Differential mortality and wealth accumulation:
The issue of asset accumulation and decumulation is central to the life cycle theory of consumer behavior and to many policy questions. One of the main implications of the life cycle model is that assets are decumulated in the last part of life. Most empirical studies in this area use cross-sectiona...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1995
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
5126 |
| Schlagworte: | |
| Zusammenfassung: | The issue of asset accumulation and decumulation is central to the life cycle theory of consumer behavior and to many policy questions. One of the main implications of the life cycle model is that assets are decumulated in the last part of life. Most empirical studies in this area use cross-sectional data of estimate mean or median wealth-age profiles. The use of cross-sections to estimate the age profile of assets is full of pitfalls. For example, if wealth and mortality are related, in that poorer individuals die younger, one overestimates the last part of the wealth-age profile when using cross-sectional data because means (or other measures of location) are taken over a population which becomes 'richer' as it ages. This paper examines the effect of differential mortality on cross-sectional estimates of wealth-age profiles. Our approach is to quantify the dependence of mortality rates on wealth and use these estimates to 'correct' wealth-age profiles for sample selection due to differential mortality. We estimate mortality rates as a function of wealth and age for a sample of married couples drawn from the Survey of Income and Program Participation (SIPP). Our results show that accounting for differential mortality produces wealth profiles with significantly more dissaving among the elderly. |
| Beschreibung: | 30 S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 5126 | |
| 520 | |a The issue of asset accumulation and decumulation is central to the life cycle theory of consumer behavior and to many policy questions. One of the main implications of the life cycle model is that assets are decumulated in the last part of life. Most empirical studies in this area use cross-sectional data of estimate mean or median wealth-age profiles. The use of cross-sections to estimate the age profile of assets is full of pitfalls. For example, if wealth and mortality are related, in that poorer individuals die younger, one overestimates the last part of the wealth-age profile when using cross-sectional data because means (or other measures of location) are taken over a population which becomes 'richer' as it ages. This paper examines the effect of differential mortality on cross-sectional estimates of wealth-age profiles. Our approach is to quantify the dependence of mortality rates on wealth and use these estimates to 'correct' wealth-age profiles for sample selection due to differential mortality. We estimate mortality rates as a function of wealth and age for a sample of married couples drawn from the Survey of Income and Program Participation (SIPP). Our results show that accounting for differential mortality produces wealth profiles with significantly more dissaving among the elderly. | ||
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Mortality |x Mathematical models | |
| 650 | 4 | |a Wealth |x Economic aspects |x Mathematical models | |
| 700 | 1 | |a Hoynes, Hilary W. |d 1954- |e Verfasser |0 (DE-588)124082424 |4 aut | |
| 830 | 0 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 5126 |w (DE-604)BV002801238 |9 5126 | |
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| id | DE-604.BV010368650 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:51:18Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006902767 |
| oclc_num | 32770526 |
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| owner | DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 30 S. graph. Darst. |
| publishDate | 1995 |
| publishDateSearch | 1995 |
| publishDateSort | 1995 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Attanasio, Orazio P. 1959- Verfasser (DE-588)129180084 aut Differential mortality and wealth accumulation Orazio P. Attanasio ; Hilary W. Hoynes Cambridge, Mass. 1995 30 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 5126 The issue of asset accumulation and decumulation is central to the life cycle theory of consumer behavior and to many policy questions. One of the main implications of the life cycle model is that assets are decumulated in the last part of life. Most empirical studies in this area use cross-sectional data of estimate mean or median wealth-age profiles. The use of cross-sections to estimate the age profile of assets is full of pitfalls. For example, if wealth and mortality are related, in that poorer individuals die younger, one overestimates the last part of the wealth-age profile when using cross-sectional data because means (or other measures of location) are taken over a population which becomes 'richer' as it ages. This paper examines the effect of differential mortality on cross-sectional estimates of wealth-age profiles. Our approach is to quantify the dependence of mortality rates on wealth and use these estimates to 'correct' wealth-age profiles for sample selection due to differential mortality. We estimate mortality rates as a function of wealth and age for a sample of married couples drawn from the Survey of Income and Program Participation (SIPP). Our results show that accounting for differential mortality produces wealth profiles with significantly more dissaving among the elderly. Mathematisches Modell Mortality Mathematical models Wealth Economic aspects Mathematical models Hoynes, Hilary W. 1954- Verfasser (DE-588)124082424 aut National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 5126 (DE-604)BV002801238 5126 |
| spellingShingle | Attanasio, Orazio P. 1959- Hoynes, Hilary W. 1954- Differential mortality and wealth accumulation National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Mathematisches Modell Mortality Mathematical models Wealth Economic aspects Mathematical models |
| title | Differential mortality and wealth accumulation |
| title_auth | Differential mortality and wealth accumulation |
| title_exact_search | Differential mortality and wealth accumulation |
| title_full | Differential mortality and wealth accumulation Orazio P. Attanasio ; Hilary W. Hoynes |
| title_fullStr | Differential mortality and wealth accumulation Orazio P. Attanasio ; Hilary W. Hoynes |
| title_full_unstemmed | Differential mortality and wealth accumulation Orazio P. Attanasio ; Hilary W. Hoynes |
| title_short | Differential mortality and wealth accumulation |
| title_sort | differential mortality and wealth accumulation |
| topic | Mathematisches Modell Mortality Mathematical models Wealth Economic aspects Mathematical models |
| topic_facet | Mathematisches Modell Mortality Mathematical models Wealth Economic aspects Mathematical models |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT attanasiooraziop differentialmortalityandwealthaccumulation AT hoyneshilaryw differentialmortalityandwealthaccumulation |