Behavior on Surveys and in the Economy using HRS

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DESCRIPTION (provided by applicant): The overall goal of our program project and its individual research projects is to study decision-making and wellbeing using the Health and Retirement Study, exploring links between behavior on surveys and in the real world. Project by Willis proposes to utilize the HRS data about subjective probability beliefs on a wide variety of topics in conjunction with models of survey response and behavior under uncertainty to address four related questions. Project by Kimball proposes to bring to bear the concepts and methods of modern Economics on the traditional problem of well-being in Psychology, and the insights of modern Psychology about well-being in general and subjective well-being data in particular on the traditional problems in Economics of prediction of behavior, understanding expectation formation, and welfare analysis. Project by Manski proposes to analyze tendencies of respondents to the HRS for nonresponse and response errors in answering related questions, as well as across the instrument as a whole. Project by Shumway proposes to identify what governs cross-sectional difference in portfolio choice with regard to risk preference, illiquid assets and behavioral finance. We propose three Cores designed to support this program of research - an Administrative Core, a Data Innovation Core and a Network core. These Cores provide an efficient way to maximize the scientific productivity of these four projects.