This paper models the midlife crisis as a decision on whether and when to realize a life dream, incorporating the key components of three psychology theories of midlife crises. It explains why a crisis (dream realization) tends to occur in the midlife if it occurs at all. Other results include...

Rettenmaier and Saving propose a means for preserving Medicare as we know it. After detailing the reasons for Medicare's financial troubles, they present a cohort-based financing plan for Medicare that represents a fundamental departure from the generation transfer method currently used.

This study uses the Continuous Medicare History Sample (CMHS), a longitudinal sample of Medicare beneficiaries from 1974 to 1997, to identify persistence in Medicare reimbursements. Consistent estimates of Medicare reimbursement persistence are obtained using a dynamic panel Tobit model. Lagged...