Topics in the Economics of Aging
326 pages
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50 figures, 81 tables
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6 x 9
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© 1992
The original essays and commentary in this volume—the third in a series reporting the results of the NBER Economics of Aging Program—address issues that are of particular importance to the well-being of individuals as they age and to a society at large that is composed increasingly of older persons. The contributors examine social security reform, including an analysis of the Japanese system; present the startling finding that the vast majority of people choose the wrong accumulation strategies for their pension plans; explore the continuing consequences of the decline in support of parents by children in the postwar period; investigate the relation between nursing home stays and the source of payment for the care; and offer initial findings on the implications of differences between developed and developing countries for understanding aging issues and determining appropriate directions for research.
Contents
Acknowledgments
Introduction
David A. Wise
1. Three Models of Retirement: Computational Complexity versus Predictive Validity
Robin L. Lumsdaine, James H. Stock, and David A. Wise
Comment: Sylvester J. Schieber
2. Stocks, Bonds, and Pension Wealth
Thomas E. MaCurdy and John B. Shoven
Comment: Jonathan S. Skinner
3. Health, Children, and Elderly Living Arrangements: A Multiperiod-Multinomial Probit Model with Unobserved Heterogeneity and Autocorrelated Errors
Axel Börsch-Supan, Vassilis Hajivassiliou, Laurence J. Kotlikoff, and John N. Morris
Comment: Steven F. Venti
4. The Provision of Time to the Elderly by Their Children
Axel Börsch-Supan, Jagadeesh Gokhale, Laurence J. Kotlikoff, and John N. Morris
Comment: Konrad Stahl
5. Wealth Depletion and Life-Cycle Consumption by the Elderly
Michael D. Hurd
Comment: Lee A. Lillard
6. Patterns of Aging in Thailand and Côte d'Ivoire
Angus Deaton and Christina H. Paxson
Comment: Fumio Hayashi
7. Changing the Japanese Social Security System from Pay as You Go to Actuarially Fair
Tatsuo Hatta and Noriyoshi Oguchi
Comment: Edward P. Lazear
8. Payment Source and Episodes of Institutionalization
Alan M. Garber and Thomas E. MaCurdy
Comment: Paul J. Gertler
9. Incentive Regulation of Nursing Homes: Specification Tests of the Markov Model
Edward C. Norton
Comment: Sherwin Rosen
Contributors
Author Index
Subject Index
Introduction
David A. Wise
1. Three Models of Retirement: Computational Complexity versus Predictive Validity
Robin L. Lumsdaine, James H. Stock, and David A. Wise
Comment: Sylvester J. Schieber
2. Stocks, Bonds, and Pension Wealth
Thomas E. MaCurdy and John B. Shoven
Comment: Jonathan S. Skinner
3. Health, Children, and Elderly Living Arrangements: A Multiperiod-Multinomial Probit Model with Unobserved Heterogeneity and Autocorrelated Errors
Axel Börsch-Supan, Vassilis Hajivassiliou, Laurence J. Kotlikoff, and John N. Morris
Comment: Steven F. Venti
4. The Provision of Time to the Elderly by Their Children
Axel Börsch-Supan, Jagadeesh Gokhale, Laurence J. Kotlikoff, and John N. Morris
Comment: Konrad Stahl
5. Wealth Depletion and Life-Cycle Consumption by the Elderly
Michael D. Hurd
Comment: Lee A. Lillard
6. Patterns of Aging in Thailand and Côte d'Ivoire
Angus Deaton and Christina H. Paxson
Comment: Fumio Hayashi
7. Changing the Japanese Social Security System from Pay as You Go to Actuarially Fair
Tatsuo Hatta and Noriyoshi Oguchi
Comment: Edward P. Lazear
8. Payment Source and Episodes of Institutionalization
Alan M. Garber and Thomas E. MaCurdy
Comment: Paul J. Gertler
9. Incentive Regulation of Nursing Homes: Specification Tests of the Markov Model
Edward C. Norton
Comment: Sherwin Rosen
Contributors
Author Index
Subject Index
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