insurance (SSDI). Health affects individuals’ productivity, SSDI access, disutility from work, mortality, and medical expenses …. Calibrating the model to the United States, we find that health inequality is an important source of lifetime earnings inequality … words, the SSDI program is an important contributor to lifetime earnings inequality. Despite this, we show that it is ex …

separating equilibrium in which each agent obtains an actuarially fair insurance. If the individual health types are unobservable …

fair perfect insurance. In the SE all agents are savers throughout their lives. The informational asymmetry precludes the … rather small, whilst those of PE versus no annuities at all (NAE) are rather large. An imperfect insurance is better than no … insurance at all, both at the microeconomic and at the macroeconomic level …