Health and Retirement Effects in a Collective Consumption Model of Older Households
Using data on elderly individuals and couples, we estimate a collective model of household consumption of a variety of goods, showing how resources are shared between husband and wife, and how this allocation is affected by retirement and health status. We identify the extent to which shared consumption of some goods by elderly married couples reduces their costs of living relative to living alone. We also identify the fraction of household resources consumed by wives versus husbands, taking this jointness of some consumption into account. The results are relevant for household bargaining models and for a variety of welfare calculations.
|Date of creation:||15 Dec 2010|
|Date of revision:||15 Jan 2011|
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- Mariacristina De Nardi & Eric French & John Bailey Jones, 2005.
"Differential mortality, uncertain medical expenses, and the saving of elderly singles,"
Working Paper Series
WP-05-13, Federal Reserve Bank of Chicago.
- Mariacristina De Nardi & Eric French & John Bailey Jones, 2006. "Differential Mortality, Uncertain Medical Expenses, and the Saving of Elderly Singles," NBER Working Papers 12554, National Bureau of Economic Research, Inc.
- Mariacristina De Nardi & Eric French & John Bailey Jones, 2006. "Differential Mortality, Uncertain Medical Expenses, and the Saving of Elderly Singles," 2006 Meeting Papers 46, Society for Economic Dynamics.