Abstract

http://ssrn.com/abstract=1145412
 
 

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Subjective Health Expectations


Juergen Jung


Towson University - Department of Economics

June 13, 2008

CAEPR Working Paper No. 2008-016

Abstract:     
In this paper, I derive subjective health expectations curves using the RAND-HRS data. These curves can be used in the estimation of structural life-cycle models. I first construct "health tables" from the RAND-HRS data and update subjective health expectations with information from these tables. The Bayesian updating mechanism corrects for focal point responses and reporting errors of the original health expectations variable. In addition, I test the quality of the health expectations measure and describe its correlation with various health indicators and other individual characteristics. I find that subjective health expectations do contain additional information that is not incorporated in subjective mortality expectations and that the rational expectations assumption cannot be rejected for subjective health expectations.

Number of Pages in PDF File: 71

Keywords: Subjective Health Expectations, Health Expectations, Bayesian Updating of Expectations

JEL Classification: I10, D84, C11, C23

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Date posted: June 16, 2008  

Suggested Citation

Jung, Juergen, Subjective Health Expectations (June 13, 2008). CAEPR Working Paper No. 2008-016. Available at SSRN: http://ssrn.com/abstract=1145412 or http://dx.doi.org/10.2139/ssrn.1145412

Contact Information

Juergen Jung (Contact Author)
Towson University - Department of Economics ( email )
Baltimore, MD
United States
812-345-9182 (Phone)
HOME PAGE: http://pages.towson.edu/jjung/
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