| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12386 |
| DP12386 The Lifetime Costs of Bad Health | |
| Mariacristina De Nardi; Ponpoje Porapakkarm | |
| 发表日期 | 2017-10-19 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | Health shocks are an important source of risk. People in bad health work less, earn less, face higher medical expenses, die earlier, and accumulate much less wealth compared to those in good health. Importantly, the dynamics of health are much richer than those implied by a low-order Markov process. We first show that these dynamics can be parsimoniously captured by a combination of some lag-dependence and ex-ante heterogeneity, or health types. We then study the effects of health shocks in a structural life-cycle model with incomplete markets. Our estimated model reproduces the observed inequality in economic outcomes by health status, including the income-health and wealth-health gradients. Our model has several implications concerning the pecuniary and non-pecuniary effects of health shocks over the life-cycle. The (monetary) lifetime costs of bad health are very concentrated and highly unequally distributed across health types, with the largest component of these costs being the loss in labor earnings. The non-pecuniary effects of health are very important along two dimensions. First, individuals value good health mostly because it extends life expectancy. Second, health uncertainty substantially increases lifetime inequality by affecting the variation in lifespans. |
| 主题 | Macroeconomics and Growth ; Public Economics |
| 关键词 | Health Health insurance Medical spending Wealth-health gradient Life-cycle models |
| URL | https://cepr.org/publications/dp12386 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541197 |
| 推荐引用方式 GB/T 7714 | Mariacristina De Nardi,Ponpoje Porapakkarm. DP12386 The Lifetime Costs of Bad Health. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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