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

  • Frank Denton
  • Dean Mountain
  • Byron Spencer

    ()

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 [Am. Econ. Rev., 70:312–326, 1980 ] Almost Ideal Demand System (AIDS) is estimated with data from six surveys of family expenditure and used to investigate that question. The findings suggest that observed changes in budget allocations are most closely related to reductions in income. Copyright International Atlantic Economic Society 2006

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File URL: http://hdl.handle.net/10.1007/s11293-006-9028-8
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Article provided by International Atlantic Economic Society in its journal Atlantic Economic Journal.

Volume (Year): 34 (2006)
Issue (Month): 4 (December)
Pages: 421-434

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Handle: RePEc:kap:atlecj:v:34:y:2006:i:4:p:421-434
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  1. Frank T. Denton & Byron G. Spencer, 1997. "How Well Does the CPI Serve as an Index of Inflation for Older Age Groups?," Independence and Economic Security of the Older Population Research Papers 16, McMaster University.
  2. Frank T. Denton & Dean C. Mountain, 2002. "Aggregation Effects on Price and Expenditure Elasticities in a Quadratic Almost Ideal Demand System," Quantitative Studies in Economics and Population Research Reports 374, McMaster University.
  3. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  4. 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.
  5. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-19, November.
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