An Analysis of the Health and Retirement Status of the Elderly
构建并估计了一个结构性的受限因变量模型，利用纵向数据研究老年人健康和退休的相互影响，并分析了社会保障福利变化对健康和休闲需求的影响。
in this paper we specify and estimate a structural limited dependent variable model with which we study both the health and retirement status of the elderly.Standard linear estimators, which assume that these variables are continuous, are not appropriate and categorical estimation techniques are preferred.Our model differs from previous work in that we have longitudinal data and random effects that are correlated over time for different individuals.The problem is made more complicated because there is sample truncation, which could potentially bias coefficient estimates, since approximately twenty percent of the individuals in our sample die.We outline the full information maximum likelihood estimator for such a model and implement it in our empirical analysis.With our structural estimates we analyze, among other things, the degree to which endogeneously determined health status affects the probability of retirement and how changes in social security benefits and eligibility for transfer payments modify both healthiness and the demand for leisure.