Long-Term Care Utility and Late in Life Saving

  title={Long-Term Care Utility and Late in Life Saving},
  author={John Ameriks Vanguard Joseph Briggs New York University Caplin and Matthew D. Shapiro and Christopher Tonetti},
Older wealthholders spend down assets slowly. To study this pattern, the paper introduces healthdependent utility into a model in which different preferences for bequests, expenditures when in need of long-term care (LTC), and ordinary consumption combine with health and longevity uncertainty to determine saving behavior. To help separately identify motives, it develops Strategic Survey Questions (SSQs) that elicit stated preferences. The model is estimated using new SSQ and wealth data from… CONTINUE READING
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