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Boldrin, Michele; De Nardi, Mariacristina; Jones, Larry - 2021

The data show that an increase in government provided old-age pensions is strongly correlated with a reduction in fertility. What type of model is consistent with this finding? We explore this question using two models of fertility, the one by Barro and Becker (1989), and the one inspired by...

Persistent link: https://www.econbiz.de/10013223341

Bequests and Social Security with Uncertain Lifetimes

Abel, Andrew B. - 2021

The fact that consumers do not know in advance the dates at which they will die effects their individual consumption and portfolio decisions. In general, some consumers will end up leaving bequests at death, even if they have no bequest motive, simply because they happen to die at a time when...

Persistent link: https://www.econbiz.de/10013235635

Health and Mortality Delta : Assessing the Welfare Cost of Household Insurance Choice

Koijen, Ralph S. J. - 2011

We develop a pair of risk measures, health and mortality delta, for the universe of life and health insurance products …. A life-cycle model of insurance choice simplifies to replicating the optimal health and mortality delta through a … portfolio of insurance products. We estimate the model to explain the observed variation in health and mortality delta implied …

Persistent link: https://www.econbiz.de/10013121063

Estimating the Tradeoff between Risk Protection and Moral Hazard with a Nonlinear Budget Set Model of Health Insurance

Kowalski, Amanda - 2012

Insurance induces a well-known tradeoff between the welfare gains from risk protection and the welfare losses from moral hazard. Empirical work traditionally estimates each side of the tradeoff separately, potentially yielding mutually inconsistent results. I develop a nonlinear budget set model...

Persistent link: https://www.econbiz.de/10013106070

Disentangling Moral Hazard and Adverse Selection in Private Health Insurance

Powell, David - 2016

Moral hazard and adverse selection create inefficiencies in private health insurance markets and understanding the relative importance of each factor is critical for policy. We use claims data from a large firm to isolate moral hazard from plan selection. Previous studies have attempted to...

Persistent link: https://www.econbiz.de/10013001770

The Anatomy of Health Insurance

Cutler, David M.; Zeckhauser, Richard J. - 2021

This article describes the anatomy of health insurance. It begins by considering the optimal design of health insurance policies. Such policies must make tradeoffs appropriately between risk sharing on the one hand and agency problems such as moral hazard (the incentive of people to seek more...

Persistent link: https://www.econbiz.de/10013216493

Are Invisible Hands Good Hands? Moral Hazard, Competition, and the Second Best in Health Care Markets

Gaynor, Martin; Haas-Wilson, Deborah; Vogt, William B. - 2021

The nature, and normative properties, of competition in health care markets has long been the subject of much debate. In particular, policymakers have exhibited a great deal of reservation toward competition in health care markets, as demonstrated by the plethora of regulations governing the...

Persistent link: https://www.econbiz.de/10013235279

The Welfare Economics of Moral Hazard

Arnott, Richard J.; Stiglitz, Joseph E. - 2022

This paper shows that, except in certain limiting cases, competitive equilibrium with moral hazard is constrained inefficient. The first section compares the competitive equilibrium and the constrained social optimum in a fairly general model, and identifies types of market failure. Each of the...

Persistent link: https://www.econbiz.de/10014156811

Moral Hazard in Health Insurance : How Important is Forward Looking Behavior?

Aron-Dine, Aviva - 2012

We investigate whether individuals exhibit forward looking behavior in their response to the non-linear pricing common in health insurance contracts. Our empirical strategy exploits the fact that employees who join an employer-provided health insurance plan later in the calendar year face the...

Persistent link: https://www.econbiz.de/10013111306

The Intergenerational Transfer of Public Pension Promises

Novy-Marx, Robert - 2010

The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate...

Persistent link: https://www.econbiz.de/10012758358

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