Table 1.
Smoothness of Covariates
| Share employed |
Share retired |
Share married |
Income | Family size |
Share male |
Share with less than HS degree |
Share Hispanic |
|
|---|---|---|---|---|---|---|---|---|
| Panel A. MEPS 2007–2010 | ||||||||
| Age 65+ | 0.01 (0.039) |
−0.036 (0.032) |
0.052*** (0.020) |
2,287 (4,017) |
0.023 (0.057) |
0.005 (0.036) |
0.001 (0.023) |
0.006 (0.011) |
| Mean pre-65 | 0.69 | 0.087 | 0.665 | 44,154 | 2.42 | 0.490 | 0.153 | 0.092 |
| F-statistic | 1.25 | 1.51 | 1.45 | 1.31 | 1.53 | 1.76 | 1.10 | 0.75 |
| Observations | 32,569 | 32,241 | 32,569 | 32,569 | 32,569 | 32,569 | 32,569 | 32,569 |
| Panel B. HTHS 2003, 2007, 2010 | ||||||||
| Age 65+ | −0.014 (0.015) |
0.043** (0.017) |
1,163 (1,381) |
0.045* (0.026) |
−0.09*** (0.011) |
−0.036*** (0.016) |
−0.021 (0.02) |
|
| Mean pre-65 | 0.588 | 0.692 | 51,419 | 2.07 | 0.486 | 0.128 | 0.087 | |
| F-statistic | 1.48 | 3.9 | 1.12 | 2.31 | 1.23 | 3.46 | 4.51 | |
| Observations | 30,172 | 30,172 | 30,172 | 30,172 | 30,172 | 30,172 | 30,172 | |
Notes: Both panels include respondents aged 50 to 80 years. All regressions include a constant, an indicator for ages 65 and above. Regressions in panel A include a fifth-order polynomial; panel B uses a fourth-order polynomial rather than a fifth-order polynomial because of the sparser data, the availability of age in years only, and what appeared to be better parametric fits. Standard errors are clustered at the level of age in quarters in the MEPS and by age in years in the HTHS.
Significant at the 1 percent level.
Significant at the 5 percent level.
Significant at the 10 percent level.
Source: Data in panel A are from the 2007–2010 Medical Expenditure Panel Surveys. Panel B data are from the 2003, 2007, and 2010 Health Tracking Household Survey.