MARC Record from Library of Congress

LEADER: 02228cam a22003257a 4500
001 2006619652
003 DLC
005 20061222134534.0
007 cr |||||||||||
008 061220s2006 mau sb 000 0 eng
010 $a 2006619652
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aBloom, David E.
245 14 $aThe effect of subjective survival probabilities on retirement and wealth in the united states$h[electronic resource] /$cDavid E. Bloom, David Canning, Michael Moore, Younghwan Song.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2006.
490 1 $aNBER working paper series ;$vworking paper 12688
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 12/20/2006.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"We explore the proposition that expected longevity affects retirement decisions and accumulated wealth using micro data drawn from the Health and Retirement Study for the United States. We use data on a person's subjective probability of survival to age 75 as a proxy for their prospective lifespan. In order to control for the presence of measurement error and focal points in responses, as well as reverse causality, we instrument subjective survival probabilities using information on current age, or age at death, of the respondent's parents. Our estimates indicate that increased subjective probabilities of survival result in increased household wealth among couples, with no effect on the length of the working life. These findings are consistent with the view that retirement decisions are driven by institutional constraints and incentives and that a longer expected lifespan leads to increased wealth accumulation"--National Bureau of Economic Research web site.
700 1 $aBloom, David E.
700 1 $aCanning, David.
700 1 $aMoore,Michael.
700 1 $aYounghwan, Song.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 12688.
856 40 $uhttp://papers.nber.org/papers/w12688