Older wealth holders spend down assets much more slowly than predicted by classic life-
cycle models. This paper introduces health-dependent utility into a model with incomplete …

One of the key puzzles in understanding saving behavior is not so much why people save-
the title of this session-but why people don't save. According to the familiar life-cycle model …

By Mariacristina De Nardi, Eric French, and John Bailey Jones* virtually all of their net worth
(although admittedly a small amount) between 1995 and 2002, while the top group …

We solve each household's optimal saving decisions using a life cycle model that
incorporates uncertain lifetimes, uninsurable earnings and medical expenses, progressive …

The importance of precautionary motives in explaining individual and aggregate saving* Page
1 Carnegie-Rochester Conference Series on Public Policy 40 (1994) 59-125 North-Holland The …

Even among households with similar socioeconomic characteristics, saving and wealth vary
considerably. Life-cycle models attribute this variation to differences in time preference rates …

Despite facing significant uncertainty about their lifespans and health care costs, most
retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' …

This paper introduces a dynamic, structural model of household consumption decisions in
which elderly families consider the effects of uncertain future medical expenses when …

Low saving rates raise questions about Americans' ability to maintain consumption levels in
old age. Using the Health and Retirement Study, this paper explores asset holdings among …

This chapter summarizes recent theoretical and empirical economic research on long-term
care. Long-term care differs from acute medical care in four fundamental ways. Long-term …