老年风险、消费与保险

中文摘要

在美国，家庭在65岁以后面临收入和健康风险，其中很大一部分风险是暂时性的。消费会对暂时性收入冲击作出显著反应，而自付医疗支出则不会。相比之下，消费和自付医疗支出都会对暂时性健康冲击作出反应。因此，大多数美国老年人将其自付医疗支出维持在一个随健康状况变化的饱和点附近。消费对健康冲击作出反应，主要是因为不利的健康冲击会降低消费的边际效用。健康状况对边际效用的影响改变了因健康冲击而进行的最优转移支付。（JEL D12、E21、G22、G51、I10、J14、J26）

Abstract

In the United States, after age 65, households face income and health risks, and a large fraction of these risks are transitory. While consumption significantly responds to transitory income shocks, out-of-pocket medical expenses do not. In contrast, both consumption and out-of-pocket medical expenses respond to transitory health shocks. Thus, most US elderly keep their out-of-pocket medical expenses close to a satiation point that varies with health. Consumption responds to health shocks mostly because adverse health shocks reduce the marginal utility of consumption. The effect of health on marginal utility changes the optimal transfers due to health shocks. (JEL D12, E21, G22, G51, I10, J14, J26)