle purchased or leased. Compared to Americans aged 50 59, those aged 70 or older prefer passenger cars to trucks and sport utility vehicles (SUVs). We also find that elders with health problems are more likely to prefer SUVs to passenger cars than those without health problems.},
	keywords = {Consumption and Savings, Health Conditions and Status},
	author = {Hyungsoo Kim and Jinkook Lee and Kim, Doh-Khul}
}
@article {8459,
	title = {Inherit the Wind; There{\textquoteright}s Little Else Left},
	journal = {New York Times},
	year = {2006},
	month = {March 26, 2006},
	edition = {Late Edition (East Coast)},
	address = {New York, N.Y},
	abstract = {The latest numbers confirm that a vast majority of baby boomers cannot count on an inheritance to help them out of their jam. Even as the total pile of wealth passed down the generations has increased sharply, the inheritance received by a typical American has declined. The shift can be explained in part by demographics changes, but also by the changing nature of old age (life expectancy has increased) and retirement financing (rather, the lack of it). [The article quotes a paper by Hurd and Smith, based on the Health and Retirement Study]},
	keywords = {Adult children, Consumption and Savings, Demographics, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Porter, Eduardo}
}
@article {5660,
	title = {Savings, Portfolio Choice, and Retirement Expectations},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {Studying household investment behavior is essential for understanding the full consequences of old age social security benefits. Using data from six waves of the Health and Retirement Study, we analyze the dynamics of portfolio composition before respondents start claiming social security benefits. We consider ownership as well as amounts held of several types of assets and debts. Using panel data censored regression models, portfolio adjustment is explained on the basis of demographics like gender, race, and year of birth, education level, household income, and perceived social security entitlements. We find that expectations of old age social security benefits have little effect on portfolio decisions, although there is some evidence that higher expected social security benefits lead to more risky financial investments, particularly in IRAs.},
	keywords = {Consumption and Savings, Expectations, Net Worth and Assets},
	url = {http://hdl.handle.net/2027.42/49420},
	author = {Arthur H.O. vanSoest and Katpeyn Arie}
}
@article {5665,
	title = {Self-Assessed Retirement Outcomes: Determinants and Pathways},
	year = {2006},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {There is increasing interest among policy makers in measuring well-being in ways that go beyond purely economic indicators, also with special focus on older individuals who constitute an increasing fraction of the population.  However there is little consensus on which other indicators should be included.  An alternative approach is to use individuals  own assessments and relate these to a rich set of covariates to find what factors influence individuals  own perceptions.  This is the approach adopted in this paper, using data from the Health and Retirement Study (HRS).  Retired respondents are asked how satisfying their retirement has turned out to be, how retirement years compare to pre-retirement years and whether they are worried about not having enough income to get by in retirement.  I relate these self-assessed measures to a rich set of covariates to investigate which aspects weigh in individuals  perceptions.  I use the longitudinal nature of the HRS to study the pathways that lead up to the observed retirement outcomes, and to examine the persistence of the outcomes over time.  Bad health, changes towards worse health, social isolation and increase in social isolation lead most significantly to lower satisfaction in retirement and a greater sense of financial insecurity in retirement. A short financial planning horizon and past shocks, like unexpected large expenses or divorce, also have a noticeable negative impact.},
	keywords = {Consumption and Savings, Expectations, Health Conditions and Status},
	doi = {http://dx.doi.org/10.2139/ssrn.1095304},
	author = {Susann Rohwedder}
}
@mastersthesis {6164,
	title = {Three Essays in Public Economics},
	year = {2006},
	month = {2006},
	school = {The University of Wisconsin - Madison},
	address = {United States -- Wisconsin},
	abstract = {The first essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act (HEA92) to examine the effects that the implicit financial-aid tax has on household saving behavior, particularly on portfolio choices. The empirical results show that the financial-aid tax does not significantly affect the total level of wealth. However, families significantly adjust their portfolio composition to avoid the tax. In addition, families seem to lack knowledge about financial-aid rules if they have not experienced with the financial-aid applications. Even if families know the rules, they do not change assets in response to the financial-aid tax if they face no imminent taxation. This second essay uses the policy changes surrounding the 1992 Amendments to the Higher Education Act (HEA92) to examine the reasons for which families have borrowed much more after the HEA92 increased the loan limits on subsidized and unsubsidized student loans. I find that the loan-limit changes do not significantly affect education investments. However, families significantly reduce some other financial instruments used to finance students{\textquoteright} higher education, including loans from parents, parents{\textquoteright} direct contributions, working while in school, and work-study aid. The third essay uses the Health and Retirement Study to study the effects of group health insurance on women{\textquoteright}s retirement decisions. I find the availability of alternative group health insurance, including retiree health insurance and spousal health insurance, significantly increases the retirement hazard and decreases retirement age for women. Married women are much more sensitive to the availability of spousal health insurance than to retiree health insurance. Medicare also has significant effect on women{\textquoteright} retirement behavior.},
	keywords = {Consumption and Savings, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets},
	author = {Wu, Binzhen}
}
@article {5674,
	title = {Tied Transfers},
	year = {2006},
	institution = {University of Wisconsin-Madison, Dept. of Economics},
	keywords = {Adult children, Consumption and Savings, Demographics},
	url = {https://www.ssc.wisc.edu/~scholz/Research/Tied_Transfers.pdf},
	author = {Brown, Meta and Mazzocco, Maurizio and John Karl Scholz and Ananth Seshadri}
}
@article {5639,
	title = {Changes in Consumption and Activities in Retirement},
	year = {2005},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {The simple one-good model of life-cycle consumption requires  consumption smoothing.  According to previous results based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement. The reduction cannot be explained by the simple one-good life-cycle model, so it has been referred to as the retirement-consumption puzzle. An interpretation is that at retirement individuals discover they have fewer economic resources than they had anticipated prior to retirement, and as a consequence reduce consumption. This interpretation challenges the life-cycle model where consumers are assumed to be forward looking. Using panel data on anticipated consumption changes at retirement and on recollected consumption changes following retirement, we find that the median recollected change in spending at retirement is zero and that the recollections are broadly consistent with anticipations. Based on a measure of total spending in true panel we find that the actual mean and median changes are slightly positive. Therefore, we find no retirement-consumption puzzle.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Retirement Planning and Satisfaction},
	url = {http://www.mrrc.isr.umich.edu/publications/papers/},
	author = {Michael D Hurd and Susann Rohwedder}
}
@mastersthesis {6268,
	title = {Essays in Macroeconomics and International Economics},
	year = {2005},
	month = {2005},
	school = {University of Michigan},
	abstract = {The dissertation consists of three distinct chapters that contribute to important, yet unresolved topics in Macroeconomics and International Economics. Macroeconomists have been puzzled by the lack of a downward trend in per capita labor hours. The first chapter provides an explanation to the puzzle based on improvements in the quality of jobs over time. Through regressions analyses using data from the Michigan Health and Retirement Study, the chapter documents the response of work hours to improvements in the nature of jobs. An estimation of the aggregate job quality index suggests that improvements in jobs accounted for at least 20.4 percent of labor hours growth between 1850 and 2000 in the United States. A general equilibrium analysis suggests that the improvement in job quality also caused 20.4 percent growth in consumption, capital, investment, and output over the same period. Economists and policymakers have also been interested in response of consumption to predictable income changes. The second chapter re-examines the issue in a context that circumvents several shortcomings in previous studies. The maturity date of a mortgage loan marks the end of mortgage payments for homeowners. Following the last payment, homeowners experience an increase in their discretionary income. The study interprets this event as an anticipated increase in income, and analyzes consumption behavior over the transition period using regression analysis. The results indicate that households do not increase nondurable goods consumption despite the increase in disposable income. Instead, they increase savings and expenditures on some durable goods. The third chapter studies the adverse effects of economic disintegration by focusing on the 1985-1993 South African economic embargo. Aggregate economic data show a substantial increase in the cost of capital during the embargo. The increase in the cost of capital coincided with a substantial decrease in the growth rates of capital, investment, output and consumption. Results from a neoclassical growth model calibrated to the South Africa economy indicate that output growth declined by 0.24 percent and per capita output was on average 1.18 percent lower as a result of the financial autarky. Estimates of the associated welfare loss stand at around 1 percent of consumption.},
	keywords = {Consumption and Savings, Employment and Labor Force},
	author = {Coulibaly, Brahima}
}
@article {5618,
	title = {Estimating Life Cycle Effects of Survival Probabilities in the Health and Retirement Study},
	year = {2005},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {This paper attempts to confirm the life-cycle relationship that lower subjective survival probabilities should lead to less positively sloped consumption trajectories. I use the results of six waves of subjective survival probability questions in the HRS to construct an index of survival belief that exploits the panel nature of the data by summarizing all of a respondent s answers to such questions. In conjunction with constructed consumption values from the financial section of the HRS, I test the life-cycle relationship using OLS and Least-Absolute Deviation regression. I find weak evidence that the life-cycle effect of subjective survival probability is significant in a high-cognitive-ability sub-sample of the HRS. Measurement error in the constructed consumption data is problematic.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Expectations, Health Conditions and Status},
	url = {http://www.mrrc.isr.umich.edu/publications},
	author = {Michael M. Perry}
}
@article {5637,
	title = {Estimating Life-Cycle Parameters from Consumption Behavior at Retirement},
	year = {2005},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	abstract = {Using pseudo-panel data, we estimate the structural parameters of a life cycle consumption model with discrete labor supply choice. A focus of our analysis is the abrupt drop in consumption upon retirement for a typical household. The literature sometimes refers to the drop, which in the U.S. Consumer Expenditure Survey we estimate to be approximately 16 , as the  retirement consumption puzzle.  Although a downward step in consumption at retirement contradicts predictions from life cycle models with additively separable consumption and leisure, or with continuous work-hour options, a consumption jump is consistent with a setup having nonseparable preferences over consumption and leisure and requiring discrete work choices. This paper specifies a life cycle model with these latter two elements, and it uses the empirical magnitude of the drop in consumption at retirement to provide an advantageous method of identifying structural parameters most importantly, the intertemporal elasticity of substitution.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Retirement Planning and Satisfaction},
	url = {http://www.mrrc.isr.umich.edu/publications/papers/},
	author = {John Laitner and Daniel S. Silverman}
}
@inbook {5186,
	title = {Healthy, Wealthy, and Knowing Where to Live: Trajectories of Health, Wealth, and Living Arrangements among the Oldest Old},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	pages = {241-275},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago},
	abstract = {There are many mechanisms that suggest that living arrangements and well-being derived from health and economic status are closely related. This paper investigates the joint evolution of the three conditions, using a microeconometric approach similar to what is known as vector autoregressions (VAR) in the macroeconomics literature.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets},
	doi = {10.3386/w9897},
	author = {Florian Heiss and Michael D Hurd and Axel Borsch-Supan},
	editor = {David A Wise}
}
@article {5643,
	title = {HRS 2001 HUMS College Tuition Imputations},
	year = {2005},
	institution = {Institute for Social Research, University of Michigan},
	address = {Ann Arbor, Michigan},
	abstract = {HRS 2001 Off-Year Mail Survey on Human Capital Investment (HRS 2001 HUMS) collected important information on the education of HRS respondents  children. Among other things, the survey asked a selected set of HRS respondents to provide information about whether a child attended a two- or four-year undergraduate college, the total number of years in college(s), his or her age when he or she last attended college, and the name of the college that he or she last attended. One way to use the information is to produce college tuition data associated with each child, which can then be linked in an integrated analysis of family transfer with other family transfer information collected in the HRS core survey.    In this document we describe what we have done in imputing HRS 2001 HUMS college tuitions. The general idea is to link the children college attendance information in HRS 2001 HUMS with a college tuition database (CASPAR) created and administered by the National Science Foundation. For 2000 and 2001, college cost data are also taken from the NCES IPEDS online database.},
	keywords = {Consumption and Savings, Methodology, Net Worth and Assets},
	author = {Cao, Honggao and John C Henretta and Norgard, T.M. and Beth J Soldo and David R Weir}
}
@inbook {5192,
	title = {Institutions and Saving for Retirement: Comparing the United States, Italy, and the Netherlands},
	booktitle = {Analyses in the Economics of Aging},
	year = {2005},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	pages = {281-316},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	chapter = {9},
	address = {Chicago},
	abstract = {This paper analyzes retirement saving and portfolio choice in the United States, Italy, and the Netherlands. In addition to relying on public retirement provisions, households prepare for retirement through tax-sheltered and after-tax savings. They may invest these funds in a wide variety of assets, including housing, stocks, bonds, savings accounts, and so on.  These asset types differ in their risk, return, and liquidity characteristics as well as in their fiscal treatment.  Economic theory postulates that housholds allocate their portfolios according to their risk aversion, time horizon, uncertain out-of-pocket medical expenditures, income risk, informal (family) risk-sharing arrangements, and more.  While the literature has tested various parts of the theory, both testing and quantification of the theory are hampered by the fact that some of the major variables do not exhibit sufficient variation within a country to establish their relative importance for portfolio choice, or, more generally, for retirement saving and investment.  This paper partially fills that gap by exploring three countries with widely varying institutional arrangements for retirement income.},
	keywords = {Consumption and Savings, Methodology},
	url = {https://www.nber.org/chapters/c10364},
	author = {Arie Kapteyn and Panis, Constantijn},
	editor = {David A Wise}
}
@mastersthesis {5626,
	title = {The Microeconomic Effect of Longevity on Savings: Evidence from the Health and Retirement Study},
	year = {2005},
	school = {Department of Economics, Harvard College},
	abstract = {This paper seeks to address the microeconomic link between health, particularly longevity, and savings rates.  Using the expansive Health and Retirement Study, a microeconomic model for savings is generated.  Both ordinary least squares and two stage least squares regressions, with height as an instrument for life expectancy estimates found in the survey, show a tentative positive link between longevity and savings.  In the grander scheme, these results underscore the returns to an economy from investment in health care, decreased morbidity and increased longevity.},
	keywords = {Consumption and Savings, Health Conditions and Status},
	author = {Reed, Edward}
}
@article {5634,
	title = {Retirement, Saving, Benefit Claiming and Solvency Under a Partial System of Voluntary Personal Accounts},
	year = {2005},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {This paper is based on a structural model of retirement and saving, estimated with data for a sample of married men in the Health and Retirement Study. The model simulates how various features of a system of personal Social Security accounts jointly affects retirement, saving, the choice of whether benefits are taken as an annuity or lump sum, taxes paid and the course of benefits with age. Among our findings: Under a system of partial personal accounts, the fraction of 62 year olds at full time work would decline by about 22 percent compared to retirements under the current benefit formula. If the current system were replaced completely by personal accounts, the fraction at full time work would decline by about a third. If all benefits from personal accounts could be taken as a lump sum, the fraction not retired at age 62 would fall by about 5 percentage points compared to a system where there is mandatory annuitization of benefits. Unless annuitization is mandatory, there would be substantial diversion of benefits to age 62, reducing benefits received in one s 70s and 80s by 20 percent or more.},
	keywords = {Consumption and Savings, Net Worth and Assets, Social Security},
