WEALTH, SAVINGS AND FINANCIAL SECURITY AMONG OLDER HOUSE

该计划项目是一项协调的分析工作，有组织 围绕着包含财富信息的核心数据库， 储蓄、收入、工作历史和计划的劳动力供应， 消费、家庭结构、健康、偏好和风险 厌恶。我们的目标是在我们的 对财富、储蓄行为和金融的理解 美国老年家庭的保障。这方面的分析 在过去，调查受到了明显的 现有数据库不足，这种情况已经改变 在过去的六年里，随着 关于财富和储蓄的新的、质量明显更高的数据。 使用这些新的和明显优越的分析项目 数据库关注财富的三个重要维度 和储蓄行为：以传统形式持有的财富 金融和有形资产，以私人形式持有的财富 养老金权利和以社会福利权利形式持有的财富 安全福利。项目2专注于生活的特殊特征-- 储蓄、消费和劳动力供给的循环模型，得出了 健康和其他冲击对劳动力供应的影响 经济地位的长期演变，并考察了 引入异质性的模型中的含义 偏好和风险厌恶。我们还研究了以下因素的后果 允许人们随着年龄的增长而改变偏好和风险厌恶， 并计划开发新的和实验性的时间测量方法 偏好、风险厌恶和贴现率。项目3是 关注以私人权利的形式持有的财富 并将利用独一无二的信息 可利用的核心就是私人养老的特点 计划。项目5侧重于一个特别重要的主题 财富和储蓄行为--遗赠、继承、 以及家庭内部转移对财富水平的影响， 储蓄水平和收入分配。在所有的 在这项工作中，我们强调健康状况的重要性及其 在工作、储蓄、遗产和资产积累方面随年龄的变化 行为。

This program project is a coordinated analytic effort, organized around a Core of databases containing information about wealth, saving, earnings, work history and planned labor supply, consumption, family structure, health, preferences and risk aversion. The objective is to achieve a significant advance in our understanding of the wealth, saving behavior, and financial security of older households in the U.S. Analyses in this area of inquiry have been severely hampered in the past by the clear inadequacy of the available databases, a situation that has changed dramatically in the past half dozen years with the development of new and significantly higher quality data on wealth and saving. The analytic projects that use these new and markedly superior databases are concerned with three important dimensions of wealth and saving behavior: wealth held in the form of conventional financial and tangible assets, wealth held in the form of private pension rights, and wealth held in the form of rights to Social Security benefits. Project 2 focuses on special features of life- cycle models of saving, consumption and labor supply, works out the implications of health and other shocks to labor supply for the long run evolution of economic status, and examines the implications in the model of introducing heterogeneity in preferences and risk aversion. We also examine the consequences of allowing changes in preferences and risk aversion as people age, and plan to develop new and experimental measures of time preference, risk aversion, and discount rates. Project 3 is concerned with wealth held in the form of rights to private pensions and will take advantage of the unique information available in the core on the characteristics of private pension plans. Project 5 focuses on a topic of particular importance to wealth and saving behavior -- the role of bequests, inheritances, and intra-family transfers in effecting both the level of wealth, the level of saving, and the distribution of income. In all of this work, we emphasize the importance of health status and its evolution with age on work, saving, bequest and asset accumulation behavior.