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Long term care insurance and family norms

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  • CANTA, Chiara

    ()
    (Université catholique de Louvain, CORE, B-1348 Louvain-la-Neuve)

  • PESTIEAU, Pierre

    ()
    (Université de Liège, B-4000 Liège; Université catholique de Louvain, CORE, B-1348 Louvain-la-Neuve; PSE, CEPR; CESifo and IZA)

Abstract

Long term care (LTC) is mainly provided by the family and subsidiarily by the market and the government. To understand the role of these three institutions it is important to understand the motives and the working of family solidarity. In this paper we focus on the case when LTC is provided by children to their dependent parents out of some norm that has been inculcated to them during their childhood by some exemplary behavior of their parents towards their own parents. In the first part, we look at the interaction between the family and the market in providing for LTC. The key parameters are the probability of dependence, the probability of having a norm-abiding child and the loading factor. In the second part, we introduce the government which has a double mission: correct for a prevailing externality and redistribute resources across heterogeneous households.

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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2012017.

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Date of creation: 09 May 2012
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Handle: RePEc:cor:louvco:2012017

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Related research

Keywords: norm transmission; long term care; health insurance; optimal taxation;

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  1. Bernheim, B Douglas & Shleifer, Andrei & Summers, Lawrence H, 1985. "The Strategic Bequest Motive," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1045-76, December.
  2. Kotlikoff, Laurence J & Spivak, Avia, 1981. "The Family as an Incomplete Annuities Market," Journal of Political Economy, University of Chicago Press, vol. 89(2), pages 372-91, April.
  3. JOUSTEN, Alain & LIPSZYC, Barbara & MARCHAND, Maurice & PESTIEAU, Pierre, . "Long-term care insurance and optimal taxation for altruistic children," CORE Discussion Papers RP -1753, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Bisin, Alberto & Verdier, Thierry, 2001. "The Economics of Cultural Transmission and the Dynamics of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 298-319, April.
  5. CREMER, Helmuth & PESTIEAU, Pierre, 2011. "Social long term care insurance and redistribution," CORE Discussion Papers 2011024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Kureishi, Wataru & Wakabayashi, Midori, 2010. "Why do first-born children live together with parents?," Japan and the World Economy, Elsevier, vol. 22(3), pages 159-172, August.
  7. Steven Stern & Bridget Hiedemann, 1999. "Strategic Play Among Family Members When Making Long-Term Care Decisions," Virginia Economics Online Papers 321, University of Virginia, Department of Economics.
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Cited by:
  1. Cremer, Helmuth & Roeder, Kerstin, 2013. "Long-term care and lazy rotten kids," TSE Working Papers 13-424, Toulouse School of Economics (TSE).
  2. BHATTACHARYA, Sudipto & D’ASPREMONT, Claude & GURIEV, Sergei & SEN, Debapriya, 2012. "Cooperation in R&D: patenting, licensing and contracting," CORE Discussion Papers 2012055, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. CREMER, Helmuth & PESTIEAU, Pierre & PONTHIERE, Grégory, . "The economics of long-term care: a survey," CORE Discussion Papers RP -2466, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).

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