Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/196067 
Autor:innen: 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 1320
Versionsangabe: 
Updated Version: May 2, 2019
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
Based on a dynamic life cycle model, this study analyzes health-related risks of consumption and old-age poverty. The model allows for health effects on employment risks, on productivity, on longevity, the correlation between health risks, productivity and preferences, and the financial incentives of the German public insurance schemes. The estimation uses data on male employees and an extended Expectation-Maximization algorithm. Simulations suggest that health shocks induce average losses in annual consumption of about 10% and account for more than two-thirds of the cases of old-age poverty. Annuity markets that account for differences in the longevity risk by health status can effectively reduce the consumption risks, but only slightly decrease old-age poverty. A policy analysis of minimum pension benefits indicates that a means test mitigates the associated moral hazard problem substantially
Schlagwörter: 
dynamic programming
discrete choice
health
employment
early retirement
consumption
tax and transfer system
JEL: 
C61
I14
J22
J26
Dokumentart: 
Working Paper

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