Michael D. Hurd

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Director, RAND Center for the Study of Aging; Senior Principal Researcher; Professor, Pardee RAND Graduate School
Santa Monica Office

Education

Ph.D. in economics, M.S. in statistics, University of California, Berkeley; B.S. in electrical engineering, University of Utah

Overview

Biography

Michael Hurd is a senior principal researcher at the RAND Corporation, where he directs the RAND Center for the Study of Aging. He is also a professor at the Pardee RAND Graduate School. Hurd's research focuses on the economics of retirement, social security and social welfare systems, inheritance and bequests, and other topics related to aging and the elderly. Hurd has an M.S. in statistics and a Ph.D. in economics from the University of California, Berkeley.

Research Focus

Recent Projects

  • Changes in Consumption and Activities at Retirement
  • Intergenerational Financial Transfers
  • Consumption and Well-Being at Older Ages
  • Probabilistic Thinking and Economic Behavior, (Co-PI)
  • Financial Security in Retirement

Selected Publications

Hill, Patrick L.; Turiano, Nicholas A.; Hurd, Michael D.; Mroczek, Daniel K.; Roberts, Brent W., "Conscientiousness and Longevity: An Examination of Possible Mediators," Health Psychology, 2011

Hurd, Michael; van Rooij, Maarten; Winter, Joachim, "Stock Market Expectations of Dutch Households," Journal of Applied Econometrics, 26(3):416-436, 2011

Hurd, Michael; Rohwedder, Susann, "Trends in Labor Force Participation: How Much is Due to Changes in Pensions," Journal of Population Ageing, 4(1-2):81-96, 2011

Hurd, Michael, "Inter-vivos Giving by Older People in the United States: Who Received Financial Gifts from the Childless," Ageing and Society, 29:1207-1225, 2009

Hurd, Michael; Rohwedder, Susann, "Methodological Innovations in Collecting Spending Data: The HRS Consumption and Activities Mail Survey," Fiscal Studies, 30(3/4):435-459, 2009

Hurd, Michael, "Subjective Probabilities in Household Surveys," Annual Review of Economics, 1:543-562, 2009

Haider, Steven; Hurd, Michael; Rohwedder, Susann, "Increases in Wealth among the Elderly in the Early 1990s: How Much is Due to Survey Design?" Review of Income and Wealth, 52(4):509-524, 2006

Hurd, Michael; Panis, Constantijn, "The Choice to Cash Out Pension Rights at Job Change or Retirement," Journal of Public Economics, 90:2213-2227, 2006

Honors & Awards

  • Fulvio Guerrini Lecture, University of Turin
  • The Johann Heinrich Jung-Stilling Lecture, NAR Colloquium, University of Heidelberg

Commentary

The Cost of Dementia: Who Will Pay? — Apr 30, 2013

  • The Health Care Blog

Publications

Monetary Costs of Dementia in the United States - 2013

The Monetary Costs of Dementia in the United States - 2013

Measuring Total Household Spending in a Monthly Internet Survey: Evidence from the American Life Panel - 2012

Stock Price Expectations and Stock Trading - 2012

Economic Preparation for Retirement - 2011

Intervivos Giving Over the Lifecycle - 2011

Effects of the Financial Crisis and Great Recession on American Households - 2010

Inter-vivos Giving By Older People in the United States: Who Received Financial Gifts from the Childless? - 2009

A Test for Anchoring and Yea-Saying in Experimental Consumption Data - 2008

Methodological Innovations in Collecting Spending Data: The HRS Consumption and Activities Mail Survey - 2008

Modeling the Health and Medical Care Spending of the Future Elderly - 2008

Prevalence of Cognitive Impairment Without Dementia in the United States - 2008

The Retirement-Consumption Puzzle: Actual Spending Change in Panel Data - 2008

Using International Micro Data to Learn about Individuals' Responses to Changes in Social Insurance - 2008

Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS - 2007

Obesity and Disability: The Shape of Things to Come - 2007

Prevalence of Dementia in the United States: The Aging,demographics, and Memory Study - 2007

Time-Use in the Older Population: Variation by Socio-economic Status and Health - 2007

Some Answers to The Retirement-Consumption Puzzle - 2006

Consequences of Health Trends and Medical Innovation for the Future Elderly - 2005

Future Health and Medical Care Spending of the Elderly: Implications for Medicare - 2005

The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement - 2005

A Test for Anchoring and Yea-Saying in Experimental Consumption Data - 2004

Disability Forecasts and Future Medicare Costs - 2004

Health Status and Medical Treatment of the Future Elderly: Final Report - 2004

Increases in Wealth among the Elderly in the Early 1990s: How Much is Due to Survey Design? - 2004

Models for Anchoring and Acquiescence Bias in Consumption Data - 2004

Enhancing the Quality of Data on Income: Recent Innovations from the HRS - 2003

Expected Bequests and Their Distribution - 2003

Forecasting the Nursing Home Population - 2003

Health, Wealth, and the Role of Institutions - 2003

Real Wealth Changes from 1982 to 1991 Among the Newly Retired - 2003

The Effects of Subjective Survival on Retirements and Social Security Claiming - 2003

The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement - 2003

Anticipated and Actual Bequests - 2002

Are Bequests Accidental or Desired? - 2002

The Effects of Large Capital Gains on Work and Consumption: Evidence from Four Waves of the HRS - 2001

Anchoring and Acquiescence Bias in Measuring Assets in Household Surveys - 1999

Mortality Risk and Consumption by Couples - 1999

An Analysis of the Choice to Cash Out Pension Rights at Job Change or Retirement - 1998