NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Philippe De Donder

ESG UQAM
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Institutional Affiliation: ESG UQAM

NBER Working Papers and Publications

October 2017Long-Term Care Insurance: Knowledge Barriers, Risk Perception and Adverse Selection
with Martin Boyer, Claude Fluet, Marie-Louise Leroux, Pierre-Carl Michaud: w23918
We conduct a stated-choice experiment where respondents are asked to rate various insurance products aimed to protect against financial risks associated with long-term care needs. Using exogenous variation in prices from the survey design, and objective risks computed from a dynamic microsimulation model, these stated-choice probabilities are used to predict market equilibrium for long-term care insurance using the framework developed by Einav et al. (2010). We investigate in turn causes for the low observed take-up of long-term care insurance in Canada despite substantial residual out-of-pocket financial risk. We first find that awareness and knowledge of the product is low in the population: 44% of respondents who do not have long-term care insurance were never offered this type of insur...
 
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