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Nursing home residents make a difference—The overestimation of saving rates at older ages

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  • Ziegelmeyer, Michael

Abstract

Based on the HRS, I find strong dissaving of nursing home residents and a significant overestimation of U.S. saving rates from age 75 onwards if nursing home residents are excluded as in most micro datasets.

Suggested Citation

  • Ziegelmeyer, Michael, 2012. "Nursing home residents make a difference—The overestimation of saving rates at older ages," Economics Letters, Elsevier, vol. 117(3), pages 569-572.
  • Handle: RePEc:eee:ecolet:v:117:y:2012:i:3:p:569-572 DOI: 10.1016/j.econlet.2012.07.037
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    References listed on IDEAS

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    1. Orazio P. Attanasio & Hilary Williamson Hoynes, 2000. "Differential Mortality and Wealth Accumulation," Journal of Human Resources, University of Wisconsin Press, pages 1-29.
    2. Hurd, Michael D, 1987. "Savings of the Elderly and Desired Bequests," American Economic Review, American Economic Association, vol. 77(3), pages 298-312, June.
    3. Ziegelmeyer, Michael, 2011. "Nursing home residents make a difference – The overestimation of saving rates at older ages," MEA discussion paper series 10210, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    4. Jeffrey R. Brown & Amy Finkelstein, 2009. "The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 76(1), pages 5-29.
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    Cited by:

    1. repec:onb:oenbmp:y:2017:i:3:b:2 is not listed on IDEAS
    2. Saving and Investment Task Force & Rodriguez-Palenzuela, Diego & Dées, Stéphane & Andersson, Malin & Bijsterbosch, Martin & Forster, Katrin & Zorell, Nico & Audoly, Richard & Buelens, Christian & Comp, 2016. "Savings and investment behaviour in the euro area," Occasional Paper Series 167, European Central Bank.
    3. Eurosystem Household Finance and Consumption Network, 2013. "The Eurosystem Household Finance and Consumption Survey - Results from the first wave," Statistics Paper Series 2, European Central Bank.

    More about this item

    Keywords

    Saving rate; Saving puzzle; Life-cycle model; Nursing home population; Wealth;

    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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