A frequently employed test on the validity of the life cycle model is based on the orthogonality conditions implied by the first order condition of the problem: the Euler equation of consumption (Hall 1978). These tests usually rely on arbitrary assumptions on functional form, and hence, test...

Recent literature typically finds a U shaped relationship between life satisfaction and age. Age profiles, however, are not identified without forcing arbitrary restrictions on the cohort and/or time profiles. In this paper we report what can be identified about the relationship between life...