	url = {https://mrdrc.isr.umich.edu/pubs/retirement-saving-benefit-claiming-and-solvency-under-a-partial-system-of-voluntary-personal-accounts-2/},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5640,
	title = {Saving Shortfalls and Delayed Retirement},
	number = {2005-094},
	year = {2005},
	institution = {Michigan Retirement Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {Prior research has suggested that many older Americans have not saved enough to maintain consumption levels in old age. One way older persons might respond to inadequate savings would be to extend their worklives by delaying retirement. This paper examines evidence on this matter using the Health and Retirement Study, a nationally representative panel survey of people age 51-61 in 1992 followed for several years in a panel. We use the data to project household retirement assets and to determine how much more saving would be needed to preserve post-retirement consumption levels. Our research then examines the links between derived saving shortfall measures and delayed retirement patterns. Among nonmarried persons, there is evidence that larger shortfalls do produce delayed retirement, though the effect is not quantitatively large. For married couples, pre-retirement wealth shortfalls do not appear to be significantly associated with delayed retirement. Evidently couples have other means of handling saving shortfalls.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	url = {https://deepblue.lib.umich.edu/handle/2027.42/50525},
	author = {Au, Andrew and Olivia S. Mitchell and John W R Phillips}
}
@article {5658,
	title = {Social Security and Retirement Dynamics},
	number = {UM05-05},
	year = {2005},
	institution = {The University of Michigan, Michigan Retirement Research Center},
	address = {Ann Arbor, MI},
	abstract = {This paper is based on a structural model of retirement and saving, estimated with data for a sample of married men in the Health and Retirement Study. It explains the relation of specific features of Social Security -- the benefit amount, the early entitlement age, the normal retirement age, earnings test parameters, and the delayed retirement credit -- to the full range of retirement outcomes -- continued work on the main job, full time work outside the main job after a period of partial or full retirement, as well as partial retirement and full retirement. The project also estimates the relation of Social Security to the flows among these states. We consider not only the effect of Social Security on movement from states of greater to lesser work, the probability of either moving from full time work to partial retirement or directly to full retirement, or from partial retirement to full retirement, but the reverse flows from states of lesser work to states of greater work. The largest effects of the policies examined are from increasing the early entitlement age from 62 to 64 and reducing benefits to 75 percent of their promised levels, the approximate amount benefits would have to be reduced when the trust fund runs out if there are no changes in funding. With the older early entitlement age, about 5 percent more of the population continues to work full time at their main job at 62 and 63 than would otherwise. In addition, another 4.5 percent of the male population works full time after having retired, as does another 4 percent at age 63. Partial retirement is reduced at ages 62 and 63 by about 3 percentage points when the early entitlement age is 64. Overall, complete retirements are about 6 percentage points lower at 62 and 63 when the early retirement age is higher. From age 64 on, the percent completely retired is about two percentage points lower in each year when the early entitlement age is 64 rather than 62. The effects of reducing promised Social Security benefits by about a quarter are also large. The probability of remaining on the main job is higher for those in their sixties, with the difference ranging from 3 to 5 percentage points for those ages 62 and older. At each year of age, an additional 1 percentage point will be in full time work after having retired. There is little difference in the fraction partially retired, so the probability of being fully retired is reduced by 4 to 6 percentage points when benefits are reduced by a quarter.},
	keywords = {Consumption and Savings, Social Security},
	url = {https://mrdrc.isr.umich.edu/projects/social-security-and-retirement-dynamics/},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5624,
	title = {Social Security and the Retirement and Savings Behavior of Low Income Households},
	year = {2005},
	note = {RDA},
	institution = {Penn Institute for Economic Research, University of Pennsylvania},
	abstract = {In this paper, we develop and estimate a model of retirement and savings incorporating limited borrowing, stochastic wage offers, health status and survival, social security benefits, Medicare and employer provided health insurance coverage, and intentional bequests. The model is estimated on sample of relatively poor households from the first three waves of the Health and Retirement Study (HRS), for whom we would expect social security income to be of particular importance. The estimated model is used to simulate the responses to several counterfactual experiments corresponding to changes in social security rules. These include changes in benefit levels, in the payroll tax, in the social security earnings tax and in early and normal retirement ages.},
	keywords = {Consumption and Savings, Social Security},
	url = {https://papers.ssrn.com/sol3/papers.cfm?abstract_id=719982},
	author = {van der Klaauw, Wilbert and Wolpin, Kenneth I.}
}
@article {5625,
	title = {Understanding Bequest Motives: An Empirical Analysis of Intergenerational Transfers},
	number = {042},
	year = {2005},
	institution = {De Nederlandsche Bank},
	address = {Amsterdam},
	abstract = {This paper analyzes one of the major factors underlying old agents  saving and consumption decisions - the individual intentions to leave bequests. We present two simple model of altruistically motivated bequests and use data from the Health and Retirement Study (HRS) to confront the theoretical implications of the two model with empirical evidence from the survey data provided. The main findings from the data are the following: First, there is strong evidence against a strictly accidental, and in favor of intentional bequest motive for a significant share of agents aged sixty and older. Second, we find the probability to leave an inheritance is mainly driven by wealth and individual characteristics such as health, education, race and religion, but not directly dependent on the heirs  wellbeing, contradicting the standard altruistic model of bequest.},
	keywords = {Adult children, Consumption and Savings},
	url = {https://ideas.repec.org/p/dnb/dnbwpp/042.html},
	author = {G{\"u}nther Fink and Silvia Redaelli}
}
@article {5628,
	title = {Understanding Expenditure Patterns in Retirement},
	year = {2005},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {Understanding the consumption needs of retirees is critical to assessing the adequacy of retirement income and the possible impact of Social Security reform on the well-being of older Americans. This study uses data from the Health and Retirement Study, including a recent supplemental expenditure survey, to analyze spending patterns and consumption needs for adults ages 65 and older. Results indicate that typical older married adults spend 84 percent of after-tax household income, and nonmarried adults spend 92 percent of after-tax income. Even at older ages individuals devote a larger share of their expenditures and income to housing than any other category of goods and services, including health care. Fully 8 percent of married adults report after-tax incomes that fall short of our estimated basic-needs threshold, consisting of housing, health care, food, and clothing. By comparison, only 3 percent of married adults have incomes below the official poverty level.},
	keywords = {Consumption and Savings, Income},
	url = {https://www.urban.org/research/publication/understanding-expenditure-patterns-retirement},
	author = {Barbara A Butrica and Joshua H. Goldwyn and Richard W. Johnson}
}
@article {6966,
	title = {Estate and Gift Tax Incentives and Inter Vivos Giving},
	journal = {National Tax Journal},
	volume = {57},
	year = {2004},
	pages = {429-444},
	publisher = {57},
	abstract = {The estate tax has received a great deal of attention from policy makers and the public in recent years. Yet we know little about its effect on the transfer of wealth. In this paper we explore the effect of the tax on inter vivos giving. In particular, we look at the degree to which wealthy individuals exploit the potential for tax-free transfers as a means of spending-down their estates, and examine the responsiveness of inter vivos transfers over time to changes in the tax law. To address these questions we employ two data sets, each with important strengths and weaknesses. Using panel data from the Health and Retirement Study (HRS) we find that many of the wealthy fail to take advantage of the gift tax annual exemption to make tax-free transfers in any given year. Even those who do make a transfer in one year, often do not repeat the transfer annually and transfer far less than the tax law would allow. We then use data from linked gift and estate tax returns to examine giving over a much longer period. We find in the aggregate that there are sizable shifts in the timing of giving in response to tax changes, but again, the wealthy appear to transfer very little during their lifetimes. Overall, we conclude that while taxes are an important consideration in transfer behavior of the rich, their behavior is not universally consistent with a tax minimization strategy.},
	keywords = {Adult children, Consumption and Savings, Event History/Life Cycle, Income},
	doi = {https://doi.org/10.1016/S0047-2727(00)00102-X},
	author = {Joulfaian, David and Kathleen McGarry}
}
@article {6981,
	title = {Health and Family Labor Force Transitions},
	journal = {Quarterly Journal of Business and Economics},
	volume = {43},
	year = {2004},
	note = {ProCite field 3 : Unlisted; Unlisted},
	pages = {113-38},
	publisher = {43},
	abstract = {We examine the labor force participation responses of older families to changes in the health of family members in the U.S. using the Health and Retirement Study. We estimate transitions among four labor force states for married couples: both working, husband working, wife working and neither working. We find evidence that the onset of health problems increase the probability that the affected individual leaves the labor market. The unaffected spouse is likely to continue working if originally working, but is not likely to enter the labor market if not originally working following the onset of health problems of the spouse. Comparing our results to previous studies suggests that family responses to health changes have remained fairly stable over time in the U.S. In contrast, differences exist in family responses to health changes in the U.S. and Germany, possibly reflecting differences in the institutional environments in the two countries.},
	keywords = {Consumption and Savings, Disabilities, Employment and Labor Force, Health Conditions and Status, Time Use},
	doi = {10.2307/40473387},
	author = {Mark C. Berger and Messer-Pelkowski, Jodi}
}
@mastersthesis {6027,
	title = {The Health Effects of Retirement: A Theoretical and Empirical Investigation},
	year = {2004},
	month = {2004},
	pages = {163},
	school = {University of Notre Dame},
	type = {Dissertation},
	abstract = {This study strives to answer the question of how retirement affects health. Assessing how retirement affects health leads to better estimates of health care costs and a better understanding of the retirement decision. The study develops a model of health investment where individuals maximize lifetime utility derived from consumption goods, leisure and healthy time and produce health using leisure and medical goods. Solving the model generates an equilibrium condition for health investment. Assuming that healthy time is a normal good, the model predicts that retirement will increase health investment and thus health for retirees in the next period relative to workers. The empirical test uses a sample of older adults from the longitudinal Health and Retirement Study. To account for the endogeneity of the retirement decision the study employs an instrumental variable model exploiting exogenous variation in Social Security and private pension benefits. The study also improves on previous work by estimating a model where health change in one period is regressed on previous period retirement status allowing the health stock time to adjust to changes in investment behavior. Using subjective health measures, the study finds that retirement decreases the probability of a good health change for men by over 8\%, but increases the probability for women by 15\%. The difference between sexes persists using a sample of women who worked a significant number of years in their lifetime, and is not due to the particular set of instruments used. Retirement also preserves health for both sexes, reducing the probability of a health decline by 2.5\% for men and 3.5\% for women. Comparing the subjective results to objective measures reduces concerns about reporting bias for the negative effects for men although the results cannot rule out role bias in the positive results for women. The results recommend leaving the Social Security early entitlement age untouched, or extending Medicare and disability coverage to those in poor health who are forced to work by entitlement age increases, potentially allowing individuals to enter retirement in better health, reducing health care costs.},
	keywords = {Consumption and Savings, Disabilities, Health Conditions and Status, Public Policy, Retirement Planning and Satisfaction, Social Security},
	url = {https://search.proquest.com/openview/3b408231733694e31f1688c33ddeab28/1?cbl=18750\&diss=y\&pq-origsite=gscholar},
	author = {Neuman, Kevin}
}
@article {6988,
	title = {Job Loss Expectations, Realizations, and Household Consumption Behavior},
	journal = {The Review of Economics and Statistics},
	volume = {86},
	year = {2004},
	pages = {253-69},
	publisher = {86},
	abstract = {Although the theoretical importance of expectations in decision-making is well-known to economists, only a few empirical papers investigate the impact of individual subjective expectations on economic outcomes. This paper examines the link between expectations of future job losses and the subsequent impact that these expectations have on household consumption behavior. The first part of the paper documents the empirical relationship between job loss expectations and subsequent job losses. Subjective job loss expectations have significant predictive power in explaining future job losses even when standard demographic information known to be associated with the prevalence of job displacement is included in the analysis. Furthermore, higher subjective job loss probabilities are correlated with an increased expectation of future earnings declines. Overall, these results indicate that the subjective job loss expectations variable is a meaningful predictor of subsequent displacement. Since a job displacement results in large and persistent earnings losses, job loss expectations should have an important impact on household consumption smoothing following a job loss. The second part of the paper finds that although a job loss significantly reduces household consumption, there is little evidence that the degree to which households anticipate job losses reduces the impact of displacement on consumption. Alternative models of interpreting responses to expectations questions and of household consumption behavior that may explain these results are discussed.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Expectations},
	doi = {10.2307/3211671},
	author = {Melvin Stephens Jr.}
}
@article {5609,
	title = {Minimum Hours Constraints, Job Requirements and Retirement},
	number = {10876},
	year = {2004},
	note = {ProCite field 3 : Unlisted; Unlisted},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {A structural retirement model estimated with data from the Health and Retirement Study is used to simulate the effects of policies firms might adopt to improve employment conditions for older workers and thereby encourage delayed retirement. Firm policies that effectively abolished minimum hours constraints would strongly increase the number partially retired, while reducing full time work and full retirement, resulting in only a small net increase in full time equivalent employment. Reducing physical and mental requirements of jobs would have much weaker effects on retirement than was suggested by work with the 1970s Retirement History Study. Reducing informal pressures to retire, increasing employer accommodations to health problems, and reducing the prevalence of layoffs and retirement windows would have only small effects on retirement outcomes.},
	keywords = {Consumption and Savings, Disabilities, Employment and Labor Force, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w10876},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@book {5274,
	title = {The Price of Smoking},
	year = {2004},
	publisher = {MIT Press},
	organization = {MIT Press},
	address = {Cambridge, MA},
	keywords = {Consumption and Savings, Health Conditions and Status},
	author = {Frank A Sloan and Ostermann, Jan and Gabriel A. Picone and Conover, Christopher and Donald H. Taylor Jr.}
}
@article {6979,
	title = {Relative Risk Aversion among the Elderly},
	journal = {Review of Financial Economics},
	volume = {13},
	year = {2004},
	pages = {269-81},
	publisher = {13},
	abstract = {This paper examines portfolio allocation behavior of the elderly, investigating whether their behavior conforms to Arrow{\textquoteright}s postulate of increasing relative risk aversion. Additionally, the effects on risk aversion of age, race, gender, education, health status, and the number of children are examined. The source of data is the AHEAD data set that is comprised of households with at least one member aged 70 or over. In the preferred specification, evidence supports a finding of modestly decreasing relative risk aversion and statistical significance for the personal characteristics examined. Implications are drawn for the likely security markets effects of an aging population.},
	keywords = {Consumption and Savings, Demographics, Net Worth and Assets, Risk Taking},
	doi = {https://doi.org/10.1016/j.rfe.2003.09.010},
	author = {Bellante, Don and Green, Carole A.}
}
@article {6980,
	title = {Review of: The smoking puzzle: Information, risk perception, and choice},
	journal = {Journal of Economic Literature},
	volume = {42},
	year = {2004},
	note = {ProCite field 3 : Clemson University},
	pages = {1126-27},
	publisher = {42},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Methodology, Public Policy},
	author = {Jahn K. Hakes}
}
@article {5580,
	title = {Saving for Retirement: Taxes Matter},
	number = {IB$\#$17},
	year = {2004},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {This Issue in Brief begins with a brief description of the
types of accounts that individuals may consider for
retirement saving. It then analyzes two separate issues that
are relevant to different stages of the investment process: 1)
where to invest; and 2) how to value existing investments.
