The increase of the expected lifetime, that is the longevity phenomenon, is accompanied by an increase of the number of seniors with a severe loss of autonomy. Because of the significant costs of long-term care (LTC) facilities, it is important to analyze the time spent in LTC state, as well as...

The vast majority of the world's nations will experience a dramatic change in the structure of their "population pyramids" over the next forty years. Longer life expectancies and decreasing birth rates in all but a handful of countries will result in an enormous increase in the number and...

We study the impact of housing wealth and individual preferences on demand for annuities and long-term care insurance (LTCI). We build a multi-state lifecycle model that includes longevity risk and health shocks. The preference is represented by a recursive utility function that separates risk...

We estimate a dynamic structural model of labor supply, retirement, and informal care supply, incorporating labor market frictions and the German tax and benefit system. We find that in the absence of Germany's public long-term insurance scheme, informal elderly care has adverse and persistent...