MORTALITY CONTINGENT CLAIMS , HEALTH CARE , AND SOCIAL INSURANCE Tomas
نویسندگان
چکیده
This paper analyzes the savings and health care impacts of mortali~ coniirzgenf 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 lifeinsurance programs, as well as the rapid increase in life-expectancy, motivates a better understanding of the effects that mortality contingent claims have on resources devoted to life-extension. We analyze the incentives that such claims imply for life-extension when resources may affect mortality endogenously and argue that these incentives dramatically alter the standard conclusions obtained when mortality is treated exogenously. Tomas Philipson Department of Economics University of Chicago 1126 East 59th Street Chicago, IL 60637 and NBER [email protected]. uchicago.edu Gary S, Becker Department of Economics University of Chicago 1126 East 59th Street Chicago, IL 60637
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