@article{d777eaaac1304d00add07bcf9b2520d1,
title = "Long-term-care utility and late-in-life saving",
abstract = "Older wealth holders spend down assets much more slowly than predicted by classic life-cycle models. This paper introduces healthdependent utility into a model with incomplete markets in which preferences for bequests, expenditures when in need of long-term care, and ordinary consumption combine with health and longevity uncertainty.",
author = "John Ameriks and Joseph Briggs and Andrew Caplin and Shapiro, {Matthew D.} and Christopher Tonetti",
note = "Funding Information: This research is supported by a program project grant from the National Institute on Aging, P01-AG026571. The Vanguard Group supported the data collection through the VRI. Vanguard{\textquoteright}s Client Insight Group and Ipsos were responsible for implementing the survey and provided substantial input into its design. The design of the VRI benefited from the collaboration and assistance of Wandi Bruine de Bruin, Alycia Chin, Brooke Helppie McFall, Minjoon Lee, Mi Luo, and Ann Rodgers, as part of the program project, from Annette Bonner of The Vanguard Group, and from the research staff at Ipsos. The views expressed herein are Publisher Copyright: {\textcopyright} 2020 by The University of Chicago. All rights reserved.",
year = "2020",
month = jun,
day = "1",
doi = "10.1086/706686",
language = "English (US)",
volume = "128",
pages = "2375--2451",
journal = "Journal of Political Economy",
issn = "0022-3808",
publisher = "University of Chicago",
number = "6",
}