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More on the optimal demand for long-term care insurance

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Author Info

  • Christophe Courbage

    (The Geneva Association)

  • David Crainich

    (CNRS-LEM and IESEG School of Management
    IESEG School of Management (LEM-CNRS))

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    Abstract

    The demand for long-term care (LTC) insurance depends – among other things – on the relationship between potential policyholders and their relatives since the latter may informally provide LTC that is otherwise purchased on the market. The combined effects of intra-family moral hazard and altruism on LTC insurance purchase are examined in this paper. First, the interaction between LTC insurance and informal care supply are determined. Then the effects of the policyholders’ wealth, the policyholders’ quality of life and the informal care givers’ quality of life on this interaction are analysed. Finally, the conditions under which a two-sided intra-family moral hazard occurs are investigated.

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    Bibliographic Info

    Paper provided by IESEG School of Management in its series Working Papers with number 2012-ECO-17.

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    Length: 17 pages
    Date of creation: Dec 2012
    Date of revision:
    Handle: RePEc:ies:wpaper:e201217

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    1. Pauly, Mark V, 1990. "The Rational Nonpurchase of Long-term-Care Insurance," Journal of Political Economy, University of Chicago Press, vol. 98(1), pages 153-68, February.
    2. Sloan, Frank A. & Kip Viscusi, W. & Chesson, Harrell W. & Conover, Christopher J. & Whetten-Goldstein, Kathryn, 1998. "Alternative approaches to valuing intangible health losses: the evidence for multiple sclerosis1," Journal of Health Economics, Elsevier, vol. 17(4), pages 475-497, August.
    3. Mellor, Jennifer M., 2001. "Long-term care and nursing home coverage: are adult children substitutes for insurance policies?," Journal of Health Economics, Elsevier, vol. 20(4), pages 527-547, July.
    4. Louis Eeckhoudt & Harris Schlesinger, 2006. "Putting Risk in Its Proper Place," American Economic Review, American Economic Association, vol. 96(1), pages 280-289, March.
    5. Denis Kessler, 2010. "Confronting the Challenge of Long-term Care in Europe," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 8(2), pages 18-23, 07.
    6. Louis Eeckhoudt & Béatrice Rey & Harris Schlesinger, 2007. "A Good Sign for Multivariate Risk Taking," Management Science, INFORMS, vol. 53(1), pages 117-124, January.
    7. Finkelstein, Amy N. & Luttmer, Erzo F. P. & Notowidigdo, Matthew J., 2009. "Approaches to Estimating the Health State Dependence of the Utility Function," Working Paper Series rwp09-002, Harvard University, John F. Kennedy School of Government.
    8. Evans, William N & Viscusi, W Kip, 1991. "Estimation of State-Dependent Utility Functions Using Survey Data," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 94-104, February.
    9. Béatrice Rey, 2003. "A Note on Optimal Insurance in the presence of a Nonpecuniary Background Risk," Theory and Decision, Springer, vol. 54(1), pages 73-83, February.
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