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The Risk and Duration of Catastrophic Health Care Expenditures

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Feenberg, Daniel
Skinner, Jonathan

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Abstract

The authors measure the time-series property of catastrophic medical costs facing the elderly using information on medical deductions from a panel of tax returns. During the period of analysis, 1968-73, taxpayers could deduct medical expenses above 3 percent of income. They correct for the resulting censoring bias using multivariate tobit estimated with a variant of the smoothed simulated maximum likelihood method. The estimated coefficients imply a $1.00 increase in out-of-pocket medical spending is associated with $2.65 in future out-of-pocket spending. Copyright 1994 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 76 (1994)
Issue (Month): 4 (November)
Pages: 633-47
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Handle: RePEc:tpr:restat:v:76:y:1994:i:4:p:633-47

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  1. Venti, Steven F. & Wise, David A., 1991. "Aging and the income value of housing wealth," Journal of Public Economics, Elsevier, vol. 44(3), pages 371-397, April. [Downloadable!] (restricted)
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  1. William Crown & Ernst Berndt & Onur Baser & Stan Finkelstein & Whitney Witt & Jonathan Maguire & Kenan Haver, 2004. "Benefit Plan Design and Prescription Drug Utilization Among Asthmatics: Do Patient Copayments Matter?," Forum for Health Economics & Policy, Berkeley Electronic Press, vol. 7(1), pages 1053-1053. [Downloadable!] (restricted)
  2. Siikamäki, Juha & Layton, David, 2005. "Incentive Payment Programs for Environmental Protection: A Framework for Eliciting and Estimating Landowners' Willingness to Participate," Discussion Papers dp-05-57, Resources For the Future. [Downloadable!]
  3. Mariacristina De Nardi & Eric French & John Bailey Jones, 2006. "Differential Mortality, Uncertain Medical Expenses, and the Saving of Elderly Singles," NBER Working Papers 12554, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Fang Yang, 2006. "Consumption along the life cycle: how different is housing?," Working Papers 635, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  5. Eric French & John Bailey Jones, 2002. "On the distribution and dynamics of health costs," Working Paper Series WP-02-21, Federal Reserve Bank of Chicago. [Downloadable!]
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  6. David F. Layton & Klaus Moeltner, 2000. "A Censored Random Coefficients Model for Pooled Survey Data with Application to the Estimation of Power Outage Costs," Econometric Society World Congress 2000 Contributed Papers 0912, Econometric Society. [Downloadable!]
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  7. Ramses H. Abul Naga & Karine Lamiraud, 2008. "Catastrophic health expenditure and household well-being," Working Papers 0803, University of Lausanne, Institute of Health Economics and Management (IEMS). [Downloadable!]
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  8. William H. Crown & Ernst R. Berndt & Onur Baser & Stan N. Finkelstein & Whitney P. Witt, 2003. "Benefit Plan Design and Prescription Drug Utilization Among Asthmatics: Do Patient Copayments Matter?," NBER Working Papers 10062, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  9. Olesya Baker & Phil Doctor & Eric French, 2007. "Asset rundown after retirement: the importance of rate of return shocks," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 48-65. [Downloadable!]
  10. Mariacristina De Nardi & Eric French & John Bailey Jones, 2009. "Life expectancy and old age savings," Working Paper Series WP-08-18, Federal Reserve Bank of Chicago. [Downloadable!]
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  12. Carlos Arias & THOMAS L. COX, 1998. "Estimation of a U.S. Dairy Sector Model by Maximum Simulated Likelihood," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 417, Wisconsin-Madison Agricultural and Applied Economics Department. [Downloadable!]
  13. Ed Westerhout & Kees Folmer, 2007. "Co-payment systems in health care: between moral hazard and risk reduction," CPB Discussion Papers 78, CPB Netherlands Bureau for Economic Policy Analysis. [Downloadable!]
  14. Mariacristina De Nardi & Eric French & John Bailey Jones, 2009. "Why do the elderly save? the role of medical expenses," Working Paper Series WP-09-02, Federal Reserve Bank of Chicago. [Downloadable!]
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  15. Arias, Carlos & Cox, Thomas L., 1998. "Estimation Of A U.S. Dairy Sector Model By Maximum Simulated Likelihood," 1998 Annual meeting, August 2-5, Salt Lake City, UT 20804, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association). [Downloadable!]
  16. Carlos Arias & THOMAS L. COX, 1999. "Maximum Simulated Likelihood: A Brief Introduction for Practitioners," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 421, Wisconsin-Madison Agricultural and Applied Economics Department. [Downloadable!]
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