Differential Mortality , Uncertain Medical Expenses , and the Saving of Elderly Singles

  title={Differential Mortality , Uncertain Medical Expenses , and the Saving of Elderly Singles},
  author={John Bailey Jones},
People have heterogenous life expectancies: women live longer than men, rich people live longer than poor people, and healthy people live longer than sick people. People are also subject to heterogenous outof-pocket medical expense risk. Using AHEAD data and the method of simulated moments, we estimate a rich structural model of saving for retired single households that accounts for this heterogeneity. We find that the risk of living long and facing high medical expenses goes a long way toward… CONTINUE READING
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