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http://hdl.handle.net/10419/20178
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| Title: | | Option value and dynamic programming model estimates of social security disability insurance application timing  |
| Authors: | | Burkhauser, Richard V. Butler, J. S. Gumus, Gulcin |
| Issue Date: | | 2003 |
| Series/Report no.: | | IZA Discussion paper series 941 |
| Abstract: | | This paper develops dynamic structural models - an option value model and a dynamic programming model - of the Social Security Disability Insurance (SSDI) application timing decision. We estimate the time to application from the point at which a health condition first begins to affect the kind or amount of work that a currently employed person can do. We use Health and Retirement Study (HRS) and restricted access Social Security earnings data for estimation. Based on tests of both in-sample and out-of-sample predictive accuracy, our option value model performs better than both our dynamic programming model and our reduced form hazard model. |
| Subjects: | | Social Security Disability Insurance Health and Retirement Survey option value dynamic programming |
| JEL: | | H55 H31 |
| Document Type: | | Working Paper |
| Appears in Collections: | | IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)
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