{"title":"Grossman's Health Threshold and Retirement","authors":"T. Galama, A. Kapteyn, Raquel Fonseca, P. Michaud","doi":"10.2139/ssrn.1333413","DOIUrl":"https://doi.org/10.2139/ssrn.1333413","url":null,"abstract":"The authors formulate a stylized structural model of health, wealth accumulation and retirement decisions building on the human capital framework of health provided by Grossman. They explicitly assume a functional form of the utility function and carefully account for initial conditions, which allow them to derive analytic solutions for the time paths of consumption, health, health investment, savings and retirement. They argue that the Grossman literature has been unnecessarily restrictive in assuming that health is always at Grossman's \"optimal\" health level. Exploring the properties of corner solutions they find that advances in population health (health capital) can explain the paradox that while population health and mortality have continued to improve in the developed world, retirement ages have continued to fall with retirees pointing to deteriorating health as an important reason for early retirement. They find that improvements in population health decrease the retirement age, while at the same time individuals retire when their health has deteriorated. In their model, workers with higher human capital (say white collar workers) invest more in health and because they stay healthier retire later than those with lower human capital (say blue collar workers) whose health deteriorates faster. Plausibly, most individuals are endowed with an initial stock of health that is substantially greater than the level required to be economically productive.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132326682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Changes in Consumption at Retirement","authors":"Emma Aguila, O. Attanasio, C. Meghir","doi":"10.2139/ssrn.1288903","DOIUrl":"https://doi.org/10.2139/ssrn.1288903","url":null,"abstract":"Previous empirical literature has found a sharp decline in consumption during the first years of retirement implying that individuals do not save enough for their retirement. This phenomenon has been called the retirement consumption puzzle. In contrast to some of the previous studies, the authors find no evidence of the retirement consumption puzzle during the first years of retirement. Consumption is defined as nondurable expenditure, a more comprehensive measure than only food used in many previous studies. Food expenditure at retirement decreases. The latter could be explained by a reallocation of the budget shares after retirement to adjust to a new stage in the life cycle. These results suggest that food expenditure is not an accurate measure to test the Life Cycle Model.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114989959","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Qatari Women in the Workforce","authors":"Dell Felder, Mirka Vuollo","doi":"10.2139/SSRN.1291424","DOIUrl":"https://doi.org/10.2139/SSRN.1291424","url":null,"abstract":"A recent study by the RAND Corporation of the post-secondary education opportunities available in Qatar in relation to the nation's economic development needs revealed interesting trends regarding Qatari women in the workforce. This paper explores some of those trends by addressing such important questions as what occupations Qatari women are entering, what their attitudes are toward working outside the home, and to what extent are they being educated for workforce participation.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129714712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"How Transparent are Class Action Outcomes?: Empirical Research on the Availability of Class Action Claims Data","authors":"N. Pace, W. Rubenstein","doi":"10.2139/SSRN.1206315","DOIUrl":"https://doi.org/10.2139/SSRN.1206315","url":null,"abstract":"Class actions are among the most public forms of civil litigation, especially because a judge must review and approve a proposed class settlement following public notice and a public hearing. Ironically, however, a veil of secrecy can fall over class action litigation the moment the judge signs off on the agreement and ultimately, little information is available about how many class members actually received compensation and to what degree. This lack of transparency is especially troubling because of evidence that aggregate payments in class settlements sometimes constitute a mere fraction of the compensation fund extolled by the parties at the time of settlement review. This paper examines the extent to which claiming data are available and recommends ways to increase transparency in this area. We reviewed the official court files in a sample of 31 class action settlements and we also made direct inquiries to the judges, lawyers, and settlement administrators in another set of 57 cases. Searching through the case files and communicating with the participants, we were able to gain access to data in fewer than one of five closed cases. Despite the significant time and effort we put into the task, the final outcomes of four of five class action cases were beyond our discovery. It is not that the data are non-existent - claims administrators or parties certainly have them - it is, rather, that they are secreted away. The outcomes of publicly approved settlements lie locked in private files. We argue that this is a problem for three reasons: because the case outcomes might not be all that they purport to be; because the lessons that they could teach - for example, about which approaches work best - are lost to secrecy; and because the public record is unnecessarily incomplete and public access unnecessarily thwarted. We end the paper by proposing a set of solutions, including requiring parties to report back to the court on the final claiming data, publicizing this data, and creating a central repository for it.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130934567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Prioritizing Educational Investments in Children in the Developing World","authors":"David K. Evans, Arkadipta Ghosh","doi":"10.2139/ssrn.1145687","DOIUrl":"https://doi.org/10.2139/ssrn.1145687","url":null,"abstract":"The authors bring together 40 randomized and non-randomized evaluations of education programs to compare cost-effectiveness, seeking to facilitate prioritization of different candidate interventions by policymakers. They examine cost-effectiveness across three outcomes (enrollment, attendance, and test scores) and find distinct “best interventions” for each outcome. For increasing enrollment, urban fellowships, school consolidation, and extra teachers have proven most cost effective. For school attendance, school-based deworming stands out as most cost effective. And for improving test scores, several interventions seem similarly cost effective, including providing blackboards, workbooks, training teachers, and others. They discuss some of the challenges inherent to comparing interventions.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"00 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121073004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Julie M. Zissimopoulos, Nicole Maestas, Lynn A. Karoly
