The number of automobile recalls in the U.S. has sharply increased in the last decade and a half, and the number of units involved in these recalls are often counted in the millions. In 2006 alone, over 10.6 million vehicles were recalled in the United States. However, there is no quantitative...

Expected longevity is an important factor inuencing older individuals' decisions such as consumption, savings, purchase of life insurance and annuities, claiming of Social Security bene- fits, and labor supply. It has also been shown to be a good predictor of actual longevity, which in turn is...

This paper presents a dynamic model of labor/leisure, consumption/saving and annuity decisions over the life cycle. Such a dynamic model provides a framework for considering important policy experiments related to the reforms in Social Security. We address the role of labor supply in a life cyle...

This paper uses the only representative sample of the Russian Federation, the Russian Longitudinal Monitoring Survey, to estimate the returns to education in this ex-communist country. This is one of the first studies to tackle this classic issue in labor economics with the realistic expectation...

Immigration is having an increasingly important effect on the social insurance system in the United States. On the one hand, eligible legal immigrants have the right to eventually receive pension benefits, but also rely on other aspects of the social insurance system such as health care,...

A pervasive concern with the use of self-reported health and disability measures in behavioral models is that they are biased and endogenous. A commonly suggested explanation is that survey respondents exaggerate the severity of health problems and incidence of disabilities in order to...

This paper uses panel data from the Health and Retirement Study to estimate the relationship between measures of labor supply flexibility and portfolio-choice decisions by utility-maximizing individuals. Seminal research on portfolio decisions over the life-cycle, and recent research on...