Long-Term Care Insurance: Information Frictions and Selection

被引：22

作者：

Boyer, M. Martin ^{[1
]}

De Donder, Philippe ^{[2
]}

Fluet, Claude ^{[3
]}

Leroux, Marie-Louise ^{[4
]}

Michaud, Pierre-Carl ^{[5
,6
]}

机构：

[1] Univ Montreal, Dept Finance, HEC Montreal, 3000 Ch Cote Ste Catherine, Montreal, PQ H3T 2A7, Canada

[2] Univ Toulouse Capitole, Toulouse Sch Econ, CNRS, 1 Esplanade Univ, F-31080 Toulouse 06, France

[3] Univ Laval, Finance Insurance & Real Estate Dept, Pavillon Palasis Prince,2325 Rue Terrasse, Quebec City, PQ G1V 0A7, Canada

[4] ESG UQAM, Dept Econ, 315 Rue Ste Catherine Est, Montreal, PQ H2X 2X2, Canada

[5] Univ Montreal, Dept Appl Econ, HEC Montreal, 3000 Ch Cote Ste Catherine, Montreal, PQ H3T 2A7, Canada

[6] NBER, Cambridge, MA 02138 USA

来源：

AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY | 2020年 / 12卷 / 03期

关键词：

HEALTH-INSURANCE; ANNUITIES; DEMAND; HETEROGENEITY; MARKETS; WELFARE; CHOICE; NEEDS;

D O I：

10.1257/pol.20180227

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper conducts a stated-choice experiment where respondents are asked to rate various insurance products aimed to protect against financial risks associated with long-term care needs. Using exogenous variation in prices from the survey design and individual cost estimates, these stated-choice probabilities are used to predict market equilibrium for long-term care insurance. Our results are twofold. First, information frictions are pervasive. Second, measuring the welfare losses associated with frictions in a framework that also allows for selection, it is found that information frictions reduce equilibrium take-up and lead to large welfare losses, while selection plays little role.

引用

页码：134 / 169

页数：36

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