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Erscheinungsjahr: 
2003
Schriftenreihe/Nr.: 
IZA Discussion Papers No. 941
Verlag: 
Institute for the Study of Labor (IZA), Bonn
Zusammenfassung: 
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.
Schlagwörter: 
Social Security Disability Insurance
Health and Retirement Survey
option value
dynamic programming
JEL: 
H55
H31
Dokumentart: 
Working Paper

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