The authors study labor supply of elderly couples by means of a collective model. The model allows individuals to enjoy leisure more (or less) in company of their spouse (complementarity/ externalities in leisure). Preferences and the intra-household bargaining process are identified by using...

The Health and Retirement Study (HRS), administered by the Institute for Social Research (ISR) at the University of Michigan, is a longitudinal survey of the population of U.S. households with at least one adult between the ages of 51 and 61 in 1992 (individuals born between 1931 and 1941). In...

Este estudio compara las diferencias de cobertura en los sistemas de pensiones de capitalizacion individual en tres pa’ses de Latinoamerica. En Chile, Colombia y Mexico, aun cuando cada uno de ellos tiene sistema de pensiones de contribuciones definidas, hay diferencias significativas en el...

Many countries are including personal retirement accounts (PRAs) as part of their social security systems. PRA systems boost private savings at the macro level by converting a government financial liability into private wealth. At the micro level, however, crowing-out effects on household...

Individuals' subjective expectations are important in explaining heterogeneity in individual choices, but their elicitation poses challenges. In this paper, the authors present their findings from testing an innovative visual representation of an Internet survey in the context of individuals'...

his paper examines altruism and exchange models of familial relationships. It first examines the predictions of these models when there are more than two family members, demonstrating that altruism with multiple altruists is similar to the classic public good model. The paper also examines...

The development of a vibrant private sector has been one of the key failures of the transitional period of Russia. This paper develops a theoretical and empirical model of individual labor supply behavior under uncertainty, and estimates this model using data from the Russian Longitudinal...

In this paper the authors examine the scope of cross-country variation in institutions related to social insurance. Building on the variation they find they assess the value of new micro data that is comparable across countries to help identify key parameters of individual behavior. They present...

According to the life-cycle model, mortality risk will influence both retirement and the desire to annuitize wealth. The authors estimate the effect of subjective survival probabilities on retirement and on the claiming of Social Security benefits because delayed claiming is equivalent to the...