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Looking for Private Information in Self-Assessed Health

Author

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  • James Banks
  • Thomas Crossley
  • Simo Goshev

Abstract

The paper investigates whether self-assessed health status (SAH) contains information about future mortality and morbidity, beyond the information that is contained in standard “observable” characteristics of individuals (including pre-existing diagnosed medical conditions). Using a ten-year span of the Canadian National Population Health Survey, we find that SAH does contain private information for future mortality and morbidity. Moreover, we find some evidence that the extra information in SAH is greater at older ages. Many developed countries are experiencing a major shift from defined benefit (DB) to defined contribution (DC) pension arrangements. One consequence of this shift is an effective delay in the age at which workers commit to an annuity. Our results therefore suggest that adverse selection problems in annuity markets could be more severe at older ages, and therefore, that the DB to DC shift may expose workers to greater longevity risk. This is an aspect of the DB to DC shift that has received little attention.

Suggested Citation

  • James Banks & Thomas Crossley & Simo Goshev, 2007. "Looking for Private Information in Self-Assessed Health," Quantitative Studies in Economics and Population Research Reports 423, McMaster University.
    • Handle: RePEc:mcm:qseprr:423
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    File URL: http://socserv.mcmaster.ca/qsep/p/qsep423.pdf
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    Cited by:

    1. Amelie C. Wuppermann, 2017. "Private Information in Life Insurance, Annuity, and Health Insurance Markets," Scandinavian Journal of Economics, Wiley Blackwell, vol. 119(4), pages 855-881, October.
    2. Thierry Debrand & Didier Blanchet & Paul Dourgnon & Anne Laferrère, 2007. "Santé, vieillissement et retraite en Europe," Économie et Statistique, Programme National Persée, vol. 403(1), pages 3-18.
    3. Furmanov, Kirill & Chernysheva, Irina, 2012. "Health and job search in Russia," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 26(2), pages 62-91.
    4. Edlira Shehu & Annette Hofmann & Michel Clement & Ann-Christin Langmaack, 2015. "Healthy donor effect and satisfaction with health," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 16(7), pages 733-745, September.
    5. Wuppermann, Amelie Catherine, 2011. "Empirical Essays in Health and Education Economics," Munich Dissertations in Economics 13187, University of Munich, Department of Economics.

    More about this item

    Keywords

    Self-Assessed Health; Annuities; Mortality; Morbidity;
    All these keywords.

    JEL classification:

    • H0 - Public Economics - - General
    • I1 - Health, Education, and Welfare - - Health

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