Health, Longevity, and Welfare Inequality of Older Americans
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The Cost
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Abstract 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.
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The Impact of Regional Differences in Prices and Wages on Economic Growth: The United States in 1890
1979 ◽
Vol 39
(1)
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pp. 69-85
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Keyword(s):
The Cost
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2020 ◽
Vol 17
(20)
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pp. 7662
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