Growth and Welfare under Endogenous Lifetimes*
研究了家庭通过内生医疗保健选择延长预期寿命对经济增长和福利的影响，发现年金市场中的道德风险会导致约1.4%-2.8%的福利损失。
Abstract We study the role of endogenous healthcare choices by households to extend their expected lifetimes on economic growth and welfare in a decentralized overlapping generations economy with annuitized wealth. We characterize endogenous healthcare spending in the decentralized market equilibrium and its effects on economic growth, and we identify the moral‐hazard effect in healthcare investments when annuity rates are conditioned on average mortality. In a numerical simulation of our model with OECD data from 2005, we find that the moral‐hazard effect can be substantial and implies sizable welfare losses of approximately 1.4–2.8 percent, depending on the share of annuitized retirement wealth.