Old‐Age Longevity and Mortality‐Contingent Claims
Bibliographic Data
| ID | 10173261 |
|---|---|
| Authors | Tomas J Philipson, Tomas Philipson (University of Chicago), Gary S Becker (University of Chicago) |
| Year | 1998 |
| Volume | 106 |
| Issue | 3 |
| Pages | 551-573 |
| Publication date | 1998-06-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/250021 |
| OpenAlex | W2070910626 |
| Language | EN |
| Citations received | 24 |
| References cited | 7 |
This paper analyzes the savings and longevity impacts of mortality‐contingent claims, defined here as income measures, such as annuities and life insurance, under which earned income is contingent on the length of one's life. The postwar increase in mandatory annuity and life insurance programs, as well as the rapid increase in the life expectancy of older ages, motivates a better understanding of the incentive effects that mortality‐contingent claims have on longevity‐related behavior. We claim that these incentives in often alter the standard conclusions obtained about old‐age support when mortality is treated exogenously. In particular, we argue that annuities involve moral hazard effects that increase longevity and, among other things, introduce a positive interaction between public programs for health care and income support for the elderly‐programs that have grown enormously in developed countries
Actuarial science · Annuity · Demographic economics · Economics · Incentive · Life annuity · Life expectancy · Life insurance · Longevity · Longevity risk · Microeconomics · Moral hazard · Pension · Population · Public economics · Sociology · Demography · Finance · Financial Literacy, Pension, Retirement Analysis · Global Health Care Issues · Insurance, Mortality, Demography, Risk Management · Medicine · Gerontology
Aging in Advanced Industrial States
Should We Subsidize Longevity
Free Choice of Unfunded Systems
On the Policy Implications of Changing Longevity
Longevity Variations and the Welfare State
Longevity, genes and efforts
The Effect of Pensions on Longevity
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How powerful is demography? The Serendipity Theorem revisited
Optimal prevention when coexistence matters
The gender longevity gap
Health externalities to labor productivity and optimal policies with endogenous fertility, labor, and longevity
Optimal linear taxation under endogenous longevity
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Population growth and social security financing
Evolution of Gender Patterns in Retirement Saving in Canada
Health Economics
Over-aging — Are present-day human populations too old
Pollution, unequal lifetimes and fairness
The Trick Is to Live
Adverse Selection in Insurance Markets
Optimum and Risk‐Class Pricing of Annuities
Public health insurance for elderly
Life Span Extension in Humans Is Self-Reinforcing
Chronic disability trends in elderly United States populations
Uncertain Lifetime, Life Insurance, and the Theory of the Consumer
Five‐Hundred Life‐Saving Interventions and Their Cost‐Effectiveness
Wealthier is Healthier
The Effect of Pension Plans on Aggregate Saving
The Effect of Occupational Pension Schemes on Saving in the United Kingdom
Human Development in Poor Countries
| Unique citing works | 24 |
|---|---|
| Citations per year | 0,96 |
| Citation span | 2001 - 2025 (25) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 24 |