获得信贷会降低保险的价值
Access to credit reduces the value of insurance
Journal of Public Economics · 2026 · [{"name": "Sonia Jaffe", "affiliation": ["Microsoft (United States)"]}, {"name": "Anup Malani", "affiliation": ["Chicago Kent College of Law", "University of Chicago", "Bridge University"]}, {"name": "Julian Reif", "affiliation": ["Illinois College", "Bridge University"]}]
中文摘要
我们研究信贷市场的可及性如何影响保险的价值。贷款使消费者能够跨期平滑财务冲击，从而降低保险所提供的增量收益。我们推导出可用于实证、便于处理的保险价值公式，并展示该价值如何随贷款特征而变化。随后，我们将这一框架应用于健康保险。获得一笔五年期贷款会使平均两人家庭的社区评级与经验评级健康保险的价值下降232至366美元（下降58%至61%）。即使对患病程度最高的十分位群体，贷款可及性也会使社区评级保险的价值下降1099美元（下降17%）。我们的结果表明，更高的信贷可得性可以作为健康保险的替代。
Abstract
We study how access to credit markets affects the value of insurance. Loans allow consumers to smooth financial shocks over time, reducing the incremental benefits provided by insurance. We derive tractable formulas for the value of insurance that can be taken to data and show how that value varies with loan features. We then apply our framework to health insurance. Access to a five-year loan decreases the values of community- and experience-rated health insurance for the average two-person household by $232–$366 (58–61%). Even for the sickest decile, loan access reduces the value of community-rated insurance by $1099 (17%). Our results suggest that greater credit availability can serve as a substitute for health insurance.