We estimate how the marginal utility of consumption varies with health. To do so, we develop a simple model in which … the impact of health on the marginal utility of consumption can be estimated from data on permanent income, health, and … utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near-elderly, and …

of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri and … consumption, compared to the empirical estimates of 32% and 19%. Most of the consumption insurance against permanent male wage …-household income insurance mechanism strongly biases upward the welfare losses from idiosyncratic wage risk as well as the desired …

This paper studies consumption and labor supply in a model where agents have partial insurance and face risk and … consumption are solved for analytically. We prove that all parameters of the structural model are identified given panel data on … wages and hours, and cross-sectional data on consumption. The model is estimated on US data. Second moments involving hours …

We investigate optimal consumption, asset accumulation and portfolio decisions in a realistically calibrated life … preferred asset for young households, with the optimal share of equities generally declining prior to retirement. However …, variable labor materially alters pre-retirement portfolio choice by significantly raising optimal equity holdings. Using this …

We develop an equilibrium lifecycle model of education, marriage and labor supply and consumption in a transferable … goods and offering risk sharing. The model is estimated using the British HPS …

international consumption correlations even in the absence of any international risk sharing. Empirical evidence presented in this …Standard international economic models with life cycle/permanent income consumption behavior predict that international … portfolio diversification leads to high bilateral consumption correlations. Thus international consumption correlations have …

The paper is an empirical cross-section study of the retirement decisions of American white men between the ages of 58 …). The model is reasonably successful in predicting retirement decisions, and casts serious doubt on previous claims that the … retirement …

example, we find that any effort to promote opportunities for partial retirement as a means to increase overall work is likely …This paper advances the specification and estimation of models of retirement and saving in two earner families. The … complications introduced by the interaction of retirement decisions by husbands and wives have led researchers to adopt a number of …

The consumption beta theorem of Breeden makes the expected return on any asset a function only of its covariance with … changes in aggregate consumption. It is shown that the theorem is more robust than was indicated by Breeden. The theorem …