{"title":"Health-Related Life Cycle Risks and Public Insurance","authors":"D. Kemptner","doi":"10.2139/ssrn.2317093","DOIUrl":"https://doi.org/10.2139/ssrn.2317093","url":null,"abstract":"Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks, productivity and preferences, and the financial incentives of the German public insurance schemes. The estimation uses data on male employees and an extended expectation-maximization algorithm. Simulations suggest that health shocks induce average losses in annual consumption of about 10% and account for more than two-thirds of the cases of old-age poverty. Annuity markets that account for differences in the longevity risk by health status can effectively reduce the consumption risks, but only slightly decrease old-age poverty. A policy analysis of minimum pension benefits indicates that a means test mitigates the associated moral hazard problem substantially.","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"371 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115904148","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Estimating the Relationship between Health and Employment of Russian People in Pensionable Age","authors":"E. Klepikova","doi":"10.2139/ssrn.2672954","DOIUrl":"https://doi.org/10.2139/ssrn.2672954","url":null,"abstract":"This paper provides an analysis of the labor supply of Russian people in pensionable age. It aims to answer two questions: (1) whether bad health is an important limitation for labor activity and (2) whether a greater pension benefit could be a stimulus for delayed retirement. This is an empirical work based on data of the Russia Longitudinal Monitoring Survey - Higher School of Economics (RLMS-HSE) from 2000-2010. Findings suggest that the most important factor of labor supply is income, and it is more significant for people with higher education. Bad health contributes to leaving the labor force, but the effect is smaller than income’. Some policy implications are also suggested based on the empirical results of the study","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"187 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127357499","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Long-Term Care Insurance and Carers’ Labor Supply","authors":"J. Geyer, T. Korfhage","doi":"10.2139/ssrn.2562382","DOIUrl":"https://doi.org/10.2139/ssrn.2562382","url":null,"abstract":"In Germany, individuals in need of long-term care receive support through benefits of the long-term care insurance. A central goal of the insurance is to support informal care provided by family members. Care recipients can choose between benefits in kind (formal home care services) and benefits in cash. From a budgetary perspective family care is a cost-saving alternative to formal home care and to stationary nursing care. However, the opportunity costs resulting from reduced labor supply of the carer are often overlooked. We focus on the labor supply decision of family carers and the incentives set by the long-term care insurance. We estimate a structural model of labor supply and the choice of benefits of family carers. We find that benefits in kind have small positive effects on labor supply. Labor supply elasticities of cash benefits are larger and negative. If both types of benefits increase, negative labor supply effects are off set to a large extent.","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"58 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124115710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Child Health and Use of Health Care Services in France: Evidence on the Role of Family Income","authors":"B. Apouey, P. Geoffard","doi":"10.2139/ssrn.2361456","DOIUrl":"https://doi.org/10.2139/ssrn.2361456","url":null,"abstract":"Our paper investigates the relationship between family income and child health in France. We first examine whether there is a significant correlation between family income and child general health, and the evolution of this relationship across childhood years. We then study the role of specific health problems, the use of health care services, and supplemental health insurance coverage, in the income gradient in general health. We also quantify the role of income in child anthropometric measurements. Whenever possible, we compare our results for France with those obtained for other developed countries.","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114875118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
D. M. Dalen, Marilena Locatelli, Enrico Sorisio, S. Strøm
{"title":"A Probability Approach to Pharmaceutical Demand and Price Setting: Does the Identity of the Third-Party Payer Matters for Prescribing Doctors?","authors":"D. M. Dalen, Marilena Locatelli, Enrico Sorisio, S. Strøm","doi":"10.2139/ssrn.1963660","DOIUrl":"https://doi.org/10.2139/ssrn.1963660","url":null,"abstract":"TNF-alpha inhibitors represent one of the most important areas of biopharmaceuticals by sales, with three blockbusters accounting for 8 per cent of total pharmaceutical sale in Norway. Novelty of the paper is to examine, with the use of a unique natural policy experiment in Norway, to what extent the price responsiveness of prescription choices is affected when the identity of the third-party payer changes. The three dominating drugs in this market, Enbrel, Remicade, and Humira, are substitutes, but have had different and varying funding schemes - hospitals and the national insurance plan. A stochastic structural model for the three drugs, covering demand and price setting, is estimated in a joint maximum likelihood approach. We find that doctors are more responsive when the costs are covered by the hospitals compared to when costs are covered by national insurance.","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122418814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Was the Introduction of IFRS in Europe Value-Relevant?","authors":"Petya Platikanova, C. Nobes","doi":"10.2139/ssrn.949160","DOIUrl":"https://doi.org/10.2139/ssrn.949160","url":null,"abstract":"The introduction of IFRS in Europe was intended to improve accounting quality and facilitate cross-border financial transactions. This study examines whether IFRS increases value-relevance of corporate disclosure using traders' response in financial markets of 15 EU countries. If the regulatory reform improves informativeness of financial reporting, there will be a significant decrease in the bid-ask spread, and more particularly in its information asymmetry component (AIc). Using AIc of 3,907 companies in the period 2003-2005, we investigate how information asymmetry changes when legal origin, country earnings management and corporate disclosure scores differ. On average, the spread decreases over the period, whereas AIc does not. We suggest that IFRS adoption is positively associated with a significant increase in both size and volatility of AIc for UK firms. The increased and stable proportion of free float shares for UK and Scandinavian firms we also attribute to the regulatory change. It seems that AIc does not become more volatile under IFRS for French and Scandinavian origin groups, whereas it changes greatly for the UK and German groups. Our results show that firms with a higher country score for earnings management have a lower AIc. Additionally, higher disclosure is positively correlated with larger information asymmetry. Using aggregate AIc obtained with rolling regressions, we explain variance in information asymmetry with market value, spread size, volume, free float and returns. Our empirical results confirm that, when spread size increases, AIc decreases across the four country groups. The marginal effect of the spread size on information asymmetry is stronger for UK firms. We argue that although average bid-ask spread decreases over the period 2003-2005, it does not necessarily lead to a lower AIc in 2005.","PeriodicalId":229286,"journal":{"name":"HEN: Europe (Topic)","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121434869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}