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Case Studies - Health&WealthMOD: a microsimulation model of the economic impacts of diseases on older workers

Deborah Schofield (), Megan Passey, Arul Earnest, Richard Percival (), Simon Kelly (), Rupendra Shrestha and Susan Fletcher
Additional contact information
Deborah Schofield: Northern Rivers University Department of Rural Health, School of Public Health, Faculty of Medicine, University of Sydney, PO Box 3074, Lismore, NSW 2480
Megan Passey: Northern Rivers University Department of Rural Health, School of Public Health, Faculty of Medicine, University of Sydney, PO Box 3074, Lismore, NSW 2480
Arul Earnest: Northern Rivers University Department of Rural Health, School of Public Health, Faculty of Medicine, University of Sydney, PO Box 3074, Lismore, NSW 2480
Richard Percival: National Centre for Social and Economic Modelling, University of Canberra, ACT 2601, Australia
Rupendra Shrestha: Northern Rivers University Department of Rural Health, School of Public Health, Faculty of Medicine, University of Sydney, PO Box 3074, Lismore, NSW 2480
Susan Fletcher: Northern Rivers University Department of Rural Health, School of Public Health, Faculty of Medicine, University of Sydney, PO Box 3074, Lismore, NSW 2480

International Journal of Microsimulation, 2009, vol. 2, issue 2, 58-63

Abstract: The Australian Government is seeking to encourage older workers to remain in the labour force longer to overcome future labour shortages and ensure adequate taxation revenue to fund the needs of an ageing population. Longer labour force participation also has benefits to individuals in terms of available income and capacity to save for a better standard of living in retirement. While the Government recognises that not all older workers are able to participate in the labour force, there is little information on what health conditions keep people from working, or what the costs are to the government or the individual. This case study outlines how a new micro simulation model, Health&WealthMOD, is being designed to fill this information gap by estimating the economic impacts of illness. The general approach adopted is outlined, following which two early applications of the model are presented. The model is used to explore the determinants of the duration spent in retirement and to generate projections of retirement due to illness to 2020.

Keywords: health; disability; wealth; retirement period (search for similar items in EconPapers)
Date: 2009
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Persistent link: http://EconPapers.repec.org/RePEc:ijm:journl:v:2:y:2009:i:2:p:58-63

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