The first issue involves what type of account individuals
should choose in order to maximize their after-tax rate of
return, assuming that each account offers the same pre-tax
return. The analysis of this fundamental saving decision
considers both taxes that are paid {\textquotedblleft}up front{\textquotedblright} on
contributions and taxes that are paid when funds are
withdrawn. The second issue involves how to determine the
after-tax value of existing assets in order to assess progress
toward meeting a retirement saving target. Since, once the
investments are made, {\textquotedblleft}up-front{\textquotedblright} taxes are no longer
relevant, this analysis looks only at taxes that are paid when
funds are withdrawn or, in the case of taxable accounts, taxes
that are due along the way.},
	keywords = {Consumption and Savings, Public Policy},
	url = {https://crr.bc.edu/briefs/saving-for-retirement-taxes-matter/},
	author = {James M. Poterba}
}
@mastersthesis {6396,
	title = {Three Essays on the Effect of Taxes on Economic Behavior},
	year = {2004},
	month = {2004},
	school = {Syracuse University},
	address = {United States -- New York},
	abstract = {Estimation of the effect of tax and transfer policies on economic behavior is a central area of study in the fields of public finance and labor economics. By changing relative prices, policies affect the consumption/saving and labor/leisure choices of individuals and households. The direction and magnitude of such responses are key elements in the effort to measure the overall effect of taxes on economic behavior. The three essays in this dissertation examine two important areas of recent research: the effect of taxes on female labor supply and the effect of subsidies on saving behavior. In the first essay, I estimate female labor supply elasticities in the presence of taxes in a lifecycle-consistent framework, and then calculate the economic cost of taxation. I employ many of the most current econometric techniques to estimate panel data models with fixed effects in the presence of censoring and am able to estimate both intratemporal and intertemporal elasticities for female labor supply. Using data on a panel of married females from the Panel Study of Income Dynamics (PSID), female labor supply is found to be highly responsive to taxes, while intratemporal and intertemporal elasticities are estimated to be larger than 1. Blomquist and Newey (2002) have proposed a nonparametric estimator for labor supply functions, in the presence of nonlinear budget sets. In the second essay, I extend their nonparametric estimator to censored dependent variables, propose econometric strategies to empirically estimate the model, and estimate female labor supply elasticities taking into account the entire budget set using data from 1987 wave of PSID. I find evidence of an elastic response to taxation with the compensated wage elasticity estimated to be 1.19. In the last essay, Gary Engelhardt and I study the effect of employer matching on 401(k) saving using data from the 1992 wave of Health and Retirement Study (HRS). We derive a lifecycle-consistent theoretical model for 401(k) saving, and structurally estimate behavioral elasticities using unique administrative data on 401(k) plans by laying out the individual{\textquoteright}s complete budget set. We estimate that the elasticity of 401(k) contributions with respect to the match rate is 0.33.},
	keywords = {Consumption and Savings, Employment and Labor Force, Methodology, Public Policy, Women and Minorities},
	url = {https://surface.syr.edu/ecn_etd/39/},
	author = {Kumar, Anil}
}
@article {6904,
	title = {Unequal Returns to Housing Investments? A Study of Real Housing Appreciation among Black, White, and Hispanic Households},
	journal = {Social Forces},
	volume = {82},
	year = {2004},
	pages = {1523},
	publisher = {82},
	abstract = {This paper assesses whether and to what degree housing in predominantly minority and integrated neighborhoods appreciates more slowly than comparable housing in predominantly white communities, and, if so, the extent to which inequality is due to neighborhood racial composition per se rather than nonracial socioeconomic and housing structure factors. I take a dynamic approach to the issue of neighborhood effects on housing appreciation, considering both neighborhood racial, ethnic, and income composition at the time homes are purchased and change in those characteristics over time. I examine differences in real housing appreciation across black, white, and Hispanic households by applying a hedonic price analysis to data from the Health and Retirement Study (HRS), combined with data from the 1970, 1980, and 1990 Census. I find clear evidence that housing in black and Hispanic neighborhoods experiences lower appreciation than comparable housing in predominantly white communities, and that increases in black representation also undermine housing values. While a large share of neighborhood appreciation inequality by racial composition is explained by nonracial (particularly socioeconomic) factors, racial and ethnic composition continues to exert a significant effect on appreciation even net of these considerations, particularly in highly segregated minority communities and those that experience large increases in black representation. And finally, I demonstrate the large negative impact of unequal housing appreciation on the overall wealth holdings of mature minority households, and discuss the implications for racial and ethnic stratificati},
	keywords = {Consumption and Savings, Demographics, Housing, Women and Minorities},
	doi = {10.2307/3598444},
	author = {Chenoa Flippen}
}
@article {6967,
	title = {Worker preferences, spousal coordination, and participation in an employer-sponsored pension plan},
	journal = {Research on Aging},
	volume = {26},
	year = {2004},
	pages = {287-316},
	publisher = {26},
	abstract = {Recent changes in the pension environment, such as the growth of defined contribution plans, place more responsibility on individuals for the accumulation of retirement resources and provide workers with an increasing array of pension-related choices and decisions. This study uses data from the Health and Retirement Study to examine two instances where workers face such decisions - participation in an offered defined contribution plan and participation in a supplemental pension plan. The author examines the relationship between two largely unexplored predictors of pension participation - psychological motivators of saving and the influence of spouse{\textquoteright}s behavior. Individual preferences for planning and risk and measures of spouse{\textquoteright}s pension behavior are included in probit models predicting individual pension participation. Results reveal gender differences in the association between preferences and behavior and differences in the primary versus supplemental decision. They also suggest that spouses coordinate pension decisions and behave similarly within structural constraints.},
	keywords = {Adult children, Consumption and Savings, Pensions},
	doi = {https://doi.org/10.1177/0164027503262476},
	author = {Kim Shuey}
}
@article {5563,
	title = {Bad Luck and Consumption Behavior},
	year = {2003},
	institution = {Hamilton College},
	address = {Clinton, NY},
	keywords = {Consumption and Savings, Net Worth and Assets},
	author = {Owen,Ann L. and Stephen Wu}
}
@article {5555,
	title = {Can Unexpected Retirement Explain the Retirement-Consumption Puzzle? Evidence from Subjective Retirement Expectations},
	number = {WP$\#$2003-15},
	year = {2003},
	institution = {Center for Retirement Research at Boston College},
	address = {Boston},
	abstract = {Previous research finds a systematic fall in consumption at retirement, even when these retirements are expected, which implies households do not behave as predicted by the lifecycle/ permanent income hypothesis. However, the worker s expected date of retirement is typically predicted using an instrument - age - that we show to be correlated with unexpected retirements and will therefore lead to biased estimates. In this paper, we use an alternative instrument for expected retirement: workers  own subjective beliefs of their expected retirement dates. We find that subjective retirement expectations provide strong predictive power for subsequent retirements above and beyond the impact of age on retirement probabilities. We still find, however, that consumption falls for workers who retire when expected although the estimated impact is 50 percent smaller when using retirement expectations as an instrument instead of age.},
	keywords = {Consumption and Savings, Expectations, Retirement Planning and Satisfaction},
	url = {https://crr.bc.edu/working-papers/can-unexpected-retirement-explain-the-retirement-consumption-puzzle-evidence-for-subjective-retirement-expectations/},
	author = {Melvin Stephens Jr. and Steven Haider}
}
@article {6867,
	title = {The Effect of Health on Retirement Saving Among Older Workers},
	journal = {Social Work Research},
	volume = {27},
	year = {2003},
	pages = {31-44},
	publisher = {27},
	abstract = {Using data from the first wave of the Health and Retirement Study, the authors investigated the association between health and retirement saving. The two most important findings were that (1) health has a large, significant effect on both the probability that a person nearing retirement age will contribute to an IRA and the amount of money that a person Will hold in IRAs, and (2) a spouse{\textquoteright}s health has a large, significant effect on a person{\textquoteright}s access to an employer-sponsored pension, the probability that a person will contribute to an IRA, and the amount of money held in an IRA.},
	keywords = {Consumption and Savings, Health Conditions and Status, Pensions, Social Security},
	author = {Lum, Y.S. and Lightfoot, Elizabeth}
}
@mastersthesis {6179,
	title = {Empirical Investigation of Dissaving Near the End of Life},
	year = {2003},
	month = {2003},
	school = {Columbia University},
	abstract = {Chapter 1 estimates how much saving is solely precautionary by looking at how people behave when they are fairly certain they are going to die soon. Because uncertainties about life-events are almost negligible for these people, bequest is virtually the only motive they have for saving. I also investigate the effects of Medicaid. Data are taken from the Asset and Health Dynamics Survey (AHEAD). Chapter 2 tries to examine the effect of many economic, demographic, and health reasons on various housing decisions. The multinomial logit analysis using the Asset and Health Dynamics Survey (AHEAD) shows that the elderly do react to traditional economic incentives unlike in the previous studies. I also find that the Medicaid rule that house is exempt from asset limits has a significant effect on housing decisions. In Chapter 3, I describe the inheritance pattern of those who died with wills. The descriptive analysis shows that first, decedents left a bigger portion of their estates to their spouses than stipulated in the intestate succession statutes. Second, although equal estate distribution among children is a general rule, the wealthiest group has the strongest distributive preferences for it. The 1998 and 2000 Health and Retirement Study (HRS) Exit data sets and the 1995 Asset and Health Dynamics among the Oldest Old Study (AHEAD) are used.},
	keywords = {Adult children, Consumption and Savings},
	url = {Database ID: DAI-A 64/04, p. 1346, Oct 2003},
	author = {Yun, Heesuk}
}
@inbook {5184,
	title = {The Impact of the Growth of Defined Contribution Plans on Bequests},
	booktitle = {Death and Dollars: The Role of Gifts and Estates in America},
	year = {2003},
	note = {ProCite field 6 : In ProCite field 8 : eds.},
	publisher = {The Brookings Institution Press},
	organization = {The Brookings Institution Press},
	address = {Washington, DC},
	abstract = {This paper explores the shift from defined benefit to defined contribution plans and considers how it might affect bequests and thereby consumption and saving. Our hypothesis is that both intended bequests and unintended bequests will increase as retirees receive more of their pension benefits as lump sums rather than as annuity payments. We also contend that workers recognize that they may not consume their lump-sum payments and react differently to accumulations in defined benefit and defined contribution plans during their lifetime.},
	keywords = {Adult children, Consumption and Savings, Pensions},
	author = {Alicia H. Munnell and Sund{\'e}n, Annika and Soto, Mauricio and Taylor, Catherine},
	editor = {Alicia H. Munnell and Sund{\'e}n, Annika}
}
@article {5551,
	title = {Measuring the Optimal Income Replacement Rate: A Panel Data Analysis},
	year = {2003},
	institution = {Sungkyunkwan University, Korea; Dept. of Economics},
	abstract = {In order to analyze welfare of retirees, this paper investigates the optimal income replace rate and analyzes how retirement decision affects the post- and pre-retirement consumption. The data analysis using the HRS shows that consumption decreased after retirement for both early and late retirement groups. The post- and pre-retirement consumption ratio (CRATIO) is computed to be 0.922, which implies that the optimal income replacement rate for all retirees is 92.2 . We investigate the interdependence of the decisions on when to retire and how much to consume after retirement (or CRATIO) by using the switching regression model, which tests the hypothesis that early retirement and short labor period induces the low post-retirement income and low post-retirement consumption. The empirical results from the switching regression model show that early retirement decision may affect the post-retirement consumption. After deciding to retire early, retirees would have consumed less than they actually have. The estimation results that used CRATIO as a dependent variables are similar to the results that used post-retirement consumption as a dependent variable.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	author = {An, Chong-Bum and Jeon, Seung-Hoon}
}
@book {5270,
	title = {Parsing the Smoking Puzzle: Information, Risk Perception, and Choice},
	year = {2003},
	publisher = {Harvard University Press},
	organization = {Harvard University Press},
	address = {Cambridge, MA},
	abstract = {Examines how perceptions of the risks of smoking are updated as older individuals receive new personalized information and how risk perceptions affect smoking behavior. Highlights the potential for reducing cigarette consumption using a message about a smoker{\textquoteright}s quality of life at the end of life. Based on data collected in the Health and Retirement Study (HRS), a national panel survey conducted by the University of Michigan{\textquoteright}s Institute for Social Research on adults aged fifty one to sixty one in the baseline year of the survey (1992), and on information from focus group meetings and interviews with current or former smokers. Surveys government policy and industry advertising with regard to smoking over the past fifty to one hundred years and their effectiveness in influencing cigarette demand. Summarizes existing knowledge and HRS findings on the effects of smoking on mortality and morbidity. Focuses on the survey respondent{\textquoteright}s assessment of the probability that they will live to age seventy five; examines how well individuals predict their own survival; and explores how people use new information about their own health to update their longevity expectations. Presents new information on smoking cessation and relapse patterns in older adults, paying special attention to the impact of health shocks. Considers whether it is possible to design information messages that mimic the information conveyed to middle aged smokers by personal health shocks and investigates the factors that may make a message especially salient for smokers. Incorporates new findings into an economic analysis of the demand for cigarettes and evaluates the potential impact of a new information policy on daily cigarette consumption of smokers in the sixth and seventh decade of life. Presents policy implications. Sloan is at Duke University. Smith is at North Carolina State University. Taylor is at the Stanford Institute of Public Policy, Duke University. Index.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Methodology, Public Policy, Risk Taking},
	url = {https://www.hup.harvard.edu/catalog.php?isbn=9780674010390},
	author = {Frank A Sloan and Donald H. Taylor Jr. and V. Kerry Smith}
}
@article {5577,
	title = {Private Pensions:  Participants Need Information on Risks They Face in Managing Pension Assets at and during Retirement},
	year = {2003},
	institution = {Washington, DC, U.S. General Accounting Office},
	abstract = {Question:  Individuals face increasing responsibility for ensuring the sufficiency of their retirement savings, a result of the continuing trend toward pension plans with individual accounts and longer life expectancies.    Finding: Using the NIA-funded Health and Retirement Study, GAO found that while plan sponsors provide timely information about payout options (e.g., lump-sum versus annuity) and that many plans offer both lump-sum and annuity options, there is little discussion regarding the relative risks of the available options, as well as the risk of outliving one s savings.  While many retirees received annuities (60 percent), a large proportion that had the option of annuitizing chose instead to receive a lump-sum distribution.    Recommendation:  More effort is needed to increase public awareness of the risks associated with various options for pension distributions and the implications of choosing one option versus another for the likelihood of outliving one s retirement savings.},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	url = {https://www.gao.gov/products/GAO-03-810},
	author = {United States General Accounting Office}
}
@article {5538,
	title = {The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement},
	number = {9586},
	year = {2003},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {The simple one-good model of life-cycle consumption requires consumption smoothing. However, British and U.S. households apparently reduce consumption at retirement and the reduction cannot be explained by the life-cycle model. An interpretation is that retirees are surprised by the inadequacy of resources. This interpretation challenges the life-cycle model where consumers are forward looking. However, data on anticipated consumption changes at retirement and on realized consumption changes following retirement show that the reductions are fully anticipated. Apparently the decline is due to the cessation of work-related expenses and the substitution of home production for market-purchased goods and services.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	doi = {10.3386/w9586},
	author = {Michael D Hurd and Susann Rohwedder}
}
@inbook {5187,
	title = {Saving, Public Policy, and Late-Life Inequality},
	booktitle = {Focus on Economic Outcomes in Later Life: Public Policy, Health, and Cummulative Advantage},
	series = {Annual Review of Gerontology and Geriatrics},
	volume = {22},
	year = {2003},
	note = {RDA 1998-006 (Lusardi) ProCite field 6 : Chapter 10 in ProCite field 8 : eds.},
	pages = {207-238},
	publisher = {Springer Publishing Company},
	organization = {Springer Publishing Company},
	chapter = {10},
	address = {New York, NY},
	keywords = {Consumption and Savings, Public Policy},
	doi = {10.1891/0198-8794.22.1.207},
	author = {Annamaria Lusardi and Jonathan S Skinner and Steven F Venti},
	editor = {Crystal, Stephen and Dennis G. Shea}
}
@article {6781,
	title = {SSI Eligibility and Participation Among the Oldest Old: Evidence from the AHEAD},
	journal = {Social Security Bulletin},
	volume = {64},
	year = {2003},
	publisher = {64},
