Wealth Depletion and Life Cycle Consumption by the Elderly
AbstractThe objective of the work reported in this paper is to find if the consumption data from the six waves of the Retirement History Survey are consistent with the life cycle hypothesis of consumption and to test the importance of a bequest motive for saving. The 12 data items which are used cover an estimated 36% of total consumption; the most important datum is food consumption. The findings support the life cycle hypothesis: as required, measured consumption among the elderly declines with age. A test of the bequest motive for saving based on the variation by extended family stricture in consumption paths provides no support for a bequest motive.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3472.
Date of creation: Oct 1990
Date of revision:
Publication status: published as Michael D. Hurd. "Wealth Depletion and Life-Cycle Consumption by the Elderly," in David A. Wise, editor, "Topics in the Economics of Aging" University of Chicago Press (1992)
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- Michael D. Hurd, 1992. "Wealth Depletion and Life-Cycle Consumption by the Elderly," NBER Chapters, in: Topics in the Economics of Aging, pages 135-162 National Bureau of Economic Research, Inc.
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Michael D. Hurd, 1999.
"Mortality Risk and Consumption by Couples,"
99-03, RAND Corporation Publications Department.
- Michael D. Hurd, 1993. "The Effects of Demographic Trends on Consumption, Saving and Government Expenditures in the U.S," NBER Working Papers 4601, National Bureau of Economic Research, Inc.
- Robin Boadway & David Wildasin, 1994. "Taxation and savings: a survey," Fiscal Studies, Institute for Fiscal Studies, vol. 15(3), pages 19-63, August.
- Michael D. Hurd & Daniel McFadden & Angela Merrill, 2001.
"Predictors of Mortality among the Elderly,"
in: Themes in the Economics of Aging, pages 171-198
National Bureau of Economic Research, Inc.
- Barry P. Bosworth & Ralph C. Bryant & Gary Burtless, 2004. "The Impact of Aging on Financial Markets and the Economy: A Survey," Working Papers, Center for Retirement Research at Boston College 2004-23, Center for Retirement Research.
- Steven J. Haider & Melvin Stephens, 2007.
"Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations,"
The Review of Economics and Statistics,
MIT Press, vol. 89(2), pages 247-264, May.
- Steven Haider & Melvin Stephens Jr., 2004. "Is There a Retirement-Consumption Puzzle? Evidence Using Subjective Retirement Expectations," NBER Working Papers 10257, National Bureau of Economic Research, Inc.
- Michael Hurd & Daniel McFadden & Angela Merrill & Tiago Ribeiro, 2000. "Healthy, Wealthy, and Wise? Socioeconomic Status and Morbidity/Mortality," Econometric Society World Congress 2000 Contributed Papers 1887, Econometric Society.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.