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Age, Retirement and Expenditure Patterns: An Econometric Study of Older Canadian Households

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  • Frank T. Denton
  • Dean C. Mountain
  • Byron G. Spencer

Abstract

The paper explores the allocation of consumption expenditure by the older population among different categories of goods and services, and how expenditure patterns change with age within that population. Of particular interest is whether observed differences between pre-retirement and post-retirement patterns are a consequence of changes in "tastes" or reductions in income. An adapted form of the Deaton and Muellbauer Almost Ideal Demand System is estimated with data from six Family Expenditure Surveys and used to investigate that question. The findings suggest that observed changes in budget allocations are most closely related to reductions in income.

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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 82.

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Length: 33 pages
Date of creation: Sep 2002
Date of revision:
Handle: RePEc:mcm:sedapp:82

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Keywords: consumption expenditure; retirement; income;

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References

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  1. Denton, Frank T. & Mountain, Dean C., 2001. "Income distribution and aggregation/disaggregation biases in the measurement of consumer demand elasticities," Economics Letters, Elsevier, vol. 73(1), pages 21-28, October.
  2. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  3. Frank T. Denton & Byron G. Spencer, 1997. "How Well Does the CPI Serve as an Index of Inflation for Older Age Groups?," Quantitative Studies in Economics and Population Research Reports, McMaster University 329, McMaster University.
  4. Denton, Frank T & Mountain, Dean C & Spencer, Byron G, 1999. "Age, Trend, and Cohort Effects in a Macro Model of Canadian Expenditure Patterns," Journal of Business & Economic Statistics, American Statistical Association, American Statistical Association, vol. 17(4), pages 430-43, October.
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Cited by:
  1. Paula C. Albuquerque & João C. Lopes, 2010. "Economic impacts of ageing: an inter-industry approach," International Journal of Social Economics, Emerald Group Publishing, vol. 37(12), pages 970-986, October.
  2. José M. Labeaga & Rubén Osuna, 2007. "Expenditures at retirement by Spanish households," Working Papers 2007-36, FEDEA.
  3. Mette Christensen, 2008. "Demand patterns around retirement: Evidence from Spanish panel data," The School of Economics Discussion Paper Series, Economics, The University of Manchester 0809, Economics, The University of Manchester.
  4. Frank T. Denton & Ross Finnie & Byron G. Spencer, 2009. "Income Replacement in Retirement: Longitudinal Evidence from Income Tax Records," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 261, McMaster University.
  5. Laura Romeu Gordo & Andreas Motel-Klingebiel & Susanne Wurm, 2009. "SOEP as a Source for Research on Ageing – Issues, Measures and Possibilities for Improvement," Working Paper Series of the German Council for Social and Economic Data, German Council for Social and Economic Data (RatSWD) 83, German Council for Social and Economic Data (RatSWD).
  6. Bonnie-Jeanne MacDonald & Doug Andrews & Robert L. Brown, 2011. "The Canadian Elder Standard - Pricing the Cost of Basic Needs for the Canadian Elderly," Social and Economic Dimensions of an Aging Population Research Papers, McMaster University 286, McMaster University.

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