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Author: Irvine, F. Owen
Resulting in 2 citations.
1. Jianakoplos, Nancy Ammon
Menchik, Paul L.
Irvine, F. Owen
Saving Behavior of Older Households: Rate-of-Return, Precautionary and Inheritance Effects
Economics Letters 50 (1996): 111-121.
Also: http://www.sciencedirect.com/science/article/pii/0165176595007202
Cohort(s): Older Men
Publisher: Elsevier
Keyword(s): Inheritance; Intergenerational Patterns/Transmission; Life Cycle Research; Retirement; Savings; Transfers, Family

We estimate a model of household saving behavior using data from a panel of men nearing retirement age. We seek and find statistically significant rate-of-return, precautionary and intergenerational-transfer effects embedded within a retirement-consumption life-cycle model. Copyright 1996 Elsevier Science S.A. All rights reserved.
Bibliography Citation
Jianakoplos, Nancy Ammon, Paul L. Menchik and F. Owen Irvine. "Saving Behavior of Older Households: Rate-of-Return, Precautionary and Inheritance Effects." Economics Letters 50 (1996): 111-121.
2. Jianakoplos, Nancy Ammon
Menchik, Paul L.
Irvine, F. Owen
Using Panel Data to Assess the Bias in Cross-sectional Inferences of Life-Cycle Changes in the Level and Consumption of Household Wealth
In: Measurement of Saving, Investment, and Wealth. RE Lipsey and HS Tice, eds. Chicago, IL: University of Chicago Press, 1989
Cohort(s): Older Men
Publisher: University of Chicago Press
Keyword(s): Assets; Behavior; Data Quality/Consistency; Income; Life Cycle Research; Mortality; Research Methodology; Wealth

This paper compares age-wealth profiles based on four cross-sectional surveys of a panel with time-series age-wealth profiles for each of the fifteen age cohorts from the same panel observed over fifteen years. These comparisons confirm Shorrocks' hypothesis that productivity growth and differential mortality cause substantial distortions in age-wealth profiles based on cross-sectional data. Furthermore, the authors' evaluation of procedures used in previous research to adjust cross- sectional data for the productivity effect indicate that these fixups are unreliable and, in addition, do not correct for the differential mortality effect. Cohort-specific productivity effects and differential mortality are also shown to cause misleading inferences about portfolio reallocations over time based on cross- sectional data. The authors point to the need to adjust panel data for differential attrition before making inferences about individual behavior.
Bibliography Citation
Jianakoplos, Nancy Ammon, Paul L. Menchik and F. Owen Irvine. "Using Panel Data to Assess the Bias in Cross-sectional Inferences of Life-Cycle Changes in the Level and Consumption of Household Wealth" In: Measurement of Saving, Investment, and Wealth. RE Lipsey and HS Tice, eds. Chicago, IL: University of Chicago Press, 1989