Disability risk and the value of disability insurance:
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2005
|
| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
11605 |
| Schlagwörter: | |
| Links: | http://papers.nber.org/papers/w11605.pdf |
| Abstract: | "We estimate consumers' valuation of disability insurance using a stochastic lifecycle framework inwhich disability is modeled as permanent, involuntary retirement. We base our probabilities of worklimiting disability on 25 years of data from the Current Population Survey and examine the changes in the disability gradient for different demographic groups over their lifecycle. Our estimates show that a typical consumer would be willing to pay about 5 percent of expected consumption to eliminate the average disability risk faced by current workers. Only about 2 percentage points reflect the impact of disability on expected lifetime earnings; the larger part is attributable to the uncertainty associated with the threat of disablement. We estimate that no more than 20 percent of mean assets accumulated before voluntary retirement are attributable to disability risks measured for any demographic group in our data. Compared to other reductions in expected utility of comparable amounts, such as a reduction in the replacement rate at voluntary retirement or increases in annual income fluctuations, disability risk generates substantially less pre-retirement saving. Because the probability of disablement is small and the average size of the loss--conditional o becoming disabled--is large, disability risk is not effectively insured through precautionary saving"--National Bureau of Economic Research web site |
| Umfang: | 41, [20] S. graph. Darst. |
Internformat
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 11605 | |
| 520 | 3 | |a "We estimate consumers' valuation of disability insurance using a stochastic lifecycle framework inwhich disability is modeled as permanent, involuntary retirement. We base our probabilities of worklimiting disability on 25 years of data from the Current Population Survey and examine the changes in the disability gradient for different demographic groups over their lifecycle. Our estimates show that a typical consumer would be willing to pay about 5 percent of expected consumption to eliminate the average disability risk faced by current workers. Only about 2 percentage points reflect the impact of disability on expected lifetime earnings; the larger part is attributable to the uncertainty associated with the threat of disablement. We estimate that no more than 20 percent of mean assets accumulated before voluntary retirement are attributable to disability risks measured for any demographic group in our data. Compared to other reductions in expected utility of comparable amounts, such as a reduction in the replacement rate at voluntary retirement or increases in annual income fluctuations, disability risk generates substantially less pre-retirement saving. Because the probability of disablement is small and the average size of the loss--conditional o | |
| 520 | 3 | |a becoming disabled--is large, disability risk is not effectively insured through precautionary saving"--National Bureau of Economic Research web site | |
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Datensatz im Suchindex
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| genre | Statistics |
| genre_facet | Statistics |
| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV023591668 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T13:23:17Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016906998 |
| oclc_num | 61857203 |
| open_access_boolean | 1 |
| owner | DE-521 DE-19 DE-BY-UBM |
| owner_facet | DE-521 DE-19 DE-BY-UBM |
| physical | 41, [20] S. graph. Darst. |
| publishDate | 2005 |
| publishDateSearch | 2005 |
| publishDateSort | 2005 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Chandra, Amitabh Verfasser (DE-588)12958066X aut Disability risk and the value of disability insurance Amitabh Chandra ; Andrew A. Samwick Cambridge, Mass. National Bureau of Economic Research 2005 41, [20] S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11605 "We estimate consumers' valuation of disability insurance using a stochastic lifecycle framework inwhich disability is modeled as permanent, involuntary retirement. We base our probabilities of worklimiting disability on 25 years of data from the Current Population Survey and examine the changes in the disability gradient for different demographic groups over their lifecycle. Our estimates show that a typical consumer would be willing to pay about 5 percent of expected consumption to eliminate the average disability risk faced by current workers. Only about 2 percentage points reflect the impact of disability on expected lifetime earnings; the larger part is attributable to the uncertainty associated with the threat of disablement. We estimate that no more than 20 percent of mean assets accumulated before voluntary retirement are attributable to disability risks measured for any demographic group in our data. Compared to other reductions in expected utility of comparable amounts, such as a reduction in the replacement rate at voluntary retirement or increases in annual income fluctuations, disability risk generates substantially less pre-retirement saving. Because the probability of disablement is small and the average size of the loss--conditional o becoming disabled--is large, disability risk is not effectively insured through precautionary saving"--National Bureau of Economic Research web site Statistik Ökonometrisches Modell Disability insurance United States Econometric models Disabled Persons Statistics Insurance, Disability economics Statistics Risk Assessment Statistics Stochastic Processes Statistics USA Statistics Samwick, Andrew Verfasser (DE-588)124078796 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 11605 (DE-604)BV002801238 11605 http://papers.nber.org/papers/w11605.pdf kostenfrei Volltext |
| spellingShingle | Chandra, Amitabh Samwick, Andrew Disability risk and the value of disability insurance National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Statistik Ökonometrisches Modell Disability insurance United States Econometric models Disabled Persons Statistics Insurance, Disability economics Statistics Risk Assessment Statistics Stochastic Processes Statistics |
| title | Disability risk and the value of disability insurance |
| title_auth | Disability risk and the value of disability insurance |
| title_exact_search | Disability risk and the value of disability insurance |
| title_full | Disability risk and the value of disability insurance Amitabh Chandra ; Andrew A. Samwick |
| title_fullStr | Disability risk and the value of disability insurance Amitabh Chandra ; Andrew A. Samwick |
| title_full_unstemmed | Disability risk and the value of disability insurance Amitabh Chandra ; Andrew A. Samwick |
| title_short | Disability risk and the value of disability insurance |
| title_sort | disability risk and the value of disability insurance |
| topic | Statistik Ökonometrisches Modell Disability insurance United States Econometric models Disabled Persons Statistics Insurance, Disability economics Statistics Risk Assessment Statistics Stochastic Processes Statistics |
| topic_facet | Statistik Ökonometrisches Modell Disability insurance United States Econometric models Disabled Persons Statistics Insurance, Disability economics Statistics Risk Assessment Statistics Stochastic Processes Statistics USA Statistics |
| url | http://papers.nber.org/papers/w11605.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT chandraamitabh disabilityriskandthevalueofdisabilityinsurance AT samwickandrew disabilityriskandthevalueofdisabilityinsurance |