We develop and estimate a panel data model explaining the answers to questions about subjective probabilities, using data from the US Health and Retirement Study. We explicitly account for nonresponse, rounding, and focal point “50 percent” answers. Our results indicate that for three of the...

Household heads are defined in many micro data sets and are usually male. This paper illustrates potential consequences of the common practice of using only the household head’s characteristics in empirical research.