Health and Retirement Effects in a Collective Consumption Model of Older Households
Arthur Lewbel () and
Shannon Seitz ()
No 767, Boston College Working Papers in Economics from Boston College Department of Economics
Using data on elderly individuals and couples, we estimate a collective model of household consumption of a variety of goods, showing how resources are shared between husband and wife, and how this allocation is affected by retirement and health status. We identify the extent to which shared consumption of some goods by elderly married couples reduces their costs of living relative to living alone. We also identify the fraction of household resources consumed by wives versus husbands, taking this jointness of some consumption into account. The results are relevant for household bargaining models and for a variety of welfare calculations.
Keywords: Collective household models; Bargaining models; Retirement; Aging; Health; Equivalence scales; Indifference scales; Cost of Living; Consumption; Welfare (search for similar items in EconPapers)
JEL-codes: C30 D12 D13 D6 I1 (search for similar items in EconPapers)
Date: 2010-12-15, Revised 2011-01-15
New Economics Papers: this item is included in nep-age, nep-hea and nep-ltv
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Persistent link: https://EconPapers.repec.org/RePEc:boc:bocoec:767
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