| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22726 |
| 来源ID | Working Paper 22726 |
| The Long-Term-Care Insurance Puzzle: Modeling and Measurement | |
| John Ameriks; Joseph Briggs; Andrew Caplin; Matthew D. Shapiro; Christopher Tonetti | |
| 发表日期 | 2016-10-10 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Individuals face significant late-in-life risks, prominently including the need for long-term care (LTC). Yet, they hold little long-term care insurance (LTCI). In this paper we use a structural model and a purpose-designed dataset to understand the determinants of insurance demand. We distinguish between a fundamental lack of desire to insure, crowd out from existing insurance, and unmet demand due to poor products available in the market. The model features individual-specific non-homothetic health-state-dependent preferences over normal consumption, consumption when in need of long-term care, and bequests, which are estimated using strategic survey questions. To account for differences between the modeled and measured insurance products, we study not only individuals' holdings of LTCI, but also their stated demand for an idealized product that mirrors that in the model. We find that many individuals would purchase LTCI and receive a large consumer surplus if it were a better product, while many others do not want to purchase even high-quality actuarially fair LTCI due to the values of their heterogeneous state-dependent preferences, their demographics, and their financial situation. |
| 主题 | Microeconomics ; Households and Firms ; Behavioral Economics ; Macroeconomics ; Consumption and Investment ; Financial Economics ; Financial Institutions ; Public Economics ; Taxation ; Health, Education, and Welfare ; Health ; Labor Economics ; Demography and Aging |
| URL | https://www.nber.org/papers/w22726 |
| 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/580399 |
| 推荐引用方式 GB/T 7714 | John Ameriks,Joseph Briggs,Andrew Caplin,et al. The Long-Term-Care Insurance Puzzle: Modeling and Measurement. 2016. |
| 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 | ||
| w22726.pdf（810KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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