This paper investigates the choice of living arrangements among elderly Americans. It has two specific aims. First, because health is not directly measurable and can only be described by indicators such as ADLs and IADLs, it explores a new econometric approach to model the influence of the...

Equity in housing is a major component of household wealth in the United States. Steady gains in housing prices over the last several decades have generated large potential gains in household wealth among homeowners. Mankiw and Weil (1989) and McFadden (1993b) have argued that the aging of the...

This paper establishes that every random utility discrete choice model (RUM) has a representation that can be characterized by a choice-probability generating function (CPGF) with specific properties, and that every function with these specific properties is consistent with a RUM. The choice...

This study reports on experiments that examine anchoring in single referendum questions in contingent valuation surveys on willingness to pay for public goods, and on objective estimation. Strong anchoring effects are found that lead to systematically higher estimated mean responses from Yes/No...