Retirement Study. For the median household aged 51 to 57, the lifetime welfare cost of market incompleteness and suboptimal …

consumption. The parsimonious model has a closed-form solution for the age of peak consumption and the consumption level at that … age relative to initial consumption. A calibration of the model with data from gerontology produces an empirically … plausible hump in consumption. …

theory in which individuals take into account the fact that the consumption of addictive goods reduces their health and … addiction develops. I argue that the life cycle consumption pattern predicted for common addiction is more suitable for … motivating empirically observable patterns of addictive goods consumption. I take the case of smoking as unhealthy behavior …

Retired homeowners dissave more slowly than renters, which suggests that homeownership affects retirees' saving … an estimated structural model of saving and housing decisions, we find, first, that homeowners dissave slowly because …

analysis is conducted using a measure for saving stocks and saving flows. The latter model allows to control for individual …

analysis is conducted using a measure for saving stocks and saving flows. The latter model allows to control for individual …

-conscious consumption and future subsidies rewarding good health outcome. We characterize the subsidy rates which implement the unbiased …