This project brings together a tight-knit interdisciplinary team of psychologists and economists representing many different viewpoints to study how best to assess overall welfare and its determinants. The term overall welfare refers here to a summary measure that incorporates economic and subjective utilities in a variety of domains, with consideration of individual value differences. Measurement of overall welfare is of immense practical importance as a basis for public policy choices as well as personal choices. For example, Social Security and Medicare policies involve tradeoffs both over time and between expenditures that influence health, the ability of people to retire, and other public priorities, which must be sorted out by either an implicit or explicit concept of overall welfare. Personal choices by individuals in the cohorts in or nearing retirement face the same kinds of tradeoffs whose study also requires improved measurement techniques and analytic strategies.

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National Institute on Aging (NIA)
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University of Michigan Ann Arbor
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Bruine de Bruin, Wändi; Carman, Katherine G (2018) Measuring Subjective Probabilities: The Effect of Response Mode on the Use of Focal Responses, Validity, and Respondents' Evaluations. Risk Anal 38:2128-2143
Gideon, Michael; Helppie-McFall, Brooke; Hsu, Joanne W (2017) Heaping at Round Numbers on Financial Questions: The Role of Satisficing. Surv Res Methods 11:189-214
Helppie-McFall, Brooke; Hsu, Joanne W (2017) A Test of Web and Mail Mode Effects in a Financially Sensitive Survey of Older Americans. J Econ Soc Meas 42:151-169
Aufderheide, K J (2016) Refinements of and commentary on the silver staining techniques of Fernández-Galiano. Biotech Histochem 91:352-6
Hsu, Joanne W (2016) Aging and Strategic Learning: The Impact of Spousal Incentives on Financial Literacy. J Hum Resour 51:1036-1067
Delaney, Rebecca; Strough, JoNell; Parker, Andrew M et al. (2015) Variations in Decision-Making Profiles by Age and Gender: A Cluster-Analytic Approach. Pers Individ Dif 85:19-24
Delavande, Adeline; Manski, Charles F (2015) Using Elicited Choice Probabilities in Hypothetical Elections to Study Decisions to Vote. Elect Stud 38:28-37
Kimball, Miles (2015) COGNITIVE ECONOMICS. Jpn Econ Rev (Oxf) 66:167-181
Levy, Helen; Janke, Alexander T; Langa, Kenneth M (2015) Health literacy and the digital divide among older Americans. J Gen Intern Med 30:284-9
Benjamin, Daniel J (2015) Distributional Preferences, Reciprocity-Like Behavior, and Efficiency in Bilateral Exchange. Am Econ J Microecon 7:70-98

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