Arbeitspapier
Domain-Specific Risk and Public Policy
We develop a method to estimate domain-specific risk. We apply the method to sickness insurance by fitting a utility function at the individual level, using European survey data on life satisfaction. Three results stand out. First, relative risk aversion increases with income. Second, marginal utility is higher in the sick state conditional on income, due to an observed fixed cost of sickness. Third, the domain-specificity of risk shifts the focus on the smoothing of utility, not consumption. The optimal policy rule implies that the replacement rates should be non-linear and decrease with income.
- Sprache
-
Englisch
- Erschienen in
-
Series: IZA Discussion Papers ; No. 11539
- Klassifikation
-
Wirtschaft
Institutions: Design, Formation, Operations, and Impact
Social Security and Public Pensions
Health Insurance, Public and Private
- Thema
-
risk
risk aversion
state-dependence
social insurance
sickness absence
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kanninen, Ohto
Böckerman, Petri
Suoniemi, Ilpo
- Ereignis
-
Veröffentlichung
- (wer)
-
Institute of Labor Economics (IZA)
- (wo)
-
Bonn
- (wann)
-
2018
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kanninen, Ohto
- Böckerman, Petri
- Suoniemi, Ilpo
- Institute of Labor Economics (IZA)
Entstanden
- 2018
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