TablesUGS303 - 394 QUARTERLY JOURNAL OF ECONOMICS TABLE II...

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Unformatted text preview: 394 QUARTERLY JOURNAL OF ECONOMICS TABLE II MEANS AND THEIR STANDARD DEVIATIONS Economists SMSA sample Ages 26-39 40-65 26-39 20-39 40-70 20-70 x + eS 75.91 76.41 76.19 75.81 77.74 76.79 (0.48) (0.48) (0.34) (0.65) (0.59) (0.44) x + eo 73.49 75.47 74.60 73.24 76.56 74.92 (0.02) (0.09) (0.07) (0.04) (0.15) (0.12) P60 83.58 82.76 83.15 80.27 82.05 80.90 (0.81) (1.17) (0.70) (1.25) (2.32) (1.15) P60 84.43 87.94 86.13 83.95 88.78 85.66 (0.05) (0.18) (0.13) (0.06) (0.23) (0.17) P80 37.83 40.78 39.49 42.21 45.97 44.12 (1.69) (1.82) (1.26) (1.96) (2.37) (1.54) P80 33.63 36.28 35.12 33.44 38.61 36.06 (0.02) (0.16) (0.11) (0.02) (0.33) (0.22) AGE 33.66 49.76 42.71 30.61 54.59 42.76 (0.27) (0.48) (0.49) (0.37) (0.61) (0.73) N= 180 231 411 179 184 363 a. Only persons less than 56 are included. All probabilities are written as percents, here and in Table III. economists is inconsistent with the sparse evidence on differences in longevity by broad occupation and education category.8 B. Consistency of Shape As one method of examining the shape of the subjective dis- tributions, we fit the Weibull survival function, 8. Data on mortality by occupation are collected only infrequently, but they support this view clearly. In 1950 in the United States, age-specific mortality rates of male college professors in ten-year age groups between 25 and 64 were roughly half those of all males, and only about two thirds of those of all profes- sionals. (U. S. Public Health Service, Vital Statistics Special Report, Volume 53, No. 2, p. 82.) In England and Wales in 1959-1963 the figures for males in age groups between 25 and 64 present essentially this same pattern. (HMSO, Decen- nial Supplement to the Registrar General's Report, 1961, Occupational Mortality Tables, pp. 97, 99, 192.) Rosen and Taubman [1979] present results on a recent sample of older men showing much lower mortality rates among those with more education. Whether this evidence applies to a particular well-educated group- economists-cannot be inferred from studies that use broad categories. TABLE V DETERMINANTS OF SUBJECTIVE LIFE EXPECTANCY, INCLUDING Z Economists SMSA sample Constant 22.09 30.46 (0.53) (0.94) x + e:? 0.70 0.63 (1.28) (1.50) DELX 2.21 -0.21 (1.18) (-0.12) Old grandparents: 1 0.65 0.28 (0.78) (0.28) 2 2.07 1.05 (2.34) (0.89) 3 or 4 2.62 1.44 (2.54) (0.97) Young grandparents: 1 -2.10 -0.70 (-2.88) (-0.68) 2 -2.43 -0.13 (-2.16) (-0.07) 3 or 4 -5.39 -4.87 (-1.64) (-1.20) Old parents: 1 3.01 1.27 (2.92) (0.95) 2 5.94 4.14 (4.26) (1.87) Young parents) 1 or 2 -1.78 -2.64 (-2.18) (-2.09) Smoke -1.92 -3.47 (-2.00) (-2.98) Exercise 0.08 0.93 (0.12) (1.05) Illness -3.96 -5.65 (-3.94) (-3.93) 6E 6.392 7.911 A Table 4 verage subjective probability of a bequest (percent) Target amount Wealth decile $10,000 $100,000 AHEAD HRS AHEAD HRS 10 90 92 75 78 9 83 87 56 66 8 77 85 44 57 7 71 81 34 49 6 65 78 18 41 5 56 72 10 30 4 40 67 7 22 3 30 56 5 14 2 13 46 2 11 1 4 25 1 7 Source: Smith (1999c) Distribution of estates...
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This note was uploaded on 01/22/2012 for the course UGS 303 taught by Professor Foster during the Spring '08 term at University of Texas at Austin.

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TablesUGS303 - 394 QUARTERLY JOURNAL OF ECONOMICS TABLE II...

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