Insuring consumption against illness

• 成果类型: Article
• 署名作者: Gertler, P; Gruber, J
• 署名单位: University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/000282802760015603
• 发表日期: 2002
• 页码: 51-70
• 关键词: health; insurance; retirement; disability; models; RISK

摘要

One of the most sizable and least predictable shocks to economic opportunities in developing countries is major illness. We investigate the extent to which families are able to insure consumption against major illness using a unique panel data set from Indonesia that combines excellent measures of health status with consumption information. We find that there are significant economic costs associated with major illness, and that there is very imperfect insurance of consumption over illness episodes. These estimates suggest that public disability, insurance or subsidies for medical care may improve welfare by providing consumption insurance.