	abstract = {This article models Supplemental Security Income (SSI) eligibility and participation among persons aged 70 or older using data from the Study of Assets and Health Dynamics Among the Oldest Old. An econometric model estimates the influence of socioeconomic characteristics on the probability of SSI participation among eligible units. Finally, a policy simulation is conducted by increasing the unearned income disregard from  20 to  125.},
	keywords = {Consumption and Savings, Public Policy},
	url = {https://www.ssa.gov/policy/docs/ssb/v64n3/v64n3p38.html},
	author = {Davies, Paul S.}
}
@inbook {5132,
	title = {What People Don{\textquoteright}t Know About Their Pensions and Social Security: An Analysis Using Linked Data from the Health and Retirement Study},
	booktitle = {Public Policies and Private Pensions},
	year = {2003},
	note = {RDA 1996-005ProCite field[8]: eds.},
	pages = {57-125},
	publisher = {Brookings Institution},
	organization = {Brookings Institution},
	address = {Washington, DC},
	abstract = {Pension plan descriptions from respondents to the 1992 Health and Retirement Study are compared with descriptions obtained from their employers. Earnings histories reported by respondents are compared with earnings histories from the Social Security Administration. The probability of linking employer pension data, which is two thirds for current jobs, and of obtaining permission to link an earnings history, which is over 70 percent, are not well explained by respondent characteristics. Half of respondents with linked pension data correctly identify plan type, and fewer than half identify, within one year, dates of eligibility for early and normal retirement benefits. Benefit reduction rates are essentially not reported. Respondents do better in reporting pension values, but the unexplained variation is still considerable. In contrast, respondent reported values together with other observables, account for 80 percent of the variation in pension values and 75 percent of the variation in covered earnings measured from linked records. Thus prospects are good for imputing plan values, but not for imputing the location or size of early retirement incentives. Our findings raise questions about how well respondents understand complex pension and Social Security rules.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w7368},
	author = {Alan L Gustman and Thomas L. Steinmeier},
	editor = {William G. Gale and John B. Shoven and Mark J. Warshawsky}
}
@article {6838,
	title = {COBRA, Spouse Coverage, and Health Insurance Decisions of Older Households},
	journal = {Journal of Forensic Economics},
	volume = {15},
	year = {2002},
	note = {ProCite field 3 : U KY},
	pages = {147-64},
	publisher = {15},
	abstract = {We use the Health and Retirement Study (HRS) to model the health insurance coverage decisions of older households over time. We estimate coverage decisions as functions of eligibility for various types of health insurance, including the Consolidated Omnibus Budget Reconciliation Act (COBRA) and coverage through current employers of household members, and other characteristics. A bivariate probit model is used to jointly estimate the coverage decisions of husbands and wives and to allow for correlation between unobservable characteristics of the spouses. We use the results to simulate changes in household health insurance coverage that result from events that enable the household to qualify for COBRA coverage.},
	keywords = {Consumption and Savings, Employment and Labor Force, Health Conditions and Status, Healthcare, Insurance, Medicare/Medicaid/Health Insurance, Public Policy},
	author = {Mark C. Berger}
}
@article {5516,
	title = {Expected Bequests and their Distribution},
	year = {2002},
	note = {National Institute on Aging},
	institution = {National Bureau of Economic Research},
	abstract = {Based on a sample of actual bequests that is population-representative and on the subjective probability of bequests, we estimate the distribution of bequests that the older population will make. We find that the distribution is highly skewed, so that the typical baby-boom person will receive a very modest inheritance. This is partly due to the skewed distribution of wealth and partly due to the tendency of the wealthy to have fewer children. But it is also due to anticipated dissaving: we estimate that households in the age band 70-74 will bequeath just 39  of their wealth, consuming the rest before they die.},
	keywords = {Adult children, Consumption and Savings},
	url = {http://papers.nber.org/papers/w9142},
	author = {Michael D Hurd and James P Smith}
}
@article {5486,
	title = {Explaining Why So Many Households Do Not Save},
	year = {2002},
	note = {RDA 1998-002},
	institution = {Dartmouth College, Dept. of Economics},
	abstract = {There are vast differences in wealth holdings, even among households in similar age groups. In addition, a large percentage of U.S. households arrive close to retirement with little or no wealth. While many explanations can be found to rationalize these facts, approximately thirty percent of households whose head is close to retirement have done little or no planning for retirement. Planning is shaped by the experience of other individuals: individuals learn to plan for retirement from older siblings. They also learn from the experience of old parents. In particular, unpleasant events, such as financial difficulties and health shocks at the end of life, provide incentives toward planning. In addition, planning affects wealth levels as well as portfolio choice. Individuals who plan are more likely to hold large amounts of wealth and to invest their wealth holdings in high return assets, such as stocks. Thus, planning plays an important role in explaining the saving behavior of many households.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	url = {http://www.bc.edu/crr},
	author = {Annamaria Lusardi}
}
@article {5503,
	title = {Household Retirement Saving and Informal Insurance: Getting by with a little help from friends},
	year = {2002},
	note = {RDA 1999-001},
	institution = {College of William and Mary},
	abstract = {The literature on wealth accumulation suggests that social insurance programs serve to weaken the precautionary saving motive.  Elsewhere, it has been suggested that family members can establish informal insurance arrangements that serve to reduce earnings variation in the same manner as social insurance.  Together, these findings imply that another potential explanation for the inadequate retirement saving of many U.S. households is the presence of informal insurance, in the form of intervivos transfers to retired family members.  We perform an empirical test of the hypothesis that potential transfers from family members and friends crowd out retirement saving, using data from various waves of the Health and Retirement Study.  We estimate two-stage least squares models of welath accumulation, treating the probability of transfer receipt as endogenous and using characteristics of likely donors to identify the model.  We find that an increase in the subjective proabability of receiving and intervivos financial transfer reduces wealth accumulation, especially financial wealth in the forms of checking, savings, money market accounts, CDs, and IRAs.  A one percentage point (or roughly 8 ) increase in the probability of transfer receipt leads to a  3020 reduction in financial assets.},
	keywords = {Adult children, Consumption and Savings},
	author = {Jennifer M Mellor and Jensen, Eric R.}
}
@book {5272,
	title = {Innovations in Retirement Financing},
	year = {2002},
	note = {ProCite field 8 : eds.},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	address = {Philadelphia, PA},
	keywords = {Consumption and Savings},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/innovations-in-retirement-financing/},
	author = {Zvi Bodie and P. Brett Hammond and Olivia S. Mitchell and Stephen P. Zeldes}
}
@article {6786,
	title = {Passed over for promotion because of age: An empirical analysis of the consequences},
	journal = {Journal of Labor Research},
	volume = {23},
	year = {2002},
	pages = {447-61},
	publisher = {23},
	abstract = {I test whether older individuals who report that their firms favor younger workers in promotion decisions are harmed by this often-cited discriminatory practice. Using the Health and Retirement Study, I determine whether such workers are more likely to experience lower wage growth, to separate from their employer, or to retire early, in comparison with workers with similar demographic and job characteristics. The evidence is consistent with lower wage growth and a greater likelihood of early retirement. Much of the effect, however, is likely to stem from a high correlation between delayed-payment contracts and promotion practices.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Retirement Planning and Satisfaction},
	doi = {10.1007/s12122-002-1046-y},
	author = {Adams, Scott J.}
}
@article {5507,
	title = {Retirement and the Stock Market Bubble},
	number = {9404},
	year = {2002},
	note = {RDA},
	institution = {The National Bureau of Economic Research },
	address = {Cambridge, MA},
	abstract = {This paper specifies and estimates a structural dynamic stochastic model of the way individuals make retirement and saving choices in an uncertain world, and applies that model to analyze the effects of the stock market bubble on retirement behavior.  The model includes individual variation both in retirement preferences and in time preferences.  Estimates are based on information covering the period 1992 through 2000 from the Health and Retirement Study (HRS), a panel survey of retirement age respondents and their spouses.  The extraordinary returns in the stock market in the late 1990{\textquoteright}s, which more than doubled stock prices and unexpectedly increased the value of a mixed portfolio by nearly 60 percent, increased retirement for the HRS sample of workers by over 3 percentage points by the turn of the century and would have decreased the average retirement age by about a quarter of a year if it had not been interrupted.  The subsequent decline in the market, which very nearly wiped out the gains that had been made during the preceding surge, effectively neutralized the effect of the preceding stock market gains on retirement.  The effects of the bubble were to increase retirement as long as the bubble continued, but any continuing effects of the bubble after its end will probably be minimal.},
	keywords = {Consumption and Savings, Net Worth and Assets, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {6787,
	title = {Review of: Forecasting Retirement Needs and Retirement Wealth},
	journal = {Journal of Economic Literature},
	volume = {40},
	year = {2002},
	note = {ProCite field 3 : Miami U},
	pages = {192-94},
	publisher = {40},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	author = {Michael A. Curme}
}
@article {5494,
	title = {Saving for Retirement: Wage Growth and Unexpected Events},
	number = {UM02-05},
	year = {2002},
	institution = {Michigan Retirement and Disability Research Center, University of Michigan},
	address = {Ann Arbor, MI},
	abstract = {We found that there is a perception of {\textquoteleft}under-saving{\textquoteright} for retirement among many individuals. Individuals who perceive they have saved inadequately attribute this mainly to having insufficient income. Under a lifecycle model of consumption with a known income path this is not a reasonable answer. Those with low income today who fail to save will have even lower consumption levels in the future and could increase lifetime utility by reallocating consumption from pre-retirement to post-retirement. Unexpected outcomes in earnings, however, may cause households that planned to reach retirement with adequate savings, not to realize their plans. The decline in real wages that began in 1973 suggests a compelling explanation for low wealth levels: individuals were surprised by low earnings growth and thus under-saved relative to their lifetime incomes. We find that the hypothesis fits the data for those with extreme outcomes but does not explain large wealth differences for individuals on average.},
	keywords = {Consumption and Savings},
	url = {https://mrdrc.isr.umich.edu/projects/saving-for-retirement-wage-growth-and-unexpected-events/},
	author = {Michael D Hurd and Julie M Zissimopoulos}
}
@article {5509,
	title = {Social Security, Pensions and the Savings and Retirement Behavior of Households},
	year = {2002},
	note = {RDA},
	institution = {University of North Carolina at Chapel Hill},
	abstract = {In this paper we formulate and estimate an explicit sequential decision model of savings and work behavior of elderly individuals and couples. More specifcally, we develop a stochastic dynamic model of retirement behavior in which forward-looking individuals are making employment and savings decisions in a setting that accounts for uncertainty about future labor market opportunities, health insurance coverage, health status, survival, and the future generosity of the social security system. The choice environment is characterized by an incomplete health insurance market, the presence and characteristics of employer provided health insurance and private pension plans, the Social Security and Medicare insurance system, and a capital market which applies borrowing limits.         The model is estimated using longitudinal data from the Health and Retirement Study. The estimates are used to evaluate the importance of potential earnings, health, social security benefits and employer provided health insurance coverage and pensions in explaining observed retirement behavior, and to simulate the impact of potential social security reforms on life cycle employment and savings behavior and on welfare.},
	keywords = {Consumption and Savings, Employment and Labor Force, Methodology},
	author = {van der Klaauw, Wilbert and Wolpin, Kenneth I.}
}
@article {5471,
	title = {Achieving Retirement Security or a Loophole Ridden Tax Code? Saving Incentives in the U.S.},
	year = {2001},
	institution = {University of Wisconsin-Madison, Dept. of Economics},
	keywords = {Consumption and Savings, Public Policy},
	url = {http://cerp.unito.it/english/Agenda/Paper_2001/scholtz.PDF},
	author = {John Karl Scholz}
}
@article {6725,
	title = {Adapting to Heart Conditions: A Test of the Hedonic Treadmill},
	journal = {Journal of Health Economics},
	volume = {20},
	year = {2001},
	pages = {495-508},
	publisher = {20},
	abstract = {This paper tests the hypothesis of hedonic adaptation by analyzing the role that a history of heart problems has on the ability to deal with future heart conditions. The results show that those who have had a heart condition in the past are less likely to report worse self-assessed health and emotional health due to the onset of a new condition than those who have not previously had exposure to heart trouble. The results are fairly supportive of the notion of a hedonic treadmill.},
	keywords = {Consumption and Savings, Disabilities, Health Conditions and Status},
	url = {http://www.elsevier.com/inca/publications/store/5/0/5/5/6/0/index.htt},
	author = {Stephen Wu}
}
@inbook {5133,
	title = {Anticipated and Actual Bequests},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {ProCite field 6 : In ProCite field 8 : ed.},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	abstract = {This paper uses data on anticipated bequests from two waves of the Health and Retirement Study and the Asset and Health Dynamics of the Oldest Old (AHEAD), and on actual bequests from AHEAD. Actual bequests were measured in exit interviews given by proxy respondents for 774 AHEAD respondents who died between waves 1 and 2. Because the exit interview is representative of the elderly population, the distribution of estate values is quite different from that obtained from estate records, which represent just a wealthy subset of the population. Anticipated bequests were measured by the subjective probability of leaving bequests. Between waves 1 and 2, increases in bequest probabilities were associated with increases in the subjective probability of surviving, increments in household wealth, and widowing while out-of-pocket medical expenses reduced the likelihood of a bequest. By comparing bequest probabilities with baseline wealth we were able to test a main prediction of the life-cycle model, that individuals will dissave at advanced old-age. The AHEAD respondents anticipate substantial dissaving before they die.},
	keywords = {Adult children, Consumption and Savings, Demographics, Event History/Life Cycle, Health Conditions and Status},
	url = {http://www.nber.org},
	author = {Michael D Hurd and James P Smith},
	editor = {David A Wise}
}
@article {5481,
	title = {Are Americans Saving Enough for Retirement?},
	year = {2001},
	note = {RDA 1998-006},
	institution = {Center for Retirement Research at Boston College, Issue Brief No. 7},
	abstract = {Popular financial advice often suggests that households should aim to replace between 65 and 85 percent of pre-retirement income in retirement in order to maintain their pre-retirement living standards.  Some households can achieve replacement rates that are in the recommended range through Social Security and pension income alone.  Others can reach these replacement rates with the addition of income from part-time work during retirement, housing equity and inheritances.  But most households will need to rely on their savings to supplement their other retirement income.  Yet, reports in the popular press often warn that Americans are not saving enough for retirement.  How accurate are these warnings?  Are Americans jeopardizing their well-being in their later years through inadequate retirement preparations?  This issue in brief provides an overview of the available evidence on whether Americans are saving enough for retirement.},
	keywords = {Consumption and Savings, Expectations},
	url = {http://www.bc.edu/centers/crr/issues/ib_7.pdf},
	author = {Cori E. Uccello}
}
@article {5480,
	title = {Are Households Saving Adequately for Retirement? A Progress Report on Three Projects},
	year = {2001},
	note = {RDA 1998-006},
	institution = {CRR Conference Paper, Center for Retirement Research at Boston College},
	abstract = {This paper summarizes the current status of three research projects on the adequacy of households  saving for retirement. The first examines how changes in the latter half of the 1990s, in particular the stock market boom, have affected the extent to which households are preparing adequately for saving. The second explores the implications of allowing for variable leisure and endogenous retirement in developing a simulation model that is used to generate benchmark values of adequate wealth accumulation. The third investigates how data on lifetime earnings can be used to improve estimates of how well households are actually preparing for retirement and to show biases that occur when using data on current earnings.},
	keywords = {Consumption and Savings},
	author = {Engen, Eric M. and William G. Gale and Cori E. Uccello}
}
@inbook {5199,
	title = {Are Smokers Too Optimistic?},
	booktitle = {The Economic Analysis of Substance Use and Abuse: The Experience of Developed Countries and Lessons for Developing Countries},
	year = {2001},
	note = {ProCite field 6 : In ProCite field 8 : eds.},
	pages = {103-33},
	publisher = {Edward Elgar Publishing Limited},
	organization = {Edward Elgar Publishing Limited},
	address = {Cheltenham, UK},
	keywords = {Consumption and Savings, Health Conditions and Status},
	url = {https://www.e-elgar.com/shop/usd/the-economic-analysis-of-substance-use-and-abuse-9781840646252.html},
	author = {Frank A Sloan and Donald H. Taylor Jr.},
	editor = {Michael Grossman and Chee-Ruey Hsieh}
}
@article {8446,
	title = {As Savings Go Up, Worries Go Down (A Little)},
	journal = {The New York Times},
	year = {2001},
