期刊名称：CORE Discussion Papers / Center for Operations Research and Econometrics (UCL), Louvain
出版年度：2010
卷号：2010
期号：1
出版社：Center for Operations Research and Econometrics (UCL), Louvain
摘要：The purpose of this paper is to examine the alternative explanatory factors of the so-called long
term care insurance puzzle, namely the fact that so few people purchase a long term care
insurance whereas this would seem to be a rational conduct given the high probability of
dependence and the high costs of long term care. For that purpose, we survey various theoretical
and empirical studies of the demand and supply of long term care insurance. We discuss the
vicious circle in which the long term care insurance market is stuck: that market is thin because
most people find the existing insurance products too expensive, and, at the same time, the
products supplied by insurance companies are too expensive because of the thinness of the
market. Moreover, we also show that, whereas some explanations of the puzzle involve a perfect
rationality of agents on the LTC insurance market, others rely, on the contrary, on various
behavioral imperfections.
关键词：Keywords: long term care insurance, dependence, annuity puzzle.
