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A Longitudinal Study of the Residential Mobility of the Elderly in Canada

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  • Yuri Ostrovsky

Abstract

An intensely debated question in the lifecycle literature is whether housing wealth is viewed by households as a financial asset that will be used to support general consumption after retirement. This paper uses the newly available longitudinal Canadian Survey of Labour and Income Dynamics (SLID) to investigate the factors influencing elderly households' residential mobility choices. A dynamic non-linear panel (longitudinal) data dynamic model is employed. I use the Bover-Arellano estimator (Chamberlain's class of estimators), based on reduced form predictions of the latent dependent variable. The residential mobility of the elderly appears to be affected mostly by moving costs, which are different for owners and non-owners.

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File URL: http://socserv.mcmaster.ca/sedap/p/sedap78.pdf
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Bibliographic Info

Paper provided by McMaster University in its series Social and Economic Dimensions of an Aging Population Research Papers with number 78.

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Length: 55 pages
Date of creation: Jun 2002
Date of revision:
Handle: RePEc:mcm:sedapp:78

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Keywords: residential mobility; elderly; SLID;

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  1. Lechner, Michael, 1995. "Some Specification Tests for Probit Models Estimated on Panel Data," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(4), pages 475-88, October.
  2. Steven F. Venti & David A. Wise, 2001. "Aging and Housing Equity: Another Look," NBER Working Papers 8608, National Bureau of Economic Research, Inc.
  3. Marc Nerlove, 1968. "Further Evidence on the Estimation of Dynamic Economic Relations from a Time Series of Cross-Sections," Cowles Foundation Discussion Papers 257, Cowles Foundation for Research in Economics, Yale University.
  4. Thaler, Richard H, 1994. "Psychology and Savings Policies," American Economic Review, American Economic Association, vol. 84(2), pages 186-92, May.
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