health (11-14 percent). In addition, among the age-ineligible adults, the pension scheme shifts them from farming to non …-farming work, lowers insurance participation rate, but does not change income, expenditure or health significantly. Finally, among …, improved health, and higher schooling rate. …

utility proxies. We estimate the model using the Health and Retirement Study's panel data on the elderly and near-elderly, and …"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 …

, and we use an estimated structural model to assess its effect on the elderly’s saving. We find that the differences in … life expectancy related to observable factors such as income, gender, and health have large effects on savings, and that … effect on the elderly’s saving behavior. …