Data and Code for: "Old Age Risks, Consumption, and Insurance"

Principal Investigator(s): View help for Principal Investigator(s) Richard Blundell, University College London, IFS, TSE, and CEPR; Margherita Borella, University of Torino; Jeanne Commault, Science Po; Mariacristina De Nardi, University of Minnesota, Federal Reserve Bank of Minneapolis, CEPR, and NBER

Version: View help for Version V1

Name	File Type	Size	Last Modified
Descriptives_new65plus.do	text/plain	14.1 KB	09/05/2023 03:37:AM
README.pdf	application/pdf	1.1 MB	10/23/2023 01:57:AM
RUN_ALL.do	text/plain	5.9 KB	09/12/2023 07:46:AM
Table14_cons_share.tex	application/x-tex	1 KB	06/11/2022 01:47:AM
Table15_autocov.tex	application/x-tex	897 bytes	09/10/2023 12:16:PM
Table16_incmoments.tex	application/x-tex	694 bytes	09/10/2023 12:16:PM
Table17_healthmoments.tex	application/x-tex	690 bytes	09/10/2023 12:16:PM
Table1_autocov.tex	application/x-tex	921 bytes	09/10/2023 12:16:PM
Table26_decomp_multi.tex	application/x-tex	1.6 KB	09/02/2023 07:58:AM
Table2_incvar.tex	application/x-tex	716 bytes	09/10/2023 12:16:PM

Project Citation:

Blundell, Richard, Borella, Margherita, Commault, Jeanne, and De Nardi, Mariacristina. Data and Code for: “Old Age Risks, Consumption, and Insurance.” Nashville, TN: American Economic Association [publisher], 2024. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-01-18. https://doi.org/10.3886/E193623V1

Project Description

Summary:

In the U.S, after age 65, households face income and health risks

and a large fraction of these risks are transitory. While consumption

significantly responds to transitory income shocks, outof-

pocket medical expenses do not. In contrast, both consumption

and out-of-pocket medical expenses respond to transitory health

shocks. Thus, most U.S. elderly keep their out-of-pocket medical

expenses close to a satiation point that varies with health. Consumption

responds to health shocks mostly because adverse health

shocks reduce the marginal utility of consumption. The effect of

health on marginal utility changes the optimal transfers due to

health shocks.

Scope of Project

JEL Classification:
      D12 Consumer Economics: Empirical Analysis
      D15 Intertemporal Household Choice; Life Cycle Models and Saving
      E21 Macroeconomics: Consumption; Saving; Wealth
      I10 Health: General
      J26 Retirement; Retirement Policies

Geographic Coverage: United States of America

Time Period(s): 1/1/2001 – 12/31/2013

Universe: Population age 65+ of the United States.

Data Type(s): survey data

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Published Versions

V1 [2024-01-18]

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