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Precautionary motive for saving and medical expenses under health uncertainty: Evidence from Korea

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  • Kong, Moon Kee
  • Lee, Jeong Yeon
  • Lee, Hoe Kyung
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    Abstract

    This paper considers a model of precautionary behavior under health uncertainty and derives testable equations to be used in empirical analysis. Our empirical findings based on data from Korea provide evidence of precautionary motive for saving and medical expenses that arises from health uncertainty.

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    File URL: http://www.sciencedirect.com/science/article/B6V84-4R68N82-6/1/bab9deca630d4e043dcfd04f35ef8883
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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 100 (2008)
    Issue (Month): 1 (July)
    Pages: 76-79

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    Handle: RePEc:eee:ecolet:v:100:y:2008:i:1:p:76-79

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    Web page: http://www.elsevier.com/locate/ecolet

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    1. Kimball, Miles S. & Mankiw, N. Gregory, 1989. "Precautionary Saving and the Timing of Taxes," Scholarly Articles 3443105, Harvard University Department of Economics.
    2. Whitney K. Newey & Kenneth D. West, 1986. "A Simple, Positive Semi-Definite, Heteroskedasticity and AutocorrelationConsistent Covariance Matrix," NBER Technical Working Papers 0055, National Bureau of Economic Research, Inc.
    3. Guiso, Luigi & Jappelli, Tullio & Terlizzese, Daniele, 1994. "Income Risk, Borrowing Constraints and Portfolio Choice," CEPR Discussion Papers 888, C.E.P.R. Discussion Papers.
    4. Palumbo, Michael G, 1999. "Uncertain Medical Expenses and Precautionary Saving Near the End of the Life Cycle," Review of Economic Studies, Wiley Blackwell, vol. 66(2), pages 395-421, April.
    5. Martha Starr-McCluer, 1994. "Health insurance and precautionary saving," Finance and Economics Discussion Series 94-10, Board of Governors of the Federal Reserve System (U.S.).
    6. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
    7. Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, vol. 25(1), pages 113-136, January.
    8. Picone, Gabriel & Uribe, Martin & Mark Wilson, R., 1998. "The effect of uncertainty on the demand for medical care, health capital and wealth," Journal of Health Economics, Elsevier, vol. 17(2), pages 171-185, April.
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