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The Effect of Price Advertising and Prices: Evidence in the Wake of 44 Liquormart

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  • Jeffrey Milyo
  • Joel Waldfogel

Abstract

The world's population is living longer but retiring earlier, and vast numbers of adults now spend as much as 1/3 of their lifetimes relying on public and private retirement benefits. Consequently, labor economists are interested in the forces driving retirement behavior, seeking to understand why people leave their jobs at young ages, how employers respond to an aging workforce, how government programs often induce job-leaving, and the economic consequences of retirement for individuals and society. This paper examines new developments in retirement economics, focusing first on retirement trends and retiree well-being. We next turn to theoretical developments in the retirement literature where new models have enriched our understanding of the role of worker heterogeneity and uncertainty about health and productivity shocks. Lastly, we review some of the lessons that may be drawn from the empirical analysis of retirement patterns undertaken over the last decade, showing how natural experiments and exciting new longitudinal datasets afford new opportunities to learn about the demand for and supply of older workers. We conclude that future researchers would do well to explore how retirement decisions are made in a household context, and to integrate saving as well as consumption in the labor supply decision. In addition we argue that much remains to be learned about how workers form expectations regarding their future retirement well-being, and about how they adapt when circumstances need to be adjusted due to changes in economic, health, family, and other circumstances.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6488.

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Date of creation: Mar 1998
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Publication status: published as American Economic Review, Vol. 89, no. 5 (December 1999): 1081-1096.
Handle: RePEc:nbr:nberwo:6488

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  1. Kwoka, John E, Jr, 1984. "Advertising and the Price and Quality of Optometric Services," American Economic Review, American Economic Association, American Economic Association, vol. 74(1), pages 211-16, March.
  2. Lal, Rajiv & Matutes, Carmen, 1994. "Retail Pricing and Advertising Strategies," The Journal of Business, University of Chicago Press, University of Chicago Press, vol. 67(3), pages 345-70, July.
  3. Butters, Gerard R, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(3), pages 465-91, October.
  4. Glazer, Amihai, 1981. "Advertising, Information, and Prices-A Case Study," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 19(4), pages 661-71, October.
  5. Eckard, E Woodrow, Jr, 1991. "Competition and the Cigarette TV Advertising Ban," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 29(1), pages 119-33, January.
  6. Grossman, Gene M & Shapiro, Carl, 1984. "Informative Advertising with Differentiated Products," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 51(1), pages 63-81, January.
  7. Salop, Steven & Stiglitz, Joseph E, 1977. "Bargains and Ripoffs: A Model of Monopolistically Competitive Price Dispersion," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 44(3), pages 493-510, October.
  8. Nelson, Philip, 1974. "Advertising as Information," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(4), pages 729-54, July/Aug..
  9. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 69, pages 213.
  10. Kyle Bagwell & Garey Ramey, 1990. "Advertising and Coordination," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 903, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  11. Benham, Lee, 1972. "The Effect of Advertising on the Price of Eyeglasses," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 15(2), pages 337-52, October.
  12. Comanor, William S & Wilson, Thomas A, 1979. "The Effect of Advertising on Competition: A Survey," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 17(2), pages 453-76, June.
  13. Feldman, Roger D & Begun, James W, 1980. "Does Advertising of Prices Reduce the Mean and Variance of Prices?," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 18(3), pages 487-92, July.
  14. Grant Devine & Bruce Marion, 1979. "The influence of consumer price information on retail pricing and consumer behavior," Framed Field Experiments, The Field Experiments Website 00138, The Field Experiments Website.
  15. Peters, Michael, 1984. "Restrictions on Price Advertising," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 92(3), pages 472-85, June.
  16. Nelson, Phillip, 1970. "Information and Consumer Behavior," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 78(2), pages 311-29, March-Apr.
  17. Cady, John F, 1976. "An Estimate of the Price Effects of Restrictions on Drug Price Advertising," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 14(4), pages 493-510, December.
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