%0 Book Section %B Explorations in the Economics of Aging %D 2011 %T Cognition and Economic Outcomes %A John J McArdle %A James P Smith %A Robert J. Willis %E David A Wise %K Health Conditions and Status %B Explorations in the Economics of Aging %I University of Chicago Press %C Chicago %G eng %4 cognition %$ 23450 %! Cognition and Economic Outcomes %0 Journal Article %J Econ J (London) %D 2010 %T Financial Decision Making and Cognition in a Family Context. %A James P Smith %A John J McArdle %A Robert J. Willis %X

In this paper, we studied the association of cognitive traits and in particular numeracy of both spouses on financial outcomes of the family. We found significant effects, particularly for numeracy for financial and non-financial respondents alike, but much larger effects for the financial decision maker in the family. We also examined who makes these financial decisions in the family and why. Once again, cognitive traits such as numeracy were an important component of that decision with larger effects of numeracy for husbands compared to wives.

%B Econ J (London) %I 120 %V 120 %P F363-F380 %8 2010 Nov 01 %G eng %N 549 %L newpubs20110418_Smith.pdf %1 http://www.ncbi.nlm.nih.gov/pubmed/21116477?dopt=Abstract %2 PMC2992344 %4 cognition/numeracy/financial decision-making/financial decision-making/Families %$ 25510 %R 10.1111/j.1468-0297.2010.02394.x %0 Book Section %B Research Findings in the Economics of Aging %D 2010 %T Housing Price Volatility and Downsizing in Later Life %A James Banks %A Richard Blundell %A Oldfield, Zoë %A James P Smith %E David A Wise %K Consumption and Savings %K Cross-National %K Demographics %K Housing %K Retirement Planning and Satisfaction %X In this paper, we modeled several types of housing transitions of the elderly in two countries -- Britain and the United States. One important form of these transitions involves downsizing of housing consumption, the importance of which among older households is still debated. This downsizing takes multiple forms, including reductions in the number of rooms per dwelling and the value of the home. There is also evidence that this downsizing is greater when house price volatility is greater and that American households try to escape housing price volatility by moving to places that are experience significantly less housing price volatility. Our comparative evidence in suggests that there is less evidence of downsizing in Britain. Our results indicate that housing consumption appears to decline with age in the US, even after controlling for the other demographic and work transitions associated with age that would normally produce such a decline. No such fall in housing consumption is found in Britain, largely because British households are much more likely to stay in their original residence. %B Research Findings in the Economics of Aging %I University of Chicago Press %C Chicago %P 337-379 %G eng %4 Housing/consumption/cross-national comparison/downsizing/Mobility %$ 24150 %! Housing Price Volatility and Downsizing in Later Life %& 12 %0 Book Section %B Developments in the economics of aging %D 2009 %T The SES Health Gradient On Both Sides Of The Atlantic %A James Banks %A Michael Marmot %A Oldfield, Zoë %A James P Smith %E David A Wise %K Cross-National %K Healthcare %K Risk Taking %X Looking across many diseases, average health among mature men is much worse in America compared to England. Second, there exists a steep negative health gradient for men in both countries where men at the bottom of the economic hierarchy are in much worse health than those at the top. This health gradient exists whether education, income, or financial wealth is used as the marker of one's SES status. These conclusions are maintained even after controlling for a standard set of behavioral risk factors such as smoking, drinking, and obesity and are equally true using either biological measures of disease or individual self-reports. In contrast to these disease based measures, health of American men appears to be superior to the health of English men when self-reported general health status is used. The contradiction most likely stems instead from different thresholds used by Americans and English when evaluating health status on subjective scales. For the same objective health status, Americans are much more likely to say that their health is good than are the English. Finally, feedbacks from new health events to household