Adequacy of Economic Resources in Retirement and Returns-toscale in Consumption
Most assessments of the adequacy of retirement resources are expressed as a comparison of preretirement income to immediate post-retirement income. Yet, among couples a substantial fraction of retirement years is eventually spent by the surviving spouse living alone. To the extent that singles need less than couples to maintain the same standard of living, assessments of the adequacy of economic resources that make no adjustment for widowing will ystematically misstate economic preparation. We estimate returns-to-scale parameters in spending by older households, using data from the Consumption and Activities Mail Survey and apply these to assessments of adequacy of retirement resources.
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- Li Gan & Guan Gong & Michael Hurd & Daniel McFadden, 2004.
"Subjective Mortality Risk and Bequests,"
NBER Working Papers
10789, National Bureau of Economic Research, Inc.
- Michael D. Hurd, 1999.
"Mortality Risk and Consumption by Couples,"
NBER Working Papers
7048, National Bureau of Economic Research, Inc.
- Donaldson, David & Pendakur, Krishna, 2004. "Equivalent-expenditure functions and expenditure-dependent equivalence scales," Journal of Public Economics, Elsevier, vol. 88(1-2), pages 175-208, January.
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