Artikel
Health-related life cycle risks and public insurance
Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks, productivity and preferences, and the financial incentives of the German public insurance schemes. The estimation uses data on male employees and an extended expectation-maximization algorithm. Simulations suggest that health shocks induce average losses in annual consumption of about 10% and account for more than two-thirds of the cases of old-age poverty. Annuity markets that account for differences in the longevity risk by health status can effectively reduce the consumption risks, but only slightly decrease old-age poverty. A policy analysis of minimum pension benefits indicates that a means test mitigates the associated moral hazard problem substantially.
- Sprache
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Englisch
- Erschienen in
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Journal: Journal of Health Economics ; ISSN: 0167-6296 ; Volume: 65 ; Year: 2019 ; Pages: 227-245 ; Amsterdam: Elsevier
- Klassifikation
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Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Health and Inequality
Time Allocation and Labor Supply
Retirement; Retirement Policies
- Thema
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Dynamic programming
Discrete choice
Health
Employment
Early retirement
Consumption
Tax and transfer system
- Ereignis
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Geistige Schöpfung
- (wer)
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Kemptner, Daniel
- Ereignis
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Veröffentlichung
- (wer)
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Elsevier
ZBW - Leibniz Information Centre for Economics
- (wo)
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Amsterdam
- (wann)
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2019
- DOI
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doi:10.1016/j.jhealeco.2019.04.005
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Kemptner, Daniel
- Elsevier
- ZBW - Leibniz Information Centre for Economics
Entstanden
- 2019
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