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Introduction and Summary 1

Declining Old-Age Mortality and the Health of the Aged 2

Aging and the Ability to Work 5

Occupational Effects on Health and Work Capacity 8

Involuntary Early Retirement and Consumption 11

Time-Series Analysis of the Effect of Social Security on Labor Supply 14

The Adequacy of Life Insurance among the Elderly 16

Public Policy Implications of Declining Old-Age Mortality 19

Mortality Trends among the Aged 20

A Formal Model of Mortality reductions 27

Evidence on Changing Morbidity and Health Needs 39

Microeconometric Evidence 45

Conclusions 49

Comment by Joseph Newhouse 51

Aging and the Ability to Work: Policy Issues and Recent Trends 59

Analytical Issues in Health and Retirement 59

Trends in Mortality and Retirement 71

Recent Trends in Health and Ability to Work 74

Additional Evidence on Health and the Ability to Work 83

Changes in the Nature of Employment 90

Interpreting the Evidence 94

Directions for Retirement Policy 96

Comment by Thomas J. Espenshade 97

Occupational Effects on the Health and Work Capacity of Older Men 103

Industry, Occupation, and Work Capacity 107

Self-reported Health Impairment and Work Status 130

Summary 139

Comment by Richard V. Burkhauser 142

Involuntary Early Retirement and Consumption 151

The Data Set 157

Characteristics of Retirement and Food consumption 160

Food Consumption over Time 165

Conclusions 174

Comment by Edward Lazear 175

Life-Cycle Labor Supply and Social Security: A Time-Series Analysis 183

Trends in Labor Supply and Social Security since World War II 187

Life-Cycle Labor Supply, Social Security, and the Identification Problem 190

Data and Empirical Implementation 197

Results 210

Summary 218

Appendix: Algorithm for Computation of Social Security Wealth 219

Comment by Joseph F. Quinn 220

Life Insurance of the Elderly: Its Adequacy and Determinant 229

The Adequacy of Life Insurance: A Conceptual Framework 232

A Model of Life Insurance Demand 248

Econometric Specification 255

Empirical Results 257

Conclusions 261

Appendix: Derivation of the Bivariate Mills Ratio Sample Selection Correction 262

Conference Participants 269

Index 271