	month = {March 21, 2001},
	pages = {1},
	publisher = {The New York Times Co.},
	chapter = {H},
	address = {New York, NY},
	keywords = {Consumption and Savings},
	author = {O{\textquoteright}Neil, John and Connelly, Marjorie}
}
@article {5447,
	title = {Can Americans Maintain Pre-Retirement Consumption Standards in Retirement?},
	year = {2001},
	institution = {University of Wisconsin-Madison},
	keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction},
	author = {John Karl Scholz}
}
@article {5435,
	title = {Have 401(k)s Raised Household Saving?  Evidence from the Health and Retirement Study},
	number = {24},
	year = {2001},
	institution = {Syracuse University},
	address = {Syracuse, NY},
	abstract = {The 401(k) pension plan has become the most widespread retirement saving plan since its creation in 1978.  At the same time there has been a great deal of debate over the amount that this plan actually effects the financial savings of a household.  In this article it is believed that there are fundamental biases in estimating saving effects because of the many ways of saving.  After going over numerous studies dealing with 401(k) plans effects on savings, the author thoroughly discusses evidence from the first wave (1992) of the Health and Retirement Study.  By way of in-depth analysis it is concluded that 401(k) plans have little effect on a households saving.  Only in lower-to-middle income households is saving likely to be widely effected by 401(k) plans.},
	keywords = {Consumption and Savings, Pensions},
	url = {https://www.maxwell.syr.edu/uploadedFiles/cpr/publications/aging_studies/age24.pdf},
	author = {Gary V. Engelhardt}
}
@article {5449,
	title = {Health Risk and Portfolio Choice},
	year = {2001},
	institution = {University of California-Berkeley},
	keywords = {Consumption and Savings, Health Conditions and Status},
	author = {Ryan D. Edwards}
}
@inbook {5198,
	title = {How Costly are Smokers to Medicare?},
	booktitle = {Private Versicherung und Soziale Sicherung: Festschrift zum 60. Geburtstag von Roland Eisen},
	year = {2001},
	note = {ProCite field 6 : In ProCite field 8 : eds.},
	pages = {103-33},
	publisher = {Metropolis Verlag},
	organization = {Metropolis Verlag},
	address = {Marburg},
	keywords = {Consumption and Savings, Health Conditions and Status, Medicare/Medicaid/Health Insurance},
	author = {Frank A Sloan and Gabriel A. Picone},
	editor = {Mager, Hans-Christian and Schafer, Henry and Schrufer, Klaus}
}
@article {6757,
	title = {How Effective is Redistribution Under the Social Security Benefit Formula?},
	journal = {Journal of Public Economics},
	volume = {82},
	year = {2001},
	note = {RDA 1996-005},
	pages = {1-28},
	publisher = {82},
	abstract = {In this study, data from the Health and Retirement Study linked to the Social Security Administration is used in order to analyze wealth redistribution by way of Social Security.  This redistribution seems to go from the upper earners to the lower earners.  More specifically, the wealth is being redistributed from men to women and, when looking at the household context, from primary earners to secondary earners.  The study also illustrates wealth redistribution when specific factors are taken into account and show how much of an effect different variables have on the redistribution of wealth.  From their analysis the authors conclude that privatizing the Social Security system would have no effect on redistribution of wealth.},
	keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction, Social Security},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {5482,
	title = {The Impact of the Cost of Long-Term Care on the Saving of the Elderly},
	year = {2001},
	institution = {University of California, San Diego},
	abstract = {One of the predictions of the life-cycle model of savings behavior is that the elderly should dissave at a rate that increases with age. But there is little evidence that significant dissaving takes place at any age. One explanation is that the elderly wish to retain assets to cover the cost of long-term care. I propose a model in which the elderly are informed about both their life expectancy and their likelihood of entering long-term care, and in which the utility of consumption in long-term care differs from that of consumption at home. I consider how the Medicaid rules relating to long-term care might influence the behavior of married couples and single persons whose wealth is above or below Medicaid eligibility limits. I test the predictions on data from the 1993 and 1995 Asset and Health Dynamics among the Oldest Old (AHEAD) dataset, which has information on expectations. I make use of interstate differences in Medicaid financial eligibility rules to investigate the effects of Medicaid on household saving. In accordance with the predictions of my model, I find no evidence that people who are eligible for Medicaid dissave more rapidly if they expect to enter long-term care. On the contrary, married couples save more if they believe it is likely that they will enter long-term care. However, even those households that do not expect to enter long-term care fail to dissave. I find that an increase in the generosity of spousal protection rules leads to a decrease in household saving.},
	keywords = {Consumption and Savings, Healthcare},
	url = {http://www.nber.org/ confer/2001/si2001/webb.pdf},
	author = {Anthony Webb}
}
@article {5448,
	title = {The Impact of the Shift to Defined Contribution Plans on Bequests and Living Standards in Retirement},
	year = {2001},
	institution = {Boston College},
	keywords = {Adult children, Consumption and Savings, Pensions},
	author = {Alicia H. Munnell and Soto, Mauricio and Sund{\'e}n, Annika and Taylor, Catherine}
}
@article {5465,
	title = {An  Investigation of the Effect of Informal Insurance on Household Retirement Saving},
	year = {2001},
	note = {RDA 1999-001},
	institution = {College of William and Mary},
	abstract = {The literature on wealth accumulation suggests that social insurance programs serve to weaken the precautionary saving motive.  Elsewhere, it has been suggested that family members can establish informal insurance arrangements that serve to reduce earnings variation in the same manner as social insurance.  Together, these findings imply that another potential explanation for the inadequate retirement saving of many low income U.S. households is the presence of informal insurance, in the form of intervivos transfers to retired family members.  In this paper, we describe a set of testable conditions that would support this contention, and examine in turn the empirical support for each.  We perform an empirical test of the hypothesis that potential transfers from children crowd out retirement saving, using data from Wave 1 of the Health and Retirement Study.  We find no evidence that parents with larger families adjust retirement wealth levels downward.  WE find some evidence to suggest that parents{\textquoteright} retirement portfolio composition is affected by family size.},
	keywords = {Adult children, Consumption and Savings},
	author = {Jensen, Eric R. and Jennifer M Mellor}
}
@article {6732,
	title = {Job Loss and Employment Patterns of Older Workers},
	journal = {Journal of Labor Economics},
	volume = {19},
	year = {2001},
	note = {ProCite field 3 : Rutgers U; Yale U},
	pages = {484-521},
	publisher = {19},
	abstract = {This article uses data from the Health and Retirement Study to examine the employment patterns of workers aged 50 and above who have experienced an involuntary job loss. Hazard Models for returning to work and for exiting post displacement employment are estimated and used to examine work patterns for 10 years following a job loss. Our findings show that a job loss results in large and lasting effects on future employment probabilities. Four years after job losses at age 55, the employment rate of displaced workers remains 20 percentage points below the employment rate of similar nondisplaced workers.},
	keywords = {Consumption and Savings, Employment and Labor Force, Retirement Planning and Satisfaction},
	doi = {10.1086/319568},
	author = {Sewin Chan and Ann H. Stevens}
}
@article {5477,
	title = {A Precise Characterization of The Black-White Wealth Gap},
	year = {2001},
	note = {RDA},
	institution = {University of Michigan},
	abstract = {Previous work on black-white wealth differences has not adequately accounted for the profound disparity between blacks and whites in the distributions of lifetime earnings, and has not provided a metric for judging the economic significance of observed wealth differentials. We construct a synthetic white earnings distribution that is comparable to the black earnings distribution, using a novel weighting scheme that downplays the influence of high-income whites. This sophisticated correction for earnings explains some, but not most, of the observed differences in the wealth distributions. We propose a new metric to gauge the quantitative economic impact of the wealth gap conditional on earnings: the addition to retirement disposable income flows resulting from the annuitization of financial wealth holdings as of retirement. Taking mortality and retirement income sources such as Social Security into account, annuitized wealth has little appreciable affect on retirement income flows for either blacks or whites below the median. Perhaps twenty percent of black households have enough wealth to have a nontrivial effect on post-retirement income flows. Throughout the earnings distribution, however, whites are considerably more likely to have large potential retirement income from financial wealth than their black counterparts.},
	keywords = {Consumption and Savings, Women and Minorities},
	author = {Barsky, Robert and John Bound and Kerwin K. Charles and Joseph P. Lupton}
}
@inbook {5177,
	title = {Preretirement Cashouts and Foregone Retirement Saving: Implications for 401(k) Asset Accumulation},
	booktitle = {Themes in the Economics of Aging},
	year = {2001},
	note = {RDA 1999-002 Wise ProCite field 6 : In ProCite field 8 : ed},
	pages = {23-58},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago, IL},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions},
	url = {https://www.nber.org/chapters/c10320},
	author = {James M. Poterba and Steven F Venti and David A Wise},
	editor = {David A Wise}
}
@article {5429,
	title = {Resource Transfers to the Elderly: Do Adult Children Substitute Financial Transfers for Time Transfers},
	number = {DRU-2542},
	year = {2001},
	institution = {RAND Corp},
	address = {Santa Monica, CA},
	abstract = {Using the Health and Retirement Study, this research investigates whether an adult child substitutes financial transfers to an elderly parent for time transfers as the cost of his or her time increases. I develop and estimate a model of the effect of a child{\textquoteright}s wage rate on time and money transferred to an elderly parent. I calculate a wage elasticity and study how this varies with the existence of substitutes such as siblings and a spouse, and how this varies by sex of the child. The results show that an adult child will substitute money for time. Furthermore, I find that for a male child, a spouse is a substitute helper for elderly parents and that for a female child a spouse is a complementary helper while siblings serve as substitutes.},
	keywords = {Adult children, Consumption and Savings, Demographics, Income, Other, Time Use},
	url = {https://www.rand.org/pubs/drafts/DRU2542.html},
	author = {Julie M Zissimopoulos}
}
@article {6728,
	title = {The Role of Micro-level Panel Data in Policy Research},
	journal = {Schmollers Jahrbuch: Zeitschrift fur Wirtschafts und Sozialwissenschaften/Journal of Applied Social Science Studies},
	volume = {121},
	year = {2001},
	note = {ProCite field 3 : Cornell U; Syracuse U},
	pages = {469-500},
	publisher = {121},
	abstract = {This paper focuses on the value of longitudinal micro-level data for policy centered research on behavioral and economic well-being.  It provides examples of policy questions that can best be answered using such data and shows how they have been answered using data from four ongoing longitudinal panels--the BHPS (British Household Panel Study), the GSOEP (German Socio-Economic Panel), the HRS (Health and Retirement Study) and the PSID (Panel Study of Income Dynamics). Finally, it suggests a set of policy issues that can be considered using these data or from a national or a cross-national perspective.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Methodology, Public Policy, Retirement Planning and Satisfaction},
	url = {http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.200.6915\&rep=rep1\&type=pdf},
	author = {R.V. Burkhauser and Smeeding, Timothy M.}
}
@article {6778,
	title = {Savings of Young Parents},
	journal = {The Journal of Human Resources},
	volume = {36},
	year = {2001},
	pages = {762-794},
	publisher = {36},
	abstract = {In this paper, we examine household savings using data from the National Longitudinal Survey, Cohort 1997. This data set provides detailed information about assets and liabilities of parents with teenage children. In our empirical work, we have to first deal with several problems in measuring wealth. Although many responding parents report owning assets and liabilities, they often do not report their values. To get around the nonresponse problem, we impute the missing values for assets and liabilities. To study the patterns of accumulation of young parents, we examine wealth holdings and asset ownership across several demographic groups.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	doi = {10.2307/3069641},
	author = {Annamaria Lusardi and Cossa, Ricardo and Krupka, Erin L.}
}
@article {5474,
	title = {Social Security Expectations and Retirement Savings Decisions},
	number = {8718},
	year = {2001},
	note = {National Institute on Aging Grant 2 P01 AG10179-04A1 and National Science Foundation grant SES-0001436.},
	institution = {The National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {Retirement savings decisions should depend on expectations of Social Security retirement income. Persons may be uncertain of their future Social Security benefits for several reasons, including uncertainty about their future labor earnings, the formula now determining social security benefits, and the future structure of the Social Security system. To learn how Americans perceive their benefits, we have elicited Social Security expectations from respondents to the Survey of Economic Expectations. We have also performed a more intensive face-to-face survey on a small sample of respondents. This paper presents the empirical findings. It also illustrates how data on expectations may help predict how Social Security policy affects retirement savings.},
	keywords = {Consumption and Savings, Social Security},
	doi = {https://www.nber.org/papers/w8718},
	author = {Dominitz, Jeff and Charles F Manski and Heinz, Jordan}
}
@article {6727,
	title = {What Makes a Landlord? Ownership of Real Estate by US Households},
	journal = {Urban Studies},
	volume = {38},
	year = {2001},
	note = {ProCite field 3 : US Dept of Housing and Urban Development},
	pages = {1069-81},
	publisher = {38},
	abstract = {Households supply about three-quarters of US rental housing. The paper examines the real estate investment decision and the proportion of wealth invested in real estate. Hypotheses drawn primarily from the real estate finance literature about the role of wealth, expected inflation, human capital, income tax rates, race, health, risk aversion and inheritance are tested against data from the Health and Retirement Study. Wealth has a powerful non -linear effect on ownership of real estate, but ownership is negatively associated with human capital.  Marginal tax rates, race and property gifts affect real estate investment; poor health, risk aversion and expected inflation do not seem to.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Housing, Net Worth and Assets},
	doi = {10.1080/00420980120051657},
	author = {Shroder, Mark}
}
@article {6682,
	title = {A Benefit of One{\textquoteright}s Own: Older Women{\textquoteright}s Entitlement to Social Security Retirement},
	journal = {Social Security Bulletin},
	volume = {63},
	year = {2000},
	note = {RDA 1996-006 ProCite field 3 : Wellesley College; U PA; US Social Security Administration},
	pages = {47-53},
	publisher = {63},
	abstract = {Using data from the Health and Retirement Study (HRS) and linked administrative records, we explore differences in old-age benefits between men and women attributable to differences in length of work life and pay. We find that most women are fully insured for Social Security purposes, but those who are not would have to work substantially more to become eligible. Among those who are eligible, additional work would translate into only slightly higher benefits.},
	keywords = {Consumption and Savings, Health Conditions and Status, Methodology, Retirement Planning and Satisfaction, Social Security, Women and Minorities},
	url = {https://www.ssa.gov/policy/docs/ssb/v63n3/v63n3p47.pdf},
	author = {Phillip B. Levine and Olivia S. Mitchell and John W R Phillips}
}
@article {6696,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	journal = {Research in Labor Economics},
	volume = {19},
	year = {2000},
	note = {RDA 1996-005},
	pages = {215-252},
	publisher = {19},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {6683,
	title = {Estimating Prudence},
	journal = {Eastern Economic Journal},
	volume = {26},
	year = {2000},
	note = {ProCite field 3 : Canisius College, NY},
	pages = {379-92},
	publisher = {26},
	abstract = {This study uses an expected utility model of life insurance demand to derive reduced form equations for the Leland-Kimball measures of absolute and relative prudence.  The model is estimated for various demographic subgroups using survey data form the University of Michigan{\textquoteright}s Health and Retirement Study. The estimates of relative prudence range from 1.51 to 5.15, with males at the lower end and females at the higher end of the range.  Additionally, prudence is higher among older and married cohorts than among younger and unmarried cohorts, respectively; and smokers, drinkers, and risk-takers appear to be less prudent than their respective counterparts.},
	keywords = {Consumption and Savings, End of life decisions, Insurance},
	url = {https://www.jstor.org/stable/40326439},
	author = {Eisenhauer, Joseph G.}
}
@article {5410,
	title = {The Financial Impact of Health Insurance},
	year = {2000},
	institution = {University of California at Berkeley},
	abstract = {What are the financial benefits of having health insurance? Although health insurance is ostensibly intended to help protect households from economic risks related to poor health, very little is known about the magnitude of this effect. Alternative mechanisms (such as informal health insurance or depleting assets) may be equally important in allowing households to smooth consumption in the event of a health shock. This paper analyzes the role of health insurance in buffering the impact of health shocks on household consumption and wealth. Using data from the Health and Retirement Study, I find very little evidence that household consumption or wealth is affected by the onset of a serious illness regardless of the household s insurance status.  This suggests that on average, other insurance mechanisms may be at least as important as formal health insurance in protecting households from health-related economic risk.},
	keywords = {Consumption and Savings, Medicare/Medicaid/Health Insurance},
	author = {Helen G Levy}
}
@book {5268,
	title = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {RDA 1996-002 ProCite field 8 : eds.},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	address = {Philadelphia, PA},
