NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Effect of Price Advertising and Prices: Evidence in the Wake of 44 Liquormart

Jeffrey Milyo, Joel Waldfogel

NBER Working Paper No. 6488
Issued in March 1998
NBER Program(s):   LE   IO

The world's population is living longer but retiring earlier, and vast numbers of adults now spend as much as 1/3 of their lifetimes relying on public and private retirement benefits. Consequently, labor economists are interested in the forces driving retirement behavior, seeking to understand why people leave their jobs at young ages, how employers respond to an aging workforce, how government programs often induce job-leaving, and the economic consequences of retirement for individuals and society. This paper examines new developments in retirement economics, focusing first on retirement trends and retiree well-being. We next turn to theoretical developments in the retirement literature where new models have enriched our understanding of the role of worker heterogeneity and uncertainty about health and productivity shocks. Lastly, we review some of the lessons that may be drawn from the empirical analysis of retirement patterns undertaken over the last decade, showing how natural experiments and exciting new longitudinal datasets afford new opportunities to learn about the demand for and supply of older workers. We conclude that future researchers would do well to explore how retirement decisions are made in a household context, and to integrate saving as well as consumption in the labor supply decision. In addition we argue that much remains to be learned about how workers form expectations regarding their future retirement well-being, and about how they adapt when circumstances need to be adjusted due to changes in economic, health, family, and other circumstances.

download in pdf format
   (1237 K)

email paper

This paper is available as PDF (1237 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w6488

Published: American Economic Review, Vol. 89, no. 5 (December 1999): 1081-1096. citation courtesy of

Users who downloaded this paper also downloaded these:
Grabowski The Effects of Advertising on the Interindustry Distribution of Demand
Hansen and Law w11927 The Political Economy of "Truth-in-Advertising" Regulation During the Progressive Era
Grabowski The Effects of Advertising on Intraindusty Shifts in Demand
Dave and Saffer w15969 The Impact of Direct-to-Consumer Advertising on Pharmaceutical Prices and Demand
Chou, Kelly, and Grossman w11879 Fast-Food Restaurant Advertising on Television and Its Influence on Childhood Obesity
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us