Netspar Research Paper Series最新文献_第3页

Pensions and Consumption Decisions: Evidence from the Lab 养老金和消费决策:来自实验室的证据

Netspar Research Paper Series Pub Date : 2015-02-15 DOI: 10.2139/ssrn.2585380

Eline van der Heijden, E. Koç, J. Ligthart, L. Meijdam

引用次数: 0

Using a Life Cycle Model to Evaluate Financial Literacy Program Effectiveness 使用生命周期模型评估金融知识普及计划的有效性

Netspar Research Paper Series Pub Date : 2015-02-01 DOI: 10.2139/ssrn.2707618

A. Lusardi, P. Michaud, O. Mitchell

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引用次数: 15

Decomposing the Utility of Complex Alternatives from Mental Representations of Decisions 从决策的心理表征中分解复杂选择的效用

Netspar Research Paper Series Pub Date : 2014-12-01 DOI: 10.2139/ssrn.2560809

B. Dellaert, T. Arentze, O. Horeni, H. Timmermans

{"title":"Decomposing the Utility of Complex Alternatives from Mental Representations of Decisions","authors":"B. Dellaert, T. Arentze, O. Horeni, H. Timmermans","doi":"10.2139/ssrn.2560809","DOIUrl":"https://doi.org/10.2139/ssrn.2560809","url":null,"abstract":"We introduce a utility theory-based model of consumers’ mental representation of attributes and benefits in decisions between complex alternatives. The model relies on the fact that there are cognitive costs and gains to activating additional decision components in mental representations. The gains are that with every component the individual is better able to discriminate between choice alternatives and the probability of making the best choice increases. The costs are the additional mental effort that is required to evaluate the decision components. We propose that a component is activated in a mental representation only if the expected gains of doing so exceed the mental costs of the evaluation. This proposition is formalized in a utility model where a decision component is cognitively activated if the utility variation caused by the component’s levels exceeds a mental cost threshold. This model allows us to decompose the utility of alternatives from mental representations of decisions without the need to observe choices. We illustrate the proposed approach using data on 594 individuals’ mental representations of a hypothetical shopping decision problem.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125810847","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}

引用次数: 0

What Drives the Association between Health and Portfolio Choice? 是什么推动了健康与投资组合选择之间的联系?

Netspar Research Paper Series Pub Date : 2014-11-20 DOI: 10.2139/ssrn.2551770

Christopher Kronenberg, H. van Kippersluis, Kirsten I. M. Rohde

引用次数: 0

New Evidence on the Risk of Requiring Long-Term Care 需要长期护理风险的新证据

Netspar Research Paper Series Pub Date : 2014-11-01 DOI: 10.2139/ssrn.2542572

Leora Friedberg, Wenliang Hou, Wei Sun, A. Webb, Zhenyu Li

{"title":"New Evidence on the Risk of Requiring Long-Term Care","authors":"Leora Friedberg, Wenliang Hou, Wei Sun, A. Webb, Zhenyu Li","doi":"10.2139/ssrn.2542572","DOIUrl":"https://doi.org/10.2139/ssrn.2542572","url":null,"abstract":"Long-term care is one of the major expenses faced by many older Americans. Yet, we have only limited information about the risk of needing long-term care and the expected duration of care. The expectations of needing to receive home health care, live in an assisted living facility or live in a nursing home are essential inputs into models of optimal post-retirement saving and long-term care insurance purchase. Previous research has used the Robinson (1996) transition matrix, based on National Long Term Care Survey (NLTCS) data for 1982-89. The Robinson model predicts that men and women aged 65 have a 27 and 44 percent chance, respectively, of ever needing nursing home care. Recent evidence suggests that those earlier estimates may be extremely misleading in important dimensions. Using Health and Retirement Study (HRS) data from 1992-2010, Hurd, Michaud, and Rohwedder (2013) estimate that men and women aged 50 have a 50 and 65 percent chance, respectively, of ever needing care. But, they also estimate shorter average durations of care, resulting, as we show, from a greater chance of returning to the community, conditional on admission. If nursing home care is a high-probability but relatively low-cost occurrence, models that treat it as a lower-probability, high-cost occurrence may overstate the value of insurance. We update and modify the Robinson model using more recent data from both the NLTCS and the HRS. We show that the low lifetime utilization rates and high conditional mean durations of stay in the Robinson model are artifacts of specific features of the statistical model that was fitted to the data. We also show that impairment and most use of care by age has declined and that the 2004 NLTCS and the 1996-2010 HRS yield similar cross-sectional patterns of care use. We revise and update the care transition model, and we show that use of the new transition matrix substantially reduces simulated values of willingness-to-pay in an optimal long-term care insurance model.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126344512","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}

引用次数: 52

Medicaid and Crowd-Out of Long-Term Care Insurance 医疗补助和排挤长期护理保险

Netspar Research Paper Series Pub Date : 2014-10-31 DOI: 10.2139/ssrn.2706442

Leora Friedberg, Wei Sun, A. Webb

{"title":"Medicaid and Crowd-Out of Long-Term Care Insurance","authors":"Leora Friedberg, Wei Sun, A. Webb","doi":"10.2139/ssrn.2706442","DOIUrl":"https://doi.org/10.2139/ssrn.2706442","url":null,"abstract":"Although long-term care costs represent a substantial financial risk for retired households, few purchase insurance. Previous research shows that it would not be optimal for most single individuals to purchase coverage, due to crowd-out by the means-tested partial insurance provided by Medicaid. Married couples pool risk (and so should value insurance less) but also face a greater cost in case the care of an infirm spouse impoverishes a healthy spouse (and so should value insurance more); recognizing this, Medicaid offers greater income and asset protection for married couples than for singles, increasing the implicit tax on private insurance. We construct a model in which retired households decide whether to insure themselves via a private policy or implicitly via saving or anticipated future Medicaid use, given their expectation of needing care. We also make use of new estimates of the likelihood of needing care, which differ in important dimensions from earlier estimates. Using numerical optimization techniques, we calculate that only married couples in the two top wealth deciles will be willing to purchase an actuarially fair insurance policy, implying even more crowd-out than for singles. Nevertheless, the absence of comprehensive insurance results in substantial welfare losses, amounting to an average of 10 percent of age-65 financial assets, because Medicaid provides only partial insurance while crowding out private purchases fully. We calculate that eliminating Medicaid spousal protection rules might increase coverage by XX percentage points. In contrast, plausible premium subsidies would have little effect on long-term care insurance coverage, given the current protection offered by Medicaid.","PeriodicalId":357131,"journal":{"name":"Netspar Research Paper Series","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130282870","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}

引用次数: 5

Estimation of a Structural Labour Supply Model for Belgium: Application to the Earnings Test for Pension Recipients 比利时结构性劳动力供给模型的估计:在养老金领取者收入检验中的应用

Netspar Research Paper Series Pub Date : 2014-09-16 DOI: 10.2139/ssrn.2496817

M. Maes

引用次数: 0

Estimating Private Equity Returns from Limited Partner Cash Flows 估算有限合伙人现金流的私募股权回报

Netspar Research Paper Series Pub Date : 2014-06-11 DOI: 10.2139/ssrn.2460789

Andrew Ang, Bingxu Chen, W. Goetzmann, Ludovic Phalippou

引用次数: 129

Social Interactions and the Retirement Age 社会互动与退休年龄

Netspar Research Paper Series Pub Date : 2014-06-03 DOI: 10.2139/ssrn.2572872

N. Vermeer, M. van Rooij, D. van Vuuren