Long-Term-Care Utility and Late-in-Life Saving

被引：75

作者：

Ameriks, John ^{[1
]}

Briggs, Joseph ^{[2
]}

Caplin, Andrew ^{[3
,4
]}

Shapiro, Matthew D. ^{[4
,5
]}

Tonetti, Christopher ^{[4
,6
]}

机构：

[1] Vanguard Grp, Valley Forge, PA 19482 USA

[2] Fed Reserve Board Governors, Washington, DC USA

[3] NYU, New York, NY 10003 USA

[4] Natl Bur Econ Res, Cambridge, MA 02138 USA

[5] Univ Michigan, Ann Arbor, MI 48109 USA

[6] Stanford Grad Sch Business, Stanford, CA USA

来源：

JOURNAL OF POLITICAL ECONOMY | 2020年 / 128卷 / 06期

基金：

英国经济与社会研究理事会;

关键词：

HEALTH; INSURANCE; RETIREMENT; CHOICE; WEALTH; HETEROGENEITY; MEDICAID; BEQUESTS; EXPENSES; INCOME;

D O I：

10.1086/706686

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated using these SSQs and wealth data from the Vanguard Research Initiative. The desire to self-insure against long-term-care risk explains a substantial fraction of the wealth holding of many older Americans.

引用

页码：2375 / 2451

页数：77

共 48 条

[1]

Ameriks J., 2015, NBER Working Paper, No. 20972, V2972

[2]

Ameriks J., 2018, NBER Working Paper No. 22726

[3] The Joy of Giving or Assisted Living? Using Strategic Surveys to Separate Public Care Aversion from Bequest Motives [J].