Long-term-care utility and late-in-life saving

John Ameriks, Joseph Briggs, Andrew Caplin, Matthew D. Shapiro, Christopher Tonetti

    Research output: Contribution to journalArticlepeer-review

    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.

    Original languageEnglish (US)
    Pages (from-to)2375-2451
    Number of pages77
    JournalJournal of Political Economy
    Volume128
    Issue number6
    DOIs
    StatePublished - Jun 1 2020

    ASJC Scopus subject areas

    • Economics and Econometrics

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