@article {11446, title = {Subjective mortality hazard shocks and the adjustment of consumption expenditures}, journal = {Journal of Population Economics}, volume = {26}, year = {2013}, pages = {1379-1408}, abstract = {I estimate the effect of shocks to subjective mortality hazards on consumption expenditures of retired individuals using the Survey of Health, Ageing and Retirement in Europe. I measure mortality expectations with survey responses on survival probabilities. To create plausibly exogenous variation in mortality hazard, I use the death of a sibling as an instrument. My results show that survey responses contain economically relevant information about longevity expectations and confirm the predictions of life-cycle theories about the effect of these expectations on intertemporal choice.}, keywords = {Consumption decisions, IV estimation, Subjective longevity}, isbn = {1432-1475}, doi = {https://doi.org/10.1007/s00148-012-0461-5}, author = {Anik{\'o} Bir{\'o}} }