This paper presents evidence on the resources available to households as they enter retirement. It draws heavily on data collected by the Health and Retirement Study and calculates the "potential additional annuity income" that households could purchase, given their holdings of non-annuitized...

We consider the evolution of assets after retirement. We ask whether total assets--including housing equity, personal retirement accounts, and other financial assets--tend to be husbanded for a rainy day and drawn down primarily at the time of precipitating shocks, or whether they are drawn down...

A model combining student preferences for college with university admissions decisions is estimated to provide information on the role of test scores in the determination of post-secondary educational opportunities. In contrast to implications of much of the recent criticism of tests and their...

Because much of the concern about youth unemployment is motivated by the large differences between the rates for blacks and whites, we have pursued our earlier work by analyzing separately for black and white youth the relationship between high school preparation and early labor force...

Personal retirement accounts are becoming an increasingly important form of retirement saving. Using data from the Survey of Income and Program Participation, the paper considers the effect of this change on the assets of recent retirees and persons who are approaching retirement. Much of the...

A Poisson specification of the relationship between atmospheric pollution and lost work days is estimated.An important feature of the procedure is control for city-specific effects. A major source of ambiguity in interpreting the results of observational data on pollution versus health status or...