	abstract = {Thirteen papers draw on data from the Health and Retirement Study and from other sources to explore people{\textquoteright}s preparation for and the financial challenges of retirement in the United States. Papers discuss new paths to retirement; how prepared Americans are for retirement; projected retirement wealth and saving adequacy; individual savings and investment choices associated with 401(k) plans; factors explaining retirement savings shortfalls; women{\textquoteright}s economic well -being at the end of their work lives and the factors that appear to be associated with the poorer economic status of older women relative to older men; the prospects for widow poverty; minorities facing retirement; early retirement windows; the relationship between people{\textquoteright}s expectations about their retirement, their realizations of retirement, and the role of health shocks in this process; planning for health care needs in retirement; the evaluation of pension entitlements; social security earnings and projected benefits. Mitchell is at the Wharton School, University of Pennsylvania. Hammond is with the Teachers Insurance Annuity Association-College Retirement Equities Fund (TIAA -CREF). Rappaport is at William M. Mercer, Inc. Index.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Pensions, Retirement Planning and Satisfaction, Women and Minorities},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {Olivia S. Mitchell and P. Brett Hammond and Anna M. Rappaport}
}
@article {5402,
	title = {How Effective is Redistribution Under the Social Security Benefit Formula?},
	number = {7597},
	year = {2000},
	institution = {National Bureau of Economic Research},
	address = {Cambridge, MA},
	abstract = {This paper uses earnings histories obtained from the Social Security Administration and linked to the survey responses for participants in the Health and Retirement Study to investigate redistribution under the current social security benefit formula. When individuals are arrayed by indexed lifetime earnings, benefits are significantly redistributed from those with high lifetime earnings to those with low lifetime earnings. However, much of this apparent redistribution is from men to women, and when examined at the level of the family, from primary to secondary earners. When families are arrayed according the total lifetime earnings, and spouse and survivor benefits are taken into account, the extent of redistribution from families with high lifetime earnings to families with low lifetime earnings is roughly halved. When families are arrayed by their earnings potential, i.e., earnings during years when both spouses are engaged in substantial work, there is very little redistribution from families with high to low earnings capacity. Accordingly, at least for families on the verge of retirement day, introducing a system that ignored issues of redistribution would have no major effect on the distribution of social security benefits net of taxes among families with different earnings capacities.},
	keywords = {Consumption and Savings, Income, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w7597$\#$:~:text=When\%20families\%20are\%20arrayed\%20according,lifetime\%20earnings\%20is\%20roughly\%20halved.},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5120,
	title = {Minorities Face Retirement: Worklife Disparities Repeated?},
	booktitle = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {ProCite field[3]: CUNYProCite field[6]: InProCite field[8]: eds.},
	pages = {235-52},
	publisher = {University of Pennsylvania Press},
	organization = {University of Pennsylvania Press},
	chapter = {8},
	address = {Philadelphia},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction, Women and Minorities},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {Honig, Marjorie},
	editor = {Olivia S. Mitchell and P. Brett Hammond and Anna M. Rappaport}
}
@inbook {5167,
	title = {New Paths to Retirement},
	booktitle = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {ProCite field 8 : eds.},
	pages = {13-32},
	publisher = {Univ. of Pennsylvania Press},
	organization = {Univ. of Pennsylvania Press},
	address = {Philadelphia},
	keywords = {Consumption and Savings, Employment and Labor Force, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {Joseph F. Quinn},
	editor = {Olivia S. Mitchell and Hammond, B. and Rappaport, A.}
}
@article {5427,
	title = {Patterns of Dissaving in Retirement},
	number = {2000-10},
	year = {2000},
	institution = { AARP Public Policy Institute},
	address = {Washington, D.C.},
	abstract = {Abstract:  Examined patterns of dissaving among households with at least one older adult. Data were obtained from the Social Security Administration{\textquoteright}s New Beneficiary Data System (NBDS) on older adults (mainly those aged 62-65) who received Social Security benefits for the first time in 1980-1981 and who were interviewed in 1982 and 1991. Data were also obtained from the 1993 and 1995 waves of the National Institute on Aging{\textquoteright}s Asset and Health Dynamics Among the Oldest Old (AHEAD) survey of adults aged 70 and older. Multivariate analyses indicated that changes in wealth were fairly flat in the 1980s (based on NBDS data), with mean wealth growing just under one percent per year for the 9 years of the sample period, while median wealth declined by about one-quarter of a percentage point per year. The AHEAD data from the 1990s suggest that most adults aged 70 and older enjoyed wealth increases, which in large part were due to the dramatic rise in stock prices over the 2 years of the survey period. Overall, there was increasing wealth inequality, with less well off households dissaving more rapidly than better off households. Households in which health declined between the waves studied were more likely to dissave. Savings patterns of households with and without children were fairly similar. Two appendixes provide information on the study methodology and additional data tables},
	keywords = {Consumption and Savings, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://assets.aarp.org/rgcenter/econ/2000_10_dissaving.pdf},
	author = {Steven Haider and Michael D Hurd and Reardon, Elaine and Williamson, Stephanie}
}
@article {5418,
	title = {Precautionary Saving and the Accumulation of Wealth},
	year = {2000},
	note = {RDA 1998-002},
	institution = {Dartmouth College},
	abstract = {In this paper, I estimate the extent of precautionary accumulation using data from a new survey: the US Health and Retirement Study, which samples older households. I account for many determinants of wealth, not only past economic circumstances and expectations about future resources, but also individual preferences, such as risk aversion and impatience. In addition and most importantly, I account for risk using subjective data on the probability of job loss in the future.  I find evidence in favor of precautionary saving. While the precautionary saving motive does not give rise to a lot of wealth, many households make provisions to insure against earnings risk. Thus, precautionary saving continues to affect accumulation even at late stages of the life cycle.},
	keywords = {Consumption and Savings, Expectations, Net Worth and Assets},
	url = {https://www.researchgate.net/publication/5091193_Precautionary_Saving_and_the_Accumulation_of_Wealth},
	author = {Annamaria Lusardi}
}
@article {6679,
	title = {The Production of Functionality by the Elderly: A Household Production Function Approach},
	journal = {Applied Economics},
	volume = {32},
	year = {2000},
	note = {ProCite field 3 : Cornell U},
	pages = {1269-80},
	publisher = {32},
	abstract = {This paper extends Becker{\textquoteright}s model of the household production function of human capital to the production of elderly functionality. In this model, elderly functionality is produced with the direct inputs of assistive devices, personal assistance, and nutritional intake.  Education, endowment variables (like genetic endowment and sex) and health conditions (like stroke) determine the production function environment. Data from the Survey of Asset and Health Dynamics Among the Oldest-Old (AHEAD) are used to estimate a production function of bathing functionality, using a two-stage estimation procedure. In the first stage, input demands for the endogenous functionality inputs are estimated, recognizing health heterogeneity. The results suggest that reverses in functionality caused by age and health conditions can be partially compensated for by the use of assistive devices (like grab bars and bathing equipment), secure nutritional intake, and moderate alcohol consumption. However, non-inputs like chronic health conditions, age, sex and genetic endowment exert a strong influence on the level of functionality.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Net Worth and Assets},
	doi = {10.1080/000368400404425},
	author = {Kutty, Nandinee K.}
}
@inbook {5148,
	title = {Projected Retirement Wealth and Saving Adequacy in the Health and Retirement Study},
	booktitle = {Forecasting Retirement Needs and Retirement Wealth},
	year = {2000},
	note = {RDA 1996-002; Revision of NBER Working Paper No. 6240 ProCite field 8 : eds.},
	pages = {68-94},
	publisher = {Univ. of Pennsylvania Press},
	organization = {Univ. of Pennsylvania Press},
	chapter = {3},
	address = {Philadelphia},
	abstract = {In the future it is likely that retirees will have to take on more of the burden of ensuring their own well-being then is now the case.  This is because of the growing population over the age of 65 that is causing the social security surplus to wither away and the ongoing trend toward defined contribution retirement plans rather then defined benefit plans.  However, household savings rates have plunged over the last half-century and this causes one to wonder how people will maintain their current consumption levels when retired.  The authors use the first wave (1992) of the Health and Retirement Study in order to illustrate a life cycle model of savings.  These researchers also look at initial and projected wealth, savings needs, replacement rates, and income.  They find that the median current wealth of older households is  325,000, including retirement plans and assets, and they feel that at retirement the median wealth will be  380,000.  At the same time though the median older household will need a savings rate of 16  in order to maintain current consumption levels in retirement.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	url = {https://pensionresearchcouncil.wharton.upenn.edu/publications/books/forecasting-retirement-needs-and-retirement-wealth/},
	author = {James Moore and Olivia S. Mitchell},
	editor = {Olivia S. Mitchell and Hammond, B. and Rappaport, A.}
}
@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}
}
@article {6681,
	title = {Retirement Outcomes in the Health and Retirement Study},
	journal = {Social Security Bulletin},
	volume = {63},
	year = {2000},
	note = {ProCite field 3 : Dartmouth College; TX Tech U},
	pages = {57-71},
	publisher = {63},
	abstract = {This study examines retirement outcomes in the first four waves of the 1992 -98 Health and Retirement Study (HRS).  The article compares outcomes under alternative definitions of retirement, describes differences in outcomes among demographic groups, compares retirement dynamics based on self-reported retirement status, and compares retirement flows in the 1990s and 1970s and between cohorts of the HRS.  Among other findings, measured retirement is seen to differ, sometimes substantially, with the definition of retirement used and among the various groups analyzed.},
	keywords = {Consumption and Savings, Demographics, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.ssa.gov/policy/docs/ssb/v63n4/v63n4p57.pdf},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@article {6717,
	title = {Saver Behavior and 401(k) Retirement Wealth},
	journal = {American Economic Review},
	volume = {90},
	year = {2000},
	note = {RDA 1999-002},
	pages = {297-302},
	publisher = {90},
	abstract = { Contributions to 401(k) plans are now the most
 important form of retirement saving. Since 401(k)
 plans were introduced in the early 1980{\textquoteright}s, they
 have expanded rapidly and continuously. By
 1998, roughly half of all households were eligible
 to participate in 401(k) plans, and more than 36
 million workers made contributions to these
 employer-provided saving plans. In 1995, the last
 year for which the U.S. Department of Labor
 has released definitive data, 401(k) contribu-
 tions amounted to $87.4 billion, or 55 percent of
 all contributions to employer-sponsored pension
 plans. The level of contributions, and their share
 of all pension contributions, is probably signifi-
 cantly higher today.
 The spread of 401(k) plans is the most
 important indicator of the move to personal
 retirement saving. In 1980, almost 92 percent
 of pension-plan contributions were to tradi-
 tional employer-provided plans, and about
 64 percent of these contributions were to
 conventional defined-benefit plans. Today,
 almost 60 percent of contributions are to
 personal retirement accounts, including 401(k),
 IRA, and Keogh plans. Including employer-
 provided, non-40 1 (k) defined-contribution
 plans, over 76 percent of contributions are to
 plans that are controlled in large measure by
 individuals. These individuals make partici-
 pation, contribution, asset-allocation, and
 withdrawal decisions.
 In this paper, we describe the likely impor-
 tance of 401(k) assets for future older Ameri-
 cans and the effect of investment decisions on
 asset accumulation. We also examine the extent
 to which retirement assets may be affected by
 several decisions: preretirement withdrawals,
 management fees and expenses, contribution
 rates, and early retirement. Our analysis focuses
 on 401(k) saving, but applies more broadly to
 other forms of individual retirement saving.},
	keywords = {Consumption and Savings, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.jstor.org/stable/117239?seq=1},
	author = {James M. Poterba and Steven F Venti and David A Wise}
}
@article {5409,
	title = {Saving for Retirement: Household Bargaining and Household Net Worth},
	year = {2000},
	institution = {University of Michigan, Michigan Retirement Research Center},
	abstract = {Traditional economic models treat the household as a single individual, and do not allow for separate preferences of and possible conflicts of interest between husbands and wives. Since wives are typically younger than their husbands and life expectancy for women exceeds that for men, wives may prefer to save more for retirement than do their husbands. This suggests that households in which wives have greater relative bargaining power may accumulate greater net worth as they approach retirement. Most empirical models of net worth in the literature do not include characteristics of both spouses. We present a more complete unitary model of household net worth and find, among couples in the first wave of the Health and Retirement Survey, that the characteristics of both husband and wife are determinants of net worth. We explore the importance of bargaining in marriages of older couples by examining the empirical relationship between their net worth and factors such as relative control over current income sources, relative age, and relative education. We find some evidence that low relative education of wives is associated with low net worth.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	url = {https://mrdrc.isr.umich.edu/publications/Papers/pdf/wp004.pdf},
	author = {Lundberg, Shelly J. and Jennifer L. Ward-Batts}
}
@inbook {5156,
	title = {Social Security Benefits of Immigrants and U.S. Born},
	booktitle = {Issues in the Economics of Immigration},
	year = {2000},
	note = {RDA 1996-005 ProCite field 8 : ed.},
	pages = {309-350},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	abstract = {Immigrants realize higher Social Security benefits per year worked in the U.S. then U.S. born, even when earnings are identical in all years the immigrant has been in the U.S. The benefit formula favors those with low lifetime covered earnings, and the years prior to immigration are treated as years of zero earnings. If instead earnings were averaged only over years of residence in the U.S., and benefits were prorated based on the share of a 35 or 40 year base period spent in residence, immigrants would receive the same return on their social security taxes as U.S. born. For a sample from the Health and Retirement Study, a group born between 1931 and 1941, prorating reduces immigrants{\textquoteright} social security benefits by 7 to 15 percent. For immigrants who entered in the 1980{\textquoteright}s, the reductions would be over 30 percent. Prorating would reduce the present value of benefit payments to immigrants born from 1932 to 1941 by  7.5 billion to  15 billion. Most immigrants will still pay slightly more in taxes than they will receive in benefits. Taxes received from immigrants who subsequently emigrate without collecting benefits tip the balance in favor of including immigrants.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Pensions, Public Policy, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w6478},
	author = {Alan L Gustman and Thomas L. Steinmeier},
	editor = {Borjas, George}
}
@mastersthesis {6004,
	title = {Subjective Expectations of Nursing Home Use, Medicaid, and Economic Behavior by Older Americans},
	year = {2000},
	month = {2000},
	school = {University of California at Berkeley},
	keywords = {Consumption and Savings, Healthcare, Medicare/Medicaid/Health Insurance},
	author = {Merrill, Angela}
}
@article {8428,
	title = {To Save or Not To Save},
	journal = {Business Week},
	year = {2000},
	month = {May 8, 2000},
	pages = {34},
	chapter = {Economic Trends},
	abstract = {This article reports on a study conducted by Steven F. Venti and David A. Wise. Using HRS data, they investigated why the personal savings rate in the U.S. is so low. Contrary to the popular explanation of people earning just enough to get by, Venti and Wise found lots of people who earn high incomes but save very little and people with low incomes who manage to save a lot. They argue that this large discrepancy, which exists at all income deciles, is due to the fact that the government is actually discouraging saving by taxing wealth.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	author = {Coy, Peter}
}
@article {5380,
	title = {401(k) Participation, lump-sum distributions, and retirement saving.},
	year = {1999},
	note = {Corporate Source: Performer: Syracuse Univ., NY. Center for Policy Research.  Pension and Welfare Benefits Administration, Washington, DC. Descriptive Note: Sponsored by Pension and Welfare Benefits Administration, Washington, DC.},
	institution = {Syracuse University},
	abstract = {The striking shift toward 401(k)-type pension arrangements has led to concern that many households will have inadequate retirement saving. This could be the case if eligible individuals fail to contribute on a regular basis as well as for eligible individuals with no other pension plans or forms of retirement saving. Since previous studies of 401(k) participation have not been able to measure its determinants, this report examines the determinants of 401(k) participation for a nationally representative sample of pre-retirement aged households. The report also used detailed retrospective information on employment histories, pensions, demographics, and wealth in the Health and Retirement Study (HRS) to examine the disposition of pension assets upon pre -retirement job change.},
	keywords = {Adult children, Consumption and Savings, Demographics, Employment and Labor Force, Net Worth and Assets},
	author = {Gary V. Engelhardt}
}
@article {6632,
	title = {The Adequacy of Household Saving},
	journal = {Brookings Papers on Economic Activity},
	volume = {2},
	year = {1999},
	note = {RDA 1998-006},
	pages = {65-165},
	publisher = {2},
