This paper uses a life cycle model to study the welfare implications of reforms to U.S. Disability Insurance (DI) while accounting for household self-insurance. In addition to crowding out the insurance value of DI, household self-insurance may drive negative selection into DI by reducing...

Although older generations have substantially more wealth than their recent predecessors did at the same age, younger generations do not. Bringing together UK data on those born between the 1930s and 1980s and a lifecycle model of saving, I quantify whether this is due to changes in preferences...