Regarding Median Years To Retirement And Worklife Expectancy

Abstract

No abstract available.

Calculating Compensation for Loss of Future Earnings: Estimating and using Work Life Expectancy

“…Further work that was undertaken by Smith (1986) extends this later model to allow for the effect of some individual characteristics, including race and education. Additional aspects of the multiple‐state Markov chain estimation have been explored, for example, in Ciecka et al. (1995, 1997, 2000).…”

Loss of Earnings Following Personal Injury: Do the Courts Adequately Compensate Injured Parties?

“…To measure W j , the wage an individual is expected to receive at each age into the future for the duration of his/her working life, sex‐ and education‐specific age‐earnings profiles are constructed to predict the path of earnings from an appropriate base salary 6 . These profiles are obtained either by computing the average earnings for groups of workers at each age disaggregated by gender and education level, or by estimating earnings functions that relate individual earnings to a vector of productivity‐related personal characteristics, including a measure of age or labour market experience; see, for example, Ciecka et al (1997); Gilbert (1997); Gilbert and Ireland (1996); Martin (1999); Richards (2000). Although the former method provides a rather crude representation of the life‐cycle pattern of earnings, it is sometimes used because anything more complex has proved unacceptable in some US courts.…”

“…The most popular technique involves the use of worklife tables, originally published by the Bureau of Labor Statistics (Smith, 1982) and updated in a number of recent studies, to produce a fixed number of years of working life (Brookshire and Slesnick, 1997; Thornton and Slesnick, 1997). Other single figure approaches include simply taking years to retirement or the median/mean years to final separation (Bell and Taub, 1998; Ciecka et al , 1997; Schieren, 1993;). Two methods that involve year‐by‐year representations of labour force activity are those based upon the transition probabilities that feed into the worklife expectancy tables (Alter and Becker, 1985; 1987) and the use of unconditional year‐by‐year life, participation and employment probabilities (Brookshire and Cobb, 1983).…”

Work Life Expectancy: Calculating Compensation for Loss of Future Earnings

“…Smith (1986) subsequently extended this modelling strategy further by including the effects of race and education. Further extensions and refinements are contained in Ciecka et al (1995Ciecka et al ( , 1997Ciecka et al ( , 2001), Richards (1999 and and Millimet et al (2003). In comparison to the US, there has been little interest within the UK economics profession in the modelling and measurement of lifetime employment outcomes, with more of a focus on investigating the incidence and duration of unemployment for particular segments of the population (usually disadvantaged): see for example Narendranathan and Stewart (1993), Stewart and Swaffield (1999), Arulampalam et al (2000).…”