Perspectives on the Economics of Aging (National Bureau of Economic Research Conference Report)

This book investigates several important issues in the economics of aging, including the accumulation of wealth and the relationship between health and financial prosperity. Examining the changes in savings behavior and investment priorities in the United States over the past few decades, contributors to the volume point to a dramatic shift from employer-managed, defined benefit pensions to employee-controlled retirement savings plans. Further, the legislative reforms of the 1980s and the booming stock market of the 1990s did their share to influence individual wealth accumulation patterns of Americans. These studies also explore the relationship between health status and economic status. Considering issues like pension income and health, mortality, and medical care, contributors present evidence from the United States, Britain, South Africa, and Russia. The volume culminates with wide-ranging discussions on a number of key topics in the field including the innovations that have contributed to a decline in mortality rates; the various medical advances that have benefited populations over time; and the determinants of expenditures on health. The findings with regard to cross-sectional differences in health outcomes and health care utilization also pose troubling questions for policymakers seeking to democratize health care across regions and races. The transition to personal accounts and increasing retirement wealth: macro- and microevidence / James M. Poterba, Steven F. Venti, David A. Wise. Comment: Sylvester J. Schieber For better or for worse: default effects and 401(k) savings behavior James J. Choi, David Laibson, Brigitte C. Madrian, Andrew Metrick. Comment: James M. Poterba Aging and housing equity: another look / Steven F. Venti, David A. Wise. Comment: Jonathan Skinner Intergenerational transfers and savings behavior / Jeffrey R. Brown, Scott J. Weisbenner. Comment: Alan J. Auerbach Wealth portfolios in the United Kingdom and the United States / James Banks, Richard Blundell, James P. Smith. Comment: John B. Shoven Mortality, income, and income inequality over time in Britain and the United States / Angus Deaton, Christina Paxson. Comment: James Banks Does money protect health status? evidence from South African pensions / Anne Case. Comment: Robert T. Jensen Socioeconomic status, nutrition, and health among the elderly / Robert T. Jensen. Comment David M. Cutler Changes in the age distribution of mortality over the twentieth century / David M. Cutler, Ellen Meara Area differences in utilization of medical care and mortality among U.S. elderly / Victor R. Fuchs, Mark McClellan, Jonathan Skinner. Comment: Joseph P. Newhouse Healthy, wealthy, and wise? tests for direct causal paths between health and socioeconomic status / Peter Adams, Michael D. Hurd, Daniel McFadden, Angela Merrill, Tiago Ribeiro. Comment: James M. Poterba.

This book investigates several important issues in the economics of aging, including the accumulation of wealth and the relationship between health and financial prosperity.

Examining the changes in savings behavior and investment priorities in the United States over the past few decades, contributors to the volume point to a dramatic shift from employer-managed, defined benefit pensions to employee-controlled retirement savings plans. Further, the legislative reforms of the 1980s and the booming stock market of the 1990s did their share to influence individual wealth accumulation patterns of Americans.

These studies also explore the relationship between health status and economic status. Considering issues like pension income and health, mortality, and medical care, contributors present evidence from the United States, Britain, South Africa, and Russia. The volume culminates with wide-ranging discussions on a number of key topics in the field including the innovations that have contributed to a decline in mortality rates; the various medical advances that have benefited populations over time; and the determinants of expenditures on health. The findings with regard to cross-sectional differences in health outcomes and health care utilization also pose troubling questions for policymakers seeking to democratize health care across regions and races.

Contents......Page 8 Preface......Page 10 Introduction......Page 12 1. The Transition to Personal Accounts and Increasing Retirement Wealth: Macro- and Microevidence......Page 28 2. For Better or for Worse: Default Effects and 401(k) Savings Behavior......Page 92 3. Aging and Housing Equity: Another Look......Page 138 4. Intergenerational Transfers and Savings Behavior......Page 192 5. Wealth Portfolios in the United Kingdom and the United States......Page 216 6. Mortality, Income, and Income Inequality over Time in Britain and the United States......Page 258 7. Does Money Protect Health Status? Evidence from South African Pensions......Page 298 8. Socioeconomic Status, Nutrition, and Health among the Elderly......Page 324 9. Changes in the Age Distribution of Mortality over the Twentieth Century......Page 344 10. Area Differences in Utilization of Medical Care and Mortality among U.S. Elderly......Page 378 11. Healthy, Wealthy, and Wise? Tests for Direct Causal Paths between Health and Socioeconomic Status......Page 426 Contributors......Page 538 Author Index......Page 542 Subject Index......Page 546 Contributors to this volume investigate several important issues including the accumulation of wealth and the relationship between health and financial prosperity, the changes in savings behaviour and investment priorities and the effects of legislative changes in the 1980s and the booming stock market of the 1990s. The transition from employer managed defined benefit pensions to retirement saving plans that are largely managed and controlled by employees has been the most striking change in retirement saving over the last two decades.