	abstract = {This paper shows that, in a life-cycle simulation model in which people save for retirement and due to uncertain future earnings and lifespan, there will be a distribution of optimal wealth-earnings ratios, even among observationally equivalent households. Therefore even low levels of wealth can be consistent with optimization. Using HRS and SCF data, we find that more than half of married households where the husband works full-time have wealth -earnings ratios exceeding the optimal median simulated ratio for households with the same characteristics. The model understates accumulation among households with high wealth-earnings ratios. Both results suggest accumulation is adequate for most such households. However, there is evidence of undersaving at the 5th and the 25th percentiles. We also reconcile most previous studies that have been interpreted as showing inadequate household saving with our results.},
	keywords = {Adult children, Consumption and Savings, Event History/Life Cycle, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.brookings.edu/wp-content/uploads/1999/06/1999b_bpea_engen.pdf},
	author = {Engen, Eric M. and William G. Gale and Cori E. Uccello}
}
@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}
}
@article {6629,
	title = {Consumer Preferences for Health Care Reform Options},
	journal = {Journal of Consumer Affairs},
	volume = {33},
	year = {1999},
	note = {ProCite field 3 : Purdue U; U Memphis},
	pages = {237-53},
	publisher = {33},
	abstract = {This study uses the 1992 Health and Retirement Study to examine consumer preferences for four health care reform options: tax-financed national health insurance, personally subsidized Medicare extensions, publicly subsidized nursing home insurance, and tax credits for health insurance purchases. Males, non-Caucasians, the self-employed, those in excellent health, and those who reside in the Northeast favor national health insurance, while those with high levels of liquid and non-liquid assets tend to disfavor it.  Males and those with higher expectations of living in nursing homes tend to favor personally subsidized Medicare extensions to cover nursing homes and home health care. Those with higher expectations of living in nursing homes also favor publicly subsidized nursing home insurance. Relatively little support for subsidized nursing home insurance is found among males and those with high levels of liquid and non-liquid assets. The self-employed tend to support tax credits for health insurance premiums.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Net Worth and Assets, Public Policy},
	url = {https://www.jstor.org/stable/23859957?seq=1$\#$page_scan_tab_contents},
	author = {Gong-Soog Hong and Shelley I. White-Means}
}
@article {6631,
	title = {Demand for Home Modifications: A Household Production Function Approach},
	journal = {Applied Economics},
	volume = {31},
	year = {1999},
	note = {ProCite field 3 : Cornell U},
	pages = {1273-81},
	publisher = {31},
	abstract = {Coping with activity limitations that occur in old age is an important issue in the context of increasing life expectancy and the, still, inevitable onset of chronic conditions in old age. Elderly households can be viewed as coping with activity limitations by producing functionality with the use of direct inputs that include home modifications. A model of the household production of functionality is developed within the general framework of household production function models of health. Hypotheses generated from this model are tested using a logit model for data from the Survey of Asset and Health Dynamics Among the Oldest Old (AHEAD). The main findings of the empirical analysis are that the demand for home modifications is fairly income-inelastic, home modifications and personal care are substitutes to some degree, the demand for home modifications increases with years of schooling, and that particular health conditions and the use of other assistive devices are important determinants of the demand for modifications.},
	keywords = {Consumption and Savings, Health Conditions and Status, Housing, Net Worth and Assets},
	doi = {10.1080/000368499323481},
	author = {Kutty, Nandinee K.}
}
@article {6635,
	title = {Effect of Pensions on Saving:  Analysis with Data from the Health and Retirement Study:  A Comment},
	journal = {Carnegie Rochester Conference Series on Public Policy},
	volume = {50},
	year = {1999},
	pages = {325-35},
	publisher = {50},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.1016/S0167-2231(99)00031-7},
	author = {Rust, John}
}
@article {5381,
	title = {Employer Provided Pension Data in the NLS Mature Women{\textquoteright}s Survey and in the Health and Retirement Study},
	year = {1999},
	institution = {National Bureau of Economics Research},
	abstract = {We compute pension wealth from employer provided pension plan descriptions matched to respondent surveys to the National Longitudinal Survey of Mature Women (NLS-MW) and the Health and Retirement Study (HRS). These calculations provide detailed information on the level and distribution of pension wealth and a variety of incentives from pensions. Differences between the pensions of men and women are largely explained by differences in earnings. However, there also are differences in the shapes of the pension accrual profiles of defined benefit plans that are likely to reflect tenure of women. Pension coverage is lower in the NLS-MW than in the HRS. As a result, wealth is lower in the NLS-MW than in the HRS. But the difference in coverage is not due to the effects of pension matching. Pension values for covered respondents are similar between the NLS-MW and HRS surveys. Systematic differences between the surveys in the rate at which pensions were matched do not have a major effect on findings as to the levels and distributions of pension wealth between the surveys.},
	keywords = {Consumption and Savings, Employment and Labor Force, Income, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@inbook {5124,
	title = {Information, Expectations, and Savings for Retirement},
	booktitle = {Behavioral Dimensions of Retirement Economics},
	year = {1999},
	note = {RDA 1998-002ProCite field[3]: U ChicagoProCite field[8]: ed.},
	pages = {81-115},
	publisher = {Brookings Institution Press and Russell Sage Foundation},
	organization = {Brookings Institution Press and Russell Sage Foundation},
	address = {Washington, D.C.},
	keywords = {Consumption and Savings, Event History/Life Cycle, Retirement Planning and Satisfaction},
	author = {Annamaria Lusardi},
	editor = {Aaron, Henry J.}
}
@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}
}
@article {6625,
	title = {Inter Vivos Transfers and Intended Bequests},
	journal = {Journal of Public Economics},
	volume = {73},
	year = {1999},
	note = {ProCite field 3 : UCLA and NBER},
	pages = {321-51},
	publisher = {73},
	abstract = {Empirical work on intergenerational transfers has focused on distinguishing between altruistic and exchange motivated behavior. However, these two models are unable to explain the strong tendency for inter vivos transfers to be negatively related to the income of the recipient, while bequests bear no relationship to income. This paper presents a new framework for analyzing transfers from parents to children that is more consistent with observed behavior than are the altruistic and exchange models alone. In particular, the model developed here predicts differing behavior with respect to inter vivos transfers and bequests due to liquidity constraints and uncertainty about the recipient{\textquoteright}s permanent income. The empirical work uses data from the Health and Retirement Study and the Asset and Health Dynamics Study. The patterns observed in these data are consistent with earlier findings that inter vivos transfers go disproportionately to less well-off children, while bequests are divided equally across children.  Further, the results support the predictions of the model in that differences in inter vivos transfers arise from differences in current income, while differences in bequests result when indicators of the children{\textquoteright}s permanent incomes differ.},
	keywords = {Adult children, Consumption and Savings, Event History/Life Cycle},
	doi = {10.1016/S0047-2727(99)00017-1},
	author = {Kathleen McGarry}
}
@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 {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}
}
@article {6633,
	title = {Linkages with Data from Social Security Administrative Records in the Health And Retirement Study},
	journal = {Social Security Bulletin},
	volume = {62},
	year = {1999},
	pages = {73-85},
	publisher = {62},
	keywords = {Consumption and Savings, Disabilities, Health Conditions and Status, Retirement Planning and Satisfaction, Social Security},
	url = {https://pdfs.semanticscholar.org/0102/25f99619b461ae90f1ed2b74deb3c12c2e47.pdf},
	author = {Olson, Janice A.}
}
@inbook {5123,
	title = {New Developments in the Economic Analysis of Retirement},
	booktitle = {Handbook of labor economics. Volume 3C},
	series = {Handbooks in Economics},
	year = {1999},
	note = {ProCite field[3]: Brown U; U PAProCite field[8]: eds.},
	pages = {3261-3307},
	publisher = {Elsevier Science, North-Holland},
	organization = {Elsevier Science, North-Holland},
	chapter = {49},
	address = {Amsterdam; New York and Oxford},
	keywords = {Consumption and Savings, Employment and Labor Force, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://eml.berkeley.edu/~saez/course/lumsdaine-mitchell1999handbook.pdf},
	author = {Lumsdaine, Robin L. and Olivia S. Mitchell},
	editor = {Ashenfelter, Orley and Card, David}
}
@mastersthesis {6014,
	title = {The Tail Ends: Hedging against old age and other natural catastrophes},
	year = {1999},
	school = {University of Pennsylvania},
	address = {Philadelphia},
	abstract = {This dissertation is comprised of two essays examining two different topics that can be grouped under the rubric of risk management. The first examines estimation uncertainty and its implications for risk transfer at the corporate level and the price of that risk transfer. The second explores whether households are adequately preparing for the risks they face as they age. The past few years have seen the development and growth of traded securities with payoffs tied to natural and industrial disasters. Pricing the insurance features imbedded in these securities is difficult and imprecise. This lack of pricing precision translates to greater required return premiums to holders of these securities. The first essay explores the nature of pricing uncertainty for a number of datasets, security designs, and loss distributions using both jackknife and bootstrap techniques. The economic impact of pricing uncertainty is then briefly explored given comparisons of prices from secondary market trading to more common issues with similar risk characteristics and predictions from theoretical models. Using the Health and Retirement Study, the second essay explores asset holdings among a nationally representative sample of people on the verge of retirement. We assess how much more people would need to save in order to preserve consumption levels after retirement. We find that the median older household has current wealth of approximately $325,000 including pensions, social security, housing, and other financial wealth, an amount projected to grow to $380,000 by retirement at age 62. Nevertheless, our model suggests that this median household will still need to save 16\% of annual earnings to preserve pre-retirement consumption. Delaying retirement to age 65, reduces required additional saving to 7\% of earnings per year. These summary statistics conceals extraordinary heterogeneity in both assets and saving needs in the older population. Older high wealth households have 45 times more assets than the poorest decile and this disparity increases with age. There are also large differences in saving targets, ranging from 38\% of annual earnings for those in the lowest wealth decile to negative rates for the wealthiest decile.},
	keywords = {Consumption and Savings, Healthcare, Other, Retirement Planning and Satisfaction, Risk Taking},
	url = {https://repository.upenn.edu/dissertations/AAI9926173/},
	author = {James Moore}
}
@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 {6628,
	title = {Who Is  62 Enough ? Identifying Respondents Eligible for Social Security Early Retirement Benefits in the Health and Retirement Study},
	journal = {Social Security Bulletin},
	volume = {62},
	year = {1999},
	pages = {51-56},
	publisher = {62},
	abstract = { Workers are not instantly eligible for Social
Security retirement benefits on their 62nd
birthdays, nor can they receive benefits in the
month they turn 62. This note discusses how
well researchers can do using data from the
Health and Retirement Study (HRS) to identify
respondents old enough to receive and report
early Social Security retirement benefits. It
shows that only some workers aged 62 at the
time of an HRS interview will be {\textquotedblleft}62 enough{\textquotedblright} to
have received a Social Security benefit and
reported it in the survey.
 In general, workers become eligible for a
retirement benefit the month after they turn 62,
and they may receive their first payment the
month after that. Until recently, payments were
received very early in the month, but in mid1997 and later, the Social Security Administration (SSA) staggered benefit payments over the
course of a month. Therefore, many beneficiaries will not be able to report the receipt of their
first benefit payment until the third month after
their birthday in more recent HRS interviews.
 This note describes the best approach for
approximating the pool of HRS respondents
who are old enough to have reported the
receipt of their first retirement benefit. It then
applies the procedure to an analysis by
Burkhauser, Couch, and Phillips, who used the
1994 HRS data to distinguish between those
who took early retirement benefits upon turning
62 and those who postponed the receipt of
benefits. Because these authors did not
provide for respondents who were not {\textquotedblleft}62
enough{\textquotedblright} to receive a benefit at the time of the
interview, they understated the proportion of
respondents who took retirement benefits at
age 62.},
	keywords = {Consumption and Savings, Social Security},
	url = {https://www.ssa.gov/policy/docs/ssb/v62n3/v62n3p51.pdf},
	author = {Olson, Janice A.}
}
@inbook {5130,
	title = {Caring for the Elderly: The Role of Adult Children},
	booktitle = {Inquiries in the economics of aging},
	series = {NBER Project Report series},
	year = {1998},
	note = {ProCite field[3]: UCLA and NBERProCite field[8]: ed.},
	pages = {133-63},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago and London},
	keywords = {Adult children, Consumption and Savings, Demographics, Healthcare, Methodology},
	url = {https://www.nber.org/chapters/c7084.pdf},
	author = {Kathleen McGarry},
	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}
}
@article {5379,
	title = {Effects of Pensions on Savings:  Analysis with Data from the Health and Retirement Study},
	number = {6681},
	year = {1998},
	note = {RDA 1996-005 ProCite field 8 : Dartmouth College and NBER; TX Tech U},
	institution = {NBER},
	address = {Cambridge},
	abstract = {This paper examines the composition and distribution of total wealth for a cohort of 51- to 61-year olds from the Health and Retirement Study (HRS), and the role of pensions in forming retirement wealth.  Pension coverage is widespread, covering two-thirds of households and accounting for one-quarter of accumulated wealth. Social security benefits account for another quarter of total wealth.  As calculated from earnings records, the present discounted value of social security benefits is less than the present value of taxes paid. Earlier than many expected, social security is already a poor investment on average for this cohort on the verge of retirement. When pensions and social security are included, wealth accumulated by the HRS population to date is substantial. At their expected retirement date, using only the wealth accumulated by their mid-fifties, the HRS household with median replacement rate could finance a fixed, nominal two-thirds joint and survivor annuity replacing 79 percent of last earnings, and a real annuity replacing 52 percent of last earnings. Replacement rates for median earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates by about a fifth. When measured against a standard of adequacy based on average yearly earnings over the worklife, with adjustments made for the absence of preretirement savings, children, taxes, work-related expenses and other factors, these replacement rates appear adequate.  Lifetime earnings are measured for each individual in the HRS from social security earnings records augmented by self-reported earnings histories. When pensions and social security are counted in total wealth, the ratio of wealth to lifetime earnings declines from very high levels in the bottom ten percent of the earnings distribution, remains at roughly 40 percent from the 25th through 95th percentile of the lifetime earnings distribution, and then falls to 32 percent for those in the top five percent of the earnings distribution.  This result is consistent with the predictions of a simple, stripped-down life-cycle model. Also consistent is a finding that the ratio of wealth to lifetime earnings is no higher for those with pensions than for those without pensions. However, heterogeneity is quite important.  Real estate and business wealth are a larger share of total wealth for those without pensions, reflecting the importance of self-employment in wealth accumulation.  Multivariate regressions relating total wealth to pension coverage and pension value, which standardize for sources of heterogeneity, suggest that pensions cause very limited displacement of other wealth, if any. Pensions add to total wealth by at least half the value of the pension, and in most estimates by a good deal more.  These findings are not consistent with a simple life-cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax avoidance device, allowing substitution of pension for nonpension savings.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	url = {https://www.nber.org/papers/w6681.pdf},
	author = {Alan L Gustman and Thomas L. Steinmeier}
}
@mastersthesis {6273,
	title = {The Health and Financial Decisions of the Elderly},
	year = {1998},
	month = {1998},
	school = {University of Pennsylvania},
	keywords = {Consumption and Savings, Health Conditions and Status},
	author = {Davis, Morris A.}
}
@inbook {5121,
	title = {Household Wealth of the Elderly under Alternative Imputation Procedures},
	booktitle = {Inquiries in the economics of aging},
	year = {1998},
	note = {ProCite field[3]: U CA, Berkeley and NBER; SUNY, Stony Brook, RAND, and NBER; U CA, Berkeley},
	pages = {229 -54},
	publisher = {University of Chicago Press},
	organization = {University of Chicago Press},
	address = {Chicago and London},
	abstract = {Although many reach retirement with few resources except housing equity
and a claim to social security and Medicare, financial wealth, nonetheless,
makes an important contribution to the economic status of many of the elderly.
Most of our up-to-date information about the wealth of the elderly is based on
the Survey of Income and Program Participation (SIPP), which sometimes
adds an asset module to its core survey. As in many surveys of assets, the rate
of missing data on individual asset items is high, about 30 to 40 percent among
those with the asset. This raises the issue of the reliability of SIPP wealth measures because respondents who refuse or are unable to give a value to an asset
item may not be representative of the population. Indeed, in the Health and
Retirement Survey (HRS) it is clear that asset data are not missing at random.
