The fact that most eldealy individuals in the United States choose to maintain a flat age-wealth profile, rather than buy individual life annuities, stands in contrast to central implications of the standard life-cycle model of consumption-saving behavior. The analysis in this paper lends...

Tuition, in real terms and across American universities, has roughly tripled over the past four decades. Through a review of the literature and the collection of basic data, we find support for the theory that the increases in federal financial support (loans and grants) for students have led to...