Table 4:

Estimation results^a

	(1) Full sample	(2) Full sample	(3) Full sample	(4) Fuller-k	(5) Age 65–81	(6) Non-poorb health	(7) Couples	(8) Women
Second-stage: Δln(hint)
$\mathrm{\Delta }ln\left(c_{imt}^s\right)$	−0.50*	−0.62*	−0.65 *	−0.56 *	−0.57*	−0.60*	−0.76	−0.43
	(0.29)	(0.36)	(0.37)	(0.30)	(0.31)	(0.34)	(0.49)	(0.31)
First-stage: $\mathrm{\Delta }ln\left(c_{imt}^s\right)$
$D_{GR}\mathrm{\Delta }ln\left(W_{it}\right)$	0.15***	0.14**	0.14**	0.14**	0 17***	0 17***	0.15**	0.16**
	(0.05)	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)	(0.06)	(0.07)
H0: βn2 = −1	[0.09]	[0.29]	[0.35]	[0.13]	[0.16]	[0.24]	[0.62]	[0.06]
Observations (N × T)	2,500	2,500	2,500	2,500	2,152	2,309	1,511	1,583
F-statistic	7.88	6.28	5.90	5.90	8.91	6.55	7.22	5.75
Demographic controls	No	No	Yes	Yes	Yes	Yes	Yes	Yes
Period dummies	No	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Notes: Heteroskedasticity and autocorrelation robust SE’s in parentheses,

^*denotes significant at the 10% level,

^**5%,

^***1%.

β_n2 = −1 tests whether the elasticity is significantly different from minus one. P-values in square brackets. 2011 US dollars. See the Online Appendix for full regression results.

^aTime use and spending are inverse hyperbolic sine transformed. Top and bottom 1% of the sample in each survey wave are trimmed.

^bPeople in non-poor health is based on the self-reported health question in HRS (RwSHLT).