Although expectations (or subjective probability distributions) play a prominent role in models of decision-making under uncertainty, we have very little data on them and are instead forced to base our models on unverifiable assumptions. Macroeconomic models often assume rational expectations,...

We examine the effect of gaining prescription drug insurance as a result of Medicare Part D on use of prescription drugs, use of other medical services, and health for a nationally representative sample of Medicare beneficiaries. Given the heightened importance of prescription drugs for those...

One way to demonstrate how remarkable changes in the process of aging have been is to compare health over the life cycles of 3 cohorts. For the first cohort, born between 1835 and 1845 (the Civil War cohort), life was short and disabilities were common even at young ages. Other factors...

This paper tests whether income affects the body weight and clinical weight classification of elderly Americans using a natural experiment that led otherwise identical retirees to receive significantly different Social Security payments based on their year of birth. We exploit this natural...

The Medicare Modernization Act was recently established, to provide limited drug coverage to the elderly. However, there is limited evidence on how drug coverage might affect health. The goal of this paper is to obtain "causal effects" of prescription drug coverage on drug use, use of other...

Life expectancy in the United States fares poorly in international comparisons, primarily because of high mortality rates above age 50. Its low ranking is often blamed on a poor performance by the health care system rather than on behavioral or social factors. This paper presents evidence on the...

We use the Islamic holy month of Ramadan as a natural experiment in fasting and fetal health. In Michigan births 1989-2006, we find prenatal exposure to Ramadan among Arab mothers results in lower birthweight and reduced gestation length. Exposure to Ramadan in the first month of gestation is...

Occupation is discussed as a social determinant of health. Occupation has received little attention in this light in the economics literature. We examine occupation in a life-course framework and use measures of first-occupation, initial health, and mother's education. We contend that first...

The main objective of this analysis is to demonstrate that some of the limitations that have characterized recent studies of the relationship between marital status and health outcomes may result in biased estimates of marital status differences in mortality among the elderly. A secondary goal...

This paper explains four methods of "price indexing" initial Social Security retirement benefits, and discusses the effect of each method on the fiscal sustainability of Social Security, benefit levels and replacement rates, redistribution, and sensitivity of system finances to demographic and...