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Early retirement appears to have a significant negative impact on the cognitive ability of people in their early 60s that is both quantitatively important and causal. We obtain this finding using cross-nationally comparable survey data from the United States, England, and Europe that allow us to relate cognition and labor force status. We argue that the effect is causal by making use of a substantial body of research showing that variation in pension, tax, and disability policies explain most variation across countries in average retirement rates. (In an informal manner, we are arguing that public policies that affect the age of retirement may be used as instrumental variables to generate cross-country variation in retirement behavior in order to identify the causal effect of retirement on cognition.)

This paper utilizes data on subjective probabilities to study the impact of the stock market crash of 2008 on households' expectations about the returns on the stock market index. We use data from the Health and Retirement Study that was fielded in February 2008 through February 2009. The effect of the crash is identified from the date of the interview, which is shown to be exogenous to previous stock market expectations. We estimate the effect of the crash on the population average of expected returns, the population average of the uncertainty about returns (subjective standard deviation), and the cross-sectional heterogeneity in expected returns (disagreement). We show estimates from simple reduced-form regressions on probability answers as well as from a more structural model that focuses on the parameters of interest and separates survey noise from relevant heterogeneity. We find a temporary increase in the population average of expectations and uncertainty right after the crash. The effect on cross-sectional heterogeneity is more significant and longer lasting, which implies substantial long-term increase in disagreement. The increase in disagreement is larger among the stockholders, the more informed, and those with higher cognitive capacity, and disagreement co-moves with trading volume and volatility in the market.

This article explores motivations for intergenerational exchanges of time and money using data from Indonesia. The extent of exchange and underlying motivations differ across families but substantial evidence supports the theory that transfers within families serve as insurance for family members. The results also suggest that between some parents and children money is exchanged for time. Additionally, some evidence is consistent with the idea that parents pay for their children's education partly as a loan that is later repaid. The authors compare their results to those that they obtained previously for Malaysia using similar data and methods. The findings regarding motivations for transfers are remarkably similar across the two countries.

In 1960, marriage was a virtual precondition for childbearing. By 1997, out‐of‐wedlock births accounted for 26 percent of fertility among whites and 69 percent among blacks. This paper presents a model that integrates economic theories of fertility and marriage to help understand the growth of out‐of‐wedlock childbearing. In the theory, fathers can shift the costs of child rearing to single mothers. If females are in excess supply and have sufficiently high incomes, a marriage market equilibrium may exist in which children are born within marriage to high‐income parents, whereas in low‐income groups men father children by multiple partners outside of marriage.

This article investigates the role of surprises in marital dissolution. Surprises consists of changes in the predicted earning capacity of either spouse. Data from the National Longitudinal Study of the High School Class of 1972 is used. We find that an unexpected increase in the husband's earning capacity reduces the divorce hazard, while an unexpected increase in the wife's earning capacity raises the divorce hazard. Couples sort into marriage according to characteristics that are likely to enhance the stability of the marriage. The divorce hazard is initially increasing with the duration of marriage, and the presence of children and high levels of property stabilizes the marriage.

In this paper we discuss a number of hypotheses about motives for intergenerational transfers within the family. We use data on time and money transfers between generations in Malaysia, where there is neither Social Security nor Medicare, to explore these hypotheses empirically. We find evidence supporting the hypotheses that children are an important source of old age security and that old age security is, in part, children's repayment for parental investments in their education. This repayment is partly a function of the children's income and, in the case of females, a function of their spouse's income. We also find evidence supporting the hypotheses that parents and children engage in the exchange of time help for money.

Objective: We describe the design and methods of the Aging, Demographics, and Memory Study (ADAMS), a new national study that will provide data on the antecedents, prevalence, outcomes, and costs of dementia and ‘cognitive impairment, not demented’ (CIND) using a unique study design based on the nationally representative Health and Retirement Study (HRS). We also illustrate potential uses of the ADAMS data and provide information to interested researchers on obtaining ADAMS and HRS data. Methods: The ADAMS is the first population-based study of dementia in the United States to include subjects from all regions of the country, while at the same time using a single standardized diagnostic protocol in a community-based sample. A sample of 856 individuals age 70 or older who were participants in the ongoing HRS received an extensive in-home clinical and neuropsychological assessment to determine a diagnosis of normal, CIND, or dementia. Within the CIND and dementia categories, subcategories (e.g. Alzheimer’s disease, vascular dementia) were assigned to denote the etiology of cognitive impairment. Conclusion: Linking the ADAMS dementia clinical assessment data to the wealth of available longitudinal HRS data on health, health care utilization, informal care, and economic resources and behavior, will provide a unique opportunity to study the onset of CIND and dementia in a nationally representative population-based sample, as well as the risk factors, prevalence, outcomes, and costs of CIND and dementia.

This study focusses on married children's financial support for their parents in Taiwan. It is often assumed that economic and social changes accompanying industrialization will drastically weaken parental power and thus reduce the support from adult children to parents. The data ... show that the vast majority of married children, both sons and daughters, provided net financial support for the parents during the previous year. The socioeconomic characteristics of the parents and children in the families where financial transfers occured indicate that the altruism/ corporate group model best portrays intergenerational transactions during the period of rapid economic growth. (DIPF(Abstract uebernommen)

The authors describe job market experiences of new PhD economists, 2007-10. Using information from PhD programs' job candidate Web sites and original surveys, they present information about job candidates' characteristics, preferences, and expectations; how job candidates fared at each stage of the market; and predictors of outcomes at each stage. Some information in this article updates findings of prior studies. However, design features of the data used in this article may result in findings that are more generalizable. This article is unique in comparing premarket expectations and preferences with post-market outcomes on the new PhD job market. It shows that outcomes tend to align with premarket preferences, and candidates' expectations are somewhat predictive of their outcomes. Several analyses also shed light on subgroup differences.

Growth in the education of the labor force is one of the most important determinants of economic growth, and the distribution by sex is a key determinant of gender inequality. In this paper, we examine how parents choose to invest in sons' versus daughters' education and the consequences of these choices for women's life chances. We explore this issue with retrospective data on the life cycle and family behavior of Taiwanese individuals who came of age from the 1940s onward. Since the lives of these cohorts encompass one of the most rapid economic and demographic transitions in history, evidence from their experience is of particular value in sorting out alternative hypotheses. Broadly, while contradicting crude forms of East Asian models of patriarchal families, our findings support economics models of the family in which attempts by altruistic parents to finance optimal investments in their children's human capital are frustrated by credit constraints. We find that early-born children in large families do particularly poorly, especially if they are female and can, hence, marry early. In poor families and in older cohorts, older sisters help increase the education of younger siblings of both sexes. However, in more recent periods and among more affluent families there is less need for one child to sacrifice for another and the effects of family size and gender composition are markedly weaker. From international and historical comparisons, we conclude that patterns of behavior observed during Taiwan's economic development may apply broadly around the developed world.