Long-Term-Care Utility and Late-in-Life Saving
Long-Term-Care Utility and Late-in-Life Saving
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DOI：
10.1086/706686
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发表时间：
2020-06-01
影响因子：
8.2
通讯作者：
Tonetti, Christopher
中科院分区：
文献类型：
--
作者：
Ameriks, John;Briggs, Joseph;Tonetti, Christopher
年长的财富持有者花费资产的速度比经典生命周期模型预测的要慢得多。本文将依赖于健康的效用引入不完全市场模型中，其中对遗赠的偏好、需要长期护理时的支出以及普通消费与健康和长寿的不确定性相结合来解释储蓄行为。为了准确识别动机，它制定了战略调查问题（SSQ）来引出所陈述的偏好。该模型是使用这些 SSQ 和 Vanguard Research Initiative 的财富数据进行估算的。对长期护理风险进行自我保险的愿望解释了许多美国老年人持有财富的很大一部分。
Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces health-dependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty to explain saving behavior. To sharply identify motives, it develops strategic survey questions (SSQs) that elicit stated preferences. The model is estimated using these SSQs and wealth data from the Vanguard Research Initiative. The desire to self-insure against long-term-care risk explains a substantial fraction of the wealth holding of many older Americans.