{"title":"The Effect of Retirement Incentives on Retirement Behavior: Evidence from the Self-Employed in the United States and England","authors":"Julie M. Zissimopoulos, Nicole Maestas, Lynn A. Karoly","doi":"10.2139/ssrn.1022430","DOIUrl":"https://doi.org/10.2139/ssrn.1022430","url":null,"abstract":"The authors examine how public and private pension and health insurance systems affect retirement transitions. In many countries, public and private pension eligibility, as well as access to health insurance varies between self-employed and wage and salary workers, and these differences are likely to cause differential retirement patterns both within and across countries. They use the variation in these institutional features within and across the United States and England to analyze retirement patterns. Based on longitudinal data from the Health and Retirement Study (HRS) in the United States and the English Longitudinal Survey of Ageing (ELSA) they find that the higher labor force exit rate of wage and salary workers compared to self-employed workers is due to defined benefit pension incentives created by the public and private pension systems. Higher rates of labor force exit at ages 55 and older in England compared to the United States are due in part to the availability of publicly provided health insurance.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"304 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122309139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Health Endowments and Parental Investments in Infancy and Early Childhood","authors":"Ashlesha Datar, R. Kilburn, David Loughran","doi":"10.2139/ssrn.1005226","DOIUrl":"https://doi.org/10.2139/ssrn.1005226","url":null,"abstract":"This paper tests whether parents reinforce or compensate for child endowments. The authors employ birth weight as a proxy for endowments and estimate how the difference in birth weight across siblings impacts specific parental investments, including breastfeeding initiation and duration, well-baby visits, immunizations, preschool attendance, and kindergarten entry age. They also examine whether parental investment in a child is impacted by her siblings' endowments. Their results indicate that heavier birth weight children receive higher levels of most parental investment than their lower birth weight siblings suggesting that parental investments in infancy and early childhood reinforce differences in endowments. In one exception, they find weak evidence that lower birth weight children enter kindergarten slightly later than their normal birth weight siblings, which could be interpreted as a compensating parental investment. Presence of a low birth weight sibling in the household increases the likelihood of investments such as well-baby visits and immunizations.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114526897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Some Answers to the Retirement-Consumption Puzzle","authors":"M. Hurd, S. Rohwedder","doi":"10.2139/ssrn.893924","DOIUrl":"https://doi.org/10.2139/ssrn.893924","url":null,"abstract":"The simple one-good model of life-cycle consumption requires \"consumption smoothing.\" According to previous results based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement. The reduction cannot be explained by the simple one-good life-cycle model, so it has been referred to as the retirement-consumption puzzle. An interpretation is that at retirement individuals discover they have fewer economic resources than they had anticipated prior to retirement, and as a consequence reduce consumption. This interpretation challenges the life-cycle model where consumers are assumed to be forward-looking. Using panel data, we find that prior to retirement workers anticipated on average a decline of 13.3% in spending and after retirement they recollected a decline of 12.9%: widespread surprise is not the explanation for the retirement-consumption puzzle. Workers with substantial wealth both anticipated and recollected a decline. Therefore, for many workers the decline is not necessitated by the fall in income that accompanies retirement. Poor health is associated with above-average declines. At retirement time spent in activities that could substitute for market-purchased goods increases. Apparently a number of factors contribute to the decline in spending, which, for most of the population, can be accommodated in conventional models of economic behavior.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114242582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Medical Expenditure Risk and Household Portfolio Choice","authors":"D. Goldman, Nicole Maestas","doi":"10.2139/ssrn.1006115","DOIUrl":"https://doi.org/10.2139/ssrn.1006115","url":null,"abstract":"Medical expenses are an increasingly important contributor to household financial risk. We examine the effect of medical expenditure risk on the willingness of Medicare beneficiaries to hold risky assets. Using a discrete factor maximum likelihood method to address the endogeneity of insurance choices, we find that having a moderately protective Medigap or employer supplemental policy increases risky asset holding by 7.1 percentage points relative to those without supplemental coverage, while participation in a highly protective Medicare HMO increases risky asset holding by 13.0 percentage points. Our results highlight an important link between the availability of health insurance and financial behavior.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123102471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Multi-Site Implementation: Medicaid Section 1931(B) in California","authors":"J. Klerman, A. Cox","doi":"10.2139/ssrn.741267","DOIUrl":"https://doi.org/10.2139/ssrn.741267","url":null,"abstract":"This paper uses the implementation of the new Medicaid 1931(b) program in California and its 58 counties to consider multi-site implementation. Given California's county-operated welfare system, the California Department of Health Services (CDHS) made policy that each of the state's 58 counties was to implement. Combining unusually rich administrative data, official documents, and qualitative field work, the authors find that actual implementation occurred as much as several years later than was required by state-level policy, with considerable heterogeneity across the counties, and that the heterogeneity was to a great extent due to the details of computer systems. The paper concludes with a discussion of the implications of these results for implementation and the study of implementation.","PeriodicalId":340671,"journal":{"name":"RAND Corporation Law","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122680908","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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