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Neha Bairoliya
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Publisher: Journals Gateway
The Review of Economics and Statistics (2023) 105 (5): 1145–1160.
Published: 13 September 2023
Abstract
View articletitled, Health, Longevity, and Welfare Inequality of Older Americans
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for article titled, Health, Longevity, and Welfare Inequality of Older Americans
We estimate the distribution of well-being among the older U.S. population using an expected utility framework that incorporates differences in consumption, leisure, health, and mortality. We find large disparities in welfare that have increased over time. Incorporating the cost of living with poor health into elderly welfare substantially increases the overall inequality. Disparity measures based on cross-sectional income or consumption underestimate the growth in aggregate welfare inequality. Moreover, health is a better indicator of an individual's relative welfare position than income or consumption.
Includes: Supplementary data