Health and Mortality Delta: Assessing the Welfare Cost of Household Insurance Choice
提出健康德尔塔和死亡德尔塔两个风险度量指标，用于评估家庭保险选择的福利成本。基于健康与退休研究数据，发现51至57岁中位家庭因市场不完全和次优选择导致的终身福利成本占总财富的3.2%。
ABSTRACT We develop a pair of risk measures, health and mortality delta, for the universe of life and health insurance products. A life‐cycle model of insurance choice simplifies to replicating the optimal health and mortality delta through a portfolio of insurance products. We estimate the model to explain the observed variation in health and mortality delta implied by the ownership of life insurance, annuities including private pensions, and long‐term care insurance in the Health and Retirement Study. For the median household aged 51 to 57, the lifetime welfare cost of market incompleteness and suboptimal choice is 3.2% of total wealth.