Through the use of bracketing methods, which we will discuss below, the HRS
was able to reduce the rate of missing asset data substantially, and the data that
were added in this way increased mean wealth in the HRS by about 40 percent
(Smith 1995). Furthermore, because the additional data increased the mean so
much, they undoubtedly increased measures of wealth inequality. },
	keywords = {Consumption and Savings, Demographics, Income, Net Worth and Assets, Retirement Planning and Satisfaction},
	url = {https://www.nber.org/chapters/c7088},
	author = {Hoynes, Hilary and Michael D Hurd and Chand, Harish},
	editor = {David A Wise}
}
@article {6601,
	title = {On the Importance of the Precautionary Saving Motive},
	journal = {American Economic Review},
	volume = {88},
	year = {1998},
	note = {RDA 1998-002 ProCite field 3 : Dartmouth College},
	pages = {449-53},
	publisher = {88},
	keywords = {Consumption and Savings, Event History/Life Cycle},
	author = {Annamaria Lusardi}
}
@mastersthesis {6114,
	title = {Reasons for Retirement: Antecedents and Consequences},
	year = {1998},
	month = {1998},
	school = {Central Michigan University},
	abstract = {Data from the first wave of the Health and Retirement Study (HRS) were analyzed to determine the underlying structure of the reasons for retirement and to determine if the reasons for retirement were related to subsequent retirement adjustment. The results suggested three types of reasons for retirement, work reasons, personal reasons, and family reasons. The results also showed that retirement because of poor health was the only reason for retirement that was related to the physical and emotional well-being of subsequent retirement.},
	keywords = {Consumption and Savings, Retirement Planning and Satisfaction},
	url = {Database ID: DAI-B 59/01, p. 450, Jul 1998},
	author = {Stetz, Thomas Andrew}
}
@article {6603,
	title = {Socioeconomic Status and Health},
	journal = {American Economic Review},
	volume = {88},
	year = {1998},
	note = {ProCite field 3 : RAND},
	pages = {192-96},
	publisher = {88},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status},
	author = {James P Smith}
}
@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}
}
@article {6565,
	title = {Adverse Selection, Bequests, Crowding Out, and Private Demand for Insurance: Evidence from the Long-Term Care Insurance Market},
	journal = {Journal of Risk and Uncertainty},
	volume = {15},
	year = {1997},
	note = {ProCite field 3 : Duke U; U NC},
	pages = {201-19},
	publisher = {15},
	abstract = {Adverse selection, moral hazard and crowding out by public insurance have all been proposed as theoretical reasons for why the market for private long -term care insurance has been slow to evolve in the U.S.  Using national samples of the elderly and near elderly, this study investigates which is most important. The data contain direct measures of risk aversion, expectations of future nursing home use and living to old age, and the bequest motive. For both groups, we find evidence of adverse selection, and, for the elderly, crowding out of private long-term care insurance by Medicaid. However, we do not find that demand for such insurance is motivated either by bequest or exchange motives.},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status, Healthcare, Insurance, Methodology},
	doi = {https://doi.org/10.1023/A:1007749008635},
	author = {Frank A Sloan and Edward C Norton}
}
@mastersthesis {6084,
	title = {Gender Privilege in Retirement Planning and Saving},
	year = {1997},
	month = {1997},
	school = {State University of New York at Stony Brook},
	abstract = {This dissertation combines qualitative and quantitative methods to explore how husbands and wives divide and share retirement planning and saving. The qualitative analysis focuses primarily on testing hypotheses about how class, marital power and gender enactments influence the division of saving and financial planning activities over the lifecourse. Interviews with retired couples and ethnographic data from financial planning seminars comprise the qualitative portion of the thesis. The quantitative sections are based on a secondary analysis of data about 2451 working couples from the 1992 wave of the Health and Retirement Study which tested these hypotheses. The qualitative findings suggest that wives{\textquoteright} savings activities--to {\textquoteright}stretch{\textquoteright} household resources, like domestic labor--are undervalued. In contrast, husbands{\textquoteright} activities--to grow and monitor accumulated reserves--are valued, often eclipsing the labor of other household members. Upon retirement, these male activities become even more salient as they replace male {\textquoteright}breadwinning.{\textquoteright} Additionally, in many middle class households, the husband{\textquoteright}s earnings contribute to {\textquoteright}primary retirement reserves{\textquoteright} while wives{\textquoteright} earnings are earmarked for {\textquoteright}secondary savings.{\textquoteright} The quantitative analysis indicates that balance of marital power (as resource theory suggests) influences which spouse will handle family finances, particularly for black couples. However, wives relatively lower levels of retirement planning and disadvantaged knowledge of discretionary savings reserves can not be explained by the balance of relative earnings},
	keywords = {Adult children, Consumption and Savings, Healthcare, Retirement Planning and Satisfaction, Women and Minorities},
	author = {Scott, Megan Mary}
}
@article {5332,
	title = {Pension and Social Security Wealth in the Health and Retirement Study},
	year = {1997},
	note = {ProCite field 8 : Dartmouth College and NBER},
	institution = {National Bureau of Economic Research},
	abstract = {Together, pensions, social security and health insurance account for half of the wealth held by all households in the Health and Retirement Study (HRS), for 60 percent of total wealth of HRS households who are in the 45th to 55th wealth percentiles, and even for 48 percent of wealth for those in the 90th to 95th wealth percentiles. The HRS surveys households aged 51 to 61 in 1992, and obtains pension plan descriptions from respondents{\textquoteright} employers. Pension accrual profiles, income and wealth distributions by type, wealth-income ratios and accrued wealth by pension status are also explored.},
	keywords = {Consumption and Savings, Income, Medicare/Medicaid/Health Insurance, Methodology, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w5912},
	url = {https://www.nber.org/papers/w5912},
	author = {Alan L Gustman and Olivia S. Mitchell and Andrew A. Samwick and Thomas L. Steinmeier}
}
@article {5334,
	title = {Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study},
	year = {1997},
	note = {RDA ProCite field 8 : Wharton School; Wharton School and NBER},
	institution = {National Bureau of Economic Research},
	abstract = {Low saving rates raise questions about Americans{\textquoteright} ability to maintain consumption levels in old age. Using the Health and Retirement Study, this paper explores asset holdings among a nationally representative sample of people on the verge of retirement. The authors assess how much more people would need to save in order to preserve consumption levels after retirement. They find that the median older household has current wealth of approximately  325,000 including pensions, social security, housing, and other financial wealth, an amount projected to grow to about  380,000 by retirement at age 62. Nevertheless, their model suggests that this median household will still need to save 16  of annual earnings to preserve pre-retirement consumption. For retirement at age 65, assets are expected to be  420,000 and required additional saving totals 7  of earnings per year. These summary statistics conceal extraordinary heterogeneity in both assets and saving needs in the older population.},
	keywords = {Consumption and Savings, Health Conditions and Status, Net Worth and Assets, Pensions, Retirement Planning and Satisfaction, Social Security},
	doi = {10.3386/w6240},
	url = {https://www.nber.org/papers/w6240},
	author = {James Moore and Olivia S. Mitchell}
}
@article {6567,
	title = {Review of: Aging and Old Age},
	journal = {Journal of Economic Literature},
	volume = {35},
	year = {1997},
	note = {ProCite field 3 : U of PA},
	pages = {159-160},
	publisher = {35},
	keywords = {Consumption and Savings, Demographics, Health Conditions and Status},
	author = {Olivia S. Mitchell}
}
@article {6563,
	title = {Household Saving: Micro Theories and Micro Facts},
	journal = {Journal of Economic Literature},
	volume = {34},
	year = {1996},
	pages = {1797-1855},
	publisher = {34},
	abstract = {In this article the main goal is to uncover what causes households to save currency in any form, liquid or not.  The authors begin with the eight postulates on saving of John Maynard Keyenes and add a ninth reason  to accumulate deposits to buy houses, cars, and other durables.   From this they try to link facts about household saving with the microeconomic theories regarding household saving.  Their over-arching assumption is that rational forward looking people will not want expenditure or the marginal utility of their expenditure to be greater at one time than at any other time.  Various microeconomic saving theories are discussed and the authors make arguments toward what is realistic in the models and where the models deviate from the real world, as well as, how the models differ from one another.  Statistical information from the HRS, AHEAD, RHS studies are used as facts that are explained by, or linked to, concepts of the various models.  This data thus explains who saves, but not why.  The theories described at the beginning of the paper and the statistical information presented are then used in a sort of case study on the declining savings rate over the two decades of the 1970s and 1980s.  The conclusion is that the Standard Model of saving is the most flexible and helpful in understanding saving and consumption.  The  Certainty-Equivalence Model  is very strong, but leaves out the important postulate of saving in order to have enough resources in the case of an unforeseen economic downturn or shock.  It is the author s belief that the only alternatives to the standard model are behavioral models, but behavioral models may be harder to test.  Attempting to link standard model predictions with behavioral models may enable economists to learn more about cross-section variation among ages with regard to savings.},
	keywords = {Consumption and Savings, Methodology},
	url = {https://www.jstor.org/stable/2729595?seq=1},
	author = {Browning, Martin and Annamaria Lusardi}
}
@inbook {5135,
	title = {Income and Wealth of Older American Households: Modeling Issues for Public Policy Analysis},
	booktitle = {Assessing Knowledge of Retirement Behavior},
	year = {1996},
	note = {ProCite field 6 : In ProCite field 8 : eds.},
	pages = {11-60},
	publisher = {National Academy Press},
	organization = {National Academy Press},
	address = {Washington, DC},
	abstract = {This paper evaluates the extent to which current knowledge of  retirement, savings, pension and related behavior is sufficient  for determining the effects of major policy initiatives on the  incomes and wealth of the aged population of the United States.  Data are presented from two new surveys, the Health and  Retirement Study and the Asset and Health Dynamics Among the  Oldest Old Survey, describing the distributions of the major  components of income and wealth to be explained by these  behavioral models. The data suggest that the amount of wealth  had by the older population has been severely understated in  earlier surveys. Disagreements and inconsistencies in models of savings indicate that there is no agreed upon behavioral model  upon which to base policy analysis. Similar problems  characterize the pension literature. Most strikingly, central  features of these three major branches of behavioral analysis  are mutually inconsistent. Although there are important linkages  among the behaviors determining retirement, savings and pension  outcomes, research in each area ignores or misspecifies the  related behavior from other areas. Consequently, significant  advances are required before we can confidently predict the  effects of contemplated changes in policies on income and wealth  in retirement.},
	keywords = {Consumption and Savings, Pensions, Retirement Planning and Satisfaction},
	author = {Alan L Gustman and Juster, F. Thomas},
	editor = {Eric A. Hanushek and Nancy L. Maritato}
}
@article {6527,
	title = {Evaluation of the Subjective Probabilities of Survival in the Health and Retirement Study},
	journal = {Journal of Human Resources},
	volume = {30},
	year = {1995},
	note = {ProCite field 3 : SUNY and NBER; UCLA and NBER},
	pages = {S268-92},
	publisher = {30},
	abstract = {In the Health and Retirement Study respondents were asked about the chances they would live to 75 or to 85. We analyze these responses to determine if they behave like probabilities of survival, if their averages are close to average probabilities in the population, and if they have correlations with other variables that are similar to correlations with actual mortality outcomes. We find that generally they do behave like probabilities and that they do aggregate to population probabilities.  most remarkable, however, is that they covary with other variables in the same way actual outcomes vary with the variables. For example, respondents with higher socioeconomic status give higher probabilities of survival, whereas respondents who smoke give lower probabilities. We conclude that these measures of subjective probabilities have great potential use in models of intertemporal decision-making under uncertainty.},
	keywords = {Consumption and Savings, Disabilities, Health Conditions and Status},
	doi = {10.2307/146285},
	author = {Michael D Hurd and Kathleen McGarry}
}
@article {6529,
	title = {Gender, Disabilities, and Employment in the Health and Retirement Study},
	journal = {Journal of Human Resources},
	volume = {30},
	year = {1995},
	note = {ProCite field 3 : Urban Institute; US SSA; US SSA},
	pages = {S293-318},
	publisher = {30},
	abstract = {This paper examines disabilities of older women and men and analyzes gender differences in the effect of disabilities on labor force participation using information on men and women aged 51-61 from the early release of the first wave of the Health and Retirement Survey.  Our results demonstrate the importance of using multiple measures of disabilities (we use work limitations, functional limitations, and specific health impairments) to document gender differences and understand the connections between disabilities and work. We find that men and women have different rates of disability, and that both men and women working in occupations with greater physical requirements exhibit higher rates of disabilities than other workers. We also find that measures of functional limitations and health impairments both have significant negative effects on labor force participation. The effects of disabilities on labor force participation are larger for men and single women than for married women.},
	keywords = {Consumption and Savings, Demographics, Employment and Labor Force, Health Conditions and Status, Methodology, Women and Minorities},
	doi = {10.2307/146286},
	author = {Loprest, Pamela and Rupp, Kalman and Sandell, Steven H.}
}
@article {5309,
	title = {Marriage, Assets, and Savings},
	year = {1995},
	institution = {Santa Monica, CA., RAND Corporation},
	abstract = {No},
	keywords = {Adult children, Consumption and Savings, Net Worth and Assets},
	author = {James P Smith}
}
@article {6536,
	title = {Overview of the Health Measures in the Health and Retirement Survey},
	journal = {The Journal of Human Resources},
	volume = {30},
	year = {1995},
	pages = {S84-S107},
	publisher = {30},
	abstract = {This report discusses the conceptual and logistical issues that lead to the items and instruments used to measure health and function status in Wave 1 of the Health and Retirement Study (HRS).  Health status was conceptualized as multidimensional, and included selected major symptoms, diseases and conditions, global self-assessment of health, physical and cognitive functional status, the utilization of health services and selected elements of emotional health. In addition, two physiologic measures were obtained on a sample basis: grip strength and pulmonary maximum expiratory flow rate.  Prevalence rates for major conditions and functional states are presented. Correlational analyses generally demonstrated a high rate of convergent, discriminant and construct validity. These findings should assist those intending to analyze HRS data in terms of the focus and utility of the measures employed.},
	keywords = {Consumption and Savings, Health Conditions and Status, Healthcare, Methodology},
	author = {Robert B Wallace and A. Regula Herzog}
}
@article {5315,
	title = {Unequal Wealth and Incentives to Save},
	journal = {RAND Documented Briefings},
	number = {DB-145-RC},
	year = {1995},
	publisher = {RAND Distribution Services},
	abstract = {Two recent surveys of household wealth funded by the National Institute on Aging, one of households containing people ages 51-61 and the other of households containing at least one person over age 70, show not only tremendous racial and ethnic disparities in wealth but also great disparities between the poor and the wealthy that are not fully accounted for by differences in income. Household wealth is adversely affected by family breakup, worsening health, and stringent asset tests that provide a disincentive for the poor to save. Although middle-aged people seem to have savings adequate for retirement, those in their 20s and 30s do not. Our long-run policy goals should be to place realistic limits on Social Security and Medicare, to encourage private savings through such moves as a consumption tax and a mandatory Provident-type fund, and to change asset limits in means-tested programs for the poor.},
	keywords = {Consumption and Savings, Net Worth and Assets},
	isbn = {0-8330-2289-X},
	url = {https://www.rand.org/pubs/documented_briefings/DB145.html},
	author = {James P Smith}
}
@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 {5304,
	title = {How Does Pension Coverage Affect Household Saving. Final Report},
	year = {1994},
	institution = {Washington, DC, Urban Institute},
	abstract = {This paper analyzes the extent to which substitution between pension coverage and household-level saving occurs at the micro level. Data from the beta release of the Health and Retirement Study (HRS) which covered people age 51 to 61 in 1992 is used. The results are mixed. Although there appears to be some substitution between household saving and pension coverage in the top half of the income distribution, the level differences in accumulated wealth seem to fall short of complete offset. Evidence that household wealth accumulation does not vary significantly by type of pension coverage is also found. The paper explores various explanations for why the pension offset is missing or incomplete.},
	keywords = {Adult children, Consumption and Savings, Employment and Labor Force, Income, Methodology, Pensions, Retirement Planning and Satisfaction},
	author = {Sabelhaus, J.}
}
@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}
}
@article {5295,
	title = {Evaluation of Subjective Probability Distributions in the HRS},
	year = {1993},
	note = {ProCite field 8 : SUNY-Stony Brook and NBER; UCLA and NBER},
	institution = {National Bureau of Economic Research},
	abstract = {In the Health and Retirement Survey respondents were asked  about the chances they would live to 75 or to 85, and the chances they  would work after age 62 or 65. We analyze the responses to  determine if they behave like probabilities, if their averages  are close to average probabilities in the population, and if  they have correlations with other variables that are similar to  correlations with actual outcomes. We find that generally they  do behave like probabilities and they do aggregate. Most  remarkable, however, is that they covary with other variables in  the same way actual outcomes vary with the variables. For  example, smokers give lower probabilities of living to 75 than  nonsmokers. We conclude that these measures of subjective  probabilities have great potential use in models of  intertemporal decision making under uncertainty.},
	keywords = {Consumption and Savings, Health Conditions and Status, Methodology},
	doi = {10.3386/w4560},
	url = {https://www.nber.org/papers/w4560},
	author = {Michael D Hurd and Kathleen McGarry}
}
@article {5296,
	title = {The Relationship Between Job Characteristics and Retirement},
	year = {1993},
	note = {ProCite field 8 : SUNY-Stony Brook and NBER; UCLA and National Bureau of Econ},
	institution = {National Bureau of Economic Research},
	abstract = {We study the influence of job characteristics on prospective  retirement as measured by the probability of working past age 62 or 65. The  characteristics fall into three broad classes: physical and  mental requirements, job flexibility including employer  accommodation to older workers, and financial aspects such as  pensions and health care insurance.  Using data from the Health  and Retirement Survey, we find that physical and mental job  requirements have a rather small influence on prospective  retirement, whereas measures of job flexibility and financial  aspects of the job are important determinants.},
	keywords = {Consumption and Savings, Employment and Labor Force, Pensions, Time Use},
	doi = {10.3386/w4558},
	url = {https://www.nber.org/papers/w4558},
	author = {Michael D Hurd and Kathleen McGarry}
}
