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Long-term care represents one of the largest uninsured financial risks facing the elderly in the United States. We present evidence of supply side market failures in the private long-term care insurance market. In particular, the typical policy purchased exhibits premiums marked up substantially above expected benefits. It also provides very limited(More)
Any opinions, findings, conclusions, or recommendations expressed in this material are those of the author(s) and do not necessarily reflect the view of the National Poverty Center or any sponsoring agency. Jim Ziliak, and two anonymous referees for detailed comments on a previous draft. ABSTRACT Estimates imply that only one-third of elderly persons who(More)
The economy is a miserable experimental design. T HE U.S. MINIMUM WAGE is now $4.25 per hour, and Congress is talking about increasing it. If the minimum were to be increased to $25 per hour many workers would lose their jobs. Cause and effect would be obvious , even to the most jaundiced eye. If the minimum is raised instead to just $5.15 per hour (as the(More)
and seminar participants at many universities and conferences for suggestions and comments. Any errors are our responsibility. Abstract It is well-known that individuals born in different periods of time (cohorts) exhibit different wealth accumulation paths. While previous studies have used cohort dummies to proxy for this fact, research in this area(More)
The classic model of Becker (1965) suggests that labor supply decisions should be analyzed within the broader context of time allocation and market good consumption choices, but most empirical work on policy has focused exclusively on measuring impacts on market work. This paper examines how income taxes affect time allocation during the entire day, and how(More)
Do retirement savings policies – such as tax subsidies or employer-provided pension plans – increase total saving for retirement or simply induce shifting across accounts? We revisit this classic question using 45 million observations on wealth for the population of Denmark. We find that a policy's impact on wealth accumulation depends on whether it changes(More)
* We have benefited from helpful discussions with Abstract We study the implications of customs union formation for multilateral tariff cooperation. We model cooperation in multilateral trade policy as self-enforcing, in that it involves balancing the current gains from deviating unilaterally from an agreed-upon trade policy against the future losses from(More)
We use data from the Panel Study of Income Dynamics to estimate the effect of new saving incentives implemented as part of the 1996 welfare reform on household saving. Economic theory predicts that loosening asset limits will increase total savings for households with a large ex-ante probability of welfare receipt such as female-headed households with(More)
This work has not been formally reviewed or edited. The opinions expressed do not necessarily represent those of RAND Corporation or any other institution. We thank Pinka Chatterji, and participants in the IRP-USDA Small Grants Preconference and Final Conference, the PAA annual meeting, and the APPAM annual meeting for helpful comments. We thank Aaron(More)