| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11605 |
| 来源ID | Working Paper 11605 |
| Disability Risk and the Value of Disability Insurance | |
| Amitabh Chandra; Andrew A. Samwick | |
| 发表日期 | 2005-09-12 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | We estimate consumers%u2019 valuation of disability insurance using a stochastic lifecycle framework in which disability is modeled as permanent, involuntary retirement. We base our probabilities of worklimiting disability on 25 years of data from the Current Population Survey and examine the changes in the disability gradient for different demographic groups over their lifecycle. Our estimates show that a typical consumer would be willing to pay about 5 percent of expected consumption to eliminate the average disability risk faced by current workers. Only about 2 percentage points reflect the impact of disability on expected lifetime earnings; the larger part is attributable to the uncertainty associated with the threat of disablement. We estimate that no more than 20 percent of mean assets accumulated before voluntary retirement are attributable to disability risks measured for any demographic group in our data. Compared to other reductions in expected utility of comparable amounts, such as a reduction in the replacement rate at voluntary retirement or increases in annual income fluctuations, disability risk generates substantially less pre-retirement saving. Because the probability of disablement is small and the average size of the loss %u2014 conditional on becoming disabled %u2014 is large, disability risk is not effectively insured through precautionary saving. |
| 主题 | Public Economics ; Health, Education, and Welfare ; Health ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w11605 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/569250 |
| 推荐引用方式 GB/T 7714 | Amitabh Chandra,Andrew A. Samwick. Disability Risk and the Value of Disability Insurance. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11605.pdf（918KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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