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Leading scholars focus on the economics of aging, with a particular emphasis on the economic future of the baby boom generation. Key themes include the influence of early advantages on later-life economic outcomes (the cumulative advantage/cumulative disadvantage hypothesis); the relationship between inequalities in economic status and inequalities in health status and access to health care; and the consequences of societal choices concerning retirement income systems and policies for financing acute and long-term health care. Contributors include Angela O'Rand, Edward Wolf, Edward Whitehouse

Using a modified hybrid short-term operating cost function and a national sample of nursing homes in 1994, the authors examined the scale economies of nursing home care. The results show that scale economies exist for Medicare postacute care, with an elasticity of –0.15 and an optimal scale of around 4,000 patient days annually. However, more than 68 percent of nursing homes in the analytic sample produced Medicare days at a level below the optimal scale. The financial pressures resulting from the implementation of a prospective payment system for Medicare skilled nursing facilities may further reduce the quantity of Medicare days served by nursing homes. In addition, the results show that chain-owned nursing homes do not have lower short-term operating costs than do independent facilities. This indicates that the rationale behind recent increasing horizontal integration among nursing homes may not be seeking greater cost efficiency but some other consideration.