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Issues in the Economics of Aging

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Overview This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Issues in the Economics of Aging Volume Author/Editor: David A. Wise, editor Volume Publisher: University of Chicago Press, 1990 Volume ISBN: 0-226-90297-8 Volume URL: http://www.nber.org/books/wise90-1 Conference Date: May 19-21, 1988 Publication Date: January 1990 Chapter Title: Overview Chapter Author: David A. Wise Chapter URL: http://www.nber.org/chapters/c7111 Chapter pages in book: (p. 1 - 12) Overview This volume contains papers presented at a National Bureau of Economic Research Conference on the Economics of Aging, in Carefree, Arizona, in May 1988. The conference was the second in a series of conferences associated with the NBER’s ongoing Project on the Economics of Aging. The first conference was held in New Orleans in March 1987. The papers presented at that conference are contained in a volume entitled The Economics of Aging (Wise 1989). The goal of the Economics of Aging Project is to further our understanding of the consequences for older people and for the population at large of an aging population. The papers in this volume are divided into two broad categories: ( 1 ) housing and living arrangements and (2) labor market behavior and retirement. Housing and Living Arrangements The majority of the wealth of most older people is in the form of housing equity. This housing wealth is a potential source of support during retirement. It is claimed that many older people would choose to decrease their housing wealth to finance current consumption expenditures, were it not for the large transaction costs associated with moving. Indeed, the rationale for a market in reverse annuity mortgages has been that older people would like to withdraw wealth from housing without moving and without incurring the large trans- action costs of moving. “But They Don’t Want to Reduce Housing Equity,” Steven Venti and David Wise

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