Old Age Risks, Consumption, and Insurance
研究了美国65岁以上家庭面临的收入和健康风险，发现消费对暂时性收入冲击反应显著，而自付医疗费用则对健康冲击反应显著，健康影响消费的边际效用，从而改变最优转移支付。
In the United States, after age 65, households face income and health risks, and a large fraction of these risks are transitory. While consumption significantly responds to transitory income shocks, out-of-pocket medical expenses do not. In contrast, both consumption and out-of-pocket medical expenses respond to transitory health shocks. Thus, most US elderly keep their out-of-pocket medical expenses close to a satiation point that varies with health. Consumption responds to health shocks mostly because adverse health shocks reduce the marginal utility of consumption. The effect of health on marginal utility changes the optimal transfers due to health shocks.