income are one of the reasons that underlie the strength of the income gradient with health in England. %B Developments in the economics of aging %S A National Bureau of Economic Research conference report %I University of Chicago Press %C Chicago %P 359-406 %G eng %U https://ssrn.com/abstract=942969 %4 health outcomes/cross-national comparison/risk Factors/ELSA_ %$ 24190 %! The SES Health Gradient On Both Sides Of The Atlantic %& 10 %0 Journal Article %J Soc Sci Med %D 2007 %T Do panel surveys really make people sick? A commentary on Wilson and Howell (60:11, 2005, 2623-2627). %A David R Weir %A James P Smith %K Arthritis %K Female %K Health Surveys %K Humans %K Male %K Middle Aged %K Prevalence %K United States %X

In a recent article in this journal, Wilson and Howell [2005. Do panel surveys make people sick? US arthritis trends in the Health and Retirement Survey. Social Science & Medicine, 60(11), 2623-2627.] argue that the sharp trend of rising age-specific arthritis prevalence from 1992 to 2000 in the USA among those in their 50s based on the original Health and Retirement Study (HRS) cohort of respondents is "almost surely spurious." Their reasons are that no such trend is found in the National Health Interview Study (NHIS) over this same time period, and that an introduction of a new birth cohort into HRS in 1998 also indicates no trend. They also claim that there may be an inherent bias in panel surveys leading respondents to report greater levels of disease as the duration of their participation in the panel increases. This bias, which they call "panel conditioning," suggests a tendency for participants in a longitudinal survey to seek out medical care and diagnosis of symptoms asked about in previous waves. In this paper, we show that the evidence presented and the conclusions reached by Wilson and Howell are incorrect. Properly analyzed, three national health surveys--the NHIS, National Health and Nutrition Examination Survey (NHANES), and HRS--all show increases in age-specific arthritis prevalence during the 1990s. Since the new HRS sample cohort introduced in 1998 represents only a part of that birth cohort, we also demonstrate that Wilson and Howell's evidence in favor of panel conditioning was flawed. We find little indication of panel conditioning among existing participants in a panel survey.

%B Soc Sci Med %I 65 %V 65 %P 1071-7; discussion 1078-81 %8 2007 Sep %G eng %N 6 %L newpubs20071002_Commentary.pdf %1 http://www.ncbi.nlm.nih.gov/pubmed/17574714?dopt=Abstract %4 Research Design/Survey Methods/arthritis %$ 17920 %R 10.1016/j.socscimed.2007.04.019 %0 Book Section %B Analyses in the Economics of Aging %D 2005 %T Consequences and Predictors of New Health Events %A James P Smith %E David A Wise %K Demographics %K Health Conditions and Status %X The emphasis in health research has been on understanding and disentangling the multiple ways in which socio-economic status may influence a variety of health outcomes. Consequently, much less is currently known about the impact health may have on SES. But at least for working-aged individuals, health feedbacks to labor supply, household income, and wealth may be quantitatively quite important. Therefore, one aim of this paper will be to estimate the effect of new health events on a series of subsequent outcomes that are both directly and indirectly related to SES. These outcomes will include out-of-pocket medical expenses, the intensive and extensive margins of labor supply, health insurance, and household income. %B Analyses in the Economics of Aging %I University of Chicago Press %C Chicago %G eng %U http://www.ifs.org.uk/publications.php %L wp_2003/smith_wp0322.pdf %4 Health/Socioeconomic Status %$ 14282 %! Consequences and Predictors of New Health Events %0 Book Section %B Aging, Health and Public Policy: Demographic and Economic Perspectives %D 2005 %T Unraveling the SES-Health Connection %A James P Smith %E Linda J. Waite %K Demographics %K Health Conditions and Status %B Aging, Health and Public Policy: Demographic and Economic Perspectives %S Population and Development Review %I Population Council %C New York %V 30 %P 108-132 %G eng %L pubs_2005_SMITH.PGS108-132.pdf %4 Health/Socioeconomic Status %$ 14002 %6 (Suppl) %! Unraveling the SES-Health Connection %0 Journal Article %J Journal of Human Resources %D 2003 %T Special Issue on Cross-National Comparative Research Using Panel Surveys (Introduction) %A