@TechReport{iza:izadps:dp941,
            	author={Burkhauser, Richard V. and Butler, J. S. and Gumus, Gulcin},
            	title={Option Value and Dynamic Programming Model Estimates of Social Security Disability Insurance Application Timing},
            	year={2003},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={941},
            	url={https://www.iza.org/index.php/publications/dp941},
	abstract={This paper develops dynamic structural models - an option value model and a dynamic
programming model - of the Social Security Disability Insurance (SSDI) application timing
decision. We estimate the time to application from the point at which a health condition first
begins to affect the kind or amount of work that a currently employed person can do. We use
Health and Retirement Study (HRS) and restricted access Social Security earnings data for
estimation. Based on tests of both in-sample and out-of-sample predictive accuracy, our
option value model performs better than both our dynamic programming model and our
reduced form hazard model.},
	keywords={option value;Health and Retirement Survey;Social Security Disability Insurance;dynamic programming},
            }