Mortality Contingent Claims, Health Care, and Social Insurance
AbstractThis paper analyzes the savings and health care impacts of mortality contingent claims, defined here as income measures, such as annuities and life-insurance, under which earned income is contingent on the length of one's life. The postwar increase in mandatory annuity and life-insurance programs, as well as the rapid increase in life-expectancy, motivates a better understanding of the effects that mortality contingent claims have on resources devoted to life-extension. We analyze the incentives that such claims imply for life-extension when resources may affect mortality endogenously and argue that these incentives dramatically alter the standard conclusions obtained when mortality is treated exogenously.
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Date of creation: Sep 1996
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- Tomas Philipson & Gary S. Becker, 1996. "Mortality Contingent Claims, Health Care, and Social Insurance," University of Chicago - George G. Stigler Center for Study of Economy and State 129, Chicago - Center for Study of Economy and State.
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