The Updated Tables Of Number of Years Of Remaining Work-Life
The most recent update of work-life expectancy tables was published in the August 2011 volume of the Journal of Legal Economics. The current tables include information concerning “extended probability calculations and statistical measures” of time in the labor force. The work-life estimates are derived from data on labor force participation rates during the period 2005–2009 as compiled and published by the Bureau of Labor Statistics (U.S. Department of Labor) using the Current Population Survey. The 2005–2009 period includes individual years or economic growth, virtually no growth, and economic contraction.
The tables are presented on the basis of sex (gender) of the workers, placement within eight educational groupings, and whether or not the workers were active or inactive at the time the work-life is estimated. Depending on the educational level under consideration, each table shows the remaining number of years of work-life for each possible age of the hypothetical worker, ages 16 through 75.
The benefit to the forensic economist of the various statistical measures that accompany the work-life estimates is that they provide statistical foundation for meeting a standard of reasonable economic probability.
(If you would like to review this article – “The Markov Process Model of Labor Force Activity: Extended Tables of Central Tendency, Shape, Percentile Points, and Bootstrap Standard Errors” – please contact Dr. Boisso at (214) 394-3165 or Dale@BoissoAndAssociates.com.)