Now showing items 1-10 of 34
Valuing Lost Home Production in Dual-Earner Couples
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2005-03)
Economists’ principal tool for studying household behavioral responses to changes in tax and other government policies, and the magnitude and determinants of private saving, is the life-cycle model. The purpose of this ...
Probabilistic Thinking and Early Social Security Claiming.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2006-09)
This study analyzes the extent to which an individual’s survival expectations influence his or her decision to claim social security benefits at an early age. We find that subjective survival probabilities capture meaningful ...
Early Retirement Windows
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2003-12)
What happens to the employment status and earnings of workers who accept earlyretirement windows? Using data from the first six waves of HRS (1992-2002) I find that those who accepted window offers experience a sharp decline ...
Consumption, Retirement, and Social Security: Evaluating the Efficiency of Reform with a Life-Cycle Model.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2006-11)
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 ...
Home Production by Dual Earner Couples and Consumption During Retirement.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2006-11)
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 ...
Secular Changes in Wealth Inequality and Inheritance
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2001-10)
Data suggest the distribution of wealth among households in the United States and the United Kingdom has become more equal over the last century - though the pattern may have reversed recently. This paper shows that a model ...
Cognition and Wealth: The Importance of Probabilistic Thinking
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2001-06)
This paper utilizes a large set of subjective probability questions from the Health and Retirement Survey to construct an index measuring the precision of probabilistic beliefs (PPB) and relates this index to household ...
Precautionary Saving Over the Lifecycle
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2004-03)
This paper studies the quantitative importance of precautionary wealth accumulation relative to life-cycle saving for retirement. Section 1 examines panel data on earnings from the PSID. Using a bivariate normal model of ...
Social Security, Retirement and Wealth: Theory and Implications
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2003-06)
The effect of Social Security rules on the age people choose to retire can be critical in evaluating proposed changes to those rules. This research derives a theory of retirement that views retirement as a special type ...
Labor Supply Responses to Social Security.
(Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104, 2003-06)
Economists’ most basic model for studying Social Security policy issues is the so-called life-cycle model of saving behavior. This paper sets up a life-cycle model in which a household simultaneously chooses its lifetime ...