Robert Willis

Behavior on Surveys and in the Economy: HRS and Beyond

Research Project Description
Robert Willis, Matthew D. Shapiro, Brooke Helppie-McFall

Aging citizens are required to make important financial decisions that will impact many aspects of their increasing long years in retirement. As people age, however, they face a growing mismatch between the complexity of the decisions they face and the cognitive declines that may hinder their decision-making abilities.

This project develops new data that combines objective measures of behaviors and outcomes relating to wealth and portfolio choice with subjective measures of expectations, preferences, and affect, and measures of financial knowledge and cognition. By combining data across these domains, the project will contribute to a fuller understanding of how older Americans view and handle financial decision-making.

The project also advances the methodology for studying the behavior and decision-making of older Americans by combining data from several measurement modes: large-scale surveys conducted by mail, Internet, and telephone; laboratory experiments; cognitive interviewing; and administrative records. Linking data for individual observations across these modes enables assessment and improvement of the methods of measurement, which the researchers ultimately plan to extend from financial to healthcare decision-making.

This project examines how the financial crisis that began in the fall 2008 has affected the retirement planning and well-being of older Americans. Furthermore, it analyzes innovations in retirement finance that will better serve the needs of older Americans by addressing their need to make complex decisions while faced with the prospect of declining cognition.

Funding: National Institute on Aging (2 P01 AG 026571 04)

Funding Period: 4/15/2010 to 3/31/2017

International Focus: United States of America

PSC In The News

RSS Feed icon

Hoyt Bleakley and his papers quoted in the Washington Post

Pilkauskas discusses rise in 3-generation households

Eisenberg discusses rising mental health diagnoses among U.S. college students and impact of social media

More News

Highlights

Postdoctoral Fellowship NIA/NICHD - Call for Applications

H. Luke Shaefer honored with UM Faculty Recognition Award

More Highlights


Connect with PSC follow PSC on Twitter Like PSC on Facebook