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. Author manuscript; available in PMC: 2018 Dec 1.
Published in final edited form as: Health Econ. 2017 May 15;26(12):e285–e303. doi: 10.1002/hec.3506

Table 1.

Estimation results

Objective modela
O, αO, and δO)
Subjective modelb
(ψ, ψα, and ψδ)
Reporting model
(γ and mr)



Male 0.272 (0.029) −0.151 (0.031) 0.012 (0.010)
Black 0.216 (0.040) −0.220 (0.042) −0.101 (0.015)
Hispanic −0.092 (0.058) 0.403 (0.062) 0.004 (0.020)
High School −0.210 (0.033) −0.103 (0.036) −0.008 (0.013)
College −0.379 (0.035) −0.220 (0.037) 0.188 (0.013)
Ever Smoked 0.427 (0.034) −0.245 (0.035) 0.013 (0.011)
Cohort 1900–1915 −0.537 (0.071) 0.791 (0.125) 0.274 (0.026)
Cohort 1915–1930 −0.440 (0.056) 0.253 (0.063) 0.199 (0.013)
Cohort 1930–1945 0.146 (0.098) −0.195 (0.099) −0.000 (0.017)
α 0.109 (0.004) 0.006 (0.004)
δ−1 0.016 (0.042) 1.080 (0.043)
Immediate word recall (z-score) 0.018 (0.007)
Prop. of 0/50/100 in other quest. −1.288 (0.021)
Constant (ζ0, ψ0, or γ0) −5.984 (0.077) 0.851 (0.081) 4.560 (0.245)
m2 3.629
m3 4.063
m4 5.290
m5 6.322

N 18,791 80,298
Log-likelihood −219,686.042

Standard errors in parentheses

a

Survival model estimated using age 50 as initial time period.

b

Subj. parameters expressed in terms of differences as in equations 5.7 to 5.9.