James P Smith %A Stafford, Frank %A Walker, James R. %K Households %K retirement savings %K Wealth %K Workforce %X Until recently, international comparative research had a poor reputation, especially in economics. Panel surveys comparable to those in the United States either did not exist or were viewed as being of low quality. However, the number and quantity of international panels surveys are improving rapidly and in many dimensions will soon exceed those of their U.S. counterparts, particularly as foreign-born academics trained in the United States use data from their home countries in their research. This article introduces a series of papers presented at a conference on comparative international research using panel surveys, which took place in Ann Arbor, Michigan in October 2000. Its goal was to encourage researchers in the social sciences to use panel surveys to address critical scientific and policy issues that would be better informed by international comparisons and the variation in policy environments across countries. Five of the seven papers explicitly or implicitly examine international differences in savings behavior and wealth accumulation; the two remaining papers use international comparisons to assess the status of young children. %B Journal of Human Resources %I 38 %V 38 %P 231-240 %G eng %N 2 %4 Longitudinal Studies/Panel Data/Cross Cultural Comparison %$ 11512 %R 10.2307/1558744 %0 Book Section %B Themes in the Economics of Aging %D 2001 %T Anticipated and Actual Bequests %A Michael D Hurd %A James P Smith %E David A Wise %K Adult children %K Consumption and Savings %K Demographics %K Event History/Life Cycle %K Health Conditions and Status %X This paper uses data on anticipated bequests from two waves of the Health and Retirement Study and the Asset and Health Dynamics of the Oldest Old (AHEAD), and on actual bequests from AHEAD. Actual bequests were measured in exit interviews given by proxy respondents for 774 AHEAD respondents who died between waves 1 and 2. Because the exit interview is representative of the elderly population, the distribution of estate values is quite different from that obtained from estate records, which represent just a wealthy subset of the population. Anticipated bequests were measured by the subjective probability of leaving bequests. Between waves 1 and 2, increases in bequest probabilities were associated with increases in the subjective probability of surviving, increments in household wealth, and widowing while out-of-pocket medical expenses reduced the likelihood of a bequest. By comparing bequest probabilities with baseline wealth we were able to test a main prediction of the life-cycle model, that individuals will dissave at advanced old-age. The AHEAD respondents anticipate substantial dissaving before they die. %B Themes in the Economics of Aging %I University of Chicago Press %C Chicago, IL %G eng %U http://www.nber.org %4 Altruism/Intertemporal Consumer Choice/Life Cycle Models and Saving/Health Production--Nutrition, Mortality, Morbidity, Disability, and Economic Behavior/Economics of the Elderly/Bequests/Elderly/Life Cycle Models/Dissaving/Estate Values/Health %$ 1118 %+ NBER Working Paper 7380. Copies available from: National Bureau of Economic Research, 1050 Massachusetts Avenue, Cambridge, MA 02138. %! Anticipated and Actual Bequests %0 Book Section %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %D 1999 %T The Association of Influenza Vaccine Receipt with Health and Economic Expectations among Elders: The AHEAD Study %A Robert B Wallace %A Nichols, Sara %A Michael D Hurd %E James P Smith %E Robert J. Willis %K Consumption and Savings %K Expectations %K Health Conditions and Status %K Methodology %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %I University of Michigan Press %C Ann Arbor, MI %P 326-34. %G eng %4 Health Production/Health Behavior/Economic Behavior/Expectations of Future Events/Economics of the Elderly/Microeconomic Data Management/Health %$ 1058 %! The Association of Influenza Vaccine Receipt with Health and Economic Expectations among Elders: The AHEAD Study %0 Book Section %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %D 1999 %T Health, Work, and Economic Well-Being of Older Workers, Aged 51-61: A Cross-National Comparison Using the United States HRS and the Netherlands CERRA Data Sets %A R.V. Burkhauser %A Debra S. Dwyer %A Maarten Lindeboom %A Theeuwes, Jules %A Wottiez, Isolde %E James P Smith %E Robert J. Willis %K Employment and Labor Force %K Health Conditions and Status %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %I University of Michigan Press %C Ann Arbor, MI %P 233-66 %G eng %4 Older Workers/Employment/Health Status %$ 8202 %! Health, Work, and Economic Well-Being of Older Workers, Aged 51-61: A Cross-National Comparison Using the United States HRS and the Netherlands CERRA Data Sets %0 Book Section %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %D 1999 %T Inheritances and Bequests %A James P Smith %E James P Smith %E Robert J. Willis %K Adult children %K Consumption and Savings %K Methodology %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %I University of Michigan Press %C Ann Arbor, MI %P 121-49 %G eng %4 Consumer Economics: Empirical Analysis/Consumer Economics: Empirical Analysis/Altruism/Microeconomic Data Management/Bequests/Inheritance/Wills/Transfers %$ 1102 %! Inheritances and Bequests %0 Book Section %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster. %D 1999 %T Intergenerational Transfers: Blood, Marriage, and Gender Effects on Household Decisions %A Beth J Soldo %A Douglas A. Wolf %A John C Henretta %E James P Smith %E Robert J. Willis %K Adult children %K Consumption and Savings %K Demographics %K Event History/Life Cycle %K Methodology %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster. %I University of Michigan Press %C Ann Arbor, MI %P 335-55 %G eng %4 Economics of Gender/Marriage/Marital Dissolution/Family Structure/Intertemporal Consumer Choice/Life Cycle Models and Saving/Consumer Economics: Empirical Analysis/Consumer Economics: Empirical Analysis/Microeconomic Data Management/Gender %$ 1048 %! Intergenerational Transfers: Blood, Marriage, and Gender Effects on Household Decisions %0 Book Section %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %D 1999 %T Labor Market Transitions in the HRS: Effects of the Subjective Probability of Retirement and of Pension Eligibility %A Michael D Hurd %E James P Smith %E Robert J. Willis %K Employment and Labor Force %K Expectations %K Pensions %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %I University of Michigan Press %C Ann Arbor, MI %P 267-90 %G eng %4 Labor/Pensions/Subjective Probabilities %$ 8206 %! Labor Market Transitions in the HRS: Effects of the Subjective Probability of Retirement and of Pension Eligibility %0 Book Section %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %D 1999 %T Lifetime Earnings, Saving Choices, and Wealth at Retirement %A Steven F Venti %A David A Wise %E James P Smith %E Robert J. Willis %K Consumption and Savings %K Event History/Life Cycle %K Methodology %K Net Worth and Assets %K Retirement Planning and Satisfaction %B Wealth, work, and health: Innovations in measurement in the social sciences: Essays in honor of F. Thomas Juster %I University of Michigan Press %C Ann Arbor, MI %P 87-120. %G eng %4 Retirement Planning/Retirement Behavior/Savings/Wealth/Microeconomic Data Management/Consumer Economics: Empirical Analysis/Consumer Economics: Empirical Analysis/Intertemporal Consumer/Life Cycle Models and Saving/Retirement/Retirement Policies %$ 1052 %! Lifetime Earnings, Saving Choices, and Wealth at Retirement %0 Book Section %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %D 1999 %T Pension and Social Security Wealth in the Health and Retirement Study %A Alan L Gustman %A Olivia S. Mitchell %A Andrew A. Samwick %A Thomas L. Steinmeier %E James P Smith %E Robert J. Willis %K Net Worth and Assets %K Pensions %K Social Security %X This study attempts to understand the impact of pension and social security wealth on decisions made by people of retirement age. Their in-depth analysis of the Health and Retirement Study gives many interesting findings. Of those people participating in the Health and Retirement Study, more then half of the wealth is in the form of social security, pensions, and health insurance. Various topics are explored in this paper. %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %I University of Michigan Press %C Ann Arbor, MI %P 150-208 %G eng %4 Pensions/Social Security/Wealth %$ 8198 %+ HRS: 1992 %! Pension and Social Security Wealth in the Health and Retirement Study %0 Book Section %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %D 1999 %T The Several Cultures of Research on Subjective Expectations %A Dominitz, Jeff %A Charles F Manski %E James P Smith %E Robert J. Willis %K Expectations %K Methodology %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %I University of Michigan Press %C Ann Arbor, MI %P 15-33 %@ 0472110268 %G eng %U https://books.google.com/books?id=lKvp4D1HuH8C&pg=PA209&lpg=PA209&dq=The+Size+Distribution+of+Wealth+in+the+United+States:+A+Comparison+Among+Recent+Household+Surveys&source=bl&ots=hFIAdSeWob&sig=ACfU3U2nIQ6QSOJ4wEBUDcbZOo-x7n8b7g&hl=en&sa=X&ved=2ahUKEwjQ %4 Methodology/Subjective Expectations %$ 8188 %! The Several Cultures of Research on Subjective Expectations %0 Book Section %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %D 1999 %T The Size Distribution of Wealth in the United States: A Comparison Among Recent Household Surveys %A Wolff, Edward %E James P Smith %E Robert J. Willis %K Income %K Methodology %B Wealth, Work and Health: Innovations in Measurement in the Social Sciences %I University of Michigan Press %C Ann Arbor, MI %P 209-32 %G eng %U https://books.google.com/books?id=lKvp4D1HuH8C&pg=PA209&lpg=PA209&dq=The+Size+Distribution+of+Wealth+in+the+United+States:+A+Comparison+Among+Recent+Household+Surveys&source=bl&ots=hFIAdSeWob&sig=ACfU3U2nIQ6QSOJ4wEBUDcbZOo-x7n8b7g&hl=en&sa=X&ved=2ahUKEwjQ %4 Personal Income and Wealth Distribution/Microeconomic Data Management %$ 8200 %! The Size Distribution of Wealth in the United States: A Comparison Among Recent Household Surveys %0 Book Section %B Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster. %D 1999 %T Unfolding Bracket Method in the Measurement of Expenditures and Wealth %A Daniel H. Hill %E James P Smith %E Robert J. Willis %K Consumption and Savings %K Methodology %K Net Worth and Assets %B Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster. %I University of Michigan Press %C Ann Arbor, MI %P 64-86 %G eng %U https://books.google.com/books?id=lKvp4D1HuH8C&pg=PA64&lpg=PA64&dq=Unfolding+Bracket+Method+in+the+Measurement+of+Expenditures+and+Wealth&source=bl&ots=hFIAdSfSt6&sig=ACfU3U2f2HvZoq6nQLadPt_pPaidMEBcyQ&hl=en&sa=X&ved=2ahUKEwjAruG52p3qAhWIZM0KHTMiBpAQ6AEwA %4 Microeconomic Data Management/Consumer Economics: Empirical Analysis/Consumer Economics: Empirical Analysis/Expenditure/Wealth/Data Collection and Data Estimation Methodology %$ 1000 %! Unfolding Bracket Method in the Measurement of Expenditures and Wealth %0 Book %D 1999 %T Wealth, Work, and Health: Innovations in Measurement in the Social Sciences: Essays in honor of F. Thomas Juster %A James P Smith %A Robert J. Willis %K Consumption and Savings %K Health Conditions and Status %K Income %K Methodology %K Retirement Planning and Satisfaction %X Twelve papers, presented at a December 1996 conference at the Institute for Social Research (ISR), celebrating the career of F. Thomas Juster and his retirement from the University of Michigan and the ISR, focus on survey measurement and analysis of survey data in the social sciences. Papers discuss the several cultures of research on subjective expectations; measuring investment in young children with time diaries; the unfolding bracket method in the measurement of expenditures and wealth; lifetime earnings, saving choices, and wealth at retirement; inheritances and bequests; pension and social security wealth in the Health and Retirement Study; the size distribution of wealth in the United States as measured by recent household surveys; a cross -national comparison of health, work, and economic well-being of older workers aged fifty-one to sixty-one using the U.S. and Dutch data sets; labor market transitions and whether subjective probabilities of working have predictive power for actual retirement; the impact of education and heart attack on smoking cessation among middle-aged adults; the association of influenza vaccine receipt with health and economic expectations among elders; and co -residence between married adult children and their elderly unmarried mothers. Contributors include economists. Smith is at the RAND Corporation. Willis is at the University of Michigan and the Institute for Social Research. No index. %I University of Michigan Press %C Ann Arbor, MI %G eng %U https://www.semanticscholar.org/paper/Wealth%2C-work%2C-and-health-%3A-innovations-in-in-the-%3A-Juster-Smith/38354f435b24934cee24184e55e2a75214e2462b %4 Personal Income and Wealth Distribution/Retirement/Retirement Policies/Health Production/Nutrition/Mortality/Morbidity,/Economic Behavior/Cross Cultural